## ## |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| |CD||||||||||«D||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||CD
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Cl|| ## ||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| |C
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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| ##