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||||Page|
|---|---|---|---|
|Charity<br>information||||
|Trustee's<br>report||||
|Independent<br>examiner's||report||
|Statement of Ananctal|activities|||
|Balance sheet||||
|Notes to the accounts||||





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|for the year end|ed 30S|eptember|2023||||
|---|---|---|---|---|---|---|
||||2023|2023|2023|2022|
||||Unrestricted|Unrestricted|Unreetncted|Unrestricted|
||||Income|Capital|Total|Total|
||||Fund|Fund|Funds|Funds|
|Income|||||||
|Income from Investments|||129,833||129,833|111,477|
|Donations<br>received|||5,250||5,250||
|Interest on deposh|accounts||3,239||3,239|124|
|Total income|||138,322||138322|111,6~1|
|Expenditure|||||||
|Managing<br>funds|||18,605||18,605|19,907|
|Charitable<br>activities|03totss 8|and 9)|68,594||68,594|70,408|
|Governance<br>costs|(Note 12)||15,428||15,428|14,143|
|Total expenditure|||102,827||1112627|104458|
|Net surplus for the year|||35695||35,695|7,143|
|Transfer between|funds||(35,695)|35,695|||
|Gain/(kes)<br>on Investments||(note 3)||92,920|92,920|{632,745)|
|Net movement<br>in|funds|||t28,615|128,616|~625,602|
|Fteconciliation<br>of|funds||||||
|Total funds brought<br>forward|||220,000|3,606,043|3,826,043|4,451,645|
|Total funds carried forward|||220,11110|3734658|3954658|3,826,013|





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|as at 30Se|ptemb|er 2023||||||
|---|---|---|---|---|---|---|---|
||||Notes||2023||2022|
||||||6|||
|Fixed assets||||||||
|Investments|||||3,760,375||3,614,21'I|
|Current assets||||||||
|Oebtors|||4|592||238||
|Cash at bank||||204,884||218,145||
|||||205,476||218,383||
|Creditors: amounts||falling due||||||
|within one year|||5|('I1,193)||(6,551)||
|Net current assets|||||194,283||211,832|
|Net assets|||||3954658||3,826,043|
|Reserves||||||||
|Unrestricted|capital|fund|||3,734,658||3,606,043|
|Unrestricted|income|fund|||220,Ml0||220,000|
|Total reserves|||||3,854,658||3,826,043|



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|Investments|||
|---|---|---|
|||2022|
|||6|
|Market valuation|||
|At 1 October 2022|3,614,211|4,260,465|
|Additions|993,466|971,592|
|Realised gain on investments|115,364|272,029|
|Unreal!sad loss on investments|(22,444)|(904,774)|
|Disposal proceeds|(940,224)|(985,101)|
|At 30September 2023|3 TBO 3f75r|3,614211|





## 

|fo|r the year ended||30|Septe|mber 2023||||
|---|---|---|---|---|---|---|---|---|
|4|Debtors||||||2023|2022|
||||||||5||
||Other debtors||||||592|238|
||||||||582|238|
|5|Creditors: amounts|||falling|due within one year||2023|2022|
||||||||E|5|
||Sundry creditors||||||5,193|2,867|
||Grants awarded||||||6,000|3,684|
||||||||11 193|6 551|
|6|Unrestricted<br>capital|||fund|||2023|2022|
||||||||6||
||At 1 October 2022||||||3,606,043|4,231,645|
||Gain/(loss)<br>on investments||||||92,920|(6327II5)|
||Transfer from/(to)||income fund||||35,685|7,143|
||At 30September|2023|||||3,734,658|3,606,043|
|7|Unrestricted<br>income|||fund|||2023|2022|
||||||||F|5|
||At 1 October 2022||||||220,000|220,000|
||Net surplus<br>for the||year||||35,695|7,143|
||Transfer (to)/from||capital fund||||(35,695)|(7,143)|
||Ai 30September|2023|||||220,000|220 000|
|8|Expenditure<br>on|charttabte|||activities 2023|||2023|
||||||6||||
||||||Activities|Grant Giving|6upport|Total|
||||||undertaken|Actlvluaa|Coats {Note||
||||||Directly||1st||
||Donations<br>(Note|11)|||||106|606|
||Grants Awarded|(Note 11)||||41,569|8,814|50,383|
||Annual<br>Grants Awarded|||||14,525|3,080|17,605|
||||||500|560111|12000|69595|





