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2020-12-31-accounts

Page
Report of the Trustees 1 —5
Report of the Independent Auditors 6−8
Statement of Financial Activities 9
Balance Sheet 10
Statement of cash flow 11
Notes to the Financial Statements 12−17
Detailed Statement of Financial Activities 18
Schedule of Investments 19−21

31.12.20 31.12.19
Unrestricted Unrestricted
Funds Funds
Notes
INCOME AND ENDOWMENTS
Income and endowments from generated funds
Donations and legacies 2 728 586
Investment income 3 − 146.209 221.831
Total income and endowments 146,937 222 417
EXPENDITURE ON
Raising funds 4 22,685 24,658
Charitable activities
Direct costs 6 99,287 93,466
Grants payable 7 276,906 283.762
Total expenditure on 398.878 401.886
NET OUTGOING RESOURCES (251,941) (179,469)
Realised gains on disposal of investments
104.603 572.119
Net income (expenditure) (147,338) 392,650
Unrealised gains (losses) on revaluation of
investments (530.109i 310.109
Net movement In funds (677,447) 702,759
RECONCILIATION OF FUNDS
As previously reported 7.863.513 7.160.754
TOTAL FUNDS CARRIED FORWARD 7,186,060 7,863,51

31.12.20 31.12.19
Unrestricted Unrestricted
Funds Funds
Notes
FIXED ASSETS
Tangible assets 10 22,678 290
Investments 11 7.027.122 7.490,421
7,049,800 7,490,711
CURRENT ASSETS
Debtors: Amounts due within one year
Cash at bank and in hand		 12 2,441
142.876		 6,024
376.201
145,317 382,225
CREDITORS:
Amounts falling due within one year 13 (9.0511 (9.423)
NET CURRENT ASSETS 136.266 372,802
TOTAL ASSETS LESS CURRENT LIABILITIES 7.186.066 7.863.513
NET ASSETS 7.186,066 7,863,51
FUNDS
Unrestricted funds 16 7.186.066 7.863.513
TOTAL FUNDS 7,186,066 7,863,513

DONATIONS AND LEGACIES 31.12.20 31.12.19
Subscriptions 728
728 586
INVESTMENT INCOME 31.12.20 31.12.19
UK Companies & Unit Trusts 127,541 191,014
Overseas companies 12,379 19,594
Interest 6.289 11.223
146,709 221,831
INVESTMENT MANAGEMENT COSTS 31.12.20 31.12.19
Portfolio management 29, AR.5 Z4,658
CHARITABLE ACTIVITIES COST Grant funding
Direct of activities
costs (note 7)
(note 6) Totals
Direct costs 99,287 99,287
Grants payable 276.906 276.906
99,287 76,906 376,193
DIRECT COSTS OF CHARITABLE ACTIVITIES 31.12.20 31.12.19
Staff costs 57,348 56,404
Entertaining 44 656
Bank Charges 145 76
Auditors' remuneration 3,600 6,000
Rent 13,800 13,800
Other costs 16,819 16,467
Depreciation 7,531
99,287, 93.466

31.12.20 31.12.19
276,206 28:k 762

STAFF COSTS 31.12.20 31.12.19
Wages & salaries 48,416 46,953
Social security costs 1,401 2.232
Other pension costs 7.531 7.219
7,34 56404
404
The averaemonthlynumber of employees during the ear was as follows: 31.12.20 31.12.19

TANGIBLE FIXED ASSETS Motor Fixtures Fixtures Computer Computer Computer
Vehicles Fittings Equipment Totals
COST
At 1 January 2020 9,405 7,416 16,821
Additions 29,919 29,919
Disposals
At 31 December 2020 2.•,R19 R 4 0 6 Z 1 462−4Q
DEPRECIATION
At 1 January 2020 − 9,191 7,340 16,468
Charge for the year
Eliminated on Disposals		 7,479
−		 32
−		 20 7,531
−
At 31 December 2020 24,062
NET BOOK VALUE
At 31 December 2020 22,439 ___182 76 22,678
At 31 December 2019 214 Ze _290

FIXED ASSET INVESTMENTS Listed
investments
MARKET VALUE
At 1 January 2020 7,490,421
Additions 1,848,719
Disposals (1,781,909)
Revaluation (530.109)
At 31 December 2020 7,027.122
NET BOOK VALUE
At 31 December 2020 7,027,122
At 31 December 2019 7,490,421

General
fund
LISTED INVESTMENTS
Market value of B/fwd 7,490,421
Additions 1,848,719
Net unrealised investment loss (530,109)
Proceeds of disposal (1,886,512)
Realised gain on disposal 104.603
Market value of C/fwd 7 027 122
31.12.20 31.12.19
UK Government stock 1.25% 22/07/2027 307,572 333,680
UK Government stock 1.25% 22/03/2026 257,576 313,640
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.20 31.12.19
Other debtors 1,652 1,853
Prepayments 789 4 171
6024
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.20 31.12.19
Social security & other taxes 1,101 1,473
Accrued expenses 7.950 7.950
9,051 9,423

payment **s ** under non−cancellable operating leases:
31.12.20 31.12.19
Expiring
Expiring
**Expiring **		 in
in
**in **		 one year
two to five years
more than five years		 13,800
A5.204
.1.6..1011		 .17095A
59−250
30.350

