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|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|
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|||**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|
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|||**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**|
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|**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**|
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|**31.12.20**|**31.12.19**|
|---|---|
|**276,206**|**28:k 762**|
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|**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**|
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|**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**|
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||**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**|
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|**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**|
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|**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**|
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||**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**|
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||**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**|
##
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||||**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**|
##
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|**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**|
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|**725**|**Invesco**|**98,109**|**97,415**|
|---|---|---|---|
|**108,000**|**Gemcap**|**144,073**|**165,661**|
|||**5,382,826**|**7,027,122**|