| PAGE | |
|---|---|
| REFERENCEAND ADMINISTRATIVEINFORMATION | 3 |
| REPORTOFTHETRUSTEES | 4-l |
| REPORT OFTHE INDEPENDENTAUDITOR TO THETRUSTEES | 8-9 |
| STATEMENT OFFINANCIAL ACTIVITIES | 10 |
| BALANCESHEET | 11 |
| NOTESTO THE FINANCIALSTATEMENTS | t2-17 |
| Notes | 2021 | 2020 | |
|---|---|---|---|
| € | f | ||
| Unrestricted | Unrestricted | ||
| INCOME AND ENDOWMENTS FROM: | |||
| lnvestments: | |||
| - lnvestment income | 179,5s3 | L80,342 | |
| -lnterestreceivable | 35 | s33 | |
| Otherlncome-transferfrom | |||
| MrsHLGrimwade Charitable Trust | 39 | ||
| Total | L79,589 | 180,914 | |
| EXPENDITUREON: | |||
| Raisingfunds | |||
| - lnvestment managementfees | 34,502 | 31,828 | |
| Charitable activities | 288,946 | 237,344 | |
| Total | 323,448 | 269,172 | |
| NET!NCOME/(EXPENDITURE)BEFOREINVESTMENT GAINS | (143,859) | (88,2s8) | |
| NET GArNS/(LOSSES)ONTNVESTMENTS | 698,L77 | (361,900) | |
| NETINCOME/(EXPENDITURE) | 554,318 | (4s0,1s8) | |
| FUND BAT.ANCEBlFArIAUGUSr 2020 | 5,O76,477 | s,s26,63s | |
| FUNDBATANCEC/F AT 31JULY2021 | 5,530,795 | 5,076,477 |
| INVEST | MENT INCOMEANDINTEREST RECEIVABTE | ||
|---|---|---|---|
| 2021 | 2020 | ||
| € | f | ||
| lncome | fromListedlnvestments | ||
| Fixedlnterest:UK | 39,650 | 41.,666 | |
| Fixedlnterest:overseas | LO,O70 | 10,689 | |
| UKEquities | 65,201 | 64,787 | |
| OverseasEquities:Asia&North America | L2,653 | L5,709 | |
| OverseasEquities: Europe/Emerging Markets | lo,49t | 6,4t7 | |
| AlternativeMarkets: Property | 13,409 | 11,742 | |
| AlternativeMarkets:lnfrastructure | 24,580 | 23,842 | |
| AlternativeMarkets: Private Equity | 3,89 | 5,490 | |
| 179,553 | L80,342 | ||
| lnterest | Receivable | ||
| COIFCharities DepositFund | 479 | ||
| QuilterCheViotlncome Account | 64 | ||
| QuilterCheviotEuroAccount | (10) | ||
| 533 | |||
| OTHER | INCOME | ||
| 2021 | 2020 | ||
| f | f | ||
| MrsHLGrimwade Charitable Trust | 39 |
| 202L | 2020 | |||
|---|---|---|---|---|
| € | e | |||
| Grantspayableto lnstitutions(a,b) | 216,760 | L66,450 | ||
| Grantstolndividuals(c) | lt,250 | 27,OOO | ||
| Grant | administrationcosts | 27,487 | 30,508 | |
| Governancecosts(d) | L3,449 | 13,386 | ||
| 288,946 | 237,344 | |||
| (a) | General Charitable Donations | 50,500 | 31,200 | |
| (b) | Bursaries&ScholarshipstoSchools/Colleges | t86,260 | 135,250 | |
| (c) | Directly Aided Students &SinglePayment Grants | l,.,25o | 27,OOO | |
| 248,010 | 193,450 | |||
| (al | General | |||
| There | were 2 Donations off5,000or more(2020:3) | |||
| Bishopsland Educational Trust(BursaryFund) | 5,000 | |||
| LAMDA(BursaryFund) | 5,q)0 | |||
| St Paul's School(BursaryAppeal) | s,000 | |||
| Society of Antiquaries of London(KelmscottManor) | s,000 | |||
| TISCA(ThelndependentSchoolsChristian Alliance) | 5,000 | |||
| 10,000 | 15,000 | |||
| Donations under €5,000 weregivento39 charities(2020:31) | 40,500 | t6,700 | ||
