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2021-04-05-accounts

GW Cadbury Charitable Trust

Audited financial statements for the year ended 5 April 2021

Registered charity number 231861

GW Cadbury Charitable Trust

Contents

Page
Trust summary 1 - 2
Trustees' certificate and Trustees' report 3 - 7
Independent auditor's report 8 - 11
Statement of financial activities 12 - 13
Balance sheet 14 - 15
Notes to the financial statements 16 - 22
Investment schedule 23 - 30

GW Cadbury Charitable Trust

Trust summary

For the year ended 5 April 2021

Date of settlement 6 March 1922
Settlor Edward Cadbury Junior & George Cadbury Junior
Trustees Lyndall Elizabeth Boal
Caroline Ann Woodroffe
Jennifer Corrine Boal
Jessica Lyndall Woodroffe
Peter Cadbury Boal
Nicholas Beverley Woodroffe
Main terms This is a charitable settlement for the benefit for or to such charitable
object, purpose, institutions or societies as the Trustees may in their
discretion think fit with no defined beneficial area.
Registered address Saffery Champness LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Accountants and auditors Saffery Champness LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Solicitors Mills & Reeve
78-84 Colmore Row
Birmingham
B3 2AB

Page 1

GW Cadbury Charitable Trust

Trust summary

For the year ended 5 April 2021

Investment managers Quilter Cheviot 8th Floor Two Snowhill Birmingham B4 6GA Registered charity number 231861 Taxation Not subject to tax

The above summary is intended as an aide-memoire and reference should be made to the Trust Deed before making decisions.

Page 2

GW Cadbury Charitable Trust

Trustees' report

For the year ended 5 April 2021

The Trustees present their annual report covering the Trust's activities for the year ended 5 April 2021.

History, objectives and activities of the Trust

The Trust was established under a Deed of Appropriation and Appointment of New Trustees dated 5 October 1955 in respect of an indenture dated 6 March 1922 known as the original trust deed. A Deed of Appointment dated 5 October 1946 was also relevant.

The registered number of the Charity is 231861.

The full name of the charity is GW Cadbury Section Charitable Trust.

The objects are summarised as being for or to such charitable objects, purposes, institutions, or societies as the Trustees may in their discretion think fit with no defined beneficial area.

The subscriptions and grants made to charities in the year enable the charities to meet their objectives and to provide benefit to the public.

The Trustees have confirmed that they have referred to the guidance in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.

Management and governance arrangements

The names of the Trustees who have acted during the year are set out on page 1.

The Trustees conduct their Trust business by means of telephone and computer communications and Trust meetings are held at least once a year.

The Trustees are appointed by the Board of Trustees. New Trustees receive copies of all relevant Trust documents and of the Charity Commission guidance. Appropriate training is organised for the Trustees.

The Trust is administered by an administrator who is not a Trustee but who is acting on behalf of the Trustees.

Procedures and policy for grant making

The objectives of the Trust are to support from the income of the Trust, by grants, Charitable Institutions and objectives at the Trustees' discretion. The Trustees have consistently supported charities based in the United States of America and the United Kingdom and many of the charities supported have worldwide interest.

Page 3

GW Cadbury Charitable Trust

Trustees' report (continued) For the year ended 5 April 2021

Achievements and performance of the trust

During the year charitable subscriptions were made to 35 different charities totalling £123,597 and the following geographical areas have benefited:

£ %
USA 22,440 18.2%
UK 101,157 81.8%
The largest grants made were: £
Retina UK 25,000
Pacific Northwest Ballet 21,000
Gender and Development Network 20,000

Examination of the schedule of charitable grants on pages 18 to 19 will show that the Trustees have fulfilled the objectives of the Trust during the financial year by making grants to charitable institutions; therefore, providing benefit to the public.

Financial review, investment policy and reserves

These financial statements for the year ended 5 April 2021 have been prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Accepted Accounting Practice) and comply with the Statement of Recommended Practice (SORP) Accounting and Reporting by charities FRS102 effective from January 2015. The financial statements are prepared under the historic cost convention.

The income for the year was £230,342 which was a decrease compared to the previous year of £243,888.

