## 

|Trustees||R Hobbs|||
|---|---|---|---|---|
|||D Rossney|||
|||L Richardson|||
|||J Lavender|||
|Charity number||1168094|||
|Principal address and||73 Cornhill|||
|registered|office|London|||
|||EC3V 3QQ|||
|Independent|Examiner|SColeman|ACA||
|||Gerald Edelman||LLP|
|||73 Cornhill|||
|||London|||
|||EC3V 3QQ|||
|Bankers||Royal Bank|ofScotland||
|||1 Fleet Street|||
|||London|||
|||EC4Y 1BD|||
|Solicitors||Adams<br>& Remers|||
|||Trinity House|||
|||School Hill|||
|||Lewes|||
|||Sussex|||
|||BN7 2NN|||
|Investment|advisors|LGT Vestra|LLP||
|||14 Cornhill|||
|||London|||
|||EC3V3NR|||





## 

## 

||||Page|
|---|---|---|---|
|Trustees'<br>report|||1-4|
|Statement<br>ofTrustees'||responsibilities||
|Independent<br>examiner's||report||
|Statement<br>offinancial|activities|||
|Balance sheet||||
|Notes to the financial|statements||9- 16|





## 

## 

## 

## 



## 

## 

## 



## 

## 

## 



## 

## 

## 



## 

## 

## 



## 

## 

## 



## 

## 

## 

|||||||2021|2020|
|---|---|---|---|---|---|---|---|
||||||Notes|||
|Income from:||||||||
|Grants receivable||||||7,913|7,814|
|Sale oftimber||||||2,659|19,180|
|Investments||||||3,536|5,096|
|Other income||||||628|1,456|
|Total income||||||14,736|33,546|
|~E*<br>Cht||||||||
|Raising funds||||||2,596|2,592|
|Charitable<br>activities||||||29,262|48,476|
|Total expenditure||||||31,858|51,068|
|Net expenditure|before||investment|returns||(17,122)|(17,522)|
|Net gains/(losses)||on investments|||12|29,925|(13,899)|
|Net income/(expenditure)|||for the year|||12,803|(31,421)|
|Fund Balances at|6April||2020|||1,719,442|1,750,863|
|Fund balances at||5April 2021||||1,732,245|1,719,442|





## 

## 

## 

||||||2021||2020||
|---|---|---|---|---|---|---|---|---|
|||||Notes|E||E||
|Fixed assets|||||||||
|Tangible assets||||13||1,436,000||1,436,000|
|Investments||||14||251,207||220,384|
|||||||1,687,207||1,656,384|
|Current assets|||||||||
|Debtors||||16|1,047||1,067||
|Cash at bank and|in|hand|||48,536||64,391||
||||||49,583||65,458||
|Creditors: amounts||falling due within|||||||
|one year||||17|(4,545)||(2,400)||
|Net current assets||||||45,038||63,058|
|Total assets less|current||liabilities|||1,732,245||1,719,442|
|Income funds|||||||||
|Unrestricted<br>funds||||||1,732,245||1,719,442|
|||||||1,732,245||1,719,442|





## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

|3|Grants receivable|||
|---|---|---|---|
|||2021<br>f|2020f|
||Forestry Commission|7,913|7,814|
|4|Sale oftimber|||
|||2021|2020|
||Sale oftimber|2,659|19,180|
|5|Investments|||
|||2021|2020|
||Income from listed investments|3,494|4,852|
||Interest receivable|42|244|
|||3,536|5,096|
|6|Other income|||
|||2021|2020|
||Other income|628|1,456|





## 

## 

|7|Raising fu|n|ds||||
|---|---|---|---|---|---|---|
||||||2021|2020|
||Investment||management||2,596|2,592|
|8|Charitable||activities||||
||||||2021f|2020f|
||Insurance||||500|507|
||Woodland|management|||20,295|33,231|
||Professional||fees||4,231|10,035|
||Trustee expenses||||144|523|
||||||25,170|44,296|
||Share ofgovernance|||costs (see note 9)|4,092|4,180|
||||||29,262|48,476|



## 

|Support co|sts||||
|---|---|---|---|---|
|||2021|2020|Basis ofal|
||||f||
|Independent||||Governance|
|examination|fees|2,400|2,400||
|Legal and professional||1,692|1,780|Governance|
|||4,092|4,180||



## 



## 

## 

## 

## 

## 

|12|Net gains/(losses)<br>on investments|||
|---|---|---|---|
|||2021|2020|
||Revaluation<br>ofinvestments|18,166|(12,793)|
||Gain on sale ofinvestments|11,759|(1,106)|
|||29,925|(13,899)|
|13|Tangible fixed assets|||
|||Land|and buildings|
||Cost or valuation|||
||At 6April 2020 and 5 Apdil 2021||1,436,000|





## 

## 

## 

|14|Fixed ass|et inve|stmen|ts|||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Listed|Cash in|Total|
|||||||||investments|porffolio||
|||||||||6|||
||Cost or valuation||||||||||
||At 5April|2020||||||172,897|47,487|220,384|
||Additions|||||||93,684||93,684|
||Valuation|changes||||||18,166||18,166|
||Movement|in cash|||||||(28,058)|(28,058)|
||Disposals|||||||(52,969)||(52,969)|
||At 5April|2021||||||231,778|19,429|251,207|
||Carrying|amount|||||||||
||At 5April|2021||||||231,778|19,429|251,207|
||At 5April|2020||||||172,897|47,487|220,384|
||||||||||2021f|2020<br>f|
||The investments||at fair|value||were held as||follows:|||
||In the UK||||||||66,617|66,527|
||Outside the UK||||||||165,161|106,370|
||||||||||231,778|172,897|
||Fixed asset investments||||historical cost||||||
||The historical cost ofthe||||investments||was|f209,468 (2020:f168,272.).|||
|15|Financial|instruments|||||||2021|2020|
||||||||||8|8|
||Carrying|amount|offinancial|||assets|||||
||Equity instruments||measured|||at cost less impairment|||19,429|47,487|
||Instruments<br>measured|||at|fair|value through||profit or loss|231,778|172,897|
||Carrying|amount|offinancial|||liaBilities|||||
||Measured|at amortised||cost|||||4,545|2,400|





## 

## 

## 

|16|Debtors|||||
|---|---|---|---|---|---|
|||||2021|2020|
||Amounts|falling due|within one year:||6|
||Other debtors|||964|984|
||Prepayments|||83|83|
|||||1,047|1,067|
|17|Creditors:|amounts|falling due within one year|||
|||||2021|2020|
||Accruals|||4,545|2,400|