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2021-06-30-accounts

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2021

REGISTERED CHARITY NUMBER 244804

H. L. BARNES

─────────────────────────────────

C H A R T E R E D A C C O U N T A N T S STRATFORD-UPON-AVON

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2021

I N D E X
1 Trustees and advisers
2 - 4 Trustees’ annual report
5 Independent examiner’s report
6 Statement of financial activities
7 Balance sheet
8 - 13 Notes to the accounts
14 - 18 Schedule of investment transactions

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

TRUSTEES AND ADVISERS

TRUSTEES APPOINTED
H L Gray-Cheape Esq JP DL 1986
J Rigg Esq 1994
Mrs J Bird 1997
C P Stratton Esq FRICS MRTPI 2002
D J Barnes Esq FCA 2009
J G Chambers Esq 2013
C E A Haselwood Esq FAAV 2015
T Wheatley-Hubbard Esq 2017
R Treverton-Jones Esq 2018
The Hon. C A Leigh 2019
CLERK TO THE TRUSTEES
Nicholas Barlow BSc(Hons) FRICS FAAV
Meriden
CHARITY NUMBER 244804
SOLICITORS
Lodders Solicitors LLP
Stratford upon Avon
INVESTMENT MANAGERS
EFG Harris Allday
Ombersley
BANKERS
Lloyds Bank plc.
Stratford upon Avon
ACCOUNTANTS
H. L. Barnes
Stratford upon Avon
REGISTERED ADDRESS Packington Hall
Packington Park
Meriden
CV7 7HF

1

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 30 JUNE 2021

The trustees present their report along with the financial statements of the Charity for the year ended 30 June 2021. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Charity’s Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Structure, governance and management

The Estate Charity of Alice, Duchess Dudley is regulated by a scheme of the Charity Commissioners of 13 June 1879, as varied by a scheme of the Charity Commissioners of 6 January 1885 and is now governed by a Charity Commission Scheme dated 11 January 1962. The Registered Charity number is 244804.

The Charity was established from a bequest by Alice, Duchess Dudley on her death in 1669 (352 years ago). The funds have been added to over the course of time with the purchase of property and investments. The Charity does not actively fundraise and seeks to continue its work through careful stewardship of its existing resources.

The Trust Deed states the body of trustees shall consist when complete of 10 competent persons who reside in or near the County of Warwick or the County of Northampton. A trustee shall be appointed for a term of 5 years by a resolution of the trustees passed at a special meeting. Thereafter a trustee may be reappointed. The induction process for any newly appointed trustee comprises a meeting with the Chairman and the Board at which the powers and responsibilities of the Board are outlined and a brief history of the Trust is given.

The trustees are required to hold at least two ordinary meetings in each year. Committees meet as required and report to the full board of trustees. The day to day administration of the Charity is handled by the Clerk to the Trustees.

Each year 15% of the rents are transferable to a Building Reserve Fund. Withdrawals from this can be made for the repair, extraordinary repair, improvement and re-building of the property owned by the Charity.

Risk management

The Charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.

Continued …

2

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 30 JUNE 2021

Objectives and activities

The object of the Charity is to distribute excess income between 2 individuals and 8 other organisations in varying proportions for relief of poverty and religious activities, as set out in the Trust Deed. The beneficiaries are as follows :-

es are as follows :-
No. of shares of
distributions
────────────
Vicar of Bidford-on-Avon 9/102
Vicar of Blakesley 9/102
Poor of Bidford-on-Avon 12/102
Poor of Blakesley 8/102
Poor of Kenilworth 12/102
Poor of Leek Wootton 6/102
Trustees of Leigh Almshouses 24/102
Litchborough Charities 8/102
Poor of Patishall 8/102
Stoneleigh United Charities 6/102

The trustees have referred to the guidance contained in The Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning for future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set. The Charity’s original Terms and subsequent Schemes and Trust Deed restrict any grant distribution to those specified above and in the stated proportions.