Management, administration and other expenses for the year amounted to £46,189. The value of the investments of the Trust increased by £1,364,767, which included gains of £138,906 on the disposal of investments and unrealised gains of £1,289,231.

Under the Deed of the Trust the Trustees are empowered to retain any investments for as long as they in their absolute discretion think fit and to sell any of the investments. Investments may be made as authorised by law as investments for trust money not being bearer bonds but bonds in, mortgages or securities of the UK government or any colony or dependency thereof, or any public, municipal or local authority in the British Isles or any colony or dependency of the UK; or in preference shares or debentures of any Railway, Electric, Gas or Water Company carrying on business in the UK or any colony or dependency or in the Shares of any Company carrying on business in the UK.

Page 4

GW Cadbury Charitable Trust

Trustees' report (continued) For the year ended 5 April 2021

Financial review, investment policy and reserves (continued)

The Trustees are also empowered to use the investments in the same manner as income and there is therefore no fixed endowment fund and no restricted investments.

The Trustees have implemented a policy of holding ethical investments in line with their guidelines and to use the service of EIRIS (Ethical Investment Research Information Service) when considering how to invest monies comprising the Trust Fund.

The Investments of the Trust are held in the name of the Quilter Nominees Limited which is the appropriate holding company of the Trust's investment advisors.

Every six months the Trust's investment advisors report in detail on the performance of the investments giving comparisons with the APCIMS Balanced Benchmark, the FTSE All Shares Index of UK Equities, the FTSE World Index and the FTSE All Government Stock Index. During the year, the Trust's investments have increased by 21.63%.

General unrestricted funds

It is the policy of the Trustees, having regard to the specified designated fund referred to below, to maintain the General unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately 6 months' expenditure on grants and management and administration. Such funds may be held in order to finance both working capital and capital investment in furtherance of the objectives of the charity.

Designated funds

Designated funds are amounts that have been put aside out of unrestricted funds at the discretion of the Trustees for particular purposes. The designation is for administrative purposes only and does not legally restrict the Trustees' discretion to apply the funds. The Trustees have created the following designated fund:

Investment fund

To provide the income necessary to maintain the Trust's charitable activities, the charity requires a significant capital base and the Trustees have maintained an active investment policy in order to provide a degree of stability and certainty in income levels. In the circumstances the Trustees have created a designated Investment fund that represents the government stocks and other listed investments held in the charity's investment portfolio.

Details of movements in the funds are set out in note 8 on page 21 of the financial statements.

Page 5

GW Cadbury Charitable Trust

Trustees' report (continued) For the year ended 5 April 2021

Investment fund (continued)

The assets reflected in the balance sheet are available and adequate for the Trustees to fulfil the obligations of the Charity.

Risk management

Having regard to the Trust's organisation and activities, it is the view of the Trustees that the major risks to which the Trust may be exposed are largely financial in nature, particularly a significant reduction in income generated by the investments.

The Trustees review the major risks which the Trust face through the reports from the Trust's investment advisors, and look to plan free reserves accordingly.

Future plans

Given current fluctuations in the market the Trustees will review the level of allocations for the coming year bearing in mind realistic market predictions.

Going concern

There are no material uncertainties about the Charity's ability to continue as a going concern.

Impact of Covid-19

Since March 2020, Covid-19 has been having a significant impact on the charity sector as a whole. The charity experienced a decrease in investment income during the year ended 5 April 2021. The valuation of the investment portfolio increased during the year, following a fall at the year ended 5 April 2020, exceeding the valuation as at 5 April 2019 by the year end. The situation remains uncertain and the Trustees will continue to monitor its impact upon the charity.

Statement of trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

▪select suitable accounting policies and then apply them consistently; ▪observe the methods and principles in the Charities SORP (FRS 102); ▪make judgements and estimates that are reasonable and prudent;

Page 6

GW Cadbury Charitable Trust

Trustees' report (continued) For the year ended 5 April 2021

Statement of trustees' responsibilities (continued)

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

The charity's auditors, Saffery Champness LLP, have expressed their willingness to continue in office, and a resolution to reappoint them will be proposed at a meeting of the Trustees.

