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||**Contents**|**Pace**|
|---|---|---|
|**1.**|**Report of the Trustees**|1 - 5|
|2.|**Report of the Independent Examiner**|**6**|
|3.|**Statement of Financial Activities**||
||**(including Income and Expenditure Account)**|**7**|
|4.|**Balance Sheet**|**8**|
|5.|**Notes to the Financial Statements**|**9 - 16**|
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|||**Capital and**||||
|---|---|---|---|---|---|
|||**Permanent**|**Income**|**Year**|**Year**|
|||**Endowment**|**Fund**|**2020**|**2019**|
||**Note**|**£**|**£**|**£**|**£**|
|**INCOME**||||||
|Investment Income|2||56,283|56,283|69,893|
|Bank Interest|||256|256|357|
|Donations|||625|625||
|**TOTAL INCOME**|||57,164|57,164|70,250|
|**EXPENDITURE**||||||
|**Costs of Raising Funds**||||||
|Administration Charges|3|9,685|1,863|11,548|11,281|
|**Expenditure on Charitable Activities**||||||
|Pensions|||29,750|29,750|28,600|
|Christmas Bonuses and Heating||||||
|Grants to Pensioners|||6,550|6,550|5,800|
|Other Grants|||6,365|6,365|3,255|
|Visitors' Salaries, pensions and Expenses|4||5,430|5,430|5,072|
|Legal Fees|||_||-|
|Clerks Fees (including bookkeeping and||||||
|quarterly accounts)|||14,250|14,250|12,025|
|Accountancy and Independent Examiner's||||||
|Fee|||2,640|2,640|3,132|
|**TOTAL EXPENDITURE**||9,685|66,848|76,533|69,165|
|||(9,685)|(9,684)|(19,369)|1,085|
|Net Gains/(Losses) in Investment Assets|8|13,991||13,991|205,540|
|**NET INCOME/EXPENDITURE**||||||
|**AND NET MOVEMENT IN FUNDS**||4,306|(9,684)|(5,378)|206,625|
|**RECONCILIATION OF FUNDS:**||||||
|Fund Balances brought forward||||||
|at 1 January 2020||1,958,506|85,111|2,043,617|1,836,992|
|**FUND BALANCES CARRIED**||||||
|**FORWARD AT 31 DECEMBER 2020**|11|1,962,812|75,427|2,038,239|2,043,617|
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||||**2020**||**2019**|
|---|---|---|---|---|---|
||**Note**|||||
|**FIXED ASSETS**||||||
|Investments at Valuation|2||1,905,037||1,931,070|
|Cash held by broker for re-investment|||34,092||45,904|
|**Total Fixed Assets**|||1,939,129||1,976,974|
|**CURRENT ASSETS**||||||
|Debtors and Prepayments||3,174||4,672||
|Cash at Bank||105,743||71,378||
|**Total Current Assets**||108,917||76,050||
|**CREDITORS DUE WITHIN ONE YEAR:**||||||
|Other Creditors||9,807||9,407||
|**NET CURRENT ASSETS**|||99,110||66,643|
|NET ASSETS|||2,038,239||2,043,617|
|**THE FUNDS OF THE CHARITY:**||||||
|**PERMANENT ENDOWMENT FUNDS**|12||1,962,812||1,958,506|
|**INCOME FUNDS**||||||
|General Fund|12|75,427||85,111||
||||75,427||85,111|
|**TOTAL CHARITY FUNDS**|||2,038,239||2,043,617|
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||||**Book**|**Value**|**Market**|**Value**|**Net**|**Income**|
|---|---|---|---|---|---|---|---|---|
||**2020**|**2019**|**2020**|**2019**|**2020**|**2019**|**2020**|**2019**|
||**No.**|**No.**|**£**|**£**|**£**|**£**|**£**|**£**|
|31 Infrastructure|10,370|10,370|19,670|19,670|31,940|30,540|954|
897|
|Aberdeen Standard Life -|||||||||
|European (formerly Standard|||||||||
|Life)|19,500|19,500|16,212|16,212|19,486|18,654|605|
602|
|A2D Funding|15,000|15,000|16,531|16,531|16,087|16,257|712|
