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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
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|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||||||
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||||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||
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||(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|
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|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|