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|Statementoftrustees'responsibilities|1|
|Trustees'report|2-8|
|Independentauditor'sreport|9-12|
|Statementoffinancialactivities|13|
|Balancesheet|14|
|Statementofcashflows|15|
|Notestothefinancialstatements|16-29|
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18 May 2022
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12 July 2022
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|||Unrestricted|Unrestricted|
|---|---|---|---|
|||funds|funds|
|||2021|2020|
||Notes|£|£|
|Incomefrom:||||
|Donationsandlegacies|2|7,736,849|4,169,978|
|Investments|3|674,711|366,862|
|Totalincome||8,411,560|4,536,840|
|Expenditureon:||||
|Expenditureoncharitableactivities|4|6,066,094|8,930,438|
|Investmentmanagers'fees|8|178,115|131,913|
|Totalexpenditure||6,244,209|9,062,351|
|Netgainsoninvestments|9|2,998,995|362,950|
|Netmovementinfunds||5,166,346|(4,162,561)|
|Fundbalancesat1January2021||44,866,304|49,028,865|
|Fundbalancesat31December2021||50,032,650|44,866,304|
18 May 2022
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||||2021||2020|
|---|---|---|---|---|---|
||Notes|£|£|£|£|
|Cashflowsfromoperatingactivities||||||
|Cashusedinoperations|16||(1,485,280)||(8,352,866)|
|Investingactivities||||||
|Proceedsondisposalofinvestment||||||
|property||1,846,634||||
|Purchaseofotherfixedassetinvestments||(9,474,214)||(17,684,529)||
|Purchaseofsocialinvestments||(6,234,428)||(1,867,187)||
|Proceedsondisposalofotherinvestments||9,390,382||24,509,339||
|Proceedsondisposalofsocialinvestments||4,943,749||2,651,207||
|Investmentincome||674,711||366,862||
|Netcashgeneratedfrominvesting||||||
|activities|||1,146,834||7,975,692|
|Netcashusedinfinancingactivities||||||
|Netdecreaseincashandcashequivalents|||(338,446)||(377,174)|
|Cashandcashequivalentsat1January|||2,831,101||3,208,275|
|Cashandcashequivalentsat31December|||2,492,655||2,831,101|
|Relatingto:||||||
|Cashatbankandinhand|||1,475,122||1,930,994|
|Shorttermdepositsincludedincurrent||||||
|assetinvestments|||1,017,533||900,107|
||||2,492,655||2,831,101|
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||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||2021|2020|
||`£`|
`£`|
|Donationsandgifts|7,736,849|4,169,978|
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||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||2021|2020|
||£|£|
|UKequities|504,404|269,596|
|Overseasequities||60,111|
|Socialinvestments|168,641|35,673|
|Interestreceivable|1,666|1,482|
||674,711|366,862|
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|||Governance|Total|Total|
|---|---|---|---|---|
|||costs|||
||2021|
2021|2021|2020|
||£|
£|£|£|
|Staffwages|273,821||273,821|275,523|
|Staffsocialsecurity|25,386||25,386|28,083|
|Staffpensioncosts|13,802||13,802|13,131|
|Staffdevelopment|11,200||11,200|6,487|
|Travelexpenses|24,775||24,775|14,619|
|Rentandofficecosts|38,750||38,750|39,494|
|ITcosts|51,300||51,300|7,112|
|Portfolioconsultancy||||13,557|
|Grantadministration|34,844||34,844|4,758|
|Consultancy|327,541||327,541|175,108|
|Netexchangelossesoncurrency|60,300||60,300|62,314|
|Impairmentofsocialinvestments|-|||381,710|
|Bankcharges|1,471||1,471|763|