MOVEMENT IN FUNDS
Net Transfer
movement between
At 01.01.20 in funds funds At
31.12.20
Unrestricted funds
General fund 5,689,107 (147,338) 5,541,769
Revaluation reserve 2.174.406 (530,109) 1.644.297
TOTAL FUNDS 7,863,51 1677,447) 7,186,066
Net movements in funds, included in the above are as follows:
Incoming Resources Gains & Movement
resources expended losses in funds
Unrestricted funds
General fund 146,937 (398,878) 104,603 (147,338)
Revaluation reserve − (530.109) 1530.1091
TOTAL FUNDS 146.937 1398,8781 (4255061 1677 4471

2020 2019
£ £
Net movement in funds (677,447) 702,759
Add back depreciation charge 7,531 63
(Increase) Decrease in debtors 3,583 6,158
Increase (decrease) in creditors (372) 3,305
Net cash used in operating activities (666,705) 712,285

31.12.20 31.12.19
INCOME AND ENDOWMENTS
Income and endowments from
generated funds
Subscriptions 728 586
Investment income
UK Companies & Unit Trusts 127,541 191,014
Overseas Companies 12,379 19,594
Interest 6.289 11.223
146.209 221.831
Total Income and endowments 146,937 222,417
EXPENDITURE ON
Investment managed costs
Portfolio management 22,685 24,658
Charitable activities
Wages 48,416 46,953
Social security 1,401 2,232
Pensions 7,531 7,219
Rent 13,800 13,800
Other costs 16,819 16,467
Profit on disposal of fixed assets
Depreciation:
Fixtures & fittings 32 38
Motor vehicles 7,479
Computer equipment 20 25
Grants to individuals 276.906 283.762
372,404 370,496
Governance costs
Entertaining 44 656
Bank charges 145 76
Auditors' remuneration 3.600 6.000
3.789 6 732
Total expenditure on 398.878 401,886
Net expenditure before gains and (251,941) (179,469)
losses
Realised recognised gains and
losses
Realised gains on disposal of 104,603 572,119
investments
Net income (expenditure) 1147,3381 p92,65(1

31.12.2020
Nominal Cost Market Value
E E
285,000 1.25% Gilt 22/07/27 289,565 307,572
220,000 1.25% Stk 22/03/26 275,828 257,576
1,403,897 FIL Inv SVCS UK Moneybuilder Inc Gross 251,228 564,368
9,000 Royal Dutch Shell 11,523 113,346
3,300 CRH (CD') 82,036 100,914
25,000 Smiths DS 88,450 93,650
30,000 Glencore PLC 87,964 83,880
22,375 BAE Systems 63,313 109,369
2,925 Intertak Group 80,995 165,204
5,250 James Fisher & Sons 90,255 49,718
5,300 Persimmon 99,058 146,651
7,700 Compass Group 37,654 104,951
2,700 Intercontinental Hotels 53,993 126,630
1,750 ASOS 45,701 83,703
6,650 W H Smith 80,779 100,415
3,000 Diageo 96,254 86,340
2,700 British American Tobacco 31,778 73,116
4,100 Unilever plc 66,582 180,072
7,450 Smith & Nephew 84,360 112,495
2,250 Astrazeneca 42,644 164,790
6,500 Glaxosmithkline 22,916 87,230
77,000 Barclays 86,121 112,944
5,200 Hargreaves Lansdown 99,811 79,300
26,250 Direct Line Insurance Group 89,592 83,738
61,000 Legal & General Group 86,267 162,382

the Year Ended 31 December 2020
12,000 Prudential 21,294 161,640
52,000 Equitini Group 94,013 57,408
14,200 GBG Group 93,958 133,196
67,300 BT Group 166,360 89,004
87,000 Vodafone Group 98,647 105,218
72,500 TB Evenlode 177,877 162,405
100,000 Threadneedle UK 179,275 170,720
1,500 Findlay Park 98,679 120,240
600 Invesco 126,574 138,240
5,600 Vanguard S&P 242,563 290,241
111,500 Blackrock Continental 175,356 196,129
40,000 Thesis UT Management Ltd 90,104 93,252
22,500 Stewart Leaders 179,241 214,688
57500 Fidelity Emerging Markets 85,147 121,785
111,000 BMO Responsible Global Equity 133,912 173,160
72,500 Fidelity 135,782 148,355
115,000 Fundsmith 142,760 173,926
6,868 lberdrola 9,378 58,104
100,000 Civitas Social Housing 87,601 104,800
100,000 Greencoat UK 141,100 134,200
52,500 HICL 84,684 91,350
90,000 Int Public Partner 112,073 153,180
115,000 Supermarket Income REIT plc 119,601 122,475

725 Invesco 98,109 97,415
108,000 Gemcap 144,073 165,661
5,382,826 7,027,122