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2023-04-05-accounts

Page
Legal and administrative information
Trustees' report 2-3
Independent
examiner's		 report
Statement offinancial activities
Balance sheet
Notes to the financial statements 7-18

Trustees John Sell
Emma Simpson
Barbara Rotter
Sharon
Long
Chief Executive and Secretary Paula Griffiths
Charity number 258488
Principal address 1st Floor
8-10Upper Marlborough Road
St.Albans
Hertfordshire
AL13UR
Independent examiner Gilberts Chartered Accountants
Pendragon
House
63 London
Road
StAlbans
Hertfordshire
AL1 1IJ
Bankers HSBC Bank pic
1 Market Place
Hite hin
Hertfordshire
SGS 1DR
Solicitors SA Law
Gladstone
Place
36 - 38 Upper Marlborough Road
StAlbans
Hertfordshire
AL13UU
Investment advisors Rathbone
Greenbank		 Investments
10Queen Square
Bristol
BS14NT

Unrestricted Unrestricted
funds funds
2023 2022
Notes f 6
Income from:
Rental income (60)
Investments 63,400 53595
Total income 63,400 53,535
~dd
f
d
Independent
examiner's		 fee 3,210 2,780
Investment
management		 13,107 14,622
Property expenses 403
16,720 17,402
~broil ~v~i'
Depreciation 20,000 20,000
Grants 25,523 25,950
Admin
Expenses		 100 54
Transfer to/(from) replacement reserve 20,000 20,000
Total charitable expenditure 65,623 66,004
Total resources expended 82343 83,406
Net gains/(losses) on revaluation offixed assets 0 0
Net gain/(loss) on revaluation
ofinvestments		 (278,914) 68,294
Net gain/(loss) on disposal ofinvestments (42,825) 36,021
(321,739) 104,315
Net (expenditure)/income for the year (340,682) 74,444
Net movement in funds (340,682) 74,444
General reserve at 6April 2022 2,350,101 2,275,657
General reserve at 5 April 2023 13 2,009,419 2,350,101

2023 2022
Notes E 6
Fixed assets
Tansible assets 357,664 377,664
Quoted investments 2,818,423 2,938,714
3,176,087 3,316,378
Current assets
Debtors 3,049 2,178
Cash at bank and in hand 220,792 401,765
223,841 403,943
Creditors: amounts faRlns due within one
year 10 l6,415) l6,126)
Net current assets 217,426 397,817
Total assets less current Ifablllties 3,393,513 3,714,195
Income funds
Restricted
funds		 11 1,227,306 1,227,306
Unrestricted
funds		 12 2,166,207 2,486,889
3,393,513 3,714,195

Freehold Land Land Not depreciated
Narrow boat Sheldrake III 25 years
Yacht Norma Olive 20years

2023 2022
6 6
Auditors' remuneration 3,210 2,780
Stockbroker managment fees 13,107 14,622
Property expenses 403
16,720 17,402

Grants payable
2023 2022
A45 Bedford 1,000
Animal Antiks 500
Autism
Beds		 1,000
Borehamwood
Foodbank		 2,000
British Dyslexia
Carers
rn Herffordshire		 1,000
CHUMS 2,000
Country
DaYs		 500
CVS Herts &Stevenage
Daylight
Club		 1,500 1,000
Demand Abbots Langley 1,000
Demand
Hertfordshire		 1,000
E & N Hertfordshire
(Butterfly		 Volunteer) 500
Earthworks
St Albans		 1,000
East & North Hertfordshire Hospitals Chanty 750
Enterprising
Youth Education		 (EYE)
Grove Cottage (Bishops Storfford Mencap) 1,500
Grove Cottage Hohday Clubs 1,500
Happy
Days		 2,000
Herts Inclusive Theatre 1,500 1,500
Hospice ofSt Francis (Berkhamsted) Ltd 500
Ivel Valley School 1,000
Keech Hospice Care 1,023
leds in Action Children's Charity
Kkls Out
Living Paintings 1,000
Mid Beds Cihzens Advice Bureau 1,500
Muscle Help Foundation
Out ofClass 1,500
Philharmonia 1,000
Rennie Grove Hospice Care 750
Respite at Home 1,000
Rural Care 1,000 1,000
Shopmobility
South Bucks Hospice 750
StAlbans & District Foodbank 1,500
Strength
and Learning		 1hrough Horses 1,500
Trestle Theatre Company 1,000
The Pepper Foundation 1,000 750
Watling View School PSA 2,000
Wellbeing
Fitness &Leisure		 Community Trust Ltd 750
Wheel Power
Youthtalk 1,000
25,523 25,950

