## **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)** 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. 

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: 

- give a true and fair view of the state of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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: 

- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or 

- the charity has not kept sufficient accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- ▪ we have not received all the information and explanations we require for our audit. 

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


Page 12 



## **GW Cadbury Charitable Trust** 

## **Statement of financial activity For the year ended 5 April 2021** 


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


Page 13 



## **GW Cadbury Charitable Trust** 

## **Balance sheet As at 5 April 2021** 


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


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



Page 18 



**GW Cadbury Charitable Trust** 

## **Notes to the financial statements (continued)** 

## **For the year ended 5 April 2021** 


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


Page 19 



**GW Cadbury Charitable Trust** 

## **Notes to the financial statements (continued)** 

## **For the year ended 5 April 2021** 


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


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