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2021-04-05-accounts

THE JESSIE SPENCER TRUST

ANNUAL REPORT

YEAR ENDED 5 APRIL 2021

Charity No : 219289

THE JESSIE SPENCER TRUST

ANNUAL REPORT

YEAR ENDED 5 APRIL 2021

CONTENTS
PARTICULARS OF TRUST
REPORT OF THE TRUSTEES
INDEPENDENT AUDITOR’S REPORT
INCOME ACCOUNT
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
NOTES TO THE ACCOUNTS
INVESTMENTS
CHARITABLE GRANTS AND DONATIONS
PERCENTAGE YIELDS		 PAGES
1
2 – 3
4 – 6
7
8
9
10 - 11
12
13 – 15
16 - 17

THE JESSIE SPENCER TRUST PARTICULARS OF TRUST

TRUSTEES

Mr D W Wild Mr A D R Tiplady Mrs H A Lee Mrs B Mitchell (resigned December 2020)

SETTLOR

The late Jessie Spencer, OBE

DATE OF DEED

26 November 1962

OBJECTS

The Trustees to apply income (and capital of the Trust Fund whenever they think fit) for such charitable purpose or purposes or in the furtherance of any such charitable object or objects as they shall in their absolute discretion from time to time think fit.

PRINCIPAL ADDRESS

c/o 4 Walsingham Drive Corby Glen Grantham Lincolnshire NG33 4TA

INVESTMENT MANAGEMENT

Barratt & Cooke 5 Opie Street Norwich NR1 3DW

AUDITORS

Lemans Chartered Accountants 29 Arboretum Street Nottingham NG1 4JA

-1-

THE JESSIE SPENCER TRUST REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2021

Financial Statements

The Trustees present their report and audited financial statements of the Charity for the year ended 5 April 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' in preparing the annual report and financial statements of the Charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Structure Governance and Management

The Charity was created by a Trust Deed dated 26 November 1962 which directs that the Trust Funds should be used for such charitable purposes as the Trustees, in their absolute discretion, consider fit.

New trustees are appointed by and with the agreement of the continuing Trustees in their absolute discretion.

Objectives and Activities

The sole objective and activity is the giving of grants.

The Trustees have had due regard to the guidance published by The Charity Commission on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

Achievements and Performance

The income of the Trust during the year amounted to £131,433 (2020: £157,753).

During the year the Trustees awarded grants to institutions and individuals amounting to £171,600 (2020: £141,575). A full breakdown can be found on pages 13 to 15.

The net assets of the Trust amounted to £5,021,643 (2020: £4,337,451) at the year end.

Financial Review

The Trustees’ reserves policy is to achieve a zero balance on the income account.

A transfer of 10% of the income less expenses is made from the income to the capital fund each year with a view to ensuring that the value of the capital fund increases by more than the level of inflation. This policy was introduced by a resolution of the Trustees dated 14 June 1991.

The Trust Deed gives the Trustees the power to make investments as they think fit and at their absolute discretion.

None of the Trustees received any remuneration for their services or reimbursement of expenses.

-2-

THE JESSIE SPENCER TRUST REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2021

Risk Management

The Trustees have considered the major risks to which the Charity is exposed, have reviewed these risks and have established systems and procedures to manage them. The risk management strategy is reviewed annually.

Related Parties

Mr D W Wild, one of the Trustees, is also a trustee of Fundays In Nottinghamshire. A grant of £10,000 was made during the year (2020 - £5,000).

Responsibilities of the members of the Trustees in relation to the financial statements

The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on …………………..

D W WILD On behalf of the Trustees

-3-

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE JESSIE SPENCER TRUST

Opinion

We have audited the financial statements of The Jessie Spencer Trust for the year ended 5 April 2021, which comprise the income account, statement of financial activities, balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

-4-

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE JESSIE SPENCER TRUST

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 3, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

-5-

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE JESSIE SPENCER TRUST

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Lemans Statutory Auditor Chartered Accountants and Registered Auditors 29 Arboretum Street Nottingham NG1 4JA

