2021-04-05-accounts

				Page
Trustees'	Annual	Report		3-5
Auditor's	Report
Statement	of Financial		Activities
Balance Sheet				10
Statement	ofcash	flows
Notes to the Financial			Statements

		Note	2021		2020
Fixed assets
Investments				559,061		430,690
Current assets
Debtors			2,657		4,238
Cash at bank and in hand			31,901		60,658
			34,558		64,896
Creditors: Amonnta	falling dee within one year	7	~3,720		~6,240
Net current assets				30,838		58,656
Total assets less current liabilities				589,899		43$,346
Funds
Restricted income Permanent endowment		9&10 98 10		15,409 574,490		42,230 447,116
				589,89S		489,345

					Total	Prior
					Funds	Year
					2021	2020
				Note		E
Net cash used in operating activities					(46,796)	(27,742)
Cash flows from investing activities:
Interest and dividends					15,409	20,093
Proceeds	from sale of investments				1?1,796	140,351
Payments	to acquire investments				(169,166)	(117,394)
Net cash	provided by investing	activities			13,039	43050
Change	in cash and cash equivalents		in the year		(28,757)	15,308
Cash and	cash equivalents at the
beginning	ofthe reporting period				60,658	45,350
Cash and cash equivalents at the
end ofthe reporting period					31,901	60,658

					2021	2020
					Restricted	Total
					R
Dividends	received				11,784	16,738
Investment	and sundry		income		3,625	3,355
					15,409	20,093
Direct charitable		expenditure
					2021	2020
						Total
						R
Payments	to beneficiaries:
National	Trust for Scotland for Places of Historic Interest or
Natural	Beauty				22,307	1,686
National	Trust for Places of Historic Interest or Natural			Beauty	3,321	2,529
URC Trust					5,534	4,215
Salvation	Army				5,534	4,216
Elizabeth	Finn Care				2,214	1,686
National	Association		ofAlmhouses		3,320	2,529
					42,230	16/61
Governance Costs
					2021	2020
					Permanent
					Endowment	Total
					E
Trustees' fees and		expenses			6,676	6,644
Auditor's fees
2018 under provision						810
2020 provision						3,540
2021 provision					3,720
					10,396	10,994

5	Investments
										2021	2020
										E
	Listed investments:
	Market value at6April				2020					430,690	541,763
	Additions atcost									169,166	117,394
	Disposals at carrying			value						(171,796)	(140,351)
	Change in market value									131,001	(88,116)
	Market value	at 5 April 2021								559,061	430,690
	The Managed	Assets investments			portfolio comprises:
	Fixed Interest									94,933	91,423
	UK Equities									402,675	288,065
	Private equity									17,642	13,190
	Real Estate									17,672	21,461
	Alternatives									26,139	16,551
	Market value	at 5 April 2021								559,061	430,690
										Market	'Valuation
										2021	2020
	Investments	that Individually	make				up 5%+of	the portfolio:
	Collectives -	Open Ended Investment					Company:
	Aberdeen Standard Life Investments						European	Equity		34,544	31,285
	Artemis Fund Managers Institutional						Inc			41,853	28,502
	Aviva Investors Strategic Bond			Fund			2 GBP Inc				23,231
	Baillie Gifford American Fund		BIncome							30,842	24,343
	Fundsmith J0 Hambro	LLP Equity INC NAV Continental European				Equity YGBP Inc				28,953 33,060
	JP Morgan	Asset Management		UK			Ltd US Equity Income C		Inc	35,352	26,464
	Janus Henderson UK 8 Europe			Funds Strategic				Bond Fund	I lnc		32,400
	Schroder Asian Income Fund		Units			Class -Z- Gbp				28,561
	Trojan Income Fund Shs -X- Gbp									34,962	31,507
										268 127	197732
6	Debtors
										2021	2020
											R
	Prepayments									2,657	4,238
										2,657	4,238

Cred	itors: amounts falling due within one year
		2021	2020
			R
Audit	fees	3,720	6,240
		3,720	6440

Analysis ofnet a	ssets between funds
				Permanent
			Restricted	Endowment
			funds	funds
			E
Fund balances as	at 5April 2021 are represented	by:
Investments				559,061	559,061
Debtors				2,657	2,657
Current assets			15,409	16,492	31,901
Creditors:amounts	falling due within one year			(3,720)	(3,720)
			15,409	574,490	589,899

			Opening	Incoming	Outgoing	Investment	Transfers	Closing
			balance	resources	resources	gainsl(losses)		balance
Restricted funds			42,230	15,409	(42,230)			15,409
Permanent	endowment	funds	44?,116	11,504	(15,131)	131,001		574,490
Total funds			466 346	26913	~67361	131001		589899

			2021	2020
Net movement in funds			100,553	(96,990)
Add back/(deduct) iosses/(gains)	on investments		(131,001)	88,116
Deduct interest income shown in	investing	activities	(15,409)	(20,093)
Decrease (increase) in debtors			1,581	(215)
increase (decrease) in creditors			(2,520)	1,440
Net cash used in operating activities			46,796	27,742