## ## ||||Page| |---|---|---|---| |Reference and administrative||details ofthe charity, its Trustees and advisers|| |Trustees' report|||2-7| |Independent
auditors'|report||8- 10| |Statement offinancial|activities||| |Balance sheet|||12| |Statement ofcash flows|||13| |Notes to the financial|statements||14-21| |Trustees||C.E.S.Whitbread|||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |||P.D. Patten|||||||||| |||H.F. Whitbread|||||||||| |||M. Stern|||||||||| |||j.Polhill|||||||||| |Charity registered|||||||||||| |number||210089|||||||||| |Address||6 Trull Farm Buildings|||||||||| |||Tetbury|||||||||| |||Gloucestershire|||||||||| |||GL8 8SQ|||||||||| |Administrator||The Trust Partnership||(Foundations)|||Limited||||| |Independent|auditors|Dunkley's|||||||||| |||Woodland
Grange|||||||||| |||Woodlands
Lane|||||||||| |||Bradley Stoke|||||||||| |||Bristol BS324jY|||||||||| |Bankers||CAF Bank Ltd|||||||||| |||25 Kings
Hill Avenue|||||||||| |||Kings
Hill|||||||||| |||West Mailing|||||||||| |||Kent|||||||||| |||ME194jQ|||||||||| |Solicitors||Veale Wasbrough|Vizards||LLP||||||| |||24 King William Street|||||||||| |||London|||||||||| |||EC4R 9AT|||||||||| |Investment|advisers|Cazenove
Capital|Management|||(Finished||November||2021)|| |||12 Moorgate|||||||||| |||London|||||||||| |||EC2R 1AD|||||||||| |||Sarasin K Partners|LLP (From November|||||2021)|||| |||juxon House|||||||||| |||100St. Paul's Churchyard|||||||||| |||London
EC4M 8BU|||||||||| |||Waverton
Investment||Management|||Limited||(From November||2021)| |||16Babmaes Street|||||||||| |||London|||||||||| |||SW1Y 6AH|||||||||| |||Whitley Asset Management|||(From||November||2021)||| |||Calder S.Co., StVincent House|||||||||| |||30 Orange Street|||||||||| |||London
WC2H 7HF|||||||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Capital|Income|Total|Total| |---|---|---|---|---|---|---|---| ||||Note|funds|funds|funds|funds| |Income and endowments||from:||2022|2022|2022|2021| |||||E|E|E|| |Investments|||||508 179|508,179|693,815| |Other income|||||||| |Total income and endowments|||||508,179|508,179|693,815| |Expenditure
on:|||||||| |Raising funds||||169,327||169,327|104,078| |Charitable
activities|||||766,840|766,840|1,074,248| |Total expenditure|||4|169,327|766,840|936,167|1,178,326| |Net (expenditure)|before|investment|||||| |losses)/ gains||||(169,327)|(258,661)|(427,988)|(484,511)| |Net (losses)/gains|on investments||12|(71,564)|-|(71,564)|6,276,973| |Net (expenditure)/income||before|||||| |transfers||||(240,891)|(258,661)|(499,552)|5,792,462| |Transfers
between|Funds||15|(734,657)|734,657||| |Net (expenditure)/income||before other|||||| |recognised gains and losses||||(975,548)|475,996|(499,552)|5,792,462| |Net movement
in funds||||(975,548)|475,996|(499,552)|5,792,462| |Reconciliation of|funds:||||||| |Total funds brought|forward|||33,280,968|(247,096)|33,033,872|27,241,410| |Total funds carried forward||||32,305,420|228,90|32,534,320|33,033,872| ## ## |ASAT5APRI|L|2022|||||| |---|---|---|---|---|---|---|---| ||||||2022||2021| ||||Note||||| |Fixed assets|||||||| |Investments|||12||32,359,645||33,308,023| |Current assets|||||||| |Cash at bank and|in|hand||406,945||71,715|| |Creditors: amounts||falling due within one|||||| |year|||13|(172,270)||(205,866)|| |Net current assets/(liabilities)|||||234,675||(134,151)| |Total assets less|assets/(liabilities)||||32,594,320||33,173,872| |Creditors: amounts||falling due after more|||||| |than one year|||14||(60,000)||(140,000)| |Net assets|||||32,534,320||33,033,872| |Charity Funds|||||||| |Unrestricted