| TotalGeneralDonations | 50,500 | 37,200 |
| Bursaries & ScholarshipstoSchoolsand Colleges | Bursaries & ScholarshipstoSchoolsand Colleges | 202L | 2020 |
|---|---|---|---|
| f | € | ||
| 1 | St Paul's School(Bursary& Creative Arts Awards) | 24,OOO | 24,000 |
| 2 | Byam Shaw SchoolofArt,CSM(UAL) | 7,500 | 7,500 |
| 3 | WestDean College | 12,000 | 7,000 |
| 4 | Textile Conservation Foundation | 10,000 | 7,500 |
| 5 | TheRoyalAcademyofArtSchools | 12,000 | 12,000 |
| 6 | Royal CollegeofMuslc | 5,500 | 5,500 |
| 7 | GuildhallSchoolTrust | 10,000 | 10,000 |
| 8 | RoyalNorthernCollegeofMusic | 5,000 | 5,000 |
| 9 | Bishopsland Educational Trust | 15,000 | 11s00 |
| 10 | TrinityLabanConservatoire | 10,010 | 5,000 |
| 7t | Bristol OldVicTheatreSchool | s,000 | s,000 |
| 12 | GuildfordSchoolActing, Surrey University | 5,000 | 5,000 |
| 73 | RADA | s,000 | 5,000 |
| L4 | London ContemporaryDance School | 5,000 | 5,000 |
| 15 | LAMDA | 5,000 | 5,000 |
| 16 | CourtauldlnstituteofArt | 5,000 | s,000 |
| 17 | city& GuildsofLondon ArtSchool | 5,000 | 5,000 |
| 18 | WimbledonCollegeofArt,UAL | 5,250 | 5,250 |
| 19 | SouthHouse SilverWorkshop Trust | 5,000 | |
| 20 | RoyalWelshCollegeofMusic&Drama | s,000 | |
| 2l | RambertSchoolofBallet | 5,(x)0 | |
| 22 | ContemporaryBritishSilversmiths | 20,000 | |
| 186,260 | 135,250 |
| Areconciliationofthegrants payableandgrantawards showninthese acc | ountsis asfollows: | |
|---|---|---|
| 202L | 2020 | |
| crantliabilities atlAugust 2020 | 166,9r7 | 196,550 |
| Awards madeinthe year | 248,OLO | r93,450 |
| Grants payableforthe year | 4t4,927 | 390,000 |
| Grantspaidduring theyear | (22O,74O1 | (223,083) |
| Grantliabilities at31July 2021 | t94,LA7 | t66,9L7 |
| Liabilities at31JulyZOZLarepayableasfollows: | ||
| Withinone year (note9) | 194,187 | 166.9t7 |
| Aftermorethanoneyear (note9) | ||
| 194,187 | 166,9L7 | |
| (d)GovemanceCosts | 2021 | 20zo |
| Auditand accountancyfees | 3,567 | 3,480 |
| Legal&professional fees | 3,396 | |
| Consultancy: Website&Logo | 3,975 | |
| Administrative fees | s,76s | 6,510 |
| Trustees'expenses | 142 | |
| t3,M9 | 13,386 |
| IIIVESTMENTS | ||
|---|---|---|
| 202t | 2020 | |
| Movements in listed investments during theyearwereasfollows: | f | E |
| Market value at31July2020 | 4,92t,964 | 5,372,748 |
| Additions at cost | 274,727 | 601,160 |
| Disposalsat opening market value | 1323,9771 | (821,s03) |
| [realisedprofit:C39,522(2020:loss | ||
| (f131,4ss)l | ||
| Net unrealised gains/(losses)inthe year | 658,655 | 1230,4/.tl |
| Market value at31 July2021 | 5,531,369 | 4,92t.964 |
| Costof listed investments at31July2021 | 3,883,853 | 3,984,678 |
| All investments weredealtin onarecognised stock exchange |
| d investments held at3lJuly2o2L comprised thefollowing: | ||
|---|---|---|
| 202L | 2020 | |
| E | f | |