712|
|Apax Global Alpha Ord NPV|8,021|8,021|9,581|9,581|15,480|13,836|766|
720|
|Artemis FD Mngrs Global|||||||||
|Inc Units||43,250||38,084||42,563||1,362|
|AstraZeneca 0.25 USD|375|375|5,473|5,473|27,465|28,526|810|
820|
|Aviva 25p Ord||1,600||7,237||6,699|96|
484|
|BHP Billiton 0.5 USD||||||||875|
|Blackrock Fund Managers|||||||||
|Ltd Income D Units Inc|26,310|26,310|35,093|35,093|46,319|42,240|1,164|
1,829|
|BP 25 cents US Ord|6,150|6,150|35,769|35,769|15,670|29,003|1,504|
942|
|BT Group Ords 5p||||||||693|
|BNY Mell|18,000||30,031||29,140||602||
|CF Miton UK Multi Cap Inc|||||||||
|Instl B Dis Nav|20,410|20,410|37,784|37,784|40,928|39,326|488|
1,836|
|Coupland & Cardiff Fund|3,150|2,825|20,704|20,704|50,170|52,895|1,726|
1,046|
|CRODA|490|490|22,873|22,873|32,320|25,088|441|
194|
|Edinburgh Worldwide|||||||||
|Investment Ord GBP 0.05||||||||1.070|
|EI Group 6.875% A/BK D||10,000||9,983||10,272|220|
688|
|Fidelity UCIT|10,750||56,425||59,233||762||
|First State Investment|19,700|19,700|37,482|37,482|40,155|44,232|1,180|
1,343|
|GlaxoSmithKline Ords 25p|1,590|1,590|4,057|4,057|21,338|28,286|1,272|
1,272|
|Hammerson Ord||||||||842|
|HSBC 50 cents US Ord||2,497||16,750||14,780|1,438|
2,426|
|HSBC Holding Bond|25,000|25,000|30,087|30,087|31,663|30,786|||
|Int Public Partner Ord 1p|12,500|12,500|14,990|14,990|21,275|20,850|909|
886|
|Inditex|900||23,521||21,038||229||
|Intermediate Capital Group|||||||||
|6.25% GTD NTS||15,000||15,465||15,685|938|
938|
|Investec|45,000|45,000|44,880|44,880|45,626|45,370|1,719|
395|
|**Carried forward**|||461,163|437,705|565,333|555,888|18,535|
22,872|
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||||Book|Value|Market|Value|Net|Income|
|---|---|---|---|---|---|---|---|---|
||2020|2019|2020|2019|2020|2019|2020|2019|
||No.|No.|£|£|£|£|£|£|
|Brought Forward|||461,163|437,705|565,333|555,888|18,535|
22,872|
|!Shares PLC|5,275|5,275|36,516|36,516|33,559|39,257|1,044|
1,754|
|ITV Ord||||||||532|
|JP Morgan Global Emerg Markets|||||||||
|GBP0.01|12,200|12,200|15,056|15,056|17,842|16,623|622|
622|
|JP Morgan AM UK Ltd US|||||||||
|Equity Income C Inv Nay|57,726|57,726|46,656|46,656|68,752|70,830|1,628|
1,553|
|Jupiter Unit Trust|71,250|71,250|45,657|45,657|48,265|46,897|1,488|
1,363|
|Legal & General|10,500||18,902||27,951||||
|Link Fund Solutions Trojan|35,790|35,790|37,098|37,098|34,161|39,022|1,202|
1,536|
|Lloyds Banking Group Ords 10p|20,000|12,500|19,551|19,551|7,288|12,500||652|
|London Stock Exchange|15,000|15,000|16,667|16,667|15,657|16,042|992|
713|
|M & G Charibond|14,932|14,932|13,590|18,590|18,737|18,523|774|
418|
|MDO Management|180|180|15,261|15,261|12,509|14,691|648|
676|
|Majedi Asset Management UK|||||||||
|Income X Inc Nay||12,750||19,801||20,155|621|
971|
|Maitland MI Select|42,500|42,500|52,184|52,184|74,912|52,850|554||
|National Grid 11.40p Ords|1,375|1,375|7,325|7,325|11,893|12,984|668|
651|
|Merian GBL UK (Old Mutual)||4,475||59,102||62,971|733|
1,090|
|Newton Global||||||||1,014|
|Pacific Assets Trust 12.5p ord|7,400|7,400|9,484|9,484|23,717|20,535|222|
222|
|Perpetual Inc and Growth||||||||1,140|
|Polar Capital Fund North|||||||||