Approved on behalf of the Trustees on ………………. and signed on behalf of the Trustees by

Nicholas Woodroffe Chair of Trustees

Page 7

GW Cadbury Charitable Trust

Independent auditor's report to the Trustees For the year ended 5 April 2021

Opinion

We have audited the financial statements of G W Cadbury Charitable Trust for the year ended 5 April 2021 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 8

GW Cadbury Charitable Trust

Independent auditor's report to the Trustees (continued) For the year ended 5 April 2021

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 9

GW Cadbury Charitable Trust

Independent auditor's report to the Trustees (continued) For the year ended 5 April 2021

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Page 10

GW Cadbury Charitable Trust

Independent auditor's report to the Trustees (continued) For the year ended 5 April 2021

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date:

Michael Strong (Senior Statutory Auditor)

For and on behalf of: Saffery Champness LLP Chartered Accountants and Statutory Auditors St Catherine's Court Berkeley Place Clifton Bristol BS8 1BQ

Page 11

GW Cadbury Charitable Trust

Statement of financial activity For the year ended 5 April 2021

----- Start of picture text -----
Total Total
Income Capital 2021 Income Capital 2020
Note £ £ £ £ £ £
Income:
Investment income 2 230,342 - 230,342 243,888 - 243,888
- -
Total incoming resources 230,342 230,342 243,888 243,888
Expenditure:
Direct charitable expenditure 3 123,597 - 123,597 201,305 - 201,305
Other expenditure:
Management and administration of the charity 4 46,189 - 46,189 63,474 - 63,474
- -
Total expenditure 169,786 169,786 264,779 264,779
- -
Net incoming resources for the year 60,556 60,556 (20,891) (20,891)
Other recognised gains and losses:
- -
Losses on foreign currency (113) (113) (311) (311)
Gains/losses on investments
Realised - 138,906 138,906 - 228,056 228,056
Unrealised - 1,289,231 1,289,231 - (1,357,251) (1,357,251)
- -
1,428,024 1,428,024 (1,129,506) (1,129,506)
----- End of picture text -----

Page 12

GW Cadbury Charitable Trust

Statement of financial activity For the year ended 5 April 2021

----- Start of picture text -----
Total Total
Income Capital 2021 Income Capital 2020
Note £ £ £ £ £ £
Net movement in funds 60,556 1,428,024 1,488,580 (20,891) (1,129,506) (1,150,397)
Balances brought forward at 6 April 2020 71,300 6,564,917 6,636,217 92,191 7,694,423 7,786,614
Balances carried forward at 5 April 2021 131,856 7,992,941 8,124,797 71,300 6,564,917 6,636,217
----- End of picture text -----

Page 13

GW Cadbury Charitable Trust

Balance sheet As at 5 April 2021

----- Start of picture text -----
Unrestricted Unrestricted Unrestricted Unrestricted
funds funds Total funds funds Total
Income Capital 2021 Income Capital 2020
Note £ £ £ £ £ £
Fixed assets
Investments 5 - 7,672,952 7,672,952 - 6,308,185 6,308,185
Current assets
Debtors 6 19,017 - 19,017 19,017 - 19,017
Cash at bank 132,107 319,989 452,096 68,243 256,732 324,975
151,124 319,989 471,113 87,260 256,732 343,992
Current liabilities
Accruals 7 19,268 - 19,268 15,960 - 15,960
Net current assets 131,856 319,989 451,845 71,300 256,732 328,032
Total assets less current liabilities 131,856 7,992,941 8,124,797 71,300 6,564,917 6,636,217
Financed by:
Funds
Unrestricted 131,856 7,992,941 8,124,797 71,300 6,564,917 6,636,217
----- End of picture text -----

Page 14

GW Cadbury Charitable Trust

Balance sheet (continued) As at 5 April 2021

The balance sheet has been approved on behalf of the Trustees on and signed on behalf of the Trustees by

……………………….

