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## 

|||||Unrestricted|Permanent|Total|Total|
|---|---|---|---|---|---|---|---|
|||||income|endowment|funds|funds|
||||Notes|fund|fund|2021|2020|
|Income||||||||
|Investment<br>income:||||||||
|Income from|UK listed investments|||120,776||120,776|140,250|
|Bank interest||||167||167|202|
|Interest on overdue tax|||||||9|
|Total Income||||120,943||120,943|140,461|
|Expenditure||||||||
|Raising funds:||||||||
|Investment<br>management||charges||20,468||20,468|20,964|
|Charitable<br>activities:||||||||
|Annuities||||101,940||101,940|108,600|
|Administration|costs|||24,339||24,339|24,812|
|Total Expenditure||||146,747||146,747|154,376|
|Net income/(expenditure)||before gains|and|||||
|losses on investments||||(25,804)||(25,804)|(13,915)|
|Other Recognised Gains/(Losses)||||||||
|Gains/(Losses)|on investments:|||||||
|Realised|||||6,752|6,752|(311,714)|
|Unrealised|||||585,125|585,125|(39,368)|
|Net Movement|in Funds|||(25,804)|591,877|566,073|(364,997)|
|Reconciliation|ofFunds|||||||
|Funds brought|forward at 1 April 2020|||273,802|3,754,669|4,028,471|4,393,468|
|Funds carried|forward at 31 March 2021|||247,998|4,346,546|4,594,544|4,028,471|





## 

||||Notes||2021||2020|
|---|---|---|---|---|---|---|---|
|Fixed Assets||||||||
|Investments|||||4,396,345||3,655,996|
|Current Assets||||||||
|Debtors||||68,345||235,628||
|Cash at bank||||138,434||146,687||
|||||206,779||382,315||
|Creditors:||||||||
|Amounts<br>falling due within one year||||8,580||9,840||
|Net Current|Assets||||198,199||372,475|
|Net Assets|||||4,594,544||4,028,471|
|Funds||||||||
|Unrestricted|income fund||||247,998||273,802|
|Permanent|endowment|fund|||4,346,546||3,754,669|
||||||4,594,544||4,028,471|






## 

## 

## 

## 

## 

|ADMINISTRATION<br>CO|STS|||
|---|---|---|---|
|||2021|2020|
|Secretarial services||15,250|14,875|
|Independent<br>examiner's|remuneration:|||
|Fees for independent|examination|7,400|7,640|
|Other services||1,000|1,000|
|Costs oftrustees'<br>meetings<br>and other expenses|||140|
|Printing,<br>stationery,<br>and|postage|689|1,157|
|||24,339|24,812|





## 

||||2021|2020|
|---|---|---|---|---|
|3|FIXEDASSET INVESTMENTS||||
||UK listed investments:||||
||Market Value<br>1 April 2020||3,655,996|4,102,363|
||Additions||261 ~164|811,120|
||Disposals||(105,942)|(945,772)|
||Net unrealised<br>investment|gains/(losses)|585,127|(311,715)|
||Market Value 31 March|2021|4,396,345|3,655,996|
||Historical Cost 31 March|2021|2,781,556|2,556,215|
|4|DEBTORS||||
||Accrued investment<br>income||2,679|1,899|
||Income tax recoverable||||
||Funds<br>in hands ofthe stockbroker||65,666|233,729|
||||68,345|235,628|
|5|CASH AT BANK||||
||Deposit accounts||47,610|47,445|
||Current accounts||90,824|99,242|
||||138,434|146,687|
|6|CREDITORS: Amounts|falling due within one year|||
||Annuities<br>for March 2021||180|1,440|
||Accruals||8,400|8,400|
||||8,580|9,840|





## 

## 

|||||Net||
|---|---|---|---|---|---|
|||||current|Total|
||||Investments|assets|2021|
|Unrestricted|Income Fund||115,465|132,533|247,998|
|Permanent|Endowment|Fund|4,280,880|65,666|4,346,546|
||||4,396,345|198,199|4,594,544|
|||||Net||
|||||current|Total|
||||Investments|assets|2020|
|Unrestricted|Income Fund||135,056|138,746|273,802|
|Permanent|Endowment|Fund|3,520,940|233,729|3,754,669|
||||3,655,996|372,475|4,028,471|