|America|2,045|2,045|20,000|20,000|46,953|42,434|||
|Primary Health Properties 5.375%|||||||||
|BDS||||||||526|
|Prudential 5p ord (M&G Plc)|3,000|1,500|10,529|10,529|23,174|25,293|375|
752|
|Reckitt Benckiser 10p Ord|290|290|5,889|5,889|18,972|17,774|506|
502|
|Rio Tinto 10p Ord|400|400|15,263|15,263|21,880|18,012|1,189|
1,971|
|Rit Cap Partners Ord GBP1|1,850|1,850|26,946|26,946|38,203|39,128|648|
629|
|Royal Dutch Shell B 0.07 Euro|1,434|1,434|24,832|24,832|18,060|32,114|1,056|
2,103|
|Relx|400|400|7,388|7,388|7,170|7,622|183|
213|
|Schroder Oriental Income|||||||||
|Fund 1p ord|13,500|13,500|27,042|27,042|35,303|34,830|1,549|
1,363|
|Schroder Units - Global|24,750|24,750|15,258|15,258|14,496|15,494||151|
|Scottish Mortgage Inv|||||||||
|Trust 25p Ord|7,835|7,835|9,999|9,999|95,117|45,365|259|
245|
|Carried Forward|||963,256|1,000,799|1,279,904|1,277,834|35,496|
46,234|
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||||Book|Value|Market|Value|Net|Income|
|---|---|---|---|---|---|---|---|---|
||2020|2019|2020|2019|2020|2019|2020|2019|
||No.|No.|£|£|£|£|£|£|
|Brought Forward|||963,256|1,000,799|1,279,904|1,277,834|35,496|
46,234|
|Smith & Nephew|1,480||21,855||22,348||||
|Standard Life Euro Ord|||||||||
|GBP 0,002|4,700|4,700|10,054|10,054|18,706|16,380|616|
53|
|Standard Life Invs|||||||||
|European Equity (now|||||||||
|Aberdeen Standard Life)||||||||597|
|T Bailey|9,000||19,905||20,141||239||
|UK 2.25% GILT|16,000|16,000|17,162|17,162|17,123|17,097|360|
180|
|UK 2.75% GILT|16,000|16,000|17,777|17,777|17,810|17,731|440|
220|
|UK 4.125% GILT|||||||713|
539|
|Temple Bar Inv Tr Ord|||||||||
|GBP 0,25||3,410||43,019||50,332|627|
1,823|
|Tesco 5p Ord|5,900|5,900|18,723|18,723|13,653|15,057|572|
398|
|TR Property INV|10,600|10,600|41,585|41,585|43,778|51,622|1,484|
1,431|
|Twenty Four AM|340|200|34,645|20,022|36,445|20,554|741|
730|
|Unilever 31.11p Ord|825|825|15,072|15,072|36,234|35,892|1,199|
1,628|
|Unite Group 6.125% BDS||||||||477|
|Vodafone Group Ord USD|||||||||
|0.20||||||||1,276|
|**TOTAL**|||||||||
|**BREWIN DOLPHIN**|||1 160 034|1,184,213|1,506,142|1,502,499|42,487|
55,586|
|Alpha CIF for|||||||||
|Endowments|||299,000|299,000|398,895|376,185|11,873|
11,740|
|M & G Investments||||23,483||27,386|1,105|
1,369|
|Schroder Unit Trusts||||25,000||25,000|818|
1,198|
|**TOTAL**
**INVESTMENTS**|||1,459,034|1,497,856|1,905,037|1,931,070|56,283|
69,893|
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||**2020**|**2019**|
|---|---|---|
|Stockbroker fees|9,685|10,136|
|Sundry Costs|1,863|1,145|
||11,548|11,281|
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|**.**
**STAFF COSTS AND NUMBERS**|||
|---|---|---|
||**2020**|**2019**|
|Visitors' Salaries|5,250|4,670|
|Visitors' Pensions|125|114|
|Visitors' Expenses|55|288|
||5,430|5,072|
||**No.**|**No.**|
|Number of part time employees|2|2|
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||**2020**|**2019**|
|---|---|---|
|Net income is stated after charging:|||
|Independent Examiner's Fee|2,640|2,640|
|Independent Examiners Firm's Fees for Accountancy and
Payroll|504|492|
||3,144|3,132|
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||**Note**|**Brewin**
