THE INCORPORATED ANGLO-AMERICAN MEDICAL ASSISTANCE FUND (a charitable company incorporated in the U.K. and limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
| IINCOMIING RESOURCES | IINCOMIING RESOURCES | ||||
|---|---|---|---|---|---|
| Higher | investment income |
||||
| Higher | donations received |
1.000 | |||
| Lower | bank interest | ||||
| EXPENSES | |||||
| Higher | portfolio management | fees | |||
| Higher | charitable grants |
6.500 | |||
| Lower | foreign exchange difference | -1.436 | |||
| Higher | governance costs |
36 | |||
| Higher | bank charges | 598 | |||
| Lower | legal fees | -6.041 | |||
| Total | |||||
| Higher realised gains on disposal investments |
of | 95.387 | |||
| NET GAIN |
| 2020 | |||
|---|---|---|---|
| Fixed assets | |||
| Total Investments | 1.903.'I 74 | 1.820.4'I 3 | |
| Totall fixed assets | 'l.903.'I74 | 1.820.413 | |
| Current assets | |||
| Cash at bank available | for reinvestment | 86.368 | 34.135 |
| Total current assets | |||
| Accrued expenses | 2.737 | 23 | |
| Total current liabilities |
and provisions | ||
| Net current assets | |||
| Net assets: (Total assets less current liabilities) | 1.986.805 | ||
| Represented by:- |
|||
| General Fund Balance |
(Note 5) | 1.986.805 | 1.854.525 |
| incoming Resources |
2020 | |||||
|---|---|---|---|---|---|---|
| Investment income (Note 6) |
||||||
| Donations received |
'I.OOO | |||||
| Gain on foreign exchange | 813 | |||||
| Bank Interest received | ||||||
| Il otall incoming resources |
||||||
| Resources expended | ||||||
| Portfolio management fees |
(Note 7) | 13.130 | 7.809 | |||
| Charitable grants (Note 1) |
67.700 | 61.200 | ||||
| Administrative and general |
expenses:- | |||||
| Secretary's fees and expenses | (Note 3) | 2.000 | 2.000 | |||
| Treasurer's fees and expenses |
2.500 | 2.500 | ||||
| Audit fee | 1.000 | 1.000 | ||||
| Other charges | 582 | -16 | ||||
| Loss on foreign exchange | 623 | |||||
| Governance costs |
25 | |||||
| Legal fees | 6.041 | |||||
| Total resources expended | 86.973 | |||||
| Net incoming resources before disposal of investments |
revaluations | and | C (A-8) | |||
| Realised gains on disposal | of investments | (Note 8) | 108.165 | 12.778 | ||
| Income (loss) for the year before unrealised (losses) and revaluation of investments |
gains | E | -43.050 | |||
| Revaluation of investments |
(Note 9) | 80.840 | 14.402 | |||
| Net movement | G (E+F) | |||||
| General Fund at, beginning |
ofthe year | H | 1.854.525 | |||
| General Fund at end ofyear (Note 5) |
II (G+H) | 1.986.805 |
| (Expres | sed in Euros) |
|||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Cash flows from operating activities |
||||
| Net income (loss) for the year (Line E of Statement offinancial |
activities) | 5'I.440 | -43.050 | |
| Adjustments to reconcile net income to net |
cash flow from | |||
| operating activities: |
||||
| Gains (losses) on disposal ofinvestments | -108.165 | -12.778 | ||
| Increase (decrease) in accrued | expenses | -2.714 | -2.852 | |
| Net cash inflow (outflow) from | operating | activities | -59A39 | -58.680 |
| Cash flows from investment activities |
||||
| Proceeds from sale of investments | 994.278 | 676.815 | ||
| Total sales and redemptions | 994.278 | 676.815 | ||
| Purchases of investments |
-882.606 | -636.130 | ||
| Total purchases | -882.606 | -636.130 | ||
| Net cash inflow (outflow) from | investment | activities | 111.672 | 40.685 |
| Increase (decrease) in cash |
52.233 | -17.995 | ||
| Cash at beginning ofyear |
34.135 | 52.130 | ||
| Cash at end ofyear | 86.368 | 34.135 |
| INVESTMENT INCOME (Exp | ressed in Euros) |
||
|---|---|---|---|
| 2020 | |||
| Interest from Coutts Bond programmes | 8.585 | 14.526 | |
| Dividends from Coutts Equity programmes |
17.333 | 10.291 | |
| Dividends from Coutts alternative |
invest. | 2.517 | 76 |
| Dividends from Commodities |
427 | ||
| Bank interest | 34 | ||
| Total investment income |
| 2020 | |||||
|---|---|---|---|---|---|
| Balance | at the end ofthe | previous year |
158.220 | 143.818 | |
| Amount (Line F |
(debited)/credited ofthe Statement |
to 'Revaluation of investments' of Financial Activities) |
80.840 | 14.402 | |
