## 

## 

||||Page|
|---|---|---|---|
|Legal and administrative||information||
|Trustees' report|||2-3|
|Independent<br>examiner's||report||
|Statement offinancial|activities|||
|Balance sheet||||
|Notes to the financial statements|||7-16|





## 

## 

|Trustees||John Sell||||
|---|---|---|---|---|---|
|||Emma Simpson||||
|||Barbara Rutter||||
|||Sharon<br>Long||||
|Chief Executive and Secretary||Paula Grigeths||||
|Charity number||258488||||
|Principal address||1st Floor||||
|||8-10Upper Marlborough|||Road|
|||St.Albans||||
|||Hertfordshire||||
|||AL1 3UR||||
|Independent|examiner|Gilberts Chartered|Accountants|||
|||Pendragon<br>House||||
|||63 London Road||||
|||St Albans||||
|||Hertfordshire||||
|||AL1 1U||||
|Bankers||HSBC Bank pic||||
|||1Market Place||||
|||Hitchin||||
|||Hertfordshire||||
|||SGS LDR||||
|Solicitors||SA Law||||
|||Gladstone<br>Place||||
|||36-38Upper Marlborough|||Road|
|||StAlbans||||
|||Hertfordshire||||
|||AL13UU||||
|Investment|advisors|Rathbone<br>Greenbank||Investments||
|||10Queen Square||||
|||Bristol||||
|||8514NT||||





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|||||||||||Unrestricted|Unrestricted|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||funds|funds|
|||||||||||2022|2021|
||||||||||Notes|5|E|
|Income<br>o||||||||||||
|Rental income||||||||||(60)|(386)|
|Investments||||||||||53,595|48,563|
|Total income||||||||||53,535|48,177|
|Ch||||||||||||
|N<br>4||||||||||||
|Independent<br>examiner's|||fee|||||||2,780|2,560|
|Investment<br>management||||||||||14,622|12,419|
|||||||||||17,402|14,979|
|Charitable<br>activities||||||||||||
|Depreciation||||||||||20,000|20,000|
|Grants||||||||||25,950|32,403|
|Admin<br>Expenses||||||||||54||
|Transfer to/(from)||replacement|||reserve|||||20,000|20,000|
|Total charitable|expenditure|||||||||66,004|72,403|
|Total resources|expended|||||||||83,406|87,382|
|Net gains/(losses)||on revaluation|||of|fixed assets||||||
|Net gain/(loss)|on|revaluation||of investments||||||68,294|614,741|
|Net gain/(loss)|on|disposal of||investments||||||36,021|95,201|
|||||||||||104,315|709,942|
|Net income for|the year|||||||||74,444|670,737|
|Net movement|in|funds||||||||74,444|670,737|
|General reserve|at 6 April||2021|||||||2,275,657|1,604,920|
|General reserve|at 5 April||2022||||||11|2,350,101|2,275,657|
|The statement|offinancial activities|||||includes|all gains and losses recognised|in the year.||||





## 

## 

## 

||||2022||2021||
|---|---|---|---|---|---|---|
|||Notes|E||E||
|Fixed assets|||||||
|Tangible assets||||377,664||397,664|
|Quoted investments||||2,938,714||2,904,932|
|||||3,316,378||3,302,596|
|Current assets|||||||
|Debtors|||2,178||20,383||
|Cash at bank and in|hand||401,765||302,070||
||||403,943||322,453||
|Creditorsi<br>amounts|falling due within one||||||
|year||10|(6,126)||(5,298)||
|Net current assets||||397,817||317,155|
|Total assets less current liabilities||||3,714,195||3,619,751|
|Income funds|||||||
|Restricted funds||||1,227r306||1,227,306|
|Unrestricted<br>funds||||2,486,889||2,392,445|
|||||3,714,195||3,619,751|





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## 


|||||2022|2021|
|---|---|---|---|---|---|
|||||E|E|
|Less property||expenses||(60)|(386)|
|||||(60)|(386)|
|Raising|funds|||||
|||||2022|2021|
|||||E|E|
|Auditors'|remuneration|||2,780|2,560|
|Stockbroker managment|||fees|14,622|12,419|
|||||17,402|14,979|