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## 

|||||Actlvlues|Grant Giving|Support|Tatsi|
|---|---|---|---|---|---|---|---|
|||||Undertaken|Activities|Costs (trots||
|||||Directly||10)||
|Donations||lNote|11)|1,000||206|1,206|
|Grants|Awarded||(Note 11)||40,613|8,448|48,061|
|Annual|Grants Awarded||||16,675|3,466|20,141|
|||||1,000|57,288|12,120|70,408|
|Analysis||ofsupport costs||||2023f|2022f|
|Secretarial||Fess|8 Disbursements:|Grants||12 F00|\2 120|



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## 

|||||||
|---|---|---|---|---|---|
|11|Grants awarded|||2023|2022|
||||||f.|
||General Aid Grants|||41,569|40,613|
||Donations|||500|1,000|
|||||42,066|41 613|
|12|Governance<br>Costs|||2023f|2022f|
||Gardner's<br>Trustee Annual|Return||13|13|
||Secretarial Fees &Disbursements:||Governance|13,296|12,120|
||Sundry Expenses|||373|362|
||Indemnity<br>insurance||||478|
||Independent<br>examination|fees||1,260|1,170|
|||||16 426|14143|





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|14|Analysis|ofnet assets between funds|ofnet assets between funds||||
|---|---|---|---|---|---|---|
||||2023|2023|2023|2022|
||||6|6|6|8|
||||Capital|Income|Tots I|Tots I|
||||Account|Account|||
||Investments||3,760,375||3,760,375|3,614,211|
||Current|Assets|(25,717)|231,193|205,476|218,383|
||Current|Liabilities||(11,193)|(11,193)|(6,551)|
||Total||3,734,658|220,000|3,954,658|3,826,043|



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## 

|for|the yeer ended|the yeer ended|the yeer ended|30S|e|pt|em|b|er 20|23||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|17|Inveatmanta||||||||||||2023|2023|2022|
|||||||||||6|E|8|E||6|
|||||||||||Cost B)Fwd|Addlusns|Dbpassis|Cast CIEwd||ulsrk st|
||||||||||||At Cost|At Cast|||value|
||iShares|SSP500||Nsv Llnits||||||||||||
||||||||||10,000|78,895||||||
||||||||||5,000|||(39,445)||||
||||||||||5,000||||39,447|175,831|327,375|
||8»hares|FTSE100iahsrescore||||||FTSE||||||||
||Ucl\8|||||||||||||||
||||||||||17,50D|119,565|||||118,090|
||||||||||17,500||131,329|||||
||||||||||35,QOO|||(250,894)||||
||VK Government|||0.125'/||dL|03/2026|||||||||
||||||||||60,DOO||||80,862|85,766|80,083|
||Mercantile||Investment||TST||fqc Dnl.|||||||||
||25p|||||||||||||||
||||||||||70,000|73,264|||73,264|136,710|115,150|
||Columbia||Threadneedle|||Investmsnt||||||||||
||VK Equity||Income Unhs|||||||||||||
|||||||||106,814||137,323|||137,323|207,326|180,804|
||Stsckrock||Fund llllsnsgers||||Ltd|||||||||
||European||Dynamic<br>Fund|||income|||Vnlta|||||||
|||||||||115,0DO||115,746|||115,746|296,850|245,356|
||Artenda|Fund Managers||||Instttudonsl||||||||||
||Income Units|||||||||||||||
|||||||||140,306||122,241||||181,231|127,6Q9|
||||||||||38,000|||||||
|||||||||178,306||||||||
||Empiric|Student Property||||Ord1p||||||||||
|||||||||100,000||102,089||||57,376|85,850|
|||||||||(36,00D)||||(36,752)||||
||||||||||64,000||||65,337|||
||IShsres|Li|Pic Core VK||Gilts|||||||||||
||Institutional||Income Vnits|||||||||||||
||||||||||6,000|79,515|||79,515|59,475|62435|
||City ofLondon Investments||||||Ord. 25p|||||||||
|||||||||40,000||159,330||||||
|||||||||(40,000)||||(159,330)||||
||Gamed forward|||||||||1,868,836|176,317|(488,424)|752,723|1,200,565|1,463,084|