Financial Review including Achievement and Performance

The Trust's income comes from its investments and rents. The total income for the year was £189,526 (2020 , £ 168,681). Expenditure is on the upkeep of the properties and the governance of the Trust. The distributions to the beneficiaries are half-yearly with the total paid for the year being £100,335 (2020 , £99,750). The remaining surplus is in line with expectations. It is hoped that the level of distributions can be maintained in the future.

Investment policy

The trustees have formulated a statement of investment principles in relation to the Charity’s funds. The investment managers, EFG Harris Allday, have full discretionary powers within agreed guidelines.

Reserves policy

In accordance with the terms of the trust deed, it is the policy of the charity to retain from income as an addition to unrestricted funds, which are the free reserves of the charity, such reasonable sums as the trustees think fit.

Continued …

3

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 30 JUNE 2021

Trustees' responsibilities in relation to the financial statements

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 charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and :

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which 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. The trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf by :

…………………………………………. H L GRAY-CHEAPE (Chairman)

29 September 2021

4

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

I report to the charity’s trustees on my examination of the accounts of the charity for the year ended 30 June 2021 which are set out on pages 6 to 18.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect :

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

R W P Bowen FCA Chartered Accountant H. L. Barnes Barclays Bank Chambers Stratford upon Avon

29 September 2021

5

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

Notes
Income
Investment income
2
Total income
Expenditure
Charitable expenditure :
Grants payable
3
Costs of generating funds :
Property costs
4
Total expenditure
Net income before gains on
investments
Gains on investment property
6
Gains/(losses) on investments
7
Net income/(expenditure)
Transfer between funds
11
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
12		 Endowment
Fund
Unrestricted
Funds
Designated
Fund
Total
2021
Total
2020
£
£
£
£
£
-
180,846
8,680
189,526
168,681
───────
───────
───────
───────
───────
-
180,846
8,680
189,526
168,681
───────
───────
───────
───────
───────
-
102,980
-
102,980
102,567
-
-
37,825
37,825
48,305
───────
───────
───────
───────
───────
-
140,805
-
140,805
150,872
───────
───────
───────
───────
───────
-
40,041
8,680
48,721
17,809
-
-
-
-
25,989
23,171
216,899
37,982
278,052
(9,556)
───────
───────
───────
───────
───────
23,171
256,940
46,662
326,773
34,242
-
(19,214)
19,214
-
-
───────
───────
───────
───────
───────
23,171
237,726
65,876
326,773
34,242
3,558,428
1,951,942
234,417
5,744,787
5,710,545
───────
───────
───────
───────
───────
£ 3,581,599
£ 2,189,668
£ 300,293
£ 6,071,560
£ 5,744,787
═══════
═══════
═══════
═══════
═══════

The notes on pages 8 to 13 form part of the accounts.

6

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

BALANCE SHEET AT 30 JUNE 2021

Notes 2021 2020
£ £
Fixed assets
Investment properties 6 3,817,975 3,817,975
Investments 7 2,138,237 1,791,710
─────── ───────
Total fixed assets 5,956,212 5,609,685
─────── ───────
Current assets
Debtors and prepayments 8 21,839 18,472
Short term deposits 9 6,927 16,517
Cash at bank 9 101,909 111,725
─────── ───────
Total current assets 130,675 146,714
Liabilities :amounts falling due within one year 10 15,327 11,612
─────── ───────
Net current assets 115,348 135,102
─────── ───────
Net assets £ 6,071,560 £ 5,744,787
═══════ ═══════
The funds of the charity 11
Endowment funds
Permanent endowment 3,581,599 3,558,428
Unrestricted income funds :
General fund 2,189,668 1,951,942
Designated fund 300,293 234,417
─────── ───────
Total charity funds £ 6,071,560 £ 5,744,787
═══════ ═══════
Approved by the Trustees on 29 September 2021
and signed on their behalf by :-

H L GRAY-CHEAPE ………………………………………………… ) ) ) Trustees ) D J BARNES ………………………………………………… )

The notes on pages 8 to 13 form part of these accounts.