Lemans is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

-6-

THE JESSIE SPENCER TRUST INCOME ACCOUNT YEAR ENDED 5 APRIL 2021

2021 2020
£ £ £ £
INCOME FROM:
INVESTMENTS 131,390 157,204
GROSS INCOME FROM MONEY ON DEPOSIT
National Westminster Bank PLC 42 281
Barratt & Cooke 1 268
131,433 157,753
LESS: TRUST EXPENSES
Professional and administrative charges 9,013 8,598
Auditor’s fees 3,271 (12,284) 3,218 (11,816)
BALANCE OF INCOME FOR THE YEAR 119,149 145,937
Transfer to Trust Capital being 10% of Annual Trust
Income in accordance with the resolution of the
Trustees dated 14 June 1991 (11,915) (14,594)
107,234 131,343
APPROPRIATIONS
Charitable grants and donations
(Pages 13 – 15) (171,600) (141,575)
(DEFICIT) FOR THE YEAR (64,366) (10,232)
UNAPPROPRIATED (DEFICIT)/SURPLUS
BROUGHT FORWARD (6,825) 3,407
UNAPPROPRIATED (DEFICIT)
CARRIED FORWARD £(71,191) £(6,825)

-7-

THE JESSIE SPENCER TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2021

Unrestricted
Income
Unrestricted
Fund
Capital Fund
2021
2021
£
£
Income from:
Investment income
131,390
-
Interest received
43 -
Total income
131,433
-
Expenditure:
Charitable activities
Grants and donations
171,600
-
Management and admin of charity
12,284
-
Total expenditure
183,884
-
Net gains/(losses) on investments
-
736,643
Net Income/(Expenditure)
(52,451)
736,643
Transfer between funds
(11,915)
11,915
Net movement in funds
(64,366)
748,558
Fund balances brought forward
(6,825)
4,344,276
Fund balances carried forward
£(71,191) £5,092,834		 Total
2021
£
131,390
43
131,433
171,600
12,284
183,884
736,643

684,192
-
684,192
4,337,451
£5,021,643		 Total
2020
£
157,204
549
157,753
141,575
11,816
153,391
(543,926)
(539,564)
-
(539,564)
4,877,015
£4,337,451

-8-

THE JESSIE SPENCER TRUST BALANCE SHEET 5 APRIL 2021


£
FIXED ASSETS
Listed investments (page 12)
CURRENT ASSETS
Bank accounts
202,272
CURRENT LIABILITIES
Accruals – Payable within one year
(3,275)
NET CURRENT ASSETS
NET ASSETS
FUNDS
CAPITAL FUND (unrestricted)
INCOME FUND (unrestricted)		 2021
£
£
4,822,646
362,462
(3,220)
198,997
5,021,643
5,092,834
(71,191)
5,021,643		 2020
£
3,978,209
359,242
4,337,451
4,344,276
(6,825)
4,337,451		 2020
£
3,978,209
359,242
4,337,451
4,344,276
(6,825)
4,337,451

These financial statements were approved by the Trustees on …………… and signed on their behalf by:

D W WILD

A D R TIPLADY

-9-

THE JESSIE SPENCER TRUST NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2021

1. STATEMENT OF ACCOUNTING POLICIES

CONSTITUTION

The Trust is administered under the terms of the Trust Deed.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

Basis of preparing the financial statements and assessment of going concern

The Charity constitutes a public benefit entity as defined by FRS102.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

-10-

THE JESSIE SPENCER TRUST NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2021

INCOME

All income is included in the statement of financial activities when the Charity is legally entitled to the income, the amount can be measured reliably and it is probable that the income will be received.

EXPENDITURE

All expenditure is accounted for on an accruals basis. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant.

INVESTMENTS

Investments are initially recognised at cost and subsequently at fair value (market value) at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their original cost. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Profit on sale of investments is credited to the Trust Capital account.

FUNDS

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

General funds represent the funds of the Charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Charity. Funds designated for a particular purpose by the Charity are also unrestricted.

CASH AT BANK

The Charity holds sufficient funds in order to meet its short term cash commitments as they fall due.

CREDITORS

Creditors payable in one year are recorded at the transaction price.