## 



## 

## 

||||Msrlwt|Acxtu Istdone|ReaSssttorm|Roecoed|fin re a Dead|Itsrkst|Cost|||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||vstuo et|during|durtng|gekm|9slrN|value at|st||Inoome|
||||31.320|your|year|(losses)|(loseos)|31321|31321||2020|
|Summary|||E|E|E|E|E||E||E|
|Eeutty Shares|||3,M4,880|261,165|(112,$94)|8,7$2||3,813,7DS|2,232,896|106,172|126,124|
||||||||(3.452)|247~|||5,122|
||||||||14.987|||12.675|9,004|
||||3,855,998|261,165|(112,694)|6,752|$86.127|4.398,348|2,781,ssr|12D,778|f40,250|
||||Market|Acquteldorm||ResSeed|uweaeesd|Market|Cost|||
||||vskf~st<br>31~|during<br>year||gains<br>gooses)|gains<br>Semess)|value at<br>31321|~t<br>3M21|||
|Equity Shares|||E|E||E|E|E|E|||
|Amaton||||||||||||
|100Com Stock US$0.01|||157,102||||67,330||43,997|||
|viva||||||||||||
|2D,DDD Ordinary|Shares ofE025||||||||||4.fsp|
|BBHwdtham|Trust|||||||||||
|75,000Ordinwy|Shares ofEedfI||||||49/7$|142.125|75.470||t,ere|
|BHP Begun||||||||||||
|4,000Ordinary|Shares ofUS$0.50||||||||38,770||4,$07|
|BP||||||||||||
|15,000Orchnsry|Shares ofUS$025||$1,830|||||||3,011||
|BTGroup||||||||||||
|,000Ordinary|Shares ofED.05||||||||||4,620|
|Cnxla kftwnollomt||||||||||||
|27Onllnsry|Shares ofE0.10609756||120,769|||||179,458|7,751||Seee|
|Dschm Phwmscsutfcakr||||||||||||
|000Ordhmry|Shsros cdE0.01||47,040||||21,$60||50,511|||
|Dfsgrm||||||||||||
|6,000Ordinary|Shares ofE02S93$185|||||||149,476|1,463|3,494||
|Esslty ABSo/B'npv||||||||||||
|.750 Ordinary|Shwos||||||(7,491)||||f,244|
|GlaxoSmffhtdlre||||||||||||
|7,000Ordlnwy|Shwes otE025||||||(15,882)|||||
|Helms||||||||||||
|7ADD (2020: 10,000)Ordlnwy||Shares ofE0.10|192,100||(62,007)|13,982|33,975||12,030||1,854|
|HSBC Holdfngs||||||||||||
|12.750 Ordlruuy|Shsnm ofUS$0.50||sr,sir||(50,687)|(7230)||||||
|tmpax Envronmentsl||||||||||||
|35,000Ordinary Shares of E0.10<br>Jwdfne~Holdfngs Lkl|||93.800|||||1$3.125|10S,727|1,85$||
|2,400 Ordinary|Shanm ofUS$02S||||||17,143|113,835|72,7S4|3219||
|Loget 8Gonend Gnwp||||||||||||
|35.000Onenwy|Shares ofEDAI25||67,848|||||97.685||8,150||
|Uoyds Bsnldng|Gmup|||||||||||
|SSP29One nary Shares of ED 10||||||||||||
|cwriod fwwwd|||||(112,894)|6,752||1,610,849||||






