# ## ## ||**Page**| |---|---| |Trustees and professional advisers|1| |Trustees'report|2-4| |Independent examiner's report|5| |Statement offinancial activities|6| |Balance sheet|7| |Notes to the financial statements|8-12| ## ## |**Charity number**|248663| |---|---| |**Trustees**|W D Rothenberg| ||J D Rothenberg| ||R M Rothenberg MBE| ||J K Knox| ||S D Percival| |**Principal address**|16 Great Queen Street| ||Covent Garden| ||London| ||WC2B 5AH| |**Accountants**|Blick Rothenberg Limited| ||Chartered Accountants| ||16 Great Queen Street| ||Covent Garden| ||London| ||WC2B 5AH| |**Independent examiner**|Nick Banks FCCAACA| ||Scrutton Bland LLP| ||CharteredAccountants| ||Fitzroy House| ||Crown Street| ||Ipswich| ||Suffolk| ||IP1 3LG| |**Solicitors**|Portrait Solicitors| ||21 Whitefriars Street| ||London| ||EC4Y 8JJ| |**Investment advisors**|Rathbone Investment Management Limited| ||8 Finsbury Circus| ||London| ||EC2M 7AZ| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||**Unrestricted **|**fund**| |---|---|---|---| |||**2021**|**2020**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Investment income|**2**|**34,629.28**|**44,834.55**| |**Total**||**34,629.28**|**44,834.55**| |**Expenditure**|||| |Investment management fees||**(12,745.05)**|**(12,350.60)**| |**Charitable activities**|**3**|**(42,486.00)**|**(47,694.00)**| |**Total**||**(55,231.05)**|**(60,044.60)**| |**Net expenditure**||**(20,601.77)**|**(15,210.05)**| |Gains/(losses) on revaluation of investments||**252,165.23**|**(26,676.47)**| |**Net movement in funds**||**231,563.46**|**(41,886.52)**| |**Reconciliation of funds**|||| |Fund balances brought forward||**1,769,106.80**|**1,810,993.32**| |**Fund balances carried forward**||**2,000,670.26**|**1,769,106.80**| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||**UK**|**Overseas**|**Total**|Total| |---|---|---|---|---|---| |||**2021**|**2021**|**2021**|2020| |||£|£|£|£| |Income|from stocks and securities|33,026.91|1,602.37|34,629.28|44,750.63| |Interest|receivable|-|-|-|83.92| |||**33,026.91**|**1,602.37**|**34,629.28**|44,834.55| |Income|from stocks and securities - 2020|42,248.48|2,586.07|44,834.55|| ## ## ## ## ## |||**Total**|Total| |---|---|---|---| |||**2021**|2020| |||£|£| |Grants|(3.1)|36,414.00|39,615.00| |Governance costs|(3.2)|6,072.00|8,079.00| |||**42,486.00**|47,694.00| |**3.1 Grants payable**||**Total**|Total| |||**2021**|2020| |||£|£| |Grants during the year comprise:|||| |Garsington Opera Limited (2020: 2 payments)||9,500.00|12,500.00| |Glyndebourne Productions Limited (3 payments (2020: 2 payments))||12,920.00|14,500.00| |Hampstead Theatre Limited||6,994.00|6,615.00| |London Symphony Orchestra||3,000.00|-| |Proms at St Judes (2020: 2 payments)||4,000.00|6,000.00| |||**36,414.00**|39,615.00| ## ||**Governance**|**Charitable**|**Total**|Total| |---|---|---|---|---| ||**costs**|**activities**||| |**Cost type**||||| ||**2021**|**2021**|**2021**|2020| ||£|£|£|£| |Accountancy fees|4,800.00|-|4,800.00|4,800.00| |Underprovision of accountancy fees in||||| |prior year|900.00|-|900.00|3,000.00| |Independent Examination fees|372.00|-|372.00|372.00| |Overprovision of Independent||||| |Examination fees||||(93.00;| ||**6,072.00**|-|**6,072.00**|8,079.00| ## ## ## ## |**Fixed asset investments**||||| |---|---|---|---|---| ||**Listed**|||| ||**investments**|**Cash**|**Total**|Total| ||**2021**|**2021**|**2021**|2020| ||£|£|£|£| |Market Valueat 8 June 2020|1,646,221.00|50,715.32|1,696,936.32|1,736,002.64| |Additions|581,289.46|-|581,289.46|344,182.48| |Disposals|(618,797.69)|-|(618,797.69)|(380,029.81)| |Cash movements|•|24.763.18|24,763.18|23,457.48| |(Loss)/gain on investments|252,165.23|-|252,165.23|(26,676.47)| |**Market Value at 7 June 2021**|**1,860,878.00**|**75,478.50**|**1,936,356.50**|1,696,936.32| |**Historical cost of investments at 7 June 2021**|||**1,533,859.00**|1,517,646.00| ||**UK**|**Overseas**|**Total**|Total| |---|---|---|---|---| ||**2021**|**2021**|**2021**|2020| |Investments held are analysed as follows:|£|£|£|£| |Equities|577,795.00|103,519.00|681,314.00|503,976.00| |Fixed interest|154,491.00|-|154,491.00|194,324.00| |Unit trusts|195,666.00|113,685.00|309,351.00|562,429.00| |Investment trusts|324,997.00|-|324,997.00|95,916.00| |Property funds|76,864.00|-|76,864.00|104,883.00| |Infrastructure funds|107,665.00|-|107,665.00|71,676.00| |Private equity|45,886.00|-|45,886.00|13,890.00| |Alternative investments|112,484.00|-|112,484.00|59,917.00| |Exchange traded funds|-|47,826.00|47,826.00|39,210.00| |Cash deposit|75,478.50|-|75,478.50|50,715.32| ||**1,671,326.50**|**265,030.00**|**1,936,356.50**|1,696,936.32| ## ## ## ## |||||||**2021**|**2020**| |---|---|---|---|---|---|---|---| |||||||**£**|**£**| |||Accrued income receivable||||**17.46**|15.71| |8||**Creditors: amounts falling due within one year**|||||| |||||||**2021**|**2020**| |||||||**£**|**£**| |||Blick Rothenberg Limited||||4,800.00|4,800.00| |||Scrutton Bland LLP||||372.00|372.00| |||||||**5,172.00**|5,172.00| ||**9**|**Movement in funds**|**Opening**|**Incoming**|**Resources **|**Net gains/**|**Closing**| ||||**funds**|**resources**|**expended **|**(losses) on**|**funds**| ||||||**investments**||| ||||**2021**|**2021**|**2021**|**2021**|**2021**| ||||**£**|**£**|**£**|**£**|**£**| |||Unrestricted funds|**1,769,106.80**|**34,629.28**|**(55,231.05)**|**252,165.23 **|**2,000,670.26**| ||||**2020**|**2020**|**2020**|**2020**|**2020**| ||||**£**|**£**|**£**|**£**|**£**| |||Unrestricted funds **- **2019|1,810,993.32|44,834.55|(60,044.60)|(26,676.47)|1,769,106.80| ## |**Analysis of net assets between funds**||| |---|---|---| ||**Total**|Total| ||**2021**|2020| ||**£**|**£**| |Fund balances at 7 June 2021 are represented by:||| |Investments|1,936,356.50|1,696,936.32| |Current assets|69,485.76|77,342.48| |Current liabilities|(5,172.00)|(5,172.00)| ||**2,000,670.26**|1,769,106.80|