-11-

THE JESSIE SPENCER TRUST INVESTMENTS YEAR ENDED 5 APRIL 2021

INVESTMENTS (all listed)

Investments at 6 April 2020
Additions
Disposals
Net gain on revaluation
Investments at 5 April 2021

Realised gains
Unrealised gains
Net gains on investments
AUDITOR’S REMUNERATION
Audit fee		 Cost
£
3,597,933
828,444
4,426,377
(713,060)
-

3,713,317

7,589
729,054
736,643
2021
£
3,275		 Cost
£
3,597,933
828,444
4,426,377
(713,060)
-

3,713,317

7,589
729,054
736,643
2021
£
3,275		 Fair
value
£
3,978,209
828,444
4,806,653
(598,257)
614,250

4,822,646

122,393
614,250

736,643

2020
£
3,220		 Fair
value
£
3,978,209
828,444
4,806,653
(598,257)
614,250

4,822,646

122,393
614,250

736,643

2020
£
3,220

TRUSTEES’ REMUNERATION AND BENEFITS

There was no Trustees’ remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020. No Trustee received reimbursed expenses during the year ended 5 April 2021 nor for the year ended 5 April 2020.

RELATED PARTIES

Mr D W Wild, one of the Trustees, is also a trustee of Fundays In Nottinghamshire. A grant of £10,000 was made during the year (2020 - £5,000).

-12-

THE JESSIE SPENCER TRUST CHARITABLE GRANTS AND DONATIONS YEAR ENDED 5 APRIL 2021

Arts
The Koestler Trust
The Nottingham Arts Theatre
Total for - Arts
Churches
The Church on Rise Park
Nottinghamshire Historic Churches Trust
St Edmund’s Church – Holme Pierrepont
St John the Baptist Churches – Carlton & Colwick
St Peter and All Saints Church - Nottingham
Total for - Churches
Education
I CAN
Literacy Volunteers
The No Way Trust
Portland College
Read for Good
Reading List Foundation
Stonebridge City Farm
Total for – Education
Environment
Derbyshire Wildlife Trust
Nottingham Wildlife Trust
Total for – Environment
Services
Combat Stress
Total for - Services
Groups/Clubs
Nottinghamshire Clubs for Young People
Total for – Groups/Clubs
Medical/Disabled
Asthma Relief Charity
Brainwave
British Epilepsy Association – Epilepsy Action
DeafBlind UK
Education and Resource for Improving Childhood Continence
Handicapped Childrens Action Group
Listening Books
The Living Paintings Trust
Macmillan Cancer Support
Marie Curie
Nottingham Mencap
Motor Neurone Disease Association
My Sight Nottinghamshire		 £
1,000
1,000
2,000
1,000
7,500
500
1,000
3,000
13,000		 £
1,000
1,000

2,000

1,000
7,500
500
1,000
3,000

1,000
5,000
1,000
5,000
1,000
500
1,000
14,500
1,000
5,000
1,000
5,000
1,000
500
1,000

1,000
1,000
2,000
1,000
1,000
500
500
500
1,000
500
500
1,000
1,000
1,000
750
6,000
6,000
10,000
1,000
10,000
1,000
1,000

2,000

1,000

1,000

-13-

THE JESSIE SPENCER TRUST CHARITABLE GRANTS AND DONATIONS YEAR ENDED 5 APRIL 2021

Medical/Disabled continued
My aware
The Norfolk Hospice
Nottinghamshire Hospice
Peter Le Marchant Trust
Rainbows Children’s Hospice
Royal National Institute of Blind People
Scropton Riding & Driving Centre
Spinal Injuries Association
Treetops Hospice Trust
Trent District Community First Responders
Whizz-Kidz
Total for - Medical/Disabled
Welfare
Age UK
Age UK Nottingham and Nottinghamshire
Ashfield Citizens Advice Bureau
Belvior Cricket & Countryside Trust
The Big Issue Foundation
Children’s Bereavement Centre
Clowns In the Sky
The CORE Centre
Cornwater Evergreens
Criminon United Kingdom
CF Dream Holidays
Emmanuel House Day Centre
Emmanuel House – The Nottingham Winter Shelter
Equation Nottingham
The Foundation for Conductive Education
Friary Drop-In
Fundays in Nottinghamshire
Happy Days Children’s Charity
Improving Lives
Jericho Road Project
Nottingham Narrow Boat Project Ltd
Notts County FC Community Programme
NSPCC - Nottinghamshire
Open Homes Nottingham
People’s Dispensary for Sick Animals
Prisoners Abroad
React
Relate Nottinghamshire
Royal Voluntary Service
Safe Families for Children
Safe and Sound Group
Safer Living Foundation
Samaritans
CLIC Sargent
The Sick Children’s Trust
Southwell & District Live at Home Scheme
St. Peter’s United Charities		 £
500
1,000
10,000
1,000
10,000
500
1,000
500
10,000
1,500
1,000
76,250

