2021-07-31-accounts - The Grocers' Charity

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		Page
REPORT OF THE TRUSTEE		1-10
REFERENCE AND ADMINISTRATIVE	DETAILS
STATEMENT OF TRUSTEE'S RESPONSIBILITIES		12
INDEPENDENT AUDITOR'S REPORT		13 - 15
STATEMENT OF FINANCIAL ACTIVITIES		16
BALANCE SHEET		17
CASH FLOW STATEMENT		18
NOTES TO THE ACCOUNTS		19-30

TRUSTEE:	The Grocers' Trust Company	The Grocers' Trust Company	The Grocers' Trust Company	The Grocers' Trust Company	Limited	Limited
SETTLOR:	The Grocers' Company
SECRETARY TO THE	Brigadier Greville	Bibby CBE
TRUSTEE:
CHARITY MANAGER:	Ms Michelle Molyneux
PRINCIPAL OFFICE:	Grocers' Hall
	Princes Street
	London
	EC2R 8AD
AUDITOR:	Buzzacott LLP
	130Wood Street
	London
	EC2V 6DL
BANKER:	Bank ofScotland	pic
	25Gresham Street
	London
	EC2V 7HN
INVESTMENT	The Grocers' Trust Company				Limited		Peel Hunt LLP
CUSTODIANS	Grocers' Hall						120 London Wall
	Princes Street						London
	London						EC2Y 5ET
	EC2R BAD (To 30'" June 2021)						(to 30'" June 2021)
	Rathbone Nominees		Limited
	Port of Liverpool	Building
	Pier Head
	Liverpool
	L3 1NW
	(From 1"July 2021)
INDEPENDENT	Liontrust Investment		Solutions		Limited
INVESTMENT	2 Savoy Court London
ADVISER:	WC2R OEZ
	(to 31stJuly 2021)
INVESTNIENT	Rathbone Investment		Management			Limited
MANAGER:	8 Finsbury Circus
	London
	EC2M 7AZ (from 1"May 2021)
SOLICITORS:	Charles Russell Speechlys			LLP
	5 Fleet Place
	London
	EC4lvl 7RD

					Permanent	Expendable
					Endowment	Endowment	Restricted	Unrestricted	TotalFunds	Tots)Funds
					Funds	Funds	Funds	Funds	2021	2020
				Note		f	f	f	f	f
Income and	endowments
from:
Donations and legacies						6,018,779	123,877	188,252	6,330,908	240,501
Investments							28,246	442,343	470,589	571,869
Totalincome						6,018,779	152,123	630,595	6801,497	812,370
Expenditure on:
Raising funds
Fundraising expenses							1,518		1,518	456
Investment manager			fees		3,659	4,046		95	7,800
Expenditure on			charitable
activities
Grant-making				4,5,6	121		99563	857.761	957 445	900,866
Total expenditure					3,780	4,046	101,081	857,856	966 763	901322
Net (expenditure)/		income
before investment		gains and
losses					(3,780)	6,014,733	51,042	(227,261)	5,834,734	(88,952)
Net gains/ (losses)		on
investments					3,464,568	3,030,028		180,864	6,675,460	1,756,334
NET INCOME/(EXPENDITURE)					3,460,788	9,044,761	51,042	(46,397)	12,510,194	(1,845,286)
Transfers between		funds		12			6,128	(6,128)
NET MOVEMENT		IN	FUNDS		3,460,788	9,044,761	57,170	(52,525)	12,510,194	(1,845,286)
Balances brought		forward
at beginning ofyear					13,672,048	10,160,002	64,296	741,017	24,637,363	26,482,649
Balances carried	forward
at end ofyear				10,11, 12	17,132,836	19,204 763	121,466	688,492	f37,147,557	f24,637,363

