2021-04-05-accounts

Trustees		Sir Algernon Heber-Pecy	Sir Algernon Heber-Pecy
		A H S Hannay
		A H M Wilson
Administrator		Lynn e Loxley
Email address		llctadmin@leverhulme,		net
Charity number		212431
Principal address		Estate Office
		Thornton Hough
		Wirra I
		Merseyside
		CH63 1JD
Auditor		Mitchell Charlesworth		LLP
		3rd Floor
		5Temple Square
		Temple Street
		Liverpool
		Merseyside
		L2 5RH
Bankers		Barclays Bank	pic
		1Churchill Place
		London
		E145HP
Investment	managers	Schroder S.Co Limited
		T/A Cazenove	Capital Management
		12 Moorgate
		London
		EC2R 6DA

			Page
Trustees' report			1-7
Independent	auditor's	report	8-12
Statement of	financial	activities	13
Balance sheet			14
Statement of	cash flows		15
Notes to the financial		statements	16-25

Equities Bonds		75,3 8.0
Multi-Asset funds		0.2
Hedge funds Private equity funds Property Commodities (Gold)		0.1 0.6 3.5
Structured products		3,6
Insurance and 'Alternatives'	funds	3.1
Cash
		100.0

Equities Bonds			72.2 9.5
Multi-Asset	funds
Hedge funds Private equity funds Property Commoditi es (Gold)			1.3 0.1 0.7 4.2
Structured	products		4.2
Insurance	and 'Alternatives'	funds	3.7
Cash			3.8
			100.0

					Unrestricted	Endowment	Total	Unrestricted	Endowment	Tota I
					funds	funds		funds	funds
					2021	2021	2021	2020	2020	2020
				Notes	f		f	f	E	f
Income from:
Investments					587,106		587,106	695,470		695,470
Ex enditure	on:
Raising funds					43,903	87,806	131,709	46,202	92,400	138,602
Charitable activities					305,339		305,339	1,179,697		1,179,697
Total resources		expended			349,242	87,806	437,048	1,225,899	92,400	1,318,299
Net gains/(losses)			on
investments						8,042,753	8,042,753		(4,616,812)	(4,616,812)
Net movement		in	funds		237,864	7,954,947	8,192,811	(530,429)	(4,709,212)	(5,239,641)
Fund balances		at	6 April
2020					(1,081,445)	34,319,887	33,238,442	(551,016)	39,029,100	38,478,084
Fund balances		at	5 April
2021					(843,581)	42,274,834	41,431,253	(1,081,445)	34,319,888	33,238,443

					2021		2020
				Notes	f
Fixed assets
Investments				10		42,358,511		34,497,079
Current assets
Debtors				12	8,319		26,675
Cash at bank	and in	hand			92,527		145,532
					100,846		172,207
Creditors: amounts		falling due within one
year				13	(375,604)		(582,843)
Net current	liabilities					(274,758)		(410,636)
Total assets	less current		liabilities			42,083,753		34,086,443
Creditors: amounts		falling due after more
than one year				14		(652,500)		(848,000)
Net assets						41,431,253		33,238,443
Capital funds
Expendable	endowment		fund	16		42,274,834		34,319,888
Income funds
Unrestricted	funds
Designated	funds			17	525,010		346,015
General unrestricted		funds			(1,368,591)		(1,427,460)
						(843,581)		(1,081,445)
						41,431,253		33,238,443

					2021		2020
				Notes	f		f
Cash flows from operating	activities
Cash absorbed by operations				22		(839,788)		(1,000,750)
Investing activities
Purchase of investments					(22,482,149)		(10,965,684)
Proceeds on disposal of investments					22,663,470		11,247,512
Investment income received					605,462		711,409
Net cash generated from	investing	activities				786,783		993,237
Net cash used in financing	activities
Net decrease in cash and	cash equivalents					(53,005)		(7,513)
Cash and cash equivalents	at beginning		ofyear			145,532		153,045
Cash and cash equivalents	at end ofyear					92,527		145,532

							Unrestricted	Unrestricted
							funds	funds
							2021	2020
							f	f
Income from	listed investments						585,845	691,479
Interest receivable							1,261	3,991
							587,106	695,470
Raising funds
			Unrestricted	Expendable	Total	Unrestricted	Expendable	Tota I
			funds	endowment		funds	endowment
			2021	2021	2021	2020	2020	2020
			f	f	f	E	f	f
Investment	managers	fees	43,903	87,806	131,709	46,202	92,400	138,602
			43,903	87,806	131,709	46,202	92,400	138,602