Tangible fixed assets
Freehold land Narrow boat Yacht Norma Total
Sheldrake
nl		 Olive
E E
Cost
At 6 April 2022 42,000 221,788 250,664 514,452
At 5 April 2023 42,000 221,788 250,664 514,452
Depreciation
and impairment
At 6 April 2022 96,788 40,000 136,788
Depreciation
charged		 in the year 10,000 10,000 20,000
At 5 April 2023 106,788 50,000 156,788
Carrying amount
At 5 April 2023 42,000 115,000 200,664 357,664
At 5 April 2022 42,000 125,000 210,664 377,664

Number of Historic Historic
Ordinary Cost Stock split/ Cost Market Value
Investments Shares held 2022 Additfons Disposals Restructure rights issue Ad) Book 2023 2023 2022
Value
F. E 6 6 6 6
Equity investments
Aquila
European
Renewables 22,188 22,188 19,449
Ansys Inc 29,166 29,166 36,351
Begway PLC 22,446 22,446 14,994 17,500
Civitas Social
Housin8 19,000 19,467 19,467 10,298 16,777
Coats Group 52,800 34,069 34,069 37,858 40,286
Dec hra
Pharmaceutricals 1,000 4,058 4,058 25,940 42,380
Digital 9
Infrastructure pic 28,000 28,237 28,237 18,984 31,164
Ecofin US Renew
Infrastructure 29,562 21,936 21,936 18,698 23,797
Edwards
Lhsciences Corp 380 29,158 29,158 25,468
Experlan 1,000 27,987 27,987 26,810 29,570
FDM Group
Holdings
pic		 2,000 18,135 18,135 13,840 21,480
Foresight
Sustainable 25,000 25,230 27,250 24,375
Genuit (formerly
Polypipe
Group)		 3,200 13,405 13,405 8,400 15,632
Glaxo SmithKline 2,484 20,211 19,521 (3,670) 36,062 36,942 29,476
Gore street energy
storage
PLC		 16,633 17,155 17,155 16,666 18,679
Greencoat
UK		 Wind 22,684 25,413 25,413 36,226 35,274
Haleon
pic		 1,730 3,670 3,670 5,893
Ha i ma 1,745 4,823 10,159 14,982 37,605 33,385
Harmony
Energy
Income TSTpic 24,572 24,800 24,800 27,889 26,415
Hikma Pharm 1,300 27,590 27,590 21,925 26,845
Home Reit pic 29,210 29,731 29,731 11,114 36,629
impax Asset Mgmt
1p ord shares 3,300 8,075 8,075 25,179 34,188
Impax
Environmental
Markets
PLC		 8,177 8,177 47,532
Intertek
Group		 550 4,705 4,705 21,835 29,073
IP Group pic 15,000 17,582 17,582 8,235 14,018
Johnson Controls
Intl 300 16,100 16,100 13,420
Kainos Group Ltd 1,775 22,317 22,317 23,501
Keller Gp 1,965 31,964 16,262 15,702 13,441 32,680
Kurita Water
Industries
NPV		 27,405 27,405 32,806
Legal &General 19,304 19,304 31,475 36,555
Londonmetric
Property 15,000 25,039 25,039 26,055 41,520
Marshalls
Group		 7,590 25,977 21,195 47,172 22,740 21,984