				Permanent	Expendable
				Endowment	Endowment	Restricted	Unrestricted	Total Funds	Total Funds
				Funds	Funds	Funds	Funds	2021	2020
			Note	E			E	E	E
FIXEDASSETS
Investments			7	17097,984	18,909,754		441,822	36,449,560	24,354,829
				17,097984	18,909,754		441,822	36,449,560	24,354.829
CURRENT	ASSETS
Debtors						3,844	54,252	58,096	47,988
Cash at bank				38,511	299057	121022	199,512	658 102	242,156
				38,511	299,057	124,866	253,764	716,198	290,144
CURRENT	LIABILITIES
Creditors			9	(3,659)	(4,048)	(3,400)	(7,094)	(18,201)	(7,610)
NET CURRENT ASSETS/
(LIABILITIES)				34,852	295,009	121,466	246,670	697,997	282,534
TOTAL	ASSETS	LESS
CURRENT	LIABILITIES			17,132,836	19,204,763	121,466	688,492	E37,147,557	E24637363
			Note	10	11	12

						2021	2020
						f	f
Cash flows from operating activities:
Net cash used in operating activities						(695,229)	(679,693)
Cash flows from investing activities:
Dividends and interest						422,163	530,065
Proceeds from the sales offinancial	investments					30,530,251	200,357
Purchase offinancial investments						(27,986,859)
Net cash provided by investing activities						2,965,555	730,422
Change in cash equivalent in the reporting			period			f2,270,326	f50,729
Change in cash in the reporting period						2,270,326	50,729
Cash at the beginning ofthe reporting		period				242,156	191,427
Cash and cash equivalents at the end		ofthe reporting		period		E2,512,482	E242,156
Reconciliation ofnet income to operating			cash flows
Net income/(deficit) forthe year						12,510,194	(1,845,286)
Adjustments for:
Dividends and interest						(422,163)	(530,065)
Donation of investments						(6,108,283)	(50,000)
Losses /(gains) on investments						(6,675,460)	1,756,334
(Increase)/decrease / in debtors						(10,108)	135
Increase / (decrease) in creditors						10,591	(10,811)
Net cash used in operating activities						f(695,229)	f(679,693)
Analysis ofcash and cash equivalents		and	reconciliation		ofnet funds
					1August 2020	Cash flows	31July 2021
Cash at bank and in hand					242,156	415,946	658,102
Cash held by investment managers						1,854,380	1,854,380
Total cash and cash equivalents					242,156	2,270,326	2,512,482

				Permanent	Expendable
				Endowment	Endowment	Restricted	Unrestricted	Total Funds
				Funds	Funds	Funds	Funds	2020
			Note			E	E	E
Income and endowments
from:
Donations and legacies						87,135	153,366	240,501
Investments						36,619	535,250	571,869
Totalincome						123,754	688,616	812,370
Expenditure on:
Raising funds
Fundraising expenses						456		456
Expenditure on		charitable
activities
Grant-making			4,5,6	91		104,260	796,515	900866
Total expenditure				91		104,716	796515	901,322
Net (expenditure	J/income
before investment		gains		(91)		19,038	(107,899)	(88,952)
Net (losses)/gains		on
investments				959,836	688,412		108,086	1,756,334
NETINCOME				(959,927J	(688,412J	19,038	(215,985J	(1,845,286J
Transfers between		funds				649	(649)
NET MOVEMENT		IN FUNDS		(959i927)	(688p412J	19687	(216i634)	(li845286)
Bolances brought		forwanl
at beginning ofyear				14,631,975	10,848,414	44,609	957,651	26,482,649
Balances carried	forward
at end ofyear			10,11,12	13,67 048	10,160002	64,296	741017	E24,637,363

				Permanent	Errpendable
				Endowment	Endowment	Restricted	Unrestricted	Total Funds
				Funds	Funds	Funds	Funds	ZOZO
			Note	E	E	E	E	E
FIXEDASSETS
Investments			7	13,650,639	9,790,491		913,699	24 354,S29
				13,650,639	9790491		913699	24 354829
CURRENT	ASSETS
Debtors						679	47,309	47,988
Cash at bank				21,409	369511	63,617	212,381	242,156
				21,409	369,511	64,296	(165,072)	290,144
CURRENT	DAB ll I TIES
Credi tors							(7,610)	(7,610)
NET CIIRRENT ASSETS/
(UABIUTIES)				21,409	369,511	64296	172,682	282.534
TDTAL	ASSETS	lESS
CURRENT	UABIUTIES			13,67204S	10,160,002	64,296	741017	E24637363
			Note	10		12

