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|`Reference and administrative`|`information`|
|---|---|
|`Trustees:`|`Simon Bonham`|
||`Mrs Elizabeth Ann Bonham`|
||`William Jay Ducas`|
|`Principal Office:`|`Apt 309`|
||`5 Eastfields Avenue`|
||`London`|
||`SW18 1FU`|
|`Accountants:`|`Mercer & Hole Trustees Limited`|
||`Gloucester House`|
||`72 London Road`|
||`St Albans`|
||`Herts`|
||`AL1 1NS`|
|`Auditors:`|`Mercer & Hole`|
||`Chartered Accountants`|
||`72 London Road`|
||`St Albans`|
||`Herts`|
||`AL1 1NS`|
|`Bankers:`|`CAFBankLimited`|
||`25 Kings Hill Avenue`|
||`WestMalling`|
||`Kent`|
||`ME19 4JQ`|
|`Investment Managers:`|`Sarasin & Partners`|
||`100 St Paul’s Churchyard`|
||`London`|
||`EC4M 8BU`|





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|||`Expendable`|`Unrestricted`|`2020`|`2019`|
|---|---|---|---|---|---|
|||`Endowment`|`Income`|`Total`|`Total`|
||`Note`|`Funds`|`Funds`|||
|`Income and endowments:`||`£`|`£`|`£`|`£`|
|`Income from investments`|`3`|`-`|`283,063.09`|`283,063.09`|`290,113`|
|`Rebates on investment managementcosts`||`64,998.70`|`:`|`64,998.70`|`61,623`|
|`Total income and endowments`||<br> <br>`64,998.70`|<br> <br>`283,063.09`|<br> <br>`348,061.79`|<br>`351,736`|
|`Expenditure on:`||||||
|`Costs of raising funds`||||||
|`Investment managementcosts`|`4`|`49,553.56`|`-`|`49,553.56`|`47,983`|
|`Charitable activities`|`a`|<br>`-`|<br>`261,844.49`|<br>`261,844.49`|<br>`294,238`|
|`Total expenditure`||<br> <br>`49,553.56`|<br> <br>`261,844.49`|<br> <br>`311,398.05`|<br> <br>`342,222`|
|`Net gains/(losses) on investments`|`6`|<br>`656,981.84`|<br>`=`|<br>`656,981.84`|<br>`1,271,786`|
|`Net income/(expenditure)`||<br>`672,426.98`|<br>`21,218.60`|<br>`693,645.58`|<br>`1,281,300`|
|`Net movementin funds`||`672,426.98`|`21,218.60`|`693,645.58`|`1,281,300`|
|`Reconciliation of funds`||||||
|`Total funds brought forward`||`9,076,017.97`|`243,361.93`|`—9,319,379.90`|`8,038,080`|
|`Total funds carried forward`|`8`|<br>`9,748,444.95`<br>|<br>`264,580.53`<br>|<br>`10,013,025.48`<br>|<br>`9,319,380`<br>|





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|`Balance sheet`||||||
|---|---|---|---|---|---|
|`31 December 2020`||||||
||`Note`||`2020`||`2019`|
|||`£`|`£`|`£`|`£`|
|`Fixed assets`||||||
|`Listed investments at market value`|`6`||`9,956,135.00`||`9,276,349`|
|`Total fixed assets`|||`9,956,135.00`||`9,276,349`|
|`Current assets`||||||
|`Balance with investment managers`||`2.42`||`7,377`||
|`Balance at CAF Bank`||`62,768.06`||`40,214`||
|`Total current assets`||`62,770.48`||`47,591`||
|`Currentliabilities`||||||
|`Creditors: Amounts falling due within one year`|`7`|`5,880.00`||<br>`4,560`||
|||`5,880.00`||<br> <br>`4,560`|<br>|
|`Net current assets`|||`56,890.48`||<br>`43,031`|
|`Total net assets`|||`10,013,025.48`||`9,319,380`|
|`The fundsof the charity:`||||||
|`Expendable endowmentfunds(page 7)`|||`9,748,444.95`||`9,076,018`|
|`Unrestricted income funds (page 7)`|||`264,580.53`||`243,362`|
|`Total charity funds`|`8`||`10,013,025.48`||`9,319,380`|





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|`3.`|`Investment income`|`2020`|`2019`|
|---|---|---|---|
|||`£`|`£`|
||`Dividends`|`283,013.38`|`289,993`|
||`Deposit interest`|`49.71`|`120`|
|||`283,063.09`|`290,113`|
|`4.`|`Cost of generating funds`|`2020`|`2019`|
|||`£`|`£`|
||`Investment managementcharges`|`49,553.56`|`47,983`|



|`5.`|`Charitable activities`|`2020`|`2019`|
|---|---|---|---|
|||`£`|`£`|
||`Charitable activities`|`261,844.49`|`294,238`|
||`The breakdownofcharitable activities is as follow:`|||
|||`2020`|`2019`|
|||`£`|`£`|
||`Grants - see pages 14 to 15`|`239,000.00`|`272,000`|