Nicholas Woodroffe Chair of Trustees

Page 15

GW Cadbury Charitable Trust

Notes to the financial statements

For the year ended 5 April 2021

1 Accounting policies

1.1 Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts have been rounded to the nearest £1.

The charity constitutes a public benefit entity as defined under FRS 102.

The financial statements have been prepared under the historic cost convention, with the exception of investments which are included at fair value (their market value).

1.2 Investment income

Investment income is accounted for on its receipt and is shown net of any tax deduction.

1.3 Expenditure and irrecoverable VAT

Donations made are accounted for on payment. Other expenditure is recognised when incurred. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

1.4 Listed investments

Investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (their market value). The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

1.5 Taxation

The Trust is a registered Charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.

1.6 Financial instruments

The Charity has applied the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Other than where specifically stated all of the charity’s financial instruments are classed as basic financial instruments.

Page 16

GW Cadbury Charitable Trust

Notes to the financial statements (continued) For the year ended 5 April 2021

1 Accounting policies (continued)

1.6 Financial instruments (continued)

Financial assets are recognised in the Charity’s statement of financial position when the Charity becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through the statement of financial activities are measured at fair value.

Basic financial liabilities

Basic financial liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through the statement of financial activities are measured at fair value.

1.7 Fund accounting

Unrestricted funds are those which are available for use at the discretion of the Trustees in furtherance of the general objects of the charitable settlement and which have not been designated for specific objects.

1.8 Going concern basis of accounting

The financial statements have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

The Trustees acknowledge the economic uncertainty due to Covid-19 and will continue to monitor its impact upon the charity.

Page 17

GW Cadbury Charitable Trust

Notes to the financial statements (continued)

For the year ended 5 April 2021

2
Investment income
Dividends and interest
Income from quoted investments
Interest on deposits
3
Grants
£5,000 or over, being 62% of total grants made:
Babbasa
Cotham Primary School
Gender and Development Network
Haverford College
Magic Breakfast
Pacific Northwest Ballet
Permaculture Association
Retina UK
Sixty One
£1,000 or over, being 34% of total grants made:
American Friends Service Committee
American Ballet
Bates College
Brooks School
Cancer Research
Conservation International
Compassion in Dying
Cornell University
Friends of St. Andrews Park
Care Dimensions
Discovering Justice
Highgate International Chamber Music Festival
In These Times		 2021
£
230,169
173
230,342
2021
£
-
6,000
20,000
5,000
-
21,000
-
25,000
-
77,000
£
1,000
1,512
1,000
4,500
2,245
1,144
3,158
2,000
3,000
1,000
1,000
-
1,000		 2020
£
243,182
706
243,888
2020
£
5,000
-
50,000
-
5,000
42,107
20,000
60,000
5,000
187,107
£
-
-
3,000
-
-
-
-
-
-
-
-
3,000
-
-

Page 18

GW Cadbury Charitable Trust

Notes to the financial statements (continued)

For the year ended 5 April 2021

----- Start of picture text -----
Grants (continued) 2021 2020
£1,000 or over, being 34% of total grants made (continued): £ £
-
Marquette University 1,500
Massachusetts Bar Foundation 1,000 -
Planned Parenthood 2,984 -
-
Plymouth Housing Group 2,972
Rosie's Place 1,000 -
Seattle Art Museum 2,250 -
Seattle Children 1,882 -
Seattle Dance - 1,686
Seattle Park Foundation - 2,512
-
Seattle Public Library 1,144
-
Spectrum Dance Theatre 1,512
-
University of Denver 1,000
Westchester Track Club 1,000 -
Winchester Foundation for Educational Excellence 1,000 -
Window Wanderland - 4,000
41,803 14,198
£ £
-
Other grants made £999 and under 4,794
Total grants 123,597 201,305
----- End of picture text -----

Page 19

GW Cadbury Charitable Trust

Notes to the financial statements (continued)