				Grants	Staff and
				Payable	Governance	Total
					Costs
					E
Grant-making	2021			875,895	81,550	E957,445
Grant-making	2020			829,960	70,906	E900,866
Grants payable	were made		in the following categories:
					2021	2020
					E	E
Education					288,010	286,785
Relief ofPoverty/		Youth			99,612	92,151
The Elderly					58,840	51,300
Health					86,788	75,726
Youth					80,479	80,658
Disability					78,144	70,500
Arts					68,770	45,565
Churches					39,800	52,550
Military					31,452	41,080
Environment					24,000	15,000
Heritage					20,000	18,645
Total					E875,895	E829,960

Staff costs	relate to one member ofstaff (2020 —1);	2021	2020
		E	E
Salaries		47,088	44,846
Social security costs		5,283	4,990
Pension costs		6,930	6,600
Temporary	staff	9,282	4,125
Other staff	costs	4,562	2,697
Total		E73,145	E63,258

GOVERNANCE	COSTS
						2021	2020
						E	E
Audit fees						7,300	6,600
Subscriptions,	printing and bank		costs			1,105	1,048
Total						E8,405	E7,648
INVESTMENTS
						2021	2020
Quoted Securities						E	E
Market value
At beginning	ofyear					24,354,829	26,261,520
Additions						34,095,142	50,000
Disposals						(30,530,251)	(200,357)
Realised gains/(losses)						5,594,901	(42,279)
Gains/(losses)	on revaluation					1,080,559	(1,714,055)
At end ofyear						34,595,730	E24,354,829
Cash held by	investment	managers				1,854,380
Total market	value at 31"July 2021					E36,449,560
Historical cost
At end ofyear						E33,017,392	E14,917,317
Investments include the		following	significant	holdings	as at 31stJuly 2021:

DEBTORS
		2021	2020
		E	E
Income tax	recoverable	4,889	6,183
Prepayments	and accrued interest	53,207	41,805
		E58,096	E47,988

					2021	2020
					E	E
Accruals and deferred	income				14,800	6,600
Other creditors					3&401	1,010
					F18,201	E7,610
ERMANENT ENDOWMENT		FUNDS
			Balance as at	Expenditure,		Balance as at
			1stAugust 2020	Gains and Losses		31stJuly 2021
			f	E		E
Grocers' Company			13,486,289	3,419,240		16,905,529
Dame Margaret Slaney			164,350	41,668		206,018
Mercers' and Waterford			21,409	(120)		21,289
Total			E13,672,048	E3,460,788		E17,132,836
			Balance asat	Expenditure,		Balance asat
			1stAugust 2019 E	Gains and Losses		31stJuly 2020f
Grocers' Company			14,434,569	(948,280)		13,486,289
Dame Margaret Slaney			175,906	(11,556)		164,350
Mercers' and Waterford			21,500	(91)		21,409
Total			E14,631,975	E(959,927j		E13,672,048

		Balance as at	Income	Expenditure,	Balance as at
		1stAugust 2020 f		Gains and Losses f	31stJuly 2021 f
Grocers'	Company	8,839,572	6,018,779	2,695,776	17,554,127
Queen's	Golden
Jubilee Scholarship Total		1,320,430 E10,160,002	E6,018,779	330,206 f3,025,982	1,650,636 E19,204,763
		Balance asat		Gains and lasses	Balance asat
		1stAugust 2019f		f	31stJuly 2020f
Grocers'	Company	9,436,406		(596,834j	8,B39,572
Queen's	Golden
Jubilee Scholarship Total		1,412,008 f10,B48,414		(91,57B) f(688,412	1,320,430 f10,160,002

