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2023-03-31-accounts

Page
Annual
Report ofthe Trustees		 1-10
Report of the Independent
Examiner
Statement
of Financial		 Activities 12
Balance Sheet 13
Notes to the Financial Statements 14-17

erformance
by A		 sset Clas s ofthe S arasin Endow ment
Fund
Qt 2023 Calendar 2022 Calendar 2021
Asset Tvoes Fund Index Fund Index Fund Index
0/ 0/ 0/ 0/ 0/ 0/
Fixed Interest 2.4 2.3 -19.7 -21.7 -2.5 -4.1
Government
Bonds		 2.6 2.1 -23.7 -23.8 -5.8 -5.2
Alon-Government Bonds 2.1 2.5 -17.2 -19.5 -0.6 -3.0
Euuities 4.6 4.1 -8.1 -5.5 14.9 19.5
UK Equities
Overseas Equities		 3.4
5.2		 3.0
4A		 -8.0
-8.0		 1.6
-8.6		 12.2
15.9		 18.7
19.6
Propeitv -0.9 -14.1 -8.5 13.3 17.1 13.1
Alternative
Assets		 -2.9 1.4 4.1 3.4 5.9
Commodities -5.4 11.7 0.8
Hedge Funds
Infrastructure		 6.7
-4.4		 16.1
-6.9		 -0.6
7.7
Private Equity
Other Alternatives		 -5.7
-0.7		 -7.6
31.7		 10.3
23.5

UNRESTRICTED FUNDS UNRESTRICTED FUNDS UNRESTRICTED FUNDS
Income Capital Total Total
Page Fund Fund 2023 2022
F
Income from:
Investment
income		 (note 2) 15 48,840 48,840 49,520
Total income 48,840 48,840 49,520
Expenditure
on:
Charitable
activities (note 3)
Raising funds (note 6)		 15
16		 48,810
30		 57,549
60		 106,359
90		 78,235
98
Total expenditure 48,840 57,609 106,449 78,333
Net (loss)/gain
on investment		 assets 17
(note 7) (115,947) (115,947) 39,477
Net movement
in funds		 (173,556) (173,556) 10,664
Reconciliation
of funds:
Total funds brought forward at 1 April 2022 1,830,433 1,830,433 1,819,769
Total funds carried forward at 31 March 2023 f'. - F 1,656,877 6 1,656,877 E 1,830,433

Page 2023 2022
E
Fixed Assets
Investments and cash under management (note 7) 16 1,636,291 1,827,269
Current Assets
Cash at bank (note 8) 17 27,786 7,784
Current
Liabilities
Creditors - amounts falling due within one year (note 9) 17 (7,200) (4,620)
Net Current Assets/(Liabilities) 20,586 3,164
Total Net Assets P 1,656,877 f 1,830,433
Represented by:
Total Unrestricted Funds ofthe Charity
Capital Fund 12 1,656,877 1,830,433
Income Fund 12
Total Charity Funds 6 1,656,877 E 1,830,433
Approved
on		 behalf ofthe trustees
Chairman

authorising
these		 financia l statements.
Income Capital Total Total
INCOME FROM INVESTMENTS Fundf Fundf 2023f 2022
Income from UK quoted unit trusts 48,036 48,036 49,508
Total income from quoted investments 48,036 48,036 49,508
Sarasin Partners deposit interest 737 737
Coutts &Co deposit interest 67 67
Total investment income 48,840 48,840 f 49,520
CHARITABLE ACTIVITIES
Scholarship
grants		 made (note 4) 13,626 47,874 61,500 66,500
General
charitable		 grant expenditure 30,000 30,000
Governance
costs		 (note 5) 5,184 9,675 14,859 11,735
Total charitable activities f
48,810		 f 57,549 f 106,359 f 78,235
SCHOLARSHIP GRANTS MADE
Louis Franck Scholarships Date ofAward 2023f 2022f
Alex Geady May 2022 17,500
Sophie Davidson May 2022 5,000
Jonathan
Lister		 May 2022 4,000
Philip Moore October 2022 15,000
James Stokke October 2022 10,000
Maximillian
Dialdas		 October 2022 5,000
Jamie Coates October 2022 5,000
Nicholas
Froy		 May 2021 30,000
Lucien Ireland May 2021 12,000
George Carter May 2021 7,500
Saagar Metha November
2021		 8,000
John Sleeman November
2021		 8,000
Jeremy Williams November
2021		 1,000
Total grant expenditure f 61 500 f 66500

Income Capital Capital Total Total Total
Fund Fund 2023 2022
GOVERNANCE COSTS k F. E
Accountancy
and administration
fees
Independent
examination
fees		 3,225
1,380		 9,675 12,900
1,380		 10,680
1,020
Scholarship
committee
dinner
ICO data protection fee		 544
35		 544
35		 35
Total governance costs 5,184 f 9,675 f 14,859 F 11,735
Note - accountancy fees have been charged one quarter against the Income Fund.
COST OF GENERATING
FUNDS
Legal entity identifier (LEI) renewal fee
Bank charges		 30 60 60
30		 78
20
Total cost ofraising funds 30 L' 60 F 90 F. 98
Note - Sarasin 8 Partners expense their investment management fees directly through
the		 investment
fund. For the year ended 31 March 2023, these amounted toF12,510.
FIXEDASSET INVESTMENTS Page 2023 2022
F E
Investments
at market value comprise:
Quoted investments
within the United		 Kingdom 1,636,261 1,814,708
Cash held by Sarasin
&Partners		 30 12,561
Total investment
assets		 12 61,636,291 E1,827,269
Value ofinvestments
held exceeding 5%ofthe investment		 assets 2023 2022
Sarasin Endowments
Fund Class A Acc GBP		 51,636,261 61,814,708
100% 99.32%
Quoted investments
Market value at 1 April 2022 1,814,708 1,804,531
Net investment
activity		 (62,500) (29,300)
Net realised gains/loss
on sales		 (3,562) 1,196
Net unrealised
gains/loss
on revaluation		 (112,385) 38,281
Market value at 31 March 2023 51,636,261 61,814,708
NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 2023 2022
FIXEDASSET INVESTMENTS (continued) F E
Historical cost at 31 March 2023 F1,541,530 F1,599,766
Net gains on investment assets
Net realised gains/loss on sales (3,562) 1,196
Net unrealised
gains/loss		 on revaluation (112,385) 38,281
Total net gains/loss on investment
assets		 11 F(115,947) F 39,477
8. CASH AT BANK
Coutts &Co. (Rawlinson 8 Hunter
LLP client		 account) 12 E 27 786 E 7784
9. CREDITORS - amounts falling due within one year
Accountancy fees 4,800 3,600
Independent examination fees 2,400 1,020
12 5 7.200 E 4,620
10. FUND RECONCILIATION
Balance at Balance at
1 April Gains/ 31 March
Unrestricted Funds: 2022
E		 Income
E		 Expenditure
f		 (losses)
E		 2023
E
Capital Fund 1,830,433 (57,609) (115,947) 1,656,877
Income Fund 48,840 (48,840)
Total Funds 61,830,433 F 48,840 F (106,449) F (115,947) f1,656,877
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Income Capital Total Total
Fund Fund 2023 2022
E E E
Investments 1,636,291 1,636,291 1,827,269
Cash at bank 27,786 27,530 7,784
Creditors (7,200) (7,200) (4,620)
Total Funds F 1,656,877 F 1,656,877 f 1,830,433