7

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES

a) Basis of accounting

The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards and 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) (effective 1 January 2015) and the Charities Act 2011.

b) Investment income

All investment income, including deposit interest, is shown on the basis of amounts received or credited in the year. No credit is taken for accrued interest at the balance sheet date.

c) Resources expended

All expenditure is accounted for on an accruals basis.

d) Investment assets

In accordance with the provisions of the Statement of Recommended Practice, investments are held at fair value and any gains or losses are reflected in the accounts through the Statement of Financial Activities.

e) Designated fund

This is a Building Reserve Fund and is used to repay the General Fund for expenditure on the improvement and maintenance of the properties.

8

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

2. INVESTMENT INCOME

2.
INVESTMENT INCOME
2021 2020
£ £
Dividends 61,432 59,670
Rents 128,094 109,011
────── ──────
£ 189,526 £ 168,681
══════ ══════

All investment income relates to unrestricted funds, expendable at the discretion of the trustees.

3.
GRANTS PAYABLE
Distributions 100,335 99,750
Support and governance costs 2,645 2,817
────── ──────
£ 102,980 £ 102,567
══════ ══════
All grants payable relate to unrestricted funds.
4.
PROPERTY COSTS
Repairs and maintenance 5,724 22,235
Insurances 6,190 6,018
Management fees 15,180 11,661
Professional fees 7,433 2,208
Empty property costs 654 3,366
Support and governance costs 2,644 2,817
────── ──────
£ 37,825 £ 48,305
══════ ══════

All property costs relate to unrestricted funds.

5.
SUPPORT AND GOVERNANCE COSTS
Accountancy 5,040 4,560
Country Landowners Association subscription 249 236
Trustees' meeting expenses - 838
────── ──────
£ 5,289 £ 5,634
══════ ══════

Support and governance costs have been allocated to activities based on the Trustees’ time.

9

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

6. INVESTMENT PROPERTIES

6.
INVESTMENT PROPERTIES
Valuation
At 1 July 2020
Disposal in year
Revaluations
At 30 June 2021		 Permanent
Endowment
Fund
General
Fund
Total
£
£
£
3,340,750
477,225
3,817,975
-
-
-
-
-
-
──────
──────
──────
£ 3,340,750
£ 477,225
£ 3,817,975
══════
══════
══════

The investment properties were revalued at 30 June 2021 by the trustees at open market value on that date.

7. INVESTMENTS

Quoted investments
Market value 1 July 2020
Additions
Disposals
Net realised investment
gains/(losses)
Net unrealised investment
gains/(losses)
Market value at 30 June 2021
Historical cost 30 June 2021		 Permanent
Endowment
Fund
Building
Reserve
Fund
General
Fund
Total
2021
Total
2020
£
£
£
£
£
217,678
224,336
1,349,696
1,791,710
1,634,996
38,351
72,892
356,102
467,345
458,009
(38,351)
(58,502)
(302,017)
(398,870)
(291,739)
238
5,356
23,355
28,949
3,135
22,933
32,626
193,544
249,103
(12,691)
──────
──────
──────
──────
──────
£ 240,849
£ 276,708
£ 1,620,680
£ 2,138,237
£ 1,791,710
══════
══════
══════
══════
══════
£ 153,812
£ 239,623
£ 1,128,947
£ 1,522,382
£ 1,456,686
══════
══════
══════
══════
══════

A detailed analysis of quoted investments held is shown on pages 14 to 18.