For the year ended 5 April 2021

----- Start of picture text -----
4 Other expenditure Income Capital 2021 2020
£ £ £ £
-
Management charges 19,023 19,023 17,129
Advisors fees 6,000 - 6,000 6,012
Auditors remuneration 6,000 - 6,000 6,000
-
Accountancy fees 14,136 14,136 34,278
Bank charges 1,030 - 1,030 55
-
46,189 46,189 63,474
During the current and prior year the charity did not employ staff members.
5 Investments 2021 2020
Quoted investments £ £
Market value 6 April 2020 6,308,185 7,482,085
Additions 1,804,933 1,327,522
Disposals (1,868,303) (1,372,227)
Net unrealised gains / (losses) 1,289,231 (1,357,251)
Net realised gains / (losses) 138,906 228,056
Market value 5 April 2021 7,672,952 6,308,185
Historical cost 5 April 2021 6,433,114 6,357,579
There is one holding in excess of 5%
£ £
AXA Investment Managers UK LTD 4.70% 359,338 333,713
Pimco Global Advisors Irl Ltd Global Inv. Grade 5.00% 384,721 360,081
----- End of picture text -----

AXA Investment Managers UK LTD holding is worth less than 5% of the total holdings in the current year, whereas it was greater than 5% in the previous year.

Page 20

GW Cadbury Charitable Trust

Notes to the financial statements (continued)

For the year ended 5 April 2021

6
Debtors
Income
Capital
2021
£
£
£
Income tax recoverable
19,017
-
19,017
19,017
-
19,017
7
Creditors
Income
Capital
2021
£
£
£
Management fees
7,964
-
7,964
Auditors remuneration
6,000
-
6,000
Accountancy fees
5,304
-
5,304
19,268
-
19,268
8
Statement of movement on unrestricted funds
Balance
Expenditure, Gains
6 April 2020
Income
and Losses
Transfers
Designated fund:
£
£
£
£
Investment fund
6,308,185
-
-
1,364,767
General fund
328,032
230,342
1,258,238
(1,364,767)
Total unrestricted funds
6,636,217
230,342
1,258,238
-		 2020
£
19,017
19,017
2020
£
-
9,000
6,960
15,960
Balance
5 April 2021
£
7,672,952
451,845
8,124,797

Transfers were made between the investment fund and the general fund in order to equate the investment fund value with the value of the investment portfolio and amounts incurred in respect of the general fund suffered by the investment fund.

9 Trustee remuneration

No trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related charity.

No trustee expenses were incurred in the current year, or in the prior year.

Page 21

GW Cadbury Charitable Trust

Notes to the financial statements (continued) For the year ended 5 April 2021

10 Related parties

During the year a grant of £21,000 was made to Pacific North West Ballet (2020: £42,107), a charity that Peter Boal (trustee) is employed by.

During the year grants totalling £20,000 were made to Gender & Development Network (2020: £50,000), a charity that Jessica Woodroffe (trustee) is employed by.

These charities do not meet the definition of related parties under the Charities SORP and FRS 102.

The charities have confirmed that funds received are not allocated to any remuneration paid to these members of staff or close members of their families.

11 Controlling party

Throughout the current and previous period, the charity was not under the control of any single individual or entity.

Page 22

G W Cadbu Charitsble Trust Investment xhedule Year ended S A ril 2021 Please notethefollowing pages do not form part of the auditedfinancial statements. Holdl 0610412020 Bookval 10412020 tllsposals Qu•rtMv Holdlnl 0510412021 Br￿kvalUe 0510412021 Market Value 0510412021 Net Incomè Quanlll¥ ILossl Advanced Micro Oevice5 Inc Common Stk USDO.01 655 39.064.76 655 39,064.76 38,398 Ares Cèpital Corp Commoll Stk USD0.￿1 5.650.LKJOOO 93A96.21 1,563.49 1,498.69 1,403.77 1,637.07 5.650.CU 93,896.21 235,598 Assura PIC Ordlnary GBPO,10 137,5 105,210.09 976.25 976.25 976.25 L37,SQ) 105,200.09 99,688 Asirazeneca Ordinary USD).25 3,rKo 123,239.78 41.395.10 71,976.85 20,855.14 37,880.51 1,162.32 2,294.58 1,670 68,603.48 119,772 At&t Inc Cornmofi US01 3,SOO 67.531.50 82.204.22 14,672.72 1,231.55 Aya Investment Managers UK Ltd US Sht Ouration High Yld 8d Zi Net Dis 394,833.00 41X),277.57 7,876.90 7,240.98 394,833.000 400,277.57 3S9,338 japanese Income Growth W4 Di5 173,533.32 49,2LY).(LYL¥) 62,693.￿ SO.LYK).(XXKK) 1279.C#)I 63.I4I.¢M) 5,296.56 2,590.(M) 800.Tr) 114. 149.2W.OC¥X 178,103.48 229,768 Ordinary No Par Value (Dil Changed from 8bgi Sicav S.A. Ordinary No Par Value on 2811012020 42,540 63,843.( 1,527.19 1,527.19 42,YO 63,843.05 73,339 Page 23