|||Ms rlutt|Acttel ettlone|~ns|Real)sad|UnrsoDssd|Market|Cost||
|---|---|---|---|---|---|---|---|---|---|
|||value el|durtng|durlne|gales|9 allis|volvo at||tnoomo|
|Equ)(y Shares (ooytflnuedj||$1.320<br>E|E|)roar<br>E|gooses)<br>E|gosess)<br>E|$1421<br>E|31.$21<br>E|2021<br>E|
|||1,355,$S6||(112,694)|6,752|360,7$3|i,eiowS|||
|LXI REIT||||||||||
|126,551(2020:|113,460)Onenary Shwos ofE0.01||18,2$8|||19,712|i59,454||6272|
|)46GPk||||||||||
|35,000Ordinary|shares olE0.05|39,41D||||33,18D|72,590|||
|kdctostm Corp||||||||||
|1,000shares $0DOI||127,078|||||171,017|87,336||
|Nstkuud<br>Grid||||||||||
|13,870Otrentuy|Shetes ofE0.1243128$|132240||||(11,539)|120,70i|||
|NasUe||||||||||
|1,250CHFO.ID||104.185||||(2,$82)|101,203|63,749||
|Pennon Group||||||||||
|10,000Ordinary|Shares ofEOA07|||||(11,050)|97,5M|5'I,861|3,688|
|Polar Capital Funds Global kteurance||||||||||
|20,000Shares||97,422||||19,708|117,130|105,537|1,784|
|Rlo Tkrto||||||||||
|1,MOOnenwy<br>Sharesof ED10||||||27,4n||18,165||
|RITCapital Partners||||||||||
|6,000Ordinary Shares ofEI.DO||108,360||||||102,581|2,100|
|Royal Dutch Shral||||||||||
|7,600<br>tt Ordkuuy Shane of60.07||tOI+85||||(1.860)|100,125||3.691|
|Slamens AG NPV (REGD)||||||||||
|1000ordhaty shams||||||19,433|119,122|||
|Stamens Energy|AG NPV|||||||||
|onenwy shares|||10,003|||3,071|13,074|t0,003||
|Shires Income||||||||||
|35,000 Ortensry|Shares ofE07)0|||||||||
|Smith &Nephew||||||||||
|10,000Onenwy|Shares ofUS$020|143,450||||(5,650)|137.800||2,973|
|Smith (DS)||||||||||
|25,454 OnDnsry|Sharo ofE0.10|70,100||||33,676|103,776|87,$68||
|Syncons Limned||||||||||
|.000Otdktaty|shwos|||||18,400|101.600|107,847||
|TP ICAP||||||||||
|49,000 (2020:35,000)Culinary Shwea otE026||118,440|19,600|||(18,750)|119,2$0|126,981|5,898|
|Unfevcr||||||||||
|3.000Ordlnwy Shwss ol EQUI 111||||||(585)|121,680|1,192|4,445|
|Vatican Communhetktns||||||||||
|2,500Common|StockolUS$0.10|||||(2,786)|105,449|52,023|4,047|
|Visa Inc||||||||||
|750Class 'A' Shares ot USD$0.001|||115,575|||(3M)|115,185|115,575||
|Vodekme Group||||||||||
|75,000Ord 5henm of US$020S5238||||||14,160|$8,910|121,643||
|||3,084,890|261,186|(112,894)|6,752|573,692|3,813.705||i05,in|





||||Market|Acqu taigano|Rssgsad one||Unrrudkmd|Market|Ccat|||
|---|---|---|---|---|---|---|---|---|---|---|---|
||||vshra ot|durtng|during|gains|gains|vskro st|||fnoomo|
||||31.MO|year|year|(tosses)|(hssas)|SIAAt|31,341||2020|
|Government<br>Secor((tee|||E|E|E|E|E|E|E||E|
|E70,000 2'/% Index~||||||||||||
|Treasury Stock 2024|||||||||||5.122|
|120,000125%Indox4tnkod||||||||||||
|Treasury Stodr 2032|||2M,852||||(3,462)|247~|253,606|2,929||
||||||||(3,452)|247.200|||5,122|
||||Market|Acqul stdone|Roagsatlons|Rsa0aad|Unroallssd|Market|Cost|||
||||value at|durhg|during|gains|girl<br>no|value at|at|||
||||31220|||(losses)|)|3'1321|31221|2021||
|(nvestment<br>Compen(ee|||E|E|E|E|r.|E|E|E||
|In(emotional<br>Pubtc Partnershlps||Ltd||||||||||
|82266 OnSnsry Shares|ofE0.0001||||||10.037|138.370||5.981|3,217|
|Jupiter Unit Trust alanagara||||||||||||
|Sordogk Band 299,955.472shares|||192,121|||||197,071|201,247|||
|Standard<br>LNe Investment|PcoperUm|||||||||||
|Income Trust||||||||||||
|63,885Ordinmy Shares|ofE0.01|||||||||||
||||||||14,987|335,441||12,876||