10

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

8. DEBTORS 2021 2020
£ £
Prepayments 1,561 1,508
Other debtors 20,278 16,964
────── ──────
£ 21,839 £ 18,472
══════ ══════

9. SHORT TERM DEPOSITS AND CASH AT BANK

General Building Total Total
Fund Reserve 2021 2020
Fund
£ £ £ £
Monies held by brokers 2,556 4,371 6,927 16,517
Bank balances 101,909 - 101,909 111,725
────── ────── ────── ──────
104,465 4,371 108,836 £ 128,242
══════ ══════ ══════ ══════
10. LIABILITIES :amounts falling due within one year
2021 2020
£ £
Creditors and accruals 15,327 11,612
────── ──────
£ 15,327 £ 11,612
══════ ══════

11

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2021

11. ANALYSIS OF CHARITABLE FUNDS

Current Year
a)
Permanent
Endowment Funds
Unrestricted
Income funds
b)
General fund
c)
Designated fund
TOTAL CHARITY FUNDS
Previous Year
a)
Permanent
Endowment Funds
Unrestricted
Income funds
b)
General fund
c)
Designated fund
TOTAL CHARITY FUNDS		 Balances at
Income
Expenditure
Transfers
Gains
Balances
30 June
and
at 30 June
2020
losses
2021
£
£
£
£
£
£
3,558,428
-
-
-
23,171
3,581,599
1,951,942
180,846
(140,805)
(19,214)
216,899
2,189,668
234,417
8,680
-
19,214
37,982
300,293
───────
───────
───────
───────
───────
───────
£ 5,744,787
£ 189,526
£ (140,805)
£ -
£ 278,052
£ 6,071,560
═══════
═══════
═══════
═══════
═══════
═══════
Balances at
30 June
Income
Expenditure
Transfers
Gains
and
Balances at
30 June
2019
losses
2020
£
£
£
£
£
£
3,548,283
-
-
-
10,145
3,558,428
1,916,257
160,657
(150,872)
3,882
22,018
1,951,942
246,005
8,024
-
(3,882)
(15,730)
234,417
───────
───────
───────
───────
───────
───────
£ 5,710,545 £ 168,681
£ (150,872)
£ -
£ 16,433
£ 5,744,787
═══════
═══════
═══════
═══════
═══════
═══════

Name of fund description, nature and purpose of the fund.

12

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 30 June
are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets		 2021
2020
Unrestricted
Funds
Endowment
Fund
Total
Funds
Unrestricted
Funds
Endowment
Fund
Total
Funds
£
£
£
£
£
£
477,225
3,340,750
3,817,975
477,225
3,340,750
3,817,975
1,897,388
240,849
2,138,237
1,574,032
217,678
1,791,710
130,675
-
130,675
146,714
-
146,714
(15,327)
-
(15,327)
(11,612)
-
(11,612)
───────
───────
───────
───────
───────
───────
£ 2,489,961
£ 3,581,599
£ 6,071,560
£ 2,186,359
£ 3,558,428
£ 5,744,787
═══════
═══════
═══════
═══════
═══════
═══════

13. TRANSACTIONS WITH CONNECTED PERSONS

Mr Nicholas Barlow, Clerk to the Trustees, of Barlow Associates Limited, was paid £ 21,083 (2020 £14,545) for management, other professional fees and expenses, including rent and insurance reviews, in relation to the Charity.

No remuneration has been paid to any of the trustees or any person connected with them.

13

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY SCHEDULE OF INVESTMENTS AT 30 JUNE 2021