Capital||funds|15||32,305,420||33,280,968| |Unrestricted
Income||funds|15||228,900||(247,096)| |Total funds|||||32,534,320||33,033,872| ## |||||2022|2021| |---|---|---|---|---|---| ||||Note||| |Cash flows from operating
activities|||||| |Net cash|used
in operating
activities||17|(1,049,763)|(1,048,021)| |Cash flows from investing
activities:|||||| |Dividends|and interest from investments|||508,179|693,815| |Proceeds|from sale of investments|||33,663,551|19,303,266| |Purchase|of investments|||(32,786,737)|(19,037,360)| |Net cash provided
by investing
activities||||1,384,993|959,721| |Change|in cash and cash equivalents|in the year||335,230|(88,300)| |Cash and|cash equivalents
brought
forward|||71,715|160,015| |Cash and cash equivalents
carried forward|||18|406,945|71,715| |All|funds are unrestricted.||||| ## ## ## ## ## ## ## ## ## ## ## ## |Investment|income||||| |---|---|---|---|---|---| |||Capital|Income|Total|Income| |||funds|funds|funds|Funds| |||2022|2022|2022|2021| |||E|E|E|E| |Income from|listed investments||508,179|508,179|693,815| ||||508,179|508,179|693,815| |Total 2021|||693,815|693,815|| ## |Capital|Income|Total|Total| |---|---|---|---| |funds|funds|funds|funds| |2022|2022|2022|2021| |E|E|E|E| |Other|incoming|resources| |---|---|---| |Total|2021|| ## |||||||||Other costs|Total|Total| |---|---|---|---|---|---|---|---|---|---|---| |||||||||2022|2022|2021| |||||||||E|E|E| ||Expenditure|on investment||management||(note 5)||169,327|169,327|104,078| ||Costs of raising funds|||||||169,327|169,327|104,078| ||Grants payable (note||7)|||||726,911|726,911|1,035,745| ||Support costs (note 6)|||||||30,681|30,681|29,417| ||Charitable|activities||||||757,592|757,592|1,065,162| ||Expenditure|on governance|||(note 8)|||9,248|9,248|9,086| |||||||||936,167|936,167|1,178,326| ||Total 2021|||||||1,178,326|1,178,326|| |5.|Investment|management|||costs|||||| ||||||||Capital|Income|Total|Total| ||||||||funds|funds|funds|funds| ||||||||2022|2022|2022|2021| ||||||||E|E|E|E| ||Investment|manager|fees|||||169,327|169,327|104,078| |||||||||169,327|169,327|104,078| ||Total 2021|||||||104,078|104,078|| ## |6.|Support Co|sts|||| |---|---|---|---|---|---| |||||2022|2021| ||||||E| ||Administration|and professional|fees|30,571|29,334| ||Bank charges|||110|83| |||||30,681|29,417| |7.|Grants payable||||| |||||2022|2021| |||||E|E| ||Medicine and|health||103,409|120,653| ||Social welfare|||340,225|474,367| ||Education|||24,400|51,225| ||Training
and|employment||16,041|12,000| ||The arts|||50,315|45,000| ||Environment|and conservation||135,000|152,000| ||International||||150,000| ||Sports and leisure|||57,521|30,500| |||||726,911|1,035,745| ## ||||Income|Income| |---|---|---|---|---| ||||funds|Funds| ||||2022|2021| |Auditors'|remuneration||2,160|2,160| |Year end|accountancy|costs|3,600|3,600| |Legal and|professional||3,488|3,326| ||||9,248|9,086| |All funds|are unrestricted.|||| ## ||At 5 April 2022 the Trust had outstanding|pledges of E48,000(2021 - f109,000).|| |---|---|---|---| ||Reconciliation ofgrants payable:||| |||2022|2021| ||Accrued at 6 April 2021|307,000|180,000| ||Grants payable for the year (note 7)|726,911|1,035,745| ||Grants