## 

## 

## 

## 

|Grants payable||||||||
|---|---|---|---|---|---|---|---|
|||||||2022|2021|
|9Lives Furniture|||||||1,000|
|Angling 4Success|||||||1,000|
|Autism Beds||||||1,000|1,500|
|Beds &Northants<br>MS|Therapy Centre||||||1,000|
|British Dyslexia||||||1,000|500|
|Carersin<br>Hertfordshlre||||||1,000|1,000|
|CHUMS|||||||2,000|
|Country<br>Days||||||500|1,000|
|CVS Herts &Stevenage||||||500||
|Daylight<br>Club||||||1,000|1,000|
|Demand Abbots Langley||||||1,MO|1,000|
|Earthworks<br>StAlbans||||||1,000|1,500|
|East & North Hertfordshire||Hospitals||Charity||750|1,000|
|Enterprising<br>Youth Educabon<br>lEYEl||||||500||
|Friends ofSt Luke' s|||||||500|
|Garden House Hospice|Care||||||500|
|Grove Cottage Holiday|Clubs|||||1,500||
|Happy<br>Days Childrens|Charity|||||1,500||
|Home Start||||||||
|Ivel Vagey School||||||1,000||
|Keech Hospice Care Luton|||||||1,000|
|KIDS London N1|||||||500|
|Kids in Action Children's<br>Charity||||||500||
|Kids Out||||||700|500|
|Motor Neurone<br>Disease Assoc South||||Herts Branch||||
|Music for my Mind||||||||
|Open House Bedford|||||||500|
|Out ofClass||||||1,500||
|Peace Hospice Care|||||||500|
|Philharmonia||||||1.000||
|Rennie Grove Hospice|Care|||||750|1,000|
|Respite at Home||||||1.000||
|Rural Care||||||1,000|1,000|
|Shopmobility||||||1,000||
|South Bucks Hospice||||||750||
|Speoal Needs Out ofSchool Club in Beds|||||||1,000|
|Strength and Learning|Through||Horses|||1,500||
|Trestle Theatre Company||||||1,000|1,000|
|The Pepper Foundation||||||750||
|Waterways<br>Experience|||||||9,153|
|Wegbemg<br>Fitness &Leisure||Community|||Trust Ltd|750||
|Wheel Power||||||500||
|Written back C-Salt 1Life St||Albans Art|||Team (dated 30.03.20l||750|
|Youthtalk||||||1,000||
|||||||25,950|32,403|





## 

## 

## 

## 

## 

## 

## 

|Tangible fixed assets||||||
|---|---|---|---|---|---|
|||Freehold land|Narrow boat|Yacht Norma|Total|
||||Sheldrake<br>IX|Olive||
|Cost||||||
|At 6 April 2021||42,000|221,788|250,664|514,452|
|At 5 April 2022||42,000|221,788|250,664|514,452|
|Depreciation<br>and impairment||||||
|At 6 April 2021|||86,788|30,000|116,788|
|Depreciation<br>charged|in the year||10,000|10,000|20,000|
|At 5 April 2022|||96,788|40,000|136,788|
|Carrying amount||||||
|At 5 April 2022||42,000|125,000|210,664|377,664|
|At 5 April 2021||42,000|135,000|220,664|397,664|





