2020-12-31-accounts

Contents
				Page
Members	ofthe Council
List ofAdvisers
Council's	report			3-6
Statement	ofresponsibilities		ofthe Members ofthe Council
Independent auditors'		report
Statement	ofFinancial	Activities		10
Balance sheet
Statement	ofcash flows			12
Notes				13-22

				Note	2020	2020	2020	2019
					Restricted	Unrestricted	Total	Total
Income and endowments		from:
Legacies received						5,000	5,000
Donations received					1,013		1,013	1,013
Investments:
Investment income					214,997	176,048	391,045	351,573
Interest receivable					230	187	417	1,049
Total income					216,240	181,235	397,475	353,635
Total expenditure:
Bursaries awarded				10	(489,027)	(275,756)	(764,783)	(197,892)
Unwinding ofbursary	discount			10	(11,954)	(12,532)	(24,486)	(40,351)
Grants to Eton					(1,700)		(1,700)	(1,700)
Support costs: investment		management	fees		(25,119)	(20,566)	(45,685)	(40,921)
Support costs: other				4	(3,767)	(3,083)	(6,850)	(6,296)
Total expenditure					(531,567)	(311,937)	(843,504)	(287,160)
Net (expenditure) / income before gains losses on investments			and		(315,327)	(130,702)	(446,029)	66,475
Net gains / (losses) on investments					(15,644)	(12,811)	(2&,455)	2,167,300
Net (expenditure) / income for the year net movement in funds			being		(330,971)	(143,513)	(474,484)	2,233,775
Transfer between funds					20,310	(20,310)
Total Fund balances brought forward				11	8/36,419	6,738,867	15,075,286	12,841,511
Total Fund balances carried forward					8,025,758	6,575,044	14,600,802	15,075,286

				Note	2020		2019
Fixed assets
Investments	at market		value			15,143,659		15,973,302
Current assets
Cash at bank					1,238,671		475,792
Debtors							500
Creditors: amounts		falling
due within	one year				(415,837)		(442,049)
Net current	assets /	liabilities				822,834		34,243
Total assets	less current liabilities					15,966,493		16,007,545
Creditors:	amounts		falling
due after	more than one year					(1,365,691)		(932,259)
Net assets						14,600,802		15,075,286
Funds
Restricted						8,025,758		8,336,419
Unrestricted						6,575,044		6,738,867
						14,600,802		15,075,286

Statement ofcash flows for the year ended 31 Dec	e	mber 2020
				Note	2020	2019
Cash flows from operating	activities
Net (deficit) / surplus for the		financial period			(446,029)	66,475
Adjustments for:
Increase / decrease in creditors					40/,220	(199,902)
Decrease / Increase in debtors					500	(500)
Net cash (used by) / generated from operating			activities		~38,309	~133,927
Cash flows from investment		activities
Purchase ofinvestments						(5,670,517)
Sale ofinvestments					801,188	5,948,139
Net cash from investment	activities				801,188	277,622
Net increase in cash and cash equivalents					762,879	143,695
Cash and cash equivalents	at	the start ofthe year			475,792	332,097
Cash and cash equivalents		at the end ofthe year			1,238,671	475,792
Cash and cash equivalents		at the end ofthe period
comprise:
Cash at bank					1,238,671	475,792

		2020	2019
Audit fees		5,860	4,530
Bank charges		490	467
Contribution	to secretary expenses	500	1,299
		6,850	6,296

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	2020	2019
AVI Global Trust (formerly British Empire Trust)	930,510	820,790
Aurora Investment Trust CG Portfolio Fund	833,292	260,700 791,327
Caledonia Investments	737,280	801,280
Diverse Income Trust	244,406	235,519
Edinburgh Investment Trust	1,084,411	1,243,299
Evenlode Global Income F	905,158	891,361
Fundsmith LLP Equity TInc NAV Herald Investment Trust	1,013,283 418,693	859,957 276,020
Heronbridge Law Debenture Corp	1,533,134 875,610	1,690,987 824,850
London Metric Property Miton Global Opportunties Personal Assets Trust Rothschild Investment Trust Sarasin Endowments Sarasin Income and Reserves Troy Income &Growth Trust	251,065 1,707,428 1,515,916 1,771,361 1,322,112	270,138 233,373 1,602,007 1,552,621 1,668,996 402,502 1,547,575
	15,143,659	15,973,302
Historical cost Excess ofmarket value over historical cost	12,742,697 2,400,962	13,593,367 2,379,935

	2020	2019
Market value at 1 January	15,973,302	14,083,624
Sales during the year	(801,188)	(5,948,139)
Purchases during the year		5,670,517
Net gains/(losses) during the year	(28,455)	2,167,300
Market value at 31 December	15,143,659	15,973,302
Cost at 31 December	12,742,697	13,593,367

8.	INVESTMENT INCOME	INVESTMENT INCOME
				2020	2019
	Dividends	- equities		391,045	351,573
9.	CREDITORS
				2020	2019
	Amounts	falling due within	one year
	Bursaries	and grants awarded	(note 10)	410,136	437,348
	Audit fee			4,000	3,000
	Rowlatt income due to Eton			1,700	1,700
	Amount due to The Henry VI		Charity	1	1
				415,837	442,049
	Amounts	falling due after more than one year
	Bursaries	and grants awarded	(note 10)	1,365,691	932,259

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				Note	2019		2019	2019	2018
					Restricted	Unrestricted		Total	Total
Income and endowments	from:
Legacies received									1,000
Donations received					1,000		13	1,013	1,013
Transfer from The Henry		VI Charity							6,241,554
Investments:
Investment income					194,737		156,836	351,573	307,100
Interest receivable					581		468	1,049	264
Total income					196,318		157,317	353,635	6,550,931
Total expenditure:
Bursaries awarded				10	(262,163)		64,271	(197,892)	(148,362)
Unwinding ofdiscount					(15,946)		(24,405)	(40,351)	(17,232)
Grants to Eton					(1,700)			(1,700)	(1,741)
Support costs: investment fees		management			(22,666)		(18,255)	(40,921)	(14,135)
Support costs: other					(2,742)		(3,554)	(6,296)	(10,374)
Total expenditure					(305,217)		18,057	(287,160)	(191,844)
Net income / (expenditure) before gains and losses on investments					(108,899)		175,374	66,475	6,359,087
Net gains / (losses) on investments				4	1,200,467		966,833	2,167,300	(1,378,819)
Net income for the year movement in funds	being		net		1,091,568		1,142,207	2,233,775	4,980,268
Total Fund balances brought			forward		7,244,851		5,596,660	12,841,511	7,861,243
Total Fund balances carried forward					8,336,419		6,738,867	15,075,286	12,841,511