G W Cadbu Charitsble Trust Investment xhedule Year ended S A ril 2021 Holdi 0610412010 BoDkValuE (W04lZOZO Profft Holdini 0510412021 8ookValue 0510412021 Market Value 5104/zozi Net Income Quantlty a￿a￿tit¥ Blackrock Fund Mana8ers Ltd Continental European Income D Unhts Inc 120.C(*).OLhXX) L47.219.47 718.34 2,824.76 1,061.99 960.64 I20.￿,0C￿ 147,219.47 209,400 8mo Fund Mana8ement Ltd 8Mo Propeny Gr0￿h & Income I Inc 8.5Q),t￿o 88,563.94 1,122.60 654.50 654.50 654.50 88,563.94 82,146 C15co Sy51em5 Inc Common U500.001 3,190 118,471.55 3.ISX> IC6.738.39 111,733.261 789.91 Coca-cola Co Common USOO.25 97.210.12 732.18 698.24 677.55 673.84 97,210.12 98,699 Compass Group PIC Ordinary GBPO.1105 11.199 82,827.51 11.199 82.827.51 167,425 Crh Ordinary EURO.32 1,120 32.331.95 I,Izo 32,331.95 37,464 144.06 Dollar General Corp Common U500.875 260 38,720.39 61.35 58.41 260 38,720.39 38,043 EquityTrustees Fund 5erwces Ltd Alllantebernsieln Eu Ex UK Eq F GBP Inc 1Tr).280.(IXKXI 95.B30.LIJM) 83.861.12 103.783.89 196,110.(OXK) 187,645.01 214,348 Page 24

G W Cadbu Charitsble Trust Investment xhedule Year ended S A ril 2021 Holdi 0610412010 BoDkValuE (W04lZOZO Profft Holdini 0510412021 8ookValue 0510412021 Market Value 5104/zozi Net Income Quantlty a￿a￿tit¥ Essex PropertyTru51 Inc Common Stk USDO.CWI 500 67,117.27 98.090.37 30.973.10 706.10 Federated Herme5 Uncon5trained Credit Fd Cl355 F GBP Accumulatin8 Hed8ed 178,540 188,466.82 1756.281 206.05 178.540 187.710.54 187,128 Money Bullder Income l GBPACC 272,901.940 245,336.57 775.04 761.40 764.40 739.29 705.72 731.65 751.57 729.47 729.19 741.47 746.93 696.45 272,90L.94WJ 245,336.57 277,541 Flndlay Park Funds PIC American USD Dis 3.OQ).000 88.335.28 650.tKw) 75.948.49 56.809.18 2.3￿.C((￿j 69,195.97 280,656 Ordinary GBPO.25 11.000 129,044.85 2.530.Tr) 2.090.(M) 2,090.(W) 2,090.(M) 129,044.85 140,536 Oidinary GBPO.0001 75.OLK) 126,031.76 947.03 605.48 865.20 679.50 633.45 911.55 247.20 1,297.80 75,(O) 126,031.76 123,750 Page 25