**Dolphin**|**Sarasin &**
**Partners**|**M & G**|**Schroder**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|Market Value brought forward 1 January 2020||1,502,499|376,185|27,386|25,000|
|Additions at Cost|10|185,262|-|-|-|
|Disposal at Carrying Transfer Value|9|(223,456)|..|(22,461)|(19,692)|
|Net Gains/(Losses) on Revaluation||41,837|22,710|(4,925)|(5,308)|
|Market Value carried forward 31 December 2020||1,506,142|398,895|||
|Historical Cost at 31 December 2020||1,160,034|299,000|||
|Gain on Brewin Dolphin Investments||41,837||||
|Gain on Sarasin & Partners Investments||22,710||||
|Losses on M & G/ Schroder||(10,233)||||
|Net Losses on Investments Sold (note 9)||(40,323)||||
|Gain on Investments in the year||13,991||||
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|||Valuation|Market|||
|---|---|---|---|---|---|
|||10/05/2007|Value at||Profit/(Loss)|
|||or Later|1/1/2020 or||on|
|||Cost|later cost|Proceeds|Disposal|
||No,|£|£|£|_£_|
|Artemis Global Inc|43,250|38,084|42,563|43,034|471|
|Aviva|1,600|7,237|6,699|4,474|(2,225)|
|HSBC|2,497|16,750|14,780|7,400|(7,380)|
|Majedi Asset Management UK||||||
|Income X incl NAV|12,750|19,801|20,155|14,825|(5,330)|
|Merion Global|4,475|59,102|62,971|64,040|1,069|
|Temple Bar Investments|3,410|43,019|50,332|24,361|(25,971)|
|EI Group 6,875%||||||
|(Early Redemption)|10,000|10,000|10,272|10,000|(272)|
|Intermediate Capital Group||||||
|(Final Redemption)|15,000|15,000|15,685|15,000|(685)|
|||208,993|223,457|183,134|(40,323)|
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|**NVESTMENT ACQUISITIONS**|||
|---|---|---|
|||**2020**|
|||**Cost**|
||**No.**||
|BNY Mell|18,000|30,031|
|Fidelity UC1T|10,750|56,425|
|Inditex|900|23,521|
|Legal & General|10,500|18,902|
|Smith & Nephew|1,480|21,855|
|T Bailey|9,000|19,905|
|Twenty Four|140|14,623|
|||185,262|
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||Tangible|Current|Current|Total|
|---|---|---|---|---|
||Assets|Assets|Liabilities|2020|
|**Funds - 2020**|**£**|_£_|£|£|
|Capital Fund|1,939,129|33,490|(9,807)|1,962,812|
|Income Fund||75,427||75,427|
||1,939,129|108,917|(9,807)|2,038,239|
||Tangible|Current|Current|Total|
||Assets|Assets|Liabilities|2019|
|**Funds - 2019**|£|£|£|£|
|Capital Fund|1,976,974|(9,061)|(9,407)|1,958,506|
|Income Fund||85,111||85,111|
||1,976,974|76,050|(9,407)|2,043,617|
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||**At**|||**Net Profit/**|**At 31**|
|---|---|---|---|---|---|
||**1 January**|**Income**|**Expenditure**|**(Loss) on**|**December**|
||**2020**|||**Investments**|**2020**|
|**Funds - 2020**|**_£_**|**_£_**|**£**|**£**|**£**|
|Income Funds|**85,111**|57,164|66,848||75,427|
|Endowment Funds|1,958,506||9,685|13,991|1,962,812|
|**Total Funds**|2,043,617|57,164|76,533|13,991|2,038,239|
||**At**|||**Net Profit/**|**At 31**|
||**1 January**|**Income**|**Expenditure**|**(Loss) on**|**December**|
||**2019**|||**Investments**|**2019**|
||£|£|£|£||
|**Funds- 2019**||||||
|Income Funds|73,890|70,250|59,029||85,111|
|Endowment Funds|1,763,102||10,136|205,540|1,958,506|
|**Total Funds**|1,836,992|70,250|69,165|205,540|2,043,617|