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





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|||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<br>Permanent<br>endowment||9&10<br>98 10||15,409<br>574,490||42,230<br>447,116|
|||||589,89S||489,345|





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||||||Total|Prior|
|---|---|---|---|---|---|---|
||||||Funds|Year|
||||||2021|2020|
|||||Note||E|
|Net cash used in operating<br>activities|||||(46,796)|(27,742)|
|Cash flows from investing<br>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<br>by investing|activities|||13,039|43050|
|Change|in cash and cash equivalents||in the year||(28,757)|15,308|
|Cash and|cash equivalents<br>at the||||||
|beginning|ofthe reporting<br>period||||60,658|45,350|
|Cash and cash equivalents<br>at the|||||||
|end ofthe reporting<br>period|||||31,901|60,658|





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||||||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|





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|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<br>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<br>Standard<br>Life Investments||||||European|Equity||34,544|31,285|
||Artemis<br>Fund Managers<br>Institutional||||||Inc|||41,853|28,502|
||Aviva Investors Strategic Bond|||Fund|||2 GBP Inc||||23,231|
||Baillie Gifford American<br>Fund||BIncome|||||||30,842|24,343|
||Fundsmith<br>J0 Hambro|LLP Equity INC NAV<br>Continental<br>European||||Equity YGBP Inc||||28,953<br>33,060||
||JP Morgan|Asset Management||UK|||Ltd US Equity Income C||Inc|35,352|26,464|
||Janus Henderson<br>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|





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



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|Analysis ofnet a|ssets between<br>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|



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||||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|





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