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|`Governance costs`|`2020`|`2019`|
|---|---|---|
|`Expendable endowmentfunds`|||
|`Accountancy charges - Capital`|`-`|`-`|
|`Unrestricted income funds`|||
|`Accountancy charges - Income`|`8,880.00`|`9,720`|
|`Audit fee`|`2,400.00`|`2,400`|
|`Non-Trustee Secretary's Honorarium (note below)`|`7,821.86`|`6,429`|
||`19,101.86`|`18,549`|
|`Note:`|||
|`The Non-Trustee Secretary's Honorariumtotalling £7,821.86 includes 13 payments. The 2019 figure of`|||
|`£6,429 includes 11 payments. The adjusted figure for 2020 is £7,237.44 and the adjusted figure for 2019 is`|||
|`£7,013.04,`|||
|`Administration costs`|`2020`|`2019`|
||`£`|`£`|
|`Generaladministration expenses`|`3,032.63`|`2,995`|
|`Subscription paid to Association of Charitable Foundations`|`645.00`|`635`|
|`Bank charges`|`65.00`|`60`|
||`3,742.63`|`3,690`|
|`Total Charitable activities`|`261,844.49`|`294,238`|





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|`6.`|`Fixed asset investments`|`2020`|`2019`|
|---|---|---|---|
||`Movementin fixed assetlisted investments`|`£`|`£`|
||`Marketvalue at 1 January 2020`|`9,276,349.00`|`7,994,483`|
||`Additions`|`22,804.16`|`10,080`|
||`Net unrealised investment gains/(losses)`|`656,981.84`|`1,271,786`|
||`Market value at 31 December 2020`|`9,956,135.00`|`9,276,349`|
||`Historical cost at 31 December 2020`|`7,129,709.24`|`7,106,905`|



|`7.`|`Analysis ofliabilities`||`2020`|`2019`|
|---|---|---|---|---|
||`Amountfalling due within one year`||`£`|`£`|
||`Accountants' charges`||`3,480.00`|`2,160`|
||`Audit fees`||`2,400.00`|`2,400`|
||||`5,880.00`|`4,560`|
|`8.`|`Analysis of net assets between funds`|`Endowments`|`Unrestricted`|`Total`|
|||`Funds`|`Funds`|`Funds`|
|||`£`|`£`|`£`|
||`Investment assets`|`9,748,444.95`|`207,690.05`|`9,956,135.00`|
||`Net current assets`|`-`|`56,890.48`|`56,890.48`|
|||<br> <br>`9,748,444.95`|<br> <br>`264,580.53`|<br> <br>`10,013,025.48`|



|`10.`|`Commitments`||`Brought`|`(Paid)/Added`|`Carried`|
|---|---|---|---|---|---|
|||`Year`|`forward`|`during the year`|`forward`|
||||`£`<br> <br>|`£`<br> <br>|`£`<br> <br>|





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|`Comparative fund split`|||||
|---|---|---|---|---|
|||`Expendable`|`Unrestricted`|`2019`|
|||`Endowment`|`Income`|`Total`|
||`Note`|`Funds`|`Funds`||
|`Income and endowments:`||`£`|`£`|`£`|
|`Income from investments`||`-`|`290,113`|`290,113`|
|`Rebates on investment managementcosts`||<br>`61,623`|<br>`-`|<br>`61,623`|
|`Total income and endowments`||<br> <br>`61,623`|<br> <br>`290,113`|<br> <br>`351,736`|
|`Expenditure on:`|||||
|`Costs of raising funds`|||||
|`Investment managementcosts`|`>»`|`47,983`|`-`|`47,983`|
|`Charitable activities`||<br>`-`|<br>`294,238`|<br>`294,238`|
|`Total expenditure`||<br> <br>`47,983`|<br> <br>`294,238`|<br> <br>`342,222`|
|`Net gains/(losses) on investments`||`1,271,786`|`-`|`1,271,786`|
|`Net income/(expenditure)`||<br> <br>`1,285,425`|<br> <br>`(4,125)`|<br> <br>`1,281,300`|
|`Net movementin funds`||`12,885,425`|`(4,125)`|`1,281,300`|
|`Reconciliation of funds`|||||
|`Total funds brought forward`||<br>`7,790,593`|<br>`247,487`|<br>`8,038,080`|
|`Total funds carried forward`||<br>`9,076,018`<br>|<br>`243,362`<br>|<br>`9,319,380`<br>|