500
1,000
1,000
500
2,000
500
1,000
1,000
1,000
1,000
1,000
5,000
5,000
500
500
1,000
10,000
1,000
1,000
1,000
1,000
500
6,000
1,000
500
500
1,000
1,000
1,000
1,000
500
1,000
1,000
5,000
1,000
1,000
1,000

-14-

THE JESSIE SPENCER TRUST CHARITABLE GRANTS AND DONATIONS YEAR ENDED 5 APRIL 2021

Welfare continued
Stillbirth & Neonatal Death Charity
Tall Ships Youth Trust
Theodora Children’s Charity
The Vineyard Arches Trust
West Area Project
Total for - Welfare
Other
Mrs B A Hancock
Reach Volunteering
Total for – Other
Total		 £
500
500
500
(500)
500
61,000
850
500
1,350
_
£171,600

-15-

THE JESSIE SPENCER TRUST PERCENTAGE YIELDS

Market
Cost of
value of
Investments
investments
Year
at 5 April
at 5 April
£
£
1985
409,170
885,714
1986
503,032
1,208,606
1987
510,580
1,341,747
1988
558,363
1,191,139
1989
603,737
1,413,883
1990
745,968
1,444,563
1991
857,803
1,635,278
1992
972,086
1,564,402
1993
1,014,848
1,767,373
1994
1,048,726
2,098,697
1995
1,171,182
1,931,835
1996
1,180,834
2,168,424
1997
1,343,514
2,360,495
1998
1,432,953
3,067,804
1999
1,563,601
3,093,786
2000
1,590,888
2,955,949
2001
1,669,991
3,029,115
2002
1,969,786
3,031,456
2003
2,030,390
2,390,973
2004
2,084,659
2,745,765
2005
2,132,630
3,035,915
2006
2,456,981
3,607,260
2007
2,516,964
3,675,512		 Gross
income
for
the year
£
51,263
53,368
64,792
71,734
76,415
77,993
93,135
97,863
98,330
91,586
95,287
98,822
107,331
122,335
116,690
141,185
133,261
126,669
127,375
130,315
117,296
137,412
134,785		 % Yield
on cost
12.53
10.61
12.69
12.85
12.66
10.46
10.87
10.07
9.69
8.73
8.14
8.37
7.99
8.54
7.46
8.87
7.98
6.43
6.27
6.25
5.50
5.59
5.36		 FT%
Value
% Yield
(all
on value
shares)
5.79
4.53
4.42
4.73
4.82
3.47
6.02
4.28
5.40
4.55
5.40
4.85
5.69
4.82
6.26
5.19
5.56
4.47
4.36
3.69
4.93
4.32
4.56
4.05
4.57
3.69
3.99
2.75
3.77
2.60
4.77
2.11
4.39
2.54
4.18
2.68
5.33
3.73
4.75
3.08
3.86
3.10
3.81
2.90
3.67
2.83

-16-

THE JESSIE SPENCER TRUST PERCENTAGE YIELDS

Cost of
investments
Year
at 5 April
£
2008
2,634,385
2009
2,368,534
2010
2,672,399
2011
2,660,213
2012
2,820,885
2013
2,981,361
2014
3,127,567
2015
3,166,645
2016
3,402,748
2017
3,374,326
2018
3,561,226
2019
3,739,508
2020
3,597,933
2021
3,713,317		 Market
value of
investments
at 5 April
£
3,410,728
2,492,270
3,378,623
3,473,696
3,554,330
3,952,274
4,036,795
4,086,471
4,043,553
4,506,015
4,390,019
4,678,634
3,978,209
4,822,646		 Gross
income
for

the year
£
142,513
147,549
128,020
123,712
132,663
141,588
141,543
153,665
151,362
156,218
161,156
168,169
157,204
131,390		 % Yield

on cost

5.41
6.23
4.79
4.65
4.70
4.75
4.53
4.85
4.45
4.63
4.53
4.50
4.37
3.54		 FT%
Value
% Yield
(all
on value
shares)
4.18
3.58
5.92
4.18
3.79
2.58
3.56
2.81
3.73
3.80
3.58
3.25
3.51
3.35
3.76
3.43
3.74
3.29
3.47
3.16
3.67
3.30
3.59
3.81
3.95
3.98
2.72
2.40

-17-