| Balance | at 31 December | 239.060 |
| balance | sheet investments are |
shown at market va |
lue, made up as follows |
|
|---|---|---|---|---|
| 2020 | ||||
| Bonds (all | categories) | 828.737 | ||
| Revaluation | to market value | |||
| Bonds at market value | ||||
| Equities (all categories) |
776.438 | 886.516 | ||
| Revaluation | to market value | 239.696 | 125.1 'I 6 | |
| Equities at | market value | |||
| Alternative | Investments at historical |
cost | 58.939 | 17.520 |
| Revaluation | to Market Value | 2.707 | 1.605 | |
| Alternative | Investments at market value |
|||
| Other assets at historical cost | 35.021 | |||
| Revaluation | to Market Value | -'I.971 | ||
| Structured | Products at market value | 33.050 | ||
| Investment | trusts/Funds and pension |
Funds | ||
| Revaluation | to Market Value | |||
| investments | Trusts /Funds at market |
value | ||
| Total investments at historical cost |
1.664.114 | 1.662.193 | ||
| Reserve for fluctuations in market value |
239.060 | 158.220 | ||
| Total investments at market value |
1.903.174 | 1.820.413 |
| Currency | 2020 | |
|---|---|---|
| U.S.dollar | 1,1330 | 1,2267 |
| British pound | 0,8402 | 0,8984 |
| BGNDS | ||||||||
|---|---|---|---|---|---|---|---|---|
| Governments KAgencies |
||||||||
| Ishares III PLC |
2.407 | O'I4.623 | 314.836 | |||||
| Ishares III PLC |
'I89 | 25.160 | 24.721 | |||||
| Ssga SPDR EFTs Europe | I pic | 1.584 | 101.824 | 3.423 | 105.247 | |||
| investment Grade |
||||||||
| Coutts actively manag Glob.lnv. Grade Cred.Funds |
20105.0124 | 205.619 | -2.423 | 203.196 | ||||
| UBS LUX Bond Sicav | 567.9330 | 57.793 | -'I.159 | 56.634 | ||||
| High Yield | ||||||||
| Neuberger Berman Invest. |
Fund Pic | 6316.4320 | 57.589 | -2510 | 55.079 | |||
| Royal London asset manag. Bond | 27499 | 28.269 | 247 | 28.516 | ||||
| Algebris UCITS fund Pic | 375.39 | 37.861 | -697 | 37.164 | ||||
| Subfofal | -2.960 | 120.759 | ||||||
| Total | BGNDS | -3.344 | 825.393 | |||||
| EQUITIES | ||||||||
| North America | ||||||||
| Multi Units Luxemburg Sicav |
129 | 23.698 | 9.262 | 32.960 | ||||
| Coutts Actively managed | US Equity | Fund | 5786.8648 | 52.413 | 14.009 | 66.422 | ||
| Coutts US Equity Index fund | 3860.2812 | 37.700 | 7.837 | 45.537 | ||||
| Equator US Eq,Fund Shares | 115306.6560 | 124.702 | 89.540 | 214.224 | ||||
| Subfofal | 23S.5'l3 | |||||||
| Europe excl. UK | ||||||||
| Vanguard Funds Pic/PTC |
Shares | 504 | 12.802 | 6.690 | 19.492 | |||
| Allianz UK &European Investment |
Fund | 54447.43 | 68.021 | 975 | 68.996 | |||
| Baring EuropeSelect Trust | 825.97 | 36.'I 74 | 17.160 | 53.334 | ||||
| Invesco Funds SICAV | 5248.45 | 64.635 | 11.782 | 76.417 | ||||
| AB SICAV I SICAV |
180.25 | 19.631 | 2.918 | 22.549 | ||||
| Coutts Europe Ex UK Eq INDEX Fund | 11880.1457 | 121.119 | 28.667 | 149.786 | ||||
| 322.3S3 | 6S.1I92 | 390.574 |
| Market Value | |||||||
|---|---|---|---|---|---|---|---|
| (MV] | |||||||
| EQUITIIES (cont.) | |||||||
| Coutts Actively maaged UK Equity |
15.788 | ||||||
| Xtrackers Pic Japan | 2.074 | 33.507 | 7.043 | 40.550 | |||
| Vanguard Funds PLC /Ptg Shares |
/Japan | 632 | 15.843 | 3.822 | 19.665 | ||
| 60.275 | |||||||
| Pacific Basin excll. Japan | |||||||
| Schroder Intl Selec.Fund-Asian EQ Yield. |
45.10 | 18.756 | 6.105 | 24.86'I | |||
| MIRAE AssetGIob. Discovery Fund sicav |
5020.2009 | 39.642 | -1.138 | 38.504 | |||
| Robeco Capital Growth Funds Sicav |
245.7525 | 28 424 | 7.154 | 35.578 | |||
| Thematic | |||||||
| Legal &General Glob.Health and |
Pharma | Index | Trust Fund | 51586.1320 | 42.854 | 1.121 | 43.975 |
| Capital Intl Fund SICAV/Share Zid |
2139.9150 | 20.729 | 24.423 | 45.152 | |||
| Subtotal | 63.M3 | 25.544 | |||||
| Total EQUITIES | 239.697 | 1.016.135 | |||||
| ALTERNATIVE INVESTMENTS | |||||||
| Hedge Funds | |||||||
| Aviva Investors SICAV/SHARES |
LA GLOB.CONERT | 170.1890 | 21.506 | -153 | 21.353 | ||
| Neuberger Berne Investment Fund |
2099.6250 | 21.423 | -49 | 21.374 | |||
| Man Funds PLC | 120.8040 | 16.010 | 2.909 | 18.919 | |||
| Subtotal | 58.939 | ||||||
| Total ALTERNATIVE | INVESTMENTS | 58.939 | 2.707 | ||||
| TOTAL INVESTMENTS AT 31l12l21 | 239.060 | 1.903.174 |