2020-12-31-accounts

Trustees			J F Rowse (Chair ofthe	J F Rowse (Chair ofthe	J F Rowse (Chair ofthe	Board)
			D Emerson		(Independent	Member)		(Appointed 11November	2020)
			TGriifiths (Iay Member)
			5 G Hibbert		(Lay Member)
			D M Holland		(CSEU Member)
			RA Holmes		(Lay Member)
			AJ McDlarmid (CSEU Member)
			D 5 McPhee		(Lay Member)
			R Murdoch		(CSEU Member)
			H Scullion (Subscriber)
			CStevenson		(Lay Member)
Executive	Director		I Waddell
Deputy Director			KGoddard
Finance and Administration		Manager	N Ojike
Charity number			1179847
Company	number		11145243
Registered	offlce		10Salamanca Place
			Vauxhall
			London
			SE17HB
Auditor			HW Fisher	LLP
			Acre House
			11-15William Road
			London
			NW13ER
Bankers			Umty Trust		Bank Pic
			Four Brindleyplace
			Birmingham
			812JB
Legal advisors			Bates Wells
			10Queen Street Place
			London
			EC4R 1BE
Investment	advisors		Rathbones		Investment	Management	Ltd
			8 Finsbury	Circus
			Finsbury
			London
			EC2M 7AZ

			Page
Trustees report			1-4
Statement of	Trustees	responsibilities
Independent	auditor's	report	6-8
Statement of	financial	activities
Balance sheet			10
Statement of	cash flows
Notes to the financial		statements	12 - 19

					Unrestricted	Unrestncted
					funds	funds
					2020	2019
				Notes	6'000s	FTJOOs
Investments					209	608
Raising funds					66	91
Charitable activities					667	294
Total resources	expended				733	385
Net gains/(losses) on investments				10	(5,394)	1,419
Net movement	ln funds				(5,918)
Fund balances	at 1January 2020				16,271	14,629
Fund balances	at 310ecember2020				10,353	16,271
The statement	offinancial activities includes	ag gains and losses recognised	in the year.

				2020		2019
			Noma	E'000s	6'000s	E'000s	E'000s
Cash flows from operating	activities
Cash absorbed by operations			16		(696)		(272)
Investing activities
Purchase of investments				(8,578)		(1,130)
Proceeds on disposal of investments				6,923		3,749
Investment income received				209		608
Net cash (used ln)/generated from Investing
activities					(1,446)		3,227
Net cash used In financing	activities
Net (decrease)/increase in	cash and cash equivalents				(2,142)		2,955
Cash and cash equivalents	at beginning	ofyear			2,955
Cash and cash equivalents	at end ofyear				813		2,955

				Unrestricted	Unrestricted
				funds	funds
				2020	2019
				6'000s	6'000s
	Investment	income		209	608
4	Raising funds
				Unrestricted	Unrestricted
				funds	funds
				2020	2019
				6'000s	C000s
	Investment	management	fees	66	91
				66

			2020	2019
			6'000s	6'000s
Grant funding		ofactivities (see note 6)	416	35
Support costs		(see note 7)	230	205
Governance	costs (see note 7)		21	54
			667	294

		2020	2019
		6'000s	6'000s
Grants to institutions:
Community	grants	243
Research grants		156
Exceptional	grants	17
Other			35
		416	35

7	Support costs	Support costs
			Support costs	Governance	2020	Support costs	Governance	2019
				costs			costs
			E'000s	E'000s	E'000s	E'000s	E'000s	F.'000s
	Staff costs		186		186	103		103
	Occupancy costs		12		12	16		16
	Legal and	professional	6		6	47		47
	Premises	costs				20		20
	Meeting	costs	12		12	19		19
	Audit fees			14	14		20	20
	Non - audit fees			7	7		34	34
				21	251	205	54	259
	Analysed	between
	Charitable	activities	230	21	251	205	54	259

Employment	costs	2020	2019
		f'000s	f'000s
Wages and salaries		89	15
Social security	costs	4	1
Pension costs		6
Recharged staff costs		87	87
		186	103

The number ofemployees whose annual remuneration was	f60,000or more were:
	2020	2019
	Number	Number
660,001-f70,000	1

			20ZO	2019
			E'000s	6'000s
Revaluation	of	investments	876	510
(Loss)/gain	on	sale ofinvestments	(6,270)	909
			(5,394)	1,419

							Listed	investments
								5'000s
	Cost orvaluation
	At 1January 2020							13,440
	Additions							8,578
	Valuation changes							876
	Disposals							(13,193)
	At 31December	1020						9,701
	Carrying amount
	At 31December	1020						9,701
	At 31Demmber	2019						13,440
12	Financial instruments						2020	2019
							5'000s	5'000s
	Carrying amount	of	financial		assets
	instruments measured			at fair	value through	profit or loss	9,701	13,440
13	Delltors
							2020	2019
	Amounts falling	due	within one year:				3'000s	8'000s
	Prepayments and accrued income						10
14	Creditors: amounts		falling due within one			year
							2020	2019
							4'000s	8'000s
	Other creditors						92	85
	Accruals snd deferred			income			79	39
							171	124

16	Cash generated from operations	2020	2019
		B000s	6'000s
	(Deficit)/surpus for the year	(5,918)	1,642
	Adjustments for:
	Investment income recognised in statement offinancial activities	P09)	(608)
	Loss/(gain) on disposal of investments	6,270	(909)
	Fair value gains and losses on investments	(876)	(51D)
	Movements in working capital:
	(Increase) in debtors	(10)
	Increase in creditors	47	113
	Cash absorbed by operations	(696)	(272)
17	Analysis ofchanges In net funds
	The had no debt during the year.