		Balance as at	Income	Expenditure	Transfers	Balance as
		1stAugust			between	at 31stJuly
		2020			funds	2021
		E	E	E	E	f
Dame Margaret	Slaney	2,285	4,139	(5,000)		1,424
Mercers' and Waterford				(800)	800
Queen's Golden
Jubilee Scholarship		60,292	24,107	(13,500)		70,899
Fundra ising Campaigns
and Events		1,719	8,877	(16,781)	5,328	(857)
Restricted donations			115,000	(65,000)		50,000
Total		F64,296	E152,123	E(101,081)	E6,128	E121,466
		Balance asat	Income	Expenditure	Transfers	Balance as
		1stAugust			between	at31stJuly
		2019			funds	2020
		E		E
Dame Morgoret	Slaney	1,101	6,184	(5,000)		2,285
Mercers' ond Waterford			151	(800)	649
Queen's Golden
Jubilee Scholarship		43,508	30,284	(13,500)		60,292
Fundrolslng Campaigns
and Events			29,635	(27,916)		1,719
Restricted donations			57,500	(57,500)
Total		E44,609	E123,754	E(104,716)	E649	E64,296

Arts						E	Churches				E
LUNG Pniductions CIO Arkbound Foundation						E5,750 f5,000	Oundle Parish Church (StPeter's) St Mary-le-Bow, Cheapside				«6,500 f5,000
Awards for Young Musicians						f5,000	PCC All Souls Church Eastbourne				f3,500
Bankside Gallery						«5,000	St Michael and All Angels,	Waterford			«2,800
Drunken Chorus						«5,000	All Hallows, Bromley-by-Bow			PCC	«2,000
Flute Theatre						«5,000	All Saints Church PCC, Caldecote				«2,000
Intosrt Projects						E5,000	StJohn the Baptist, Parish	of		Stone	«2,000
MK Islamic Arts Heritage		and		Culture		«5,000	St Mary Bow & Holy Trinity	Bow			«2,000
The Creative Dimension		Trust				E5,000	St Mary Virgin, Northill PCC				E2,000
Two Moors Festival, The						«5,000	St Mary's Church, Bucknell				E2,000
Phosphoros Theatre						E4,320	St Matthew, Highfield				«2,000
Music In Detention Taking Flight Theatre Company						E3,000 f3,000	St Paula, StBarnabas, Homerton St Peter's Church, Ugborough				E2,000 E2,000
The Piano Teachem' Course				UK Trust		«3,000	StStephen, Walbrook				E2,000
Purbeck International Chamber					Music	E2,700	St. Ladoca, Ladock				E2,000
Int'I Musicians Seminar	Prussia				Cove	«2,000
						«68,770					«39,800
Disability						E	Education
Aspire						«5,000	Oundle School				«150,000
Calvert Trust the Lake District						E5,000	Mossbourne Community Academy				«30,000
ClearVision Project						E5,000	The Elms (Colwall)				«13,310
Cued Speech UK						E5,000	City 8 Guilds of London Art School				E12,500
Frozen Light						f5,000	Imperial College Landon				E11,250
Head2Head Sensory Theatre						«5,000	St Paul's Cathedral School				«10,352
Kids Care London (Camp		Horizon)				E5,000	Guildhall School ofMusic and			Drama	«10,000
People First (SelfAdvocacy) The Chronicle Sunshine Fund						E5,000 f5,000	City of London Freemen's School City of London School for Boys				E8,000 E8,000
The Southmead Project						f5,000	City of London School for Girls				E8,000
Walsall Society for the Blind						«5,000	Reed's School				F7,500
Sight Support West af England						«4,562	Royal College ofArt				E6,000
Animal Antiks						«4,500	Mansion House Scholarship		Scheme		E5,000
Open Country						«4,421	City & Guilds of London Institute				E3,000
Berkshire Multiple Sclerosis			Therapy			E4,410	University College London				«2,250
Awards under E2,000 (4)						E5,251	Awards under «2,000(3)				«2,848
						E78,144					«288,010
Youth						E	Elderly				f
Amy and Friends						E5,000	Arts 4 Dementia				f5,000
Articulate Cultural Trust						f5,000	Beverley Community LiR				«5,000
Envision (Environmental	Vision)					E5,000	Kissing it Better				«5,000
Friends ofthe Rose Bowl						E5,000	Neighbours in Poplar				f5,000
I Can and I Am						«5,000	Shropshire Rural Communities			Charity	f5,000
Prout Bridge Project						«5,000	Silver Links/One King Ministries				«5,000
Schoolreaders						«5,000	The Spitz Charitable Trust				«5,000
Strength & Learning Through				Horses		E5,000	Wessex Heritage Trust				«5,000
TalentEd						f5,000	Opening Doors London				«4,000
Team Up						«5,000	Rotherfield St Martin				E4,000
Children's Bereavement	Centre					«4,817	Art Beyond Belief				f3,840
CAP UK						E4,680	Age UK Oxfordshire				f3,500
Nene Valley Care Trust (NVCT)						f4,665	The Deans Senior Tea Club				E2,500
Quest for Learning						E4,331	Awards under E2,000(1)				E1,000
ACET (Aids Care Education			& Training)			E4,236
Give ItYour Max						«3,000
The Bach Choir						«3,000
Awards under f2,000 (2)						«1,750
						«80,479					«58,840