| Fixedlnterest:UK | 8L5,997 | 821,989 |
| Fixedlnterest:Overseas | 320,L60 | 378,440 |
| UKEquities | t,574,543 | 1,338,605 |
| OverseasEquities: Asia&North America | t,4to,s33 | 7,74t,488 |
| OverseasEquities: Europe&Emerging Markets | 4L2,663 | 332,847 |
| AlternativeMarkets: Property | 331,005 | 341,479 |
| AlternativeMarkets:lnfrastructure | 591,928 | 479,759 |
| AlternativeMarkets: Private Equity | 74,500 | 747,3Sl |
| 5,s31,369 | 4,92L,964 |
| followingholdings comprisedamaterialholding when comparedto thevalue of thetota July2021 |
llistedinvestment portfolio |
|---|---|
| %ot | |
| portfolio | |
| BaillieGiffordUSGrowth Trust | 6.7% |
| Sequoia Economiclnfrastructurelnc Fund LtdNPV | s.6% |
| PimcoGlobalAdvisorslrlLtdGlobal lnvestments | 4.t% |
| GCPlnfrastructurelnvestmentsLtdord€0.01 | 3.8% |
| DEBTORS | |||
|---|---|---|---|
| 2021 | 2020 | ||
| € | f | ||
| Accruedlnvestmentlncome | 2,451 | 2,472 | |
| CASHAT BANKAND INHAND | |||
| 2021 | 2020 | ||
| f | e | ||
| CHoare &Co. | Current Account | 27,690 | 24,06r |
| QuilterCheviot | Capital Account | (5101 | 98,013 |
| lncome Account | 20,315 | r52,986 | |
| EuroAccount | 864 | ||
| COIFCharities DepositFund | DepositAccount | 247,485 | 46,45O |
| 294,880 | 322,374 | ||
| CREDITORS:AMOUNTSFALLINGDUEWITHINONEYEAR | |||
| 202L | 2020 | ||
| f | E | ||
| Grant liabilities(a, b&c) | t94JA7 | t66,9L7 | |
| Grantadministration& governance | costs | 214 | 3 |
| Auditors'remuneration | 3,s00 | 3,473 | |
| 197,90s | 170,333 | ||
| (a)General Charitable Donations | 3,000 | ||
| (b)Directly Aided Students &SinglePayment Grants | t,-,250 | 27,000 | |
| (c)Bursaries&ScholarshipstoSchools/Colleges | L82,937 | t36,977 | |
| t94,ta7 | 766,9L7 |
| Balanceat | New | Utilised | Balanceat | ||
|---|---|---|---|---|---|
| 01-Aus-20 | Desianatlons | 3l-Jul-21 | |||
| E | f | f | |||
| DesisnatedFund | 2027 | 4,575,W | 550,ofi) | 5,125,000 | |
| Balanceat | New | Utilised | Balanceat | ||
| 01-Aue-19 C |
Designations E |
E | 31-Jul-20 f |
||
| DesignatedFund | 2O2O | 5,02s,000 | (4s0,000) | 4.575.000 |
| Fund balancesat31July 2021 arerepresentedby: | 202L | ||
|---|---|---|---|
| General | Desienated | Total | |
| Fund | Fund | 2020 | |
| Listed lnvestments | 406,369 | 5,125,000 | 5,s31,369 |
| Currentfusets | 297,33t | 2i97,331 | |
| Creditors: amounts falling duewithin1year | (197,90s) | (197,90s1 | |
| Creditors: amounts falling dueafter1year | |||
| 505,795 5,125,000 | 5,530,795 |
| Fund balancesat31July 2020were representedby: | 2020 | ||
|---|---|---|---|
| General | DesiEnated | Total | |
| Fund | Fund | 2019 | |
| Listed lnvestments | 346,964 | 4,57s,000 | 4,92L,964 |
| CurrentAssets | 324,846 | 324,846 | |
| Creditors: amounts falling duewithin1year | (170,333) | (170,333) | |
| Creditors: amounts falling dueafter1year | |||
| 50t,477 | 4,575,OOO | 5,076,477 |