4	Charitable activities
			2021	2020
			f	f
	Grants payable (see note 5)		287,412	1,161,624
	Share ofsupport costs (see note 6)		11,507	12,143
	Share ofgovernance costs (see note 6)		6,420	5,930
			305,339	1,179,697
5	Grants payable
			2021	Number of
			f	Grants
	Grants paid off20,000or more during the year:
	Bolton School		30,000
	Helsmdale Primary School		21,538
	Lady Lever Art Gallery		50,000
	University of Liverpool		100,000
	Liverpool Heart and Chest Hospital		20,000
	Liverpool School of Tropical Medicine		35,000
	Warrington Youth Club (for Onside Youth	Zones)	25,000
	Royal College of Physicians		50,000
	Royal College ofSurgeons		100,000
			431,538
			2021	2020
	Grants to institutions may be categorised	as follows:		E
	Health		102,750	190,574
	Community		96,300	101,400
	Education		38,362	385,000
	Arts		29,000	22,500
	Animal welfare		10,000	20,000
	Environmental			3,150
	Religious establishments		11,000	439,000
			287,412	1,161,624

Support c	osts
			Support costs	Governance	2021	Support costs	Governance	2020
				costs			costs
Office management		fees	11,507		11,507	11,507		11,507
Other expenses						636		636
Audit fees				4,460	4,460		4,109	4,109
Accountancy				1,960	1,960		1,821	1,821
			11,507	6,420	17,927	12,143	5,930	18,073
Analysed	between
Charitable	activities		11,507	6,420	17,927	12,143	5,930	18,073

			Expendable	Expendable
			endowment	endowment
			2021	2020
			f	E
Revaluation	of	investments	4,667,635	(4,167,052)
Gain/(loss)	on	sale of investments	3,375,118	(449,760)
			8,042,753	(4,616,812)

Fixed asset investments	Fixed asset investments	Fixed asset investments
							Listed	Cash in	Total
						investments		portfolio
Cost or valuation
At 6 April 2020						33,429,234		1,067,845	34,497,079
Additions						22,482,149			22,482,149
Valuation changes						4,667,635			4,667,635
Movement in cash								639,591	639,591
Disposals						(19,927,943)			(19,927,943)
At 5 April 2021						40,651,075		1,707,436	42,358,511
Carrying amount
At 05 April 2021						40,651,075		1,707,436	42,358,511
At 05 April 2020						33,429,234		1,067,845	34,497,079
								2021	2020
								f	f
Investments at fair value comprise:
UK equities, unit	trusts	and treasury stock						19,725,358	19,000,241
Overseas equities	and unit trusts							20,925,717	14,428,993
Cash held by investment		managers						1,707,436	1,067,845
								42,358,511	34,497,079
The investments	are listed on the United		Kingdom		Stock Exchange and are stated at mid-market value.
The total cost of managing the portfolio f510,198),the fall in costs can mainly be			including attributed		third-party to changes	fund fees and to use of more	brokerage fees was f396,370 (2020: passive funds as predicted last year.
Financial instruments								2021	2020
								f	f
Carrying amount	offinancial assets
Instruments measured		at fair value through		profit or loss				40,651,075	33,429,234

12	Debtors
					2021	2020
	Amounts falling	due		within one year:	f	f
	Other debtors				8,319	26,675
13	Creditors: amounts		falling due within one year
					2021	2020
					f	f
	Grants payable				326,500	531,500
	Accruals and deferred			income	49,104	51,343
					375,604	582,843
14	Creditors: amounts		falling due after more than one year
					2021	2020
					f	f
	Grants payable				652,500	848,000
15	Reconciliation	ofgrant commitments
					2021	2020
					f	f
	Commitments	at 6 April 2020			(1,379,500)	(1,075,000)
	Grants paid out during the year				687,912	857,124
					(691,588)	(217,876)
	Commitments	at 5	April 2021		979,000	1,379,500
	Charge in Statement			of Financial Activities (note )	287,412	1,161,624

					Balance	at	Transfers	Balance at	Transfers	Transfers	Balance at
					6 April 2019			6 April 2020			5Apnl 2021
						f				f	f
Special reserve		fund			195,052		150,963	346,015	178,995		525,010
					195,052		150,963	346,015	178,995		525,010
pecial reserve		fund
he trustees	set up a designated			fund on	1st September		2004 to build	up a reserve out	of which	large	donations
could be made		in the future.
Analysis of	net	assets between	funds
		Unrestricted			Endowment		Total	Unrestricted	Endowment		Total
				funds	funds			funds	funds
				2021	2021		2021	2020	2020		2020
				f		f	f	f		f	f
Fund balances		at 5
April 2021 are
represented	by:
Investments			42,358,511				42,358,511	177,191	34,319,888		34,497,079
Current assets/(liabilities)				(274,758)			(274,758)	(410,636)			(410,636)
Long term liabilities				(652,500)			(652,500)	(848,000)			(848,000)
			41,431,253				41,431,253	(1,081,445)	34,319,888		33,238,443

22	Cash generated	from operations	from operations			2021	2020
						f	f
	Surplus/(deficit)	for the year				8,192,811	(5,239,641)
	Adjustments for:
	Investment income recognised		in statement	offinancial	activities	(587,106)	(695,470)
	(Gain)/loss on	disposal of investments				(3,375,118)	449,760
	Fair value gains	and losses on investments				(4,667,635)	4,167,052
	Movements in	working capital:
	(Decrease)/increase in creditors					(402,740)	317,549
	Cash absorbed	by operations				(839,788)	(1,000,750)
23	Analysis ofchanges in net funds
	The charity had	no debt during	the year.