Health					Regef of Poverty
Action Medical Research				f5,000	VSO (Voluntary Services Overseas)					E10,000
Ellenor Hospice				E5,000	Glass Door Homeless			Charity		E8,032
Fegans				f5,000	Ben's Centre for Vulnerable				People	E5,000
Horatio's Garden				E5,00D	Bow Foodbank					E5,000
Hospice AID LIK				E5,000	Hands On London					E5,000
Jo's Cervical Cancer Trust				E5,000	Holy Trinity, Lyonsdown					E5,000
Open Door Charity				E5,000	North Bristol Advice		Centre			E5,000
RT Community Projects				F5,000	Oswin Projects					F5,000
St Clare Hospice				E5,000	Read Easy UK					E5,000
The Eve Appeal				f5,000	Street Connect					E5,000
Women and Health				f5,00D	StreetVet					E5,000
Barnsley Hospice				E4,995	The Lord Mayor's	Appeal				f5,000
Fallen Angels Dance Theatre				E4,870	Up 'N Away					E5,000
MQ Mental Health				E4,563	West London Centre for Counselling					f5,000
Epilepsy Action				E4,500	Boxes of Basics					E4,800
Merlin MS Centre				f4,500	Oxford Churches	Debt		Centre		f4,000
Oakhaven Hospice Trust				E2,500	St Philemon Church					f3,500
Kidscan Limited St Wilfrid's Hospice				E2,000 E2,000	City & Metropolitan New Forest Basics		Welfare Bank		Charity	E3,000 f2,500
Awards under E2,000	(2)			E1,860	Awards under f2,000			(3)		E3,780
				E86,788						E99,612
Environment				E	Heritage					E
CleanupUK				E5,000	Grinling Gibbons	Society				F5,000
Harper Asprey Wildlife South Downs National		Rescue Park Trust		f5,000 f5,000	Oriel College Development Trust St Paul's Cathedral Foundation					E5,000 E5,000
Take A Pnde in Perth	& Kinross			f5,000	The Skinners' Malmesbury				Foundation	E5,000
Curlew Action				f4,000 f24,000						E20,000
Military				E
Horseback UK				F5,000
INSIGHT Counselling Royal British Legion Industries				f5,000 f5,000
Supporting Wounded	Veterans		Ltd.	f5,000
Waterloo Uncovered				E5,000
ABFThe Soldiers' Charity				E2,000
Taxi Charity for Military		Veterans		E2,000
Awards under E2,000	(2)			E2,452
				f31,452
Total Grants				E875,895