paid during the year|(868,911)|(908,745)| ||Accrued at 5 April 2022|165,000|307,000| ||Grant commitments
(continued)||| ||Payable as follows:||| |||2022|2021| ||Grants payable
&1yr (note 13)|105,000|167,000| ||Grants payable
&lyr (note 14)|60,000|140,000| ||Total|165,000|307,000| |10.|Net income/(expenditure)||| ||This is stated after charging:||| |||2022|2021| ||Auditors'
remuneration
- audit|2,160|2,160| ## ## |12.|Fixed as|set investm|ents||||| |---|---|---|---|---|---|---|---| |||||||Cash|| ||||||Listed|awaiting|| ||||||securities|investment|Total| |||||||E|E| ||Market|value|||||| ||At 6 April|2021|||32,880,616|427,407|33,308,023| ||Additions||||33,663,551||33,663,551| ||Disposals||||(35,248,513)||(35,248,513)| ||Revaluations||||(71,564)||(71,564)| ||Increase|in cash awaiting||investment||708,148|708,148| ||At 5 April|2022|||31,224,090|1,135,555|32,359,645| |13.|Creditors: Amounts||falling due within one year||||| |||||||2022|2021| ||Trade creditors|||||7,289|6,051| ||Accruals|||||59,981|32,815| ||Grants accrued - (see||Note 9)|||105,000|167,000| |||||||172,270|205,866| |14.|Creditors: Amounts||falling due after more than||one year||| |||||||2022|2021| ||Grants accrued - (see||Note 9)|||60,000|140,000| ||All funds|are unrestricted.|||||| ## ||Balance at|||||Balance at| |---|---|---|---|---|---|---| ||6April|||Transfers||5 April| ||2021|Income|Expenditure|in/out|Losses|2022| |Income funds|( 247,096)|508,179|(766,840)|734,657||228,900| |Capital funds|33,280,968||(169,327)|(734,657)|(71,564)|32,305,420| |Total offunds|33,033,872|508,179|(936,167)||(71,564)|32,534,320| ## |Statement offunds|- prior year|||||| |---|---|---|---|---|---|---| ||Balance at|||||Balance at| ||6April|||Transfers||5 April| ||2020|Income|Expenditure|in/out|Gains|2021| |Income funds|( 28,159)|693,815|(1,074,248)|161,496||(247,096)| |Capital funds|27,269,569||(104,078)|(161,496)|6,276,973|33,280,968| |Total offunds|27,241,410|693,815|(1,178,326)||6,276,973|33,033,872| ## |Analysis ofnet assets between funds - current year|||| |---|---|---|---| ||Capital|Income|Total| ||funds|funds|funds| ||2022|2022|2022| |Fixed asset investments|32,359,645||32,659,645| |Current assets||406,945|406,945| |Creditors due within one year|(54,225)|(118,045)|(172,270)| |Creditors due in more than one year||(60,000)|(60,000)| ||32,305,420|228,900|32,534,320| |Analysis ofnet assets between funds - prior year|||| ||Capital|Income|Total| ||funds|funds|funds| ||2021|2021|2021| |Fixed asset investments|33,308,023||33,308,023| |Current assets||71,715|71,715| |Creditors due within one year|(27,055)|(178,811)|(205,866)| |Creditors due in more than one year||(140,000)|(140,000)| ||33,280,968|(247,096)|33,033,872| ## |17.|Reconciliatio|n ofnet|move|ment
in funds to net cash flow from o|perating activities|| |---|---|---|---|---|---|---| ||||||2022|2021| ||Net (expenditure)/income||for|the year (as per Statement of Financial||| ||Activities)||||(499,552)|5,792,462| ||Adjustment|for:||||| ||Losses/(Gains)|from investments|||71,564|(6,276,973)| ||Dividends
and|interest from investments|||(508,179)|(693,815)| ||(Decrease)/Increase
in||creditors||(113,596)|130,304| ||Net cash used in operating|||activities|(1,049,763)|(1,048,021)| |18.|Analysis ofcash and||cash|equivalents||| ||||||2022|2021| ||Cash in hand||||406,945|71,715| ||||||406,945|71,715|