## 

|||||||||||2023|2023|2022|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||6|6|6||6|
||||||||Cost BIFwd|Additions|Ohposals|Cost Clrwd|Market|ttarkst|
|||||||||At Cost|At Cost||value|value|
|Brought|forward||||||1,666,630|176,317|(466,424)|752,723|1,230,666|1 493,064|
|Maldsnd|Inatl||Svc Ml Twsntyfour<br>Am||||||||||
|dynamic|||||||||||||
|||||||BDO|87,312|||57,312|54,489|53,652|
|Fidelity|Special Value Ord GSP0.05p||||||||||||
|||||||75,000||||145,601|2D4,563|179,438|
|Intematkmal|||Public Partnership||||||||||
|||||||10D,GOO|154,746||||62,00G|151,600|
|||||||50,000)|||(77,373)||||
|||||||50,000||||77,373|||
|gchroder Investmeat<br>elansgement|||||||||||||
|||||||300|109,337|||1D9,337|118,744|116,897|
|Diverse|income Tru Ordn||||GBP0.001||||||||
|||||||125,GDO||||106,646|100,575|108,250|
|Franklin|Tempgtm|||UKSmager||Cos W|||||||
|Acc Nsv|||||||||||||
|||||||1 '(,001|74,885|1,241|||38,224|82,445|
|||||||(5,400|||(37,356)||||
|||||||5,601||||38,750|||
|Rlum Royal||London Sustainable|||||||||||
|Leaders|Trust||||||||||||
|||||||40,00D|8D,744||||132,887|84,680|
|||||||15,0GO||37,340|||||
|||||||55,000||||118,084|||
|Henderson||Euro||Foc Ord|GBP0.50||||||||
|||||||40,DOG|52,721|||52,721|62,800|50,800|
|Schroder Unit|||Tst L)SSmatter Coa 2||||||||||
|Inc|||||||||||||
|||||||35,000|5D,760|||50,760|59,360|61,215|
|3(fusty One||Fd Managers|||Global||||||||
|Environment||KGBP|||||||||||
|||||||50,000|51,927|568||52,495|70,645|74,065|
|RIT Csp|Partners|||Ord GBP1|||||||||
|||||||5,00D|93,701|||93,701|96,45D|103,75D|
|Canted forward|||||||2057,030|209,466|(601,153)|1,665,403|??6'1,662|?,669,646|





## 

## 

|the year||ended|30Septem|ber 202|3||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||2D23|2023|2022|
||||||t|f|||E|E|
||||||Cour Blpvvd|Addatoos|Disposats|Coot Ciprvd|hisrkst|hhuket|
|||||||At Cost|At Cost|||value|
|Bmught forward|||||2057,090||(601,153)|1,665,4D3|2,201,582|2,559,646|
|Schroder|Real Estate Ordlnarty|||Shares|||||||
|NPV|||||||||||
|||||200,000|63,401||||55,924|92,400|
|||||(85,000)|||(20,605)||||
|||||135,000||||42,796|||
|Sdcl Energy Efficient Ord GBPD.D'I|||||||||||
|||||100,000|111,577|||111,577|87,250|101,000|
|The Renevrab(es|||Inf Ord f(PV||||||||
|||||70,632||||85,192|75,578|9D,027|
|Warehouse||Reit|PLC Ord GBP9.01||||||||
|||||70,000||||84,700|57,435|75,600|
|Oaktree (Luz) Funds Global High Yield|||||||||||
|Bond|||||||||||
|||||1,200|1'13,040||||48,546|92,364|
|||||(600)|||(56,52D)||||
|||||6DD||||56,520|||
|Royal London Bond Fund|||||||||||
|||||65,000|93,554|||93,554|73,905|70,980|
|JO Hambro||Cap|Rlanagement|Johcm|||||||
|UK Equity|||||||||||
|||||75.000|146,187|||||124,821|
|||||(75,000)|||(146,167)||||
|Twentyfour||Global inv Corporate|||||||||
|Bonds|||||||||||
|||||1,000|102,794|||102,794|79,920|77,580|
|Avlva invrs||Se(Fd A!Ua Eqty Inc|||||||||
|||||80,000|158,081|||158,081|148,632|164,968|
|Hipgnosis||Songs|Fund||||||||
|||||50,000|56,401|||58,401|40,150|44,525|
|Vatu-Tree|Inv Funds Protean Cap Ekler||||||||||
|||||135,000|'125,536||(395)|125,141|127,489|120,290|
|Life Science Reit|||||||||||
|||||90,000||6D,391||60,391|82,820||
|Carried forward|||||3,'IM, 663|289,857|(624,66D)|2,644.650|3,039,231|3,6t4, 20'I|