|Trustees'expenses||-||569|
|Auditors'remuneration||9,780|9,780|12,000|
|Accountancycosts||26,014|26,014|23,652|
|HRpayrollandtaxcosts||8,982|8,982|7,332|
|Legalexpenses|-|
16,948|16,948|37,370|
|Lossondisposal|3,366||3,366||
|Reversalofimpairmentlosses|(16,300)||(16,300)||
||850,256|
61,724|911,980|1,103,432|
|Grantfundingofactivities(seenote5)|5,154,114|
-|5,154,114|7,827,006|
||6,004,370|
61,724|6,066,094|8,930,438|
||2021|2020|
|---|---|---|
||£|£|
|Grantstoinstitutions:|||
|1001Fontaines|775,310|572,225|
|3BL|10,895||
|AerosanSustainableSanitationNepal|14,524|92,900|
|Aguaconsult|-|11,700|
|ATECSales&Marketing|87,736|-|
|Beat|144,627|291,902|
|BipolarUK|55,000||
|BirminghamMind|92,432|92,432|
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|5|Grantspayable|(Continued)|(Continued)|
|---|---|---|---|
||CellarTrust|115,000|80,000|
||CleanTeam|165,120|253,880|
||ContainerBasedSanitationAlliance|14,000|46,482|
||CoronavirusMentalHealthResponse||100,000|
||DalbergGlobal||13,589|
||Delvic||17,552|
||DrinkwellBangladesh|50,000|50,000|
||EauetVieBangladesh|43,217|92,229|
||EmpireFightingChance|100,000|50,000|
||EverflowAfrica||10,004|
||EvidenceAction||396,030|
||FactorE||787,116|
||Gret|277,873|55,965|
||HillsideClubhouse|134,000|134,000|
||HydrologicSocialEnterprise||15,873|
||IDE||404,033|
||ImpetusPEF|200,000|200,000|
||IntoUniversity|100,000|100,000|
||iSEA|158,587||
||KWSH|7,108||
||Leapconfrontingconflict|150,000|150,000|
||LongfordTrust|20,000|20,000|
||Loowatt|50,000|50,000|
||MentalHealthInnovations|250,000|330,000|
||MosaicClubhouse|136,830|162,990|
||NationalMind||200,000|
||NumaWater||116,314|
||OCA|19,802||
||OnPurposeCareers|50,000|50,000|
||OperoKenya|100,000||
||OshunSenegal||94,657|
||OxfordshireMind||112,780|
||Place2Be|104,489||
||PositiveFutures||60,000|
||PSI|57,317||
||Redthread|150,000|150,000|
||Rethink|111,039|114,702|
||SafeWaterNetwork|394,039|590,369|
||SafiSana|224,618|309,518|
||Samaritans||80,000|
||SandONE|2,800||
||Sanergy|436,751|401,056|
||ShishMalhotra|5,000|13,100|
||Sport4Life|65,000|65,000|
||TheListeningPlace|80,000||
||TheMix||100,000|
||TutorTrust|110,000|110,000|
||TutorsUnited||45,000|
||Watershed||170,608|
||WheelsProject|56,000|25,000|
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|5|Grantspayable||(Continued)|
|---|---|---|---|
||WSUP||375,000|
||YouthMoves|35,000|
63,000|
|||5,154,114|
7,827,006|
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|Theaveragemonthlynumberofemployeesduring|theyearwas:||
|---|---|---|
||2021|2020|
||Number|Number|
||5|5|
|Employmentcosts|2021|2020|
||£|£|
|Wagesandsalaries|273,822|275,523|
|Socialsecuritycosts|25,386|27,933|
|Otherpensioncosts|13,802|13,131|
||313,010|316,587|
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||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||2021|2020|
||`£`|
`£`|
|Investmentmanagers'fees|178,115|131,913|
||178,115|131,913|
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||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||2021|2020|
||£|£|
|Unrealisedgain/(loss)onrevaluationofinvestments|3,055,131|(469,595)|
|Realised(loss)/gainonsaleofinvestments|(56,136)|
832,545|
||2,998,995|362,950|