## 

## 

## 

## 

||||Number<br>of|Historic||||||Historic|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||Ordinary|Cost||Stock|split/|||Cost||Market Value|
|Investments|||Shares held|2021|Additions|Disposalsrights|issue|Adj Book|Cash|2022|2022|2021|
|||||||||Value|movement||||
||||||6|E|6|E|||||
|Equity Investments|||||||||||||
|Aquila European|Renewables||23,000|22,188||||||22,188|19,449|20,410|
|Be sway<br>PLC|||700|22,446||||||22,446|17,500|24,171|
|Civitas Sooal Housing|||19,000|19,467||||||19,467|16,777|20,444|
|Coats Group|||52,800|34,069||||||34,069|40,286|29,568|
|Dechra Pharmaceutricals|||1,000|4,058||||||4,058|42,380|34,420|
|Digital 9Infrastructure||pic|28,000|28,237||||||28,237|31,164|28,210|
|Ecofin US Renew|||||||||||||
|Infrastructure|||29,562|21,936||||||21,936|23,797|21,802|
|Experian|||1,000|27,987||||||27,987|29,570|25,460|
|FDM Group Holdings||pic|2,000|18,135||||||18,135|21,480|20,320|
|Foresight Sustainable|||25,000||25,230|||||25,230|24,375||
|Genuit (formerly|Polypipe||||||||||||
|Group)|||3,200|13,405||||||13,405|15,632|18,144|
|Glaxo SmithKline|||1,730|20,211||||||20,211|29,476|22,102|
|Gore street energy storage|||||||||||||
|PLC|||16,633||17,155|||||17,155|18,679||
|Greencoat<br>UK Wind|||22,684|23,275|||2,138|||25,413|35,274|27,257|
|Halma|||1,295|4,823||||||4,823|33,385|31,572|
|Harmony<br>Energy|Income TST||||||||||||
|pic|||24,572||24,800|||||24,800|26,415||
|Hikma<br>Pharm|||1,300|27,590||||||27,590|26,845|30,147|
|Home Reit pic|||29,210|26,232|||3,499|||29,731|36,629|29,640|
|Impax Asset Mgmt Lp ord|||||||||||||
|shares|||3,300|8,075||||||8,075|34,188|26,730|
|Impax Environmental|||||||||||||
|Markets<br>PLC|||10,200|8,177||||||8,177|47,532|45,084|
|Intartek Group|||550|4,705||||||4,705|29,073|31,460|
|IPGroup pic|||15,000|17,582||||||17,582|14,018|18,900|
|Jackson Financial|inc|||||924||924|||||
|KBI Asset management|||||||||||||
|Water Fund Instl|Class A|||14,609||14,609||||||43,537|
|Keller Gp|||4,00D|31,964||||||31,964|37.,680|32,480|
|Legal gr General|||13,405|19,304||||||19,304|36,555|38,003|
|Londonmetric<br>Property|||15,000|25,039||||||25,039|41,520|32,760|
|Marshalls<br>Group|||3,200|25,977||||||25,977|21,984|21,952|
|National<br>Grid|||4,350|33,113||||||33,113|52,679|37,562|
|Octopus Renew|||||||||||||
|infrastructure<br>trust|||39,221|30,985|||8,777|||39,762|44,084|35,352|
|Prudenbal|||1,890|5,636||||||5,636|21N23|29,323|
|Renewables<br>infrastructure|||||||||||||
|NPV|||36,666|38,781||||||38,781|50,159|44,953|
|RenewiPLC|||6,940|28,835||||||28,835|45,388|33,937|
|Roche|||150|35,953||||||35,953|47,405|35,191|
|Rockwool intl SA|DKK|10|||||||||||
|shares|||140|28,978||||||28,978|34,999|42,741|
|Schroders|||610|20,131||||||20,131|19,923|21,637|
|Shimano<br>Inc NPV|shares||200|24,124||||||24,124|34,665|34,683|





