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|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|
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|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||
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|||||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|
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|||||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|||||||
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|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|
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|||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||||