Carried forward
GENERAL FUND
National Grid plc
0.12431289p Ordinary shares
Royal Dutch Shell
€ 0.07 'B' shares
Unilever plc
3 1/9p Ordinary shares
Glaxosmithkline
25p Ordinary shares
Alliance Trust plc
2.5p Ordinary shares
Astrazeneca plc
USD 00.25 Ordinary shares
Scottish Mortgage Investment Trust plc
25p Ordinary shares
Diageo
28.935p Ordinary shares
Blackrock North American Income Trust plc
1p Ordinary shares
Bankers Investment Trust plc
25p Ordinary shares
Reckitt Benckiser Group plc
10p Ordinary shares
Sequoia Economic Infrastructure Income Fund Ltd
Ordinary N.P.V. shares
Law Debenture Corp plc
Shares
Residential Secure Income plc
REIT
Rio Tinto
10p New Ordinary shares
Civitas Social Housing plc
REIT
JPM Global Emerging Markets Income Trust
0.01 Ordinary shares
Pennon Group plc
40.7p Ordinary shares
Severn Trent plc
0.9789 Ordinary shares
Baillie Gifford UK Growth FD (Schroder UK Growth fund)
25p Ordinary shares		 Holding at
30 June
2020		 Market value
at 30 June
2020
Cost
in year
Sales
in year
Profit/(loss)
on sale
Holding at
30 June
2021		 Market value
at 30 June
2021
Surplus/
(deficit) on
revaluation
2,885 shares
2,400 shares
1,040 shares
2,160 shares
6,210 shares
46 shares
9,500 shares
1,585 shares
32,600 shares
5,200 shares
670 shares
37,250 shares
7,600 shares
50,000 shares
686 shares
40,000 shares
41,000 shares
3,510 shares
1,945 shares
26,000 shares		 839,420
5,267
87,815
4,228
£
£
£
£
28,538
-
-
-
2,885 shares
29,376
-
28,831
(545)
-
45,292
-
-
-
1,040 shares
35,351
-
27,129
(8,222)
-
48,624
-
-
-
6,210 shares
3,874
-
-
-
46 shares
77,900
-
31,855
12,995
7,200 shares
42,502
-
-
-
1,585 shares
49,226
-
-
-
32,600 shares
51,584
-
-
-
5,200 shares
49,794
-
-
-
670 shares
38,740
5,267
-
-
42,000 shares
39,292
-
-
-
7,600 shares
44,400
-
-
-
50,000 shares
31,206
-
-
-
686 shares
43,880
-
-
-
40,000 shares
45,612
-
-
-
41,000 shares
39,277
-
-
-
3,510 shares
48,217
-
-
-
1,945 shares
46,735
-
-
-
26,000 shares		 £
£
26,565
(1,973)
-
-
43,997
(1,295)
-
-
61,665
13,041
3,994
120
95,832
36,792
54,857
12,355
60,147
10,921
59,280
7,696
42,860
(6,934)
46,704
2,697
57,000
17,708
53,000
8,600
40,810
9,604
46,160
2,280
61,500
15,888
39,856
579
48,644
427
61,100
14,365
903,971
142,871

14

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

SCHEDULE OF INVESTMENTS AT 30 JUNE 2021

(CONTINUED)

GENERAL FUND
Brought forward
Fidelity European Values
25p Ordinary shares
J P Morgan Claverhouse Inv.
25p Ordinary shares
British Empire Secs & Gen Trust plc (Avi Global Trust
plc)
10p Ordinary shares
Primary Health Properties plc
12p Ordinary shares
HICL Infrastructure Co
1p Ordinary shares
Temple Bar Investment Trust
25p Ordinary shares
Perpetual Inc and Grwth Inv Trust
Ballie Gifford Corp Bond Inc B
Ballie Gifford Eur Grw Trust (European Investment Trust
PLC)
Ishares Core GBP Corp BD UCITS EFT
Octopus Renewables Infra Trust plc
Troy Inc & Growth Trust
25p Ordinary shares
J P Morgan Asian Inv Trust
25p Ordinary shares
J P Morgan GLB Core Assets Ltd
Triple PT Energy EFF Infra
25p Ordinary shares
Baillie Gifford China Grow Tst
Dunedin Inc Grwth Inv Tst
25p Ordinary shares
Finsbury Grwth and Inc Tst
25p Ordinary shares
JP Morgan China Grwth and Inc
25p Ordinary shares
Mercantile Inv Tst PLC
25p Ordinary shares		 Holding at
30 June
2020
Market value
at 30 June
2020
Cost
in year
Sales
in year
Profit/(loss)
on sale
Holding at
30 June
2021		 Market value
at 30 June
2021
Surplus/
(deficit) on
revaluation
22,500 shares
6,700 shares
6,500 shares
14,110 shares
10,480 shares
1,131 shares
1,537 shares
46,000 shares
5,200 shares
270 shares
45,046 shares
43,800 shares
8,969 shares
55,000 shares
-
-
-
-
-
-		 £
£
£
£
839,420
5,267
87,815
4,228
58,725
-
9,149
14
19,000 shares
38,592
-
38,901
309
-
44,558
-
-
-
6,500 shares
22,096
10,482
-
-
21,110 shares
18,109
-
-
-
10,480 shares
8,697
8,426
(271)
-
3,466
-
3,498
32
-
41,501
-
-
46,000 shares
54,210
-
10,479
1,097
4,300 shares
41,720
8,405
-
-
322 shares
50,542
-
-
-
45,046 shares
32,324
28,667
61,567
576
-
35,786
-
-
-
8,969 shares
59,950
13,765
10,726
(175)
59,000 shares
-
34,699
-
-
34,478 shares
-
53,911
71,456
17,545
-
-
37,612
-
-
13,045 shares
-
60,735
-
-
7,000 shares
-
40,672
-
-
6,250 shares
-
61,887
-
-
22,500 shares
£ 1,349,696
£ 356,102
£302,017
£ 23,355		 £
£
903,971
142,871
57,665
8,075
-
-
62,985
18,427
32,488
(90)
17,376
(733)
-
-
-
-
42,757
1,256
65,189
20,361
49,527
(598)
47,118
(3,424)
-
-
45,652
9,866
50,504
(12,310)
38,443
3,744
-
-
41,092
3,480
62,300
1,565
45,563
4,891
58,050
(3,837)
£ 1,620,680
£ 193,544