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||Listedand|Cashin|Total|
|---|---|---|---|
||unlisted|portfolio||
||investments|||
||£||£|
|Costorvaluation||||
|At1January2021|32,192,464|900,107|33,092,571|
|Additions|9,474,214||9,474,214|
|Valuationchanges|1,916,677|-|1,916,677|
|Cashchanges|(325)|117,426|117,101|
|Disposals|(9,446,518)|-|(9,446,518)|
|At31December2021|34,136,512|1,017,533|35,154,045|
|Carryingamount||||
|At31December2021|34,136,512|1,017,533|35,154,045|
|At31December2020|32,192,464|900,107|33,092,571|
##
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|10|Fixedassetinvestments||(Continued)|
|---|---|---|---|
|||2021|2020|
|||£|£|
||Investmentscomprise:|||
||ListedonUKstockexchange|4,351,133|3,363,185|
||Listedonoverseasstockexchanges|14,825,672|14,771,555|
||Giltsandfixedinterest|8,004,467|6,414,298|
||Propertyfunds|32,847|66,336|
||UnlistedUKequities|5,996,101|6,522,338|
||Equitymanagedfunds|926,292|761,611|
||Commodities||293,141|
|||34,136,512|32,192,464|
|SwayVenturesAccelerateAITVLP|3,463,978|
|---|---|
|JJ&PBlevinFranks|5,996,101|
|NanoDimensionII,L.P.|2,320,926|
|EquatorICAVUKSovereignBond|4,689,041|
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|Programmerelatedinvestments|||
|---|---|---|
||2021|2020|
||£|£|
|At1January2021|8,705,393|3,948,950|
|Additions|6,234,428|6,281,686|
|Disposals|(3,421,515)|(1,143,533)|
|Impairments|16,300|(381,710)|
|At31December2021|11,385,136|8,705,393|
##
|Mixedmotiveinvestments|||
|---|---|---|
||2021|2020|
||£|£|
|At1January2021|1,779,802|3,713,072|
|Movementinfairvalue|(4,842)|(41,363)|
|Disposals|(1,522,236)|(1,891,907)|
|At31December2021|252,726|1,779,802|
|Socialinvestments,consistingofprogrammerel
follows:|atedandmixedmotive,canbefurtherbrok|endownas|
|---|---|---|
||2021|2020|
||£|£|
|Loans|2,455,107|2,404,689|
|UKequities|252,726|318,444|
|Overseasequities|2,384,207|1,604,107|
|OEICandunittrust||1,461,358|
|Fixeddeposits|6,545,822|4,696,597|
||11,637,862|10,485,195|
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|12|Debtors|||
|---|---|---|---|
|||2021|2020|
||Amountsfallingduewithinoneyear:|£|£|
||Otherdebtors|8,828|440,391|
||Prepaymentsandaccruedincome|1,926,068|172,113|
|||1,934,896|612,504|
|13|Creditors:amountsfallingduewithinoneyear|||
|||2021|2020|
|||£|£|
||Othertaxationandsocialsecurity|32,582||
||Tradecreditors|1,619|6,219|
||Othercreditors||1,143,589|
||Accrualsanddeferredincome|135,074|105,152|
|||169,275|1,254,960|
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|16|Cashgeneratedfromoperations|2021|2020|
|---|---|---|---|
|||£|£|
||Surplus/(deficit)fortheyear|5,166,346|(4,162,561)|
||Adjustmentsfor:|||
||Investmentincomerecognisedinstatementoffinancialactivities|(674,711)|(366,862)|
||Foreignexchangedifferences|149,470||
||Lossondisposaloftangiblefixedassets|3,366||
||Loss/(gain)ondisposalofinvestments|56,136|(832,545)|
||Fairvaluegainsandlossesoninvestments|(1,911,510)|469,595|
||Giftofinvestments|(1,850,000)|(3,733,778)|
||Impairmentofinvestments|(16,300)|381,710|
||Movementsinworkingcapital:|||
||(Increase)indebtors|(1,322,392)|(70,596)|
||(Decrease)increditors|(1,085,685)|(37,829)|
||Cashusedbyoperations|(1,485,280)|(8,352,866)|