##
##
##
||||Page|
|---|---|---|---|
|Reference and Administrative||Information||
|Trustees' Annual Report|||2-5|
|Independent
Auditor's|Report||6 —9|
|Statement ofFinancial|Activities||10|
|Balance Sheet||||
|Cash Flow Statement|||12|
|Notes to the Financial|Statements||13-19|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||Unrestricted|Funds|||
|---|---|---|---|---|---|---|
||||Expendable||Total|Total|
|||NOTE|Endowment|Income|2022|2021|
|INCOME|||||||
|Investment
income||||2,609,356|2,609,356|2,228,905|
|TOTAL INCOME||||2,609,356|2,609,356|2,228,905|
|EXPENDITURE|||||||
|Costs of generating|funds|||63,506|63,506|76,704|
|Charitable
activities||||2,103,944|2,103,944|1,911,135|
|TOTAL EXPENDITURE||||2,167,450|2,167,450|1,987,839|
|Gains/(Losses)
on foreign|||32,680|(79)|32,601|(25,989)|
|exchange|||||||
|GAINS ON INVESTMENTS|||||||
|Realised||9|436,979||436,979|616,178|
|Unrealised||9|9,444,864||9,444,864|25,398,957|
|NET INCOME/(EXPENDITURE)|||9,914,523|441,827|10,356,350|26,256,201|
|Gross transfer between funds||8|578,139|(578,139)|||
|NET MOVEMENT|IN FUNDS||10,492,662|(136,312)|10,356,350|26,230,212|
|RECONCILIATION|OFFUNDS||||||
|Total funds brought|forward||133,202,686|578,139|133,780,825|107,550,613|
|BALANCE CARRIED FORWARD|||143,695,348|441,827|144,137,175|133,7802I25|
|BALANCE SHEETASAT31MARCH 2022||||
|---|---|---|---|
||NOTE||Restated|
|||2022|2021|
|FIXEDASSETS||||
|Investments||143,695,348|133,202,686|
|||143,695,348|133,302,686|
|CURRENT ASSETS||||
|Debtors|10|131,171|47,486|
|Cash at Bank||341,596|559,503|
|||472,767|606,989|
|LIABILITIES||||
|Creditors: falling due within one year||(30,940)|(28,850)|
|NET CURRENT ASSETS||441,827|578,139|
|TOTAL ASSETS LESSCURRENT LIABILITIES||144,137,175|133,780,825|
|Representing:||||
|UNRESTRICTED FUNDS||||
|Income|12|441,827|578,139|
|Expendable
Endowment|12|143,695,348|133,202,686|
|||144,137,175|133,780,825|
##
|||||Restated|
|---|---|---|---|---|
|||Note|2022|2021|
|NET
CASH
ABSORBED|BY
OPERATING||(2,216,444)|(2,075,814)|
|ACTIVITIES (see below)|||||
|Cash flows from investing
activities|||||
|Dividends
and interest from|investments||2,609,356|2,228,905|
|Proceeds from the sale of investments|||13,322,242|6,239,091|
|Purchase ofinvestments|||(14,394,015)|(8,471,514)|
|Net cash provided
by investing|activities||1,537,583|(3,518|
|Change in cash and cash equivalents
in period|||(678,861)|(246,177)|
|Cash and equivalents
brought forward|||4,625,510|4,871,687|
|Cash and equivalents
carried forward|||3,946,649|4,625,510|
|RECONCILIATION
OF NET MOVEMENT IN|||||
|FUNDS TO NET CASH FLOW|FROM OPERATING||||
|ACTIVITIES|||||
|Net movement
in funds for the|period ended 31March||10,356,350|26,230,212|
|2022 (as per the Statement
of Financial Activities, page|||||
|10)|||||
|Adjustments
for:|||||
|Dividends
and interest from|investments|3|(2,609,356)|(2,228,905)|
|Realised (gain) on the sale of|investments|9|(436,979)|(616,178)|
|Unrealised
(gain) in revaluing|investments|9|(9,444,864)|(25,398,957)|
|(Increase) in debtors||10|(83,685)|(47,486)|
|(Decrease)/Increase
in creditors||11|2,090|(14,500)|
|Net cash absorbed by operating|activities (see above)||(2,216,444)|(2,075,814)|
##
|||As at 1|Cash Flow|As at 31|
|---|---|---|---|---|
|||April 2021||March 2022|
|||||E|
|Cash|at Bank|559,503|(217,907)|341,596|
|Cash|held in investments|4,066,007|(460,954)|3,605,053|
|||4,625,510|(678,861)|3,946,649|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|INVESTMENT INCOM|E||||
|---|---|---|---|---|
||||2022|2021|
|Income from Investments|||2,315,842|2,028,563|
|Income from Interest|||293,431|200,224|
|Interest on cash deposits|||83|118|
||||2,609,356|2,228,905|
|COSTS OF GENERATING||FUNDS|||
||||2022|2021|
|Investment
Management|Fees (after fee adjustment/rebates)||(2,830)|28,736|
|Custody and Administration||Fees|66,336|47,968|
||||63,506|76,704|
##
|ABF The Soldiers'|Charity|||||||||80,000|
|---|---|---|---|---|---|---|---|---|---|---|
|Helen &Douglas House||||||||||75,000|
|Game &Wildlife Conservation
Trust||||||||||70,000|
|Foundation
Scotland||||||||||56,000|
|Institute ofCancer|Research|||||||||50,000|
|Scar Free Foundation||||||||||40,000|
|British Heart Foundation||||||||||35,000|
|Grants above 620,000and up to 830,000||||||||||150,000|
|Grants above 65,000 and up to 620,000||||||||||503,000|
|Grants 65,000and|below|||||||||972,280|
|Total for the year||||||||||2,031,280|
|ANALYSIS OF GRANTS MADE|||||||||||