G W Cadbu Charitsble Trust Investment xhedule Year ended S A ril 2021 Holdi 0610412010 BoDkValuE (W04lZOZO Profft Holdini 0510412021 8ookValue 0510412021 Market Value 5104/zozi Net Income Quantlty a￿a￿tit¥ Ordlnarv USTh).50 18.500 116,709.81 70.428.50 146.281.311 Intermediate Capital Group PIC Ordinary GBPO.2625 5,520 59,374.32 1,976.16 938.40 5,520 59,374.32 104,687 International Publlc Partnefship Ordlnary GBPO.0001 109,687 176,877.76 3,937.76 4,036.48 109.687 176,877.76 184,494 192,210.C6 13,8QJ.LXXJX) 269.514.C¥J 77,303.94 1,037.76 688.62 Ipmorgan Assei Mana8emeni UK Ltd Emerging Markets Incorne C Nel In¢ Na¥ 61,4CQ.IXXXX) 107.526.20 61,4￿.000(￿l 107,526.20 128,756 Ipmorgan Chase & Co. Cornmon USOI 1,165 95,214.B7 51.465.36 712.78 1,086.30 1,104.55 1,042.35 1.865 146.680.23 207,242 Le831 & General Group Ordinary GBPO.025 33.SfKI 81,922.17 4,234.40 1,651.55 33.5CKI 81.922.27 94,973 Legal & GenerallUnitTrust Mn8rsl UK ITr) IndexTrust C Inc 105,(KKI.O(KKKI 139,755.34 105,cro. 129.260.29 110,495.051 2,501.84 Le88 M350n Global Funds Cleèrb US Eqiy Sust Leadrs Prem GBP Act 750.(￿ 99.337.50 7￿.(((¥)? 99.337.50 100.613 oyds BankingGroup Ordinary GBPO.I 240.000 211.246.72 240,0 211,246.72 102,648 Page 26

G W Cadbu Charitsble Trust Investment xhedule Year ended S A ril 2021 Holdi 0610412010 BoDkValuE (W04lZOZO Profft Holdini 0510412021 8ookValue 0510412021 Market Value 5104/zozi Net Income Quantlty a￿a￿tit¥ Ordlnary GBPO.01 235.675 252.922.99 102.115.43 13.593.72 3,387.83 3.063.78 3,181.61 3,393.72 153,1>) 164,401.28 192,407 OrdlThary GBPO.OS 22,950 $0,739.77 883.58 2,735.64 1,377.(M) 22,950 50,739.77 48,057 Mayfair Capltal Investrnenr M6m Ltd Property Inc Trust For Charltles Gbp Dis 130,198.950 117,732.85 408.04 314.14 377. 338.06 363.65 365.91 360.45 418.01 391.37 418.g9 406.46 374.81 130.198.950 117,732.85 107,076 Mlcrosoft Corp Common USOO.00(h))625 740 107.166.68 246.39 265. 252.47 740 107,166.68 129,650 Ordinary GBPO.12431289 6,900 60,031.45 252.85 2,208.(M) 1,173.(M) 60,031.45 59,582 Nb Privare Eguity Partner5 Limited Class'a'ord Shs U5tx).01 27,500 190,928.79 6,064.43 6,046.70 27,51)) 190,928.79 316,250 Page 27

G W Cadbu Charitsble Trust Investment xhedule Year ended S A ril 2021 Holdi 0610412010 BoDkValuE (W04lZOZO Profft Holdini 0510412021 8ookValue 0510412021 Market Value 5104/zozi Net Income Quantlty a￿a￿tit¥ Octopus Renewables Infra Tr Plf Ordlnarv GBPO 01 57.646 58,090.12 611.05 168.04 443.01 212.03 399.01 57,646 58,090.12 66,293 Perslmmon Ordlnary GBPO.10 6.125 84,948.42 10 51.102.41 Zl,W9.39 1,634.(M) 2,859.50 5,106.25 4,085 56,655.40 123,530 Common USOO.05 3.880 118,221.74 16.041.131 5.87 5.87 992.15 932.42 938.89 931.85 3,880 112,180.61 101,820 Global Inv Grade Credll Inv H8d EurAcc 28.CW.OO￿J 379,975.04 2,407.15 2,675.48 2,$44.81 28,(th.OOOth) 379,975.04 384,721 GBPO.OS 4.600 70,814.66 958.64 191.82 70,814.66 71,369 Pru5ik Investment Management Llp 5ian Equity Income USDACC Nav 1.5(m).(K￿O 166,183.18 35,556.23 7,289.22 4,844.88 1.750.C¥)M) 201,739.41 274,938 Ordlnarv GBPO.10 2,025 82,383.58 675 S2.055.78 24,594.59 2,057.40 985.50 1.350 54.922.39 87.710 GBPO.1444 10.550 149,956.71 58.561.47 .812.80 3,386.55 958.80 7.050 IW,208.04 129,368 Page 28