## 

## 

|Quoted investments|Quoted investments|Quoted investments|Quoted investments|Quoted investments|Quoted investments|||||||||||iContinued)|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||Number of|Historic||||||Historic|||
||||||||Ordinary|Cost||Stack split/||||Cast||Market Value|
|Investments|||||||Shares held|2021|Additions|Disposalsrlghts|issue|Adj Book|Cash|2022|2022|2021|
|||||||||||||Value|movement||||
||||||||||E|E|E|6|||||
|Smith<br>IL Nephew|||||||2,200|6,077||||||6,077|27,126|29909|
|Smith DS|||||||7,509|25,711||||||25,711|23,999|31,057|
|Spectris PLC|||||||640|8,602||||||8,602|16,160|21,862|
|Spirax Sar«o Engineering|||||||215|3,626||1.792||||1,834|27,585|49,258|
|SSE|||||||1,600|24,783||||||24,783|28,752|23,312|
|Equinor ASA NOK 2.5shares||||||||46,140||46,140||||||42,466|
|Swiss Re AG|||||||275|22,229||||||22,229|19,746|19,752|
|Tomra Systems||ASA||NOK 1|||||||||||||
|shares|||||||660|21,489||9,156||||12,333|26,654|36,030|
|Unilever|||||||800|25,202||||||25,202|28,292|32,176|
|Vesta Wind Systems|||||DKKL||||||||||||
|shares|||||||1,200|19,139||||||19,139|29,233|35,676|
|Victrex PLC|||||||1,040|18,462||||||18,462|19,188|23,379|
|Vodaphone<br>US||5Ord|||shares||||||||||||
|post consol'n|||||||15,711|31,730||||||31,730|19,714|20,999|
|Xylem Inc|||||||350|42,955||19,826||||23,129|23,161|49,788|
|||||||||1,012,171|67,185|92,447|14,414|924||1,002,248|1,386,996|1,405,616|
|Funds|||||||||||||||||
|Aberdeen<br>Standard||||Life|||||||||||||
|Investments<br>Gbl Index||||||linked|||||||||||
|bond 5 Inc|||||||72,000|40,667||||||40,667|44,438|43,639|
|Alfen NV Euro|shares||||||375|23,130||||||23,130|29,703|23,056|
|Aptiv<br>PLC USS|||||||400|25,792||||||25,792|34,357|40,885|
|ASML Holdings||NV|||||100|13,503||||||13,503|49,917|44,949|
|Assa Abloy|||||||1,500|22,152||||||22,157.|31,649|31,133|
|Autodesklnc|||||||94|18,731||||||18,731|15,145|19,507|
|Beyond Meat|inc||||||210|21,551||||||21,551|7,581|19,890|
|Brown Advisory||Funds||||US|||||||||||
|Sustainable<br>growth||||C Inc|||6,200|55,302||||||55,302|112,238|93,936|
|CHR Hansen|||||||400|28,288||||||28,288|23,153|26,323|
|Dexcom Inc|||||||110|27,447||||||27,447|43,263|29,149|
|F6 C Portfohos||Fund|||now||||||||||||
|BMO Responsible|||Global EM||||||||||||||
|Equity<br>R|||||||3,700|46,025||||||46,025|54,760|58,053|
|First State.Asia||Sus Acc 8now|||||||||||||||
|Stewart Investors|||||||8,700|14,585||||104||14,689|69,200|66,507|
|Fund Partners||Ltd|IM WHEB||||||||||||||
|Sus C inc|||||||47,000|51,826||||||51,826|97,473|96,618|
|Hannon Armstrang||||Suet Infra|||535|20,735||||||20,735|19,199|20,682|
|Hydrogenone|Capital||||Growth||15,685||15,868|||||15,868|16,250||
|Impax Funds ire PLC|||||||||||||||||
|Environmental||Mkts|||Acc||17,000|29,361||||||29,361|43,486|40,919|
|Infineon Technoloees||||||AG|990|30,974||||||30,974|24,185|30,611|



## 



## 

## 

|Quoted investments|||||||||||(Continued)|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||Number of|Historic||||||Historic|||
|||Ordinary|Cost||Stock|split/|||Cost||Market Value|
|Investments||Shares held|2021|Additions|Disposalsrights|Issue|Adi Book|Cash|2022|2022|2021|
||||||||Value|movement||||
||||E|6|6|E|6|E||||
|ianna Henderson<br>Global||||||||||||
|Investors Global Care growth||||||||||||
|I inc||18,700|40,975||||||40,975|101,373|92,846|
|Legg Mason Global Funds||||||||||||
|Clearbndge<br>Us Equity Suet 5||||||||||||
|Hgd||770|73,248||||552||73,800|115,685|108,470|
|Llontrust<br>Futui'es Sus UK||||||||||||
|Growth<br>Fund||10,500|24,859||||276||25,136|26,407|28,357|
|Mayfair Capital Investment||||||||||||
|Management<br>Property|inc|||||||||||
|Trust||45,691|38,754||||||38,754|44,407|37,530|
|Robeco Capital Growth|Funds|||||||||||
|Suet water||85||42,942|||||42,942|40,386||
|Robeco Capital Growth|Funds|||||||||||
|Smart energy||630|10,504||||||10,504|31,935|29,516|
|Schroder Investment||||||||||||
|Management<br>Global Energy||||||||||||
|Trans<br>E Hgd Acc|||26,841||26,782||59||||40,281|
|Schroder Investment||||||||||||
|Management<br>Global Energy||||||||||||
|Trans Qinc||73,030||35,449|||||35,449|38,114||
|Visa Inc||275|34,416||||||34,416|47,351|43,356|
||||719,666|94,259|26,782||991||788,016|1,161,655|1,066,214|
|Gilt Edged securities||||||||||||
|A20 Funding 0 PLC4.5N||||||||||||
|bonds 30/09/2026||11,000|11,114||||||11,114|11,808|12,584|
|Aegon Asset Management||||||||||||
|UK Capital Ethical Corp|8|||||||||||
|iformerly<br>KAMEsi||28,660|90,714||60,164||||30,550|28,812|91,193|
|Deutsche Bahn Finance||||||||||||
|Deutsche Bahn Finance||18,000|19,810||||||19,810|18,442|18,930|
|Kreditanst<br>Fur Wie0.875SS||||||||||||
|Gtd Snr 15/09/2026||38,000|39,457||||||39,457|36,438|38,777|
|Lombard Odier Funds||3,015||31,690|||||31,690|29,009||
|Mirova Funds||315||31,996|||||31,996|29,109||
|Motability<br>Operations<br>Group||||||||||||
|5.375tt 28/06/2022||18,000|21,519||||||21,519|18,419|19,371|
|Rabobank<br>Nederland<br>2.25N||||||||||||
|Snr MTN 23/03/2022|||38,987||38,987||||||37,741|
|Rathbone<br>Umt Trust Mangt-||||||||||||
|Ethical 5Bond Inc||84,410|84,194||||||84,194|82,671|89,229|
|Royal London Unit Trusts||||||||||||
|Managers<br>Ethical Bond Zinc||48,000|57,325|||||205|57,121|53,665|57,552|
||||363,119|63,686|99,151|||205|327,451|308,373|365,377|