||||||||2022|2021|2022|2021|
||||||||No.|No.|6||
|The prevention
of|relief ofpoverty||||||14|15|65,500|77,000|
|The advancement|ofeducation||||||40|31|178,000|151,500|
|The advancement|of religion||||||7|3|35,500|37,500|
|The advancement|ofhealth or the saving oflives||||||177|170|1,077,500|1,042,000|
|The
advancement|of
citizenship|or||community|||10|14|121,500|100,000|
|development|||||||||||
|The advancement|of the arts, culture, heritage||||or||31|31|130,780|127,780|
|science|||||||||||
|The advancement|of amateur sport||||||5|6|17,000|28,000|
|The advancement|of environmental
protection or||||||13|7|86,500|29,000|
|improvement|||||||||||
|The relief of those|in need by reason of youth, age, ill-||||||56|46|174,500|144,000|
|health,
disability,|financial
hardship||||or|other|||||
|disadvantage|||||||||||
|The promotion
of|the efficiency of the|armed|||forces of||5|4|94,000|85,000|
|the Crown, or of|the efficiency of the|police, fire and|||||||||
|rescue services or|ambulance
services||||||||||
|The advancement|ofhuman rights, conflict|||resolution of|||2|1|8,500|2,500|
|reconciliation
or the promotion
of religious|||||or|racial|||||
|harmony
or equality and diversity|||||||||||
|The advancement|of animal welfare||||||7|6|39,000|17,000|
|Any other purposes
that are recognised|||as|charitable|||1|-|3,000||
|under sub-section|(4) ofthe Charities Act 2006s.2||||||||||
||||||||368|334|2,031,280|1,841480|
|Refund ofunused|donation
from previous|||year||||||(2,000)|
|Support and Governance
costs (seenote|||7)||||||72,664|71,855|
|Charitable
Activities|||||||368|334|2,103,944|1,911,135|
##
##
##
|SUPPORT|AND GOV|ERNANCE COSTS|||
|---|---|---|---|---|
||||Total|Total|
||||2022|2021|
||||E||
|Legal and|Professional|Fees|60,000|60,000|
|Auditor's|remuneration||10,000|10,000|
|Auditor's|remuneration|prior year under accrual|800|500|
|Secretary's|fees and expenses|||(200)|
|IT|||1,140|1,140|
|Bank charges|||724|415|
|To Charitable
activities|||(72,664)|71,855)|
##
##
##
||Unlisted|Securities|Listed Securities|Listed Securities|Total|Total|
|---|---|---|---|---|---|---|
|||||||Restated|
||2022|2021|2022|2021|2022|2021|
|||6|||8||
|Market value|10845,493|9,117,934|118,591,186|91,771,187|129,136,679|100,889,121|
|brought
forward|||||||
|Acquisitions
at|1,479,015|907,556|12,915,000|7,563,958|14,394,015|8,471814|
|cost|||||||
|Loss disposal|(685,211)|(301,861)|(12,637,031)|(5,937,230)|(13,322,242)|(6,239,091)|
|proceeds|||||||
|Realised gains on|117,554|15,989|319,425|600,189|436,979|616,178|
|disposal|||||||
|Gains on|3,332,850|805,875|6,112,014|24393,082|9,444,864|25,398,957|
|revaluation|||||||
||14789/701|10+45+93|125300/94|118~59L186|140090295|1291236~679|
|Add Investment|||||3,605,053|4,066,007|
|Cash|||||||
|Market Value|14,789,701|10345r493|125,300394|118,591,186|143,695348|133,202,686|
|Carried Forward|||||||
|Historical Costs|10,376,859|9,369,444|95,076,683|92,061,807|109,058,595|105,497,258|
|Geographical|||||||
|Analysis|||||||
|United Kingdom|926,140|803,558|118,068,990|108,072,846|118,995,130|108,876,405|
|investments|||||||
|Overseas|13,863,561|9,741,935|7,231,604|10,518,340|21,095,165|20,260,274|
|investments|||||||
|Investment
Cash|||||3,605,053|4,066,007|
||14,789,701|10,545,493|125,300494|118,591,186|143,695348|133402,686|
##
##
||Investment|||Holding|Value|
|---|---|---|---|---|---|
||TM Stonehage Global Equities Fund II|||12,423,182|52,084,190|
||Ishare Core|FTSE100UCITS ETF||1,590,182|11,762,576|
||Evenlodge|Global Income Fund||8,036,572|11,453,722|
||Man GLG UK Income Fund|||6,459,313|7,686,582|
||Pimco Global Advisors IRLLTD GISIncome Hedged|||778,330|7,643,204|
||Stonehage Fleming UK Equity Fund|||4,327,891|7,461,285|
|10.|DEBTORS|||||
|||||2022|2021|
||Income Due|||131,171|47,486|
|||||131,171|47,486|
|11.|CREDITORS —amounts falling due within one year|||||
|||||2022|2021|
||Accruals|||30,940|28,850|
|||||30,940|28,850|
|12.|FUND ANALYSIS|||||
||||Unrestricted|Unrestricted||
||||Expendable|Income|2022|
||||Endowment|||
||Investments||143,695,348||143,695,348|
||Cash at Bank|||341,596|341,596|
||Debtors|||131,171|131,171|
||Creditors|||(30,940)|(30,940)|
||||143,695,348|441,827|144,137,175|
||||Unrestricted|Unrestricted|Restated|
||||Expendable|Income|2021|
||||Endowment|||
||||6|||
||Investments||133,202,686||133,302,686|
||Cash at Bank|||559,503|559,503|
||Debtors|||47,486|47,486|
||Creditors|||(28,850)|(28,850)|
||||133,202,686|578,139|133,780,825|
##