15

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

SCHEDULE OF INVESTMENTS AT 30 JUNE 2021

(CONTINUED)

BUILDING RESERVE FUND
Witan Investment Trust
5p Ordinary shares
HICL Infrastructure Co
1p Ordinary shares
Dunedin Income Growth Investment Trust
25p Ordinary shares
SUTL CAZ Charity Eq Value Fund (formlery Schroder
Charity Equity Income shares)
A Income share
Law Debenture Corp plc
Shares
Scottish American Inv. Co
25p Ordinary shares
J P Morgan Claverhouse Inv.
25p Ordinary shares
Residential Secure Income plc
REIT shares
Fidelity European Values
25p Ordinary shares
Schroder UK Growth Fund (Baillie Gifford UK Growth FD)
25p Ordinary shares
Scottish Inv Tst Plc
25p Ordinary shares
Schroder Asia Pacific Fund
10p Ordinary shares
JP Morgan GLB Emerg Mkts Inc Tst
LXI Reit Plc
1p Ordinary shares
Sequoia Economic Infra inc
Baillie Giff Strat BD FD B Inc
Ishares Core GBP Corp BD UCITS ETF
City of London Inv Tst
25p Ordinary shares
Troy Inc & Growth Trust
25p Ordinary shares
JP Morgan Asian Inv Tst
25p Ordinary shares
Avi Global Trust plc
Carried forward		 Holding at
30 June
2020		 Market value
at 30 June
2020
Cost
in year
Sales
in year
Profit/(loss)
on sale
Holding at
30 June
2021		 Market value
at 30 June
2021
Surplus/
(deficit) on
revaluation
7,000 shares
6,600 shares
-
3,395 shares
2,245 shares
3,715 shares
2,085 shares
14,000 shares
4,000 shares
4,500 shares
1,100 shares
-
8,200 shares
10,600 shares
11,500 shares
8,102.852
shares
62 shares
2,400 shares
9,000 shares
2,900 shares
1,500 shares		 £
£
£
£
12,880
-
2,774
566
5,800 shares
11,405
-
-
-
6,600 shares
-
14,061
-
-
4,600 shares
10,426
-
11,648
1,222
-
11,607
-
3,309
1,009
1,800 shares
15,362
-
3,994
2,947
2,800 shares
12,010
-
11,472
(538)
-
12,432
-
1,001
(20)
12,850 shares
10,440
-
-
-
4,000 shares
8,089
-
-
-
4,500 shares
8,239
-
7,632
(607)
-
-
11,493
-
-
2,100 shares
9,122
-
-
-
8,200 shares
11,957
-
-
-
10,600 shares
11,960
-
-
-
11,500 shares
7,310
-
-
-
8,102.852
shares
9,580
-
-
-
62 shares
8,160
4,439
-
-
3,500 shares
6,642
5,077
11,858
139
-
11,571
-
-
-
2,900 shares
10,282
-
-
-
1,500 shares
199,474
35,070
53,688
4,718		 £
£
14,007
3,335
10,943
(462)
14,490
429
-
-
13,500
4,193
13,748
(567)
-
-
13,621
2,210
12,140
1,700
10,575
2,486
-
-
12,915
1,422
12,300
3,178
14,119
2,162
12,788
828
7,532
222
9,536
(44)
13,650
1,051
-
-
14,761
3,190
14,535
4,253
215,160
29,586