## 



## 

## 

## 

|Quoted|investments|investments||||||||||||(Continued)|(Continued)|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||Number oi|Historic|||||||Historic||||
|||||Ordinary||Cost||Stock split/||||Cost||Market|Value|
|Investments||||Shares held||2021|Additions|Oisposalsrights|issue|Adi gook|Cash|2022|2022||2021|
|||||||||||Value|movement|||||
|||||||6|6|6|4||1|||||
|UK index|linked|||||||||||||||
|7/sst Green Gilt 31/07/2033||||||||||||||||
|(int 2 daye0.8751s||||13,197|||13,324|||||13,324|12,073|||
|Treasury|0.5%22/07/2022|||21,000|20,726|||||||20,726|21,011|21,158||
|Treasury|2 3/2% index||linked|||||||||||||
|17/07/2024||||13,000|49,154|||||||49,154|48,606|46,568||
||||||69,880||13,324|||||83,204|81.689|67,726||
|Total Investments|||||2,164,837||238,454|218,380|14,414|1,914|205|2,200,918|2,938,714|2,904,932||
|9|Debtors|||||||||||||||
|||||||||||||2022||2021||
||Amounts|falling due||within one year:||||||||E||E||
||Prepayments||and accrued income|||||||||2,178||20,383||
|10|Creditors:|amounts||falling due within||one year||||||||||
|||||||||||||2022||2021||
|||||||||||||E||E||
||Accruals|||||||||||6,126||5,298||



## 



## 

## 

## 

|||||Brought|Movement|2022|2021|
|---|---|---|---|---|---|---|---|
|||||forward|in year|||
|||||E|E|||
|Unrestricted||Funds||||||
|Fixed asset||replacement|reserve|116,788|20,000|136,788|116,788|
|General Reserve||||2,275,657|74,444|2,350,101|2,275,657|
|||||2,392,445|94,444|2,486,889|2,392,445|
|Restricted|Funds|||||||
|Permanent||endowment||1,227,306||1,227,306|1,227,306|
|||||1,227,306||1,227,306|1,227,306|



||||||||Brought|Movement|2022|2021|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||forward|in year|||
||||||||E|E|E|E|
|Distributable|||||||1,493,566|76,740|1,570,306|1,493,566|
|Non-distributable|||||||||||
|Fixed asset replacement|||||reserve||116,788|20,000|136,788|116,788|
|Property|revaluation||reserve||||42,000||42,000|42,000|
|Investment||revaluation||reserve|||740,091|(2,296)|737,795|740,091|
||||||||2,392,445|94,444|2,486,889|2,392,445|
||||||||||2022|2021|
||||||||||E|E|
|Fixed asset||replacement|||reserve||||||
|Being in|respect of||sheldrake|||III|||96,788|86,788|
|Being in|respect of||Norma||Olive||||40,000|30,000|
||||||||||136,788|116,788|