G W Cadbu Charitsble Trust Investment xhedule Year ended S A ril 2021 Holdi 0610412010 BoDkValuE (W04lZOZO Profft Holdini 0510412021 8ookValue 0510412021 Market Value 5104/zozi Net Income Quantlty a￿a￿tit¥ Royal London UnitTrust Managers 87.(fj).OOIXX) 126.765.3B 1577.421 534.53 1,124.91 1,085.15 1,075.67 87.IW,OCQ 126,187.96 124,584 Schroder Vnlt Trusts European Alpha IrKome L Inc 254.974.48th)) 167,496.05 254.974.48lY)) l17.x￿.92 149.987.131 477.57 Secure Income Reit PIC Ofdlnarv GBPO,I 36,000 101,663.87 107,321.Z7 5,657.40 Se8ro PIC Ordlnary GBPO.10 6.170 40,809.6B 888.48 425.73 6,170 40,809.68 58,529 Sequola Economic Inlra5t Inc Fd Ltd No Par Value 168,578 186,027.33 2,634.03 2,634.03 2,634.03 2,634.08 168,578 186,027.33 175,321 Ordinary GBPO.10 22.272 85,960.76 22,272 85,960.76 92,117 Smiths Group PIC Ordinary GBPO.375 3.150 46.486.18 346.50 756.(W) 3,190 46,486.18 49,345 5$8a Spdr Etfs Europe I PIC Spdr 8arcla¥5 US Treas ed Ucits Etf USD 2.350.LiKW 119A73.65 2.350.LKW> 207.475.39 111,998.261 1,643.50 Tesco Ordinary GBPO.05 11,700 25,223.42 IL7 25.223.42 760.50 374.40 Page 29

G W Cadbu Charitsble Trust Investment xhedule Year ended S A ril 2021 Holdi 0610412010 BoDkValuE (W04lZOZO Profft Holdini 0510412021 8ookValue 0510412021 Market Value 5104/zozi Net Income Quantlty a￿a￿tit¥ Tesco Ordlnary GBPO.0633333 5,958.81 9.236 25.223.42 9.236 25.221.52 21.053 The Renewables Infrastructure Grp Ordlnarv No Par Value 95.743.20 77,840 95,743.20 95,432 Tr3ne TechnoloBles PIC Common U501 1,430 113,546.70 43,483.78 666.39 637.96 604.50 668.07 157,030.48 248,772 Ordlnary GBPO.03111L 5,000 91,917.34 1,807.LK) 1,849.(K) 1,873.Tr) 1,880.(M) 91,917.34 201,100 Unlted Kln6domlGovernment Of) 0.125% IdQlkd Snr Bds 22111136 G8PI 157,670.LX) 270.238.54 157.670.00 270,238.54 265,499 Vanguard Funds PIC Ftse 250 Ucils Eif GBPAtt 3.OQ).0000) 91.747.25 82.786.76 18.960.491 809.90 Common USOO.01 481 6.041.13 284.78 243.65 Vodafone Group Ordlnary U5(X).2095238 82,500 180,842.46 41.2(X> 49.l64.38 141,147.251 3,365.75 1,644.14 41,3tXI 90,530.83 55,202 We115 Far80 (Lux) Worldwide Fund EmerElnE Markets Equlty Income ZGbp Act 2.635.00000 227.582.19 1.389.29 2,534.51 2,863.15 1,385.58 2.635.QXM) 227,582.19 256,781 TOTAL.. 6,357578.70 1,8(4,932.70 L84302.99 I38,￿)$.82 6,433,114.29 7,672,956 230,169.48 Page 30