16

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

SCHEDULE OF INVESTMENTS AT 30 JUNE 2021

(CONTINUED)

Brought forward
Edinburgh Worldwide Inv T
1p Ordinary shares
JP Morgan GLB Core Assets Ltd
North American Inc Tst
5p Ordinary shares
Bankers Investment Trust
25p Ordinary shares
Mercantile Inv Tst PLC
25p Ordinary shares		 Holding at
30 June
2020		 Market value
at 30 June
2020
Cost
in year
Sales
in year
Profit/(loss)
on sale
Holding at
30 June
2021		 Market value
at 30 June
2021
Surplus/
(deficit) on
revaluation
5,600 shares
9,400 shares
-
-
-		 £
£
£
£
199,474
35,070
53,688
4,718
14,616
-
4,814
638
4,000 shares
10,246
-
-
-
9,400 shares
-
12,552
-
-
5,000 shares
-
11,532
-
-
11,000 shares
-
13,738
-
-
4,900 shares
£224,336
£72,892
£58,502
£5,356		 £
£
215,160
29,586
14,320
3,880
8,046
(2,200)
14,000
1,448
12,540
1,008
12,642
(1,096)
£276,708
£32,626

17

ESTATE CHARITY OF ALICE, DUCHESS DUDLEY

SCHEDULE OF INVESTMENTS AT 30 JUNE 2021

(CONTINUED)

PERMANENT ENDOWMENT FUND
Primary Health Properties plc
12.5p Ordinary shares
Astrazeneca plc
USD 0.25 shares
Monks Investment Trust
5p Ordinary shares
HICL Infrastructure Co.
1p Ordinary shares
Temple Bar Investment Trust
25p Ordinary shares
Perpetual Inc and Grwth Inv Trust
J P Morgan Asian Inv Trust
25p Ordinary shares
Triple PT Energy EFF Infra
1p Ordinary shares
Dunedin Inc Grwth Inv Tst
25p Ordinary shares
Ishares Core GBP Corp BD UCITS EFT
TOTALS		 Holding at
30 June
2020		 Market value
at 30 June
2020
Cost
in year
Sales
in year
Profit/(loss)
on sale
Holding at
30 June
2021		 Market value
at 30 June
2021
Surplus/
(deficit) on
revaluation
18,890 shares
534 shares
5,100 shares
21,520 shares
2,669 shares
6,863 shares
4,031 shares
-
-
-		 £
£
£
£
29,582
-
-
-
18,890 shares
44,968
-
-
-
534 shares
53,856
-
2,847
735
4,900 shares
37,187
-
-
-
21,520 shares
20,525
-
19,883
(642)
-
15,476
-
15,621
145
-
16,084
-
-
4,031 shares
-
15,621
-
-
15,522 shares
-
19,883
-
-
6,955 shares
-
2,847
-
-
18 shares
£ 217,678
£ 38,351
£ 38,351
£ 238
£ 1,791,710
£ 467,345
£ 398,870
£ 28,949		 £
£
29,072
(510)
46,367
1,399
67,228
15,484
35,680
(1,507)
-
-
-
-
20,518
4,434
17,307
1,686
21,908
2,025
2,769
(78)
£ 240,849
£ 22,933
£ 2,138,237
£ 249,103

18