## 

||||||||||2023|2023|2022|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||E|E||E||E|E|
||||||Cost Biswd|Additions||Olsposals|Cost CIFwd|Slaraet|Nlarkal|
|||||||At Coat||At Cost||value|value|
|Brought|forward||||3,199,553|269,857||(624,660)|2,644,550|3,039231|3,614,201|
|Primary|Health Prop|||||||||||
|||||45,0DO||41,601|||41,601|41,929||
|Hicl Infrastructure||||||||||||
|||||52,000||65,391|||65,391|64,532||
|tIK (Government|||otj 0.12634|Blonds||||||||
|||||20,000||19,629|||19,629|19,691||
|Muzlntch 8Co Global||||||||||||
|||||420||38,329|||38,329|37,943||
|Morgan|stanley||IfEmerging|Markets||||||||
|||||7,300||60,371||||107,289||
|||||5,800||47,850||||||
|||||13,100|||||108,221|||
|LF Llndseg TrIIK||||||||||||
|||||48,000||158,617|||158,617|164,813||
|SA Selrtal||Gootlnuul||||||||||
|||||12,700||158,623|||158,823|160,9D9||
|Jupiter|UT Managers|||||||||||
|||||120,000||133,200|||133,200|134,028||
|Total|||||3,199,553|993,466|-|624,660|3,366,'161|3,780365|3,6l4,201|





## 

|for the year end|ed 30September 2023|ed 30September 2023||||
|---|---|---|---|---|---|
|17<br>Comparative|statement offinancial activities||2022|2022|2022|
|||||5|6|
||||Unrestricted|URIestIIcied|Unrestricted|
||||income|Capital|Total|
||||Fund|Fund|Funds|
|Income||||||
|investment<br>income|||11'i,477||111,477|
|Interest on deposit|accounts||124||124|
|Totst income|||111,60'i||111601|
|Expenditure||||||
|Managing<br>funds|||19,907||19,907|
|Charitable<br>acfivitiss|(Notes 9)||69,408||69,408|
|Governance<br>costs|(Note 12)||15,143||15,143|
|Total expenditure|||104,458||104,458|
|)tet surplus<br>for the||year|7,143||7,143|
|Transfer between|funds||(7,143)|7,143||
|Loss on investments||(note 3)||(632,745)|(632,745)|
|Net movement<br>in|funds|||~625,6122|~625 602|
|Reconclllation<br>of|funds|||||
|Total funds brought||forward|220,000|4,231,645|4,451,645|
|Total funds carried||forward|220,000|3,606,043|3826043|





## 

|77/is schedu/e<br>does no/ fo/|m p|e/t ofthe|ste/u/ory<br>scco|un/s|||
|---|---|---|---|---|---|---|
||||2023|2023|2023|2022|
||||6|6|6||
||||Unrestricted|Unrestricted|Unrestricted|Unrestricted|
||||General|Capital|Total|Total|
||||Fund|Fund|Funds|Funds|
|Incoming resources|||||||
|Income from investments|||129,833||129,833|111,477|
|Donations<br>received|||5,250||5,250||
|Interest and deposit accounts|||3,239||3,239|124|
|Total incoming<br>resources|||138,322||138,322|111,601|
|Resources expended|||||||
|Managing<br>tunds|||18,605||18,605|19,907|
|Gardner's<br>Trustee Annual|Return||13||13|13|
|Secretarial Fees &Disbursements:|||||||
|Grants|||12,000|||12,120|
|Secretsnai Fees 8 Disbursements:|||||||
|Governance|||13,296||13,296|12,120|
|Sundry Expenses|||373||373|362|
|Indemnity<br>Insurance|||486||486|478|
|Audit/Independent<br>Examination||Fees|1,260||1,260|1,170|
|Donations|||500|||'I,000|
|Grants Awarded<br>(Note 11)|||41,569||41,569|40,613|
|Annual<br>Grants Awarded|||14,525||14,525|16,675|
|Total resources expended|||102627||102627|104,458|
|Net incoming<br>resources for the|||35,695||35,695|7,143|
|year|||||||
|Transfer between<br>funds|||(35,695)|35,695|||
|Unreaiised<br>gain on revaluation||of|||||
|investments<br>Realised gain on revaluation|of|||(22,444)|(22,444)|(904,774)|
|Investments||||115,364|115,364|272,029|
|Net movement<br>in funds||||126,615|126.615|~6256112|
|Total funds brought forward|||220,000|3,606,043|3,826,043|4,451,645|
|Total funds carried forward|||220,000|3,734858|3,954,658|3826,043|