Number of Historic Historic
Ordinary Cost Stock split/ Cost Market Value
Investments Shares held 2022 Additions Disposals Restructure rlghtsissue Adj gook 2023 2023 2022
Value
6 6 6 6
National
Grid		 4,350 33,113 33,113 49,112 52,679
Octopus Renew
infrastructure trust 39,221 39,762 39,762 38,476 44,084
Prudential 1,890 5,636 5,636 20,847 21,423
RELX pic 2,400 57,135 57,135 63,000
Renewables
Infrastructure NPV 36,666 38,781 38,781 47,006 50,159
Renewi
PLC		 3,880 28,835 12,714 16,121 22,814 45,388
Roche 150 35,953 35,953 35,591 47,405
Rockwool intl SA
DKK 10shares 28,978 28,978 25,310 34,999
Schroders 20,131 20,131 19,923
Shimano
inc		 NPV
shares 200 24,124 24,124 28,044 34,665
Smith
gr Nephew		 2,200 6,077 6,077 24,816 27,126
Smith DS 7,509 25,711 25,711 23,090 23,999
Spectris
PLC		 640 8,602 8,602 23,174 16,160
Splrax Sarco
Engineering 510 1,834 34,632 36,466 58,140 27,585
SSE 1,600 24,783 24,783 29,016 28,752
Swiss Re AG 275 22,229 22,229 22,717 19,746
Tomra Systems ASA
NOK 1shares 1,320 12,333 12,333 17,117 26,654
Unilever 25,202 25,202 34,308 28,292
Vesta Wmd Systems
DKK1shares 19,139 19,139 29,233
Victrex PLC 1,040 18,462 18,462 15,985 19,188
Vodaphone US $
Ord shares post
consol'n 15,711 31,730 31,730 14,053 19,714
Xylem Inc 350 23,129 23,129 28,185 23,161
1,002,248 266,788 98,611 1,170,425 1,298,639 1,386,996
Eurlds
Aberdeen
Standard
Ufe Investments Gbl
Index linked bond 5
Inc 72,000 40,667 40,667 37,735 44,438
Alfen
NV Euro
shares 145 23,130 14,186 8,944 9,294 29,703
Aptiv
PLC US$		 25,792 25,792 33,570 34,357
ASML Holdings NV 13,503 13,503 53,124 49,917
Assa Abloy 1,500 22,152 22,152 26,651 31,649
Autodesk
Inc		 94 18,731 18,731 14,914 15,145
Beyond Meatlnc 21,551 21,551 7,581

Quoted investments (Continued)
Number of Historic Historic
Ordinary Cost Stock split/ Cost Market Value
Investments Shares held 2022 Additions Disposals Restructure rights issue Ad) Book 2023 2023 2022
Value
E 6 E 6 6 6
Brown Advisory
Funds US
Sustainable
growth
C Inc 8,800 55,302 112,923 55,302 112,923 124,696 112,238
CHR Hansen 28,288 28,288 23,153
CT Lux III (formerly
BMO Inv Funds
(LUX)) 3,700 46,025 46,025 49,802 54,760
Dexcom Inc 440 27,447 27,447 39,867 43,263
Franklin
Templeto
(formerly
Legg
Mason) Global 770 73,800 395 74,195 101,178 115,685
Fund Partners lld
IM VVHEB Sus C Inc 27,000 51,826 22,053 29,773 52,966 97,473
Hannon
Armstrong
Suet Infra 535 20,735 20,735 11,846 19,199
Hydrogenone
Capital Growth 15,685 15,868 15,868 7,937 16,250
1mpax Funds Ire PLC
Environmental
Mkts
Acc 17,000 29,361 29,361 40,936 43,486
Infineon
Technologies
AG		 30,974 30,974 30,721 24,185
Janus Henderson
Globallnvestors
Global Care growth
I inc 11,200 40,975 16,434 24,541 57,926 101,373
Liontrust
Futures
Sus UK Growth
Fund 25,136 26,407
Mayfair Capital
Investment
Management
Property
inc Trust		 45,691 38,754 38,754 36,233
Robeco Capital
Growth
Funds Suet
water 85 42,942 363 43,305 39,200 40,386
Robeco Capital
Growth
Funds
Smart energy 630 10,504 42 10,546 33,012 31,935
Schroder
Investment
Management
Global Energy Trans
Q inc 73,030 35,449 35,449 39,641 38,114
Stewart Investors-
Asia Sus Acc 8 1,740 14,689 11,857 141 2,973 14,149 69,200
Msa Inc 275 34,416 34,416 50,393 47,351
788,016 112,923 194,807 941 707,073 905,791 1,161,655

Quoted Investments (Continued)
Number of Histodc Historic
Ordinary Cost Stock split/ Cost Market Value
Investments Shares held 2022 Additions Disposals Restructure rights issue Ad) Book 2023 2023 2022
Value
6 f E E E
Gilt Edged
securities
A2D Funding
II PLC
4.5SSbonds
30/09/2026 11,000 11,114 11,114 10,931 11,808
Aegon Asset
Management
UK
Capital Ethical Corp
8 (formerly
KAMES)		 28,660 30,550 30,550 25,035 28,812
Deutsche
Bahn
Finance Deutsche
Bahn Finance 19,810 19,810 18,442
Euro Investment
Bank 0.875%Snr
15/12/23 32,000 31,726 31,726 31,326
European
Investment
Bank
1.125SSSnr 19/6/25 47,000 44,462 44,462 44,633
Ishares
0 pic		 8,900 44,136 44,136 44,829
Kreditanst
Fur Wle
0.87576 Gtd Snr
15/09/2026 66,000 39,457 25,155 64,612 59,914 36,438
Lombard
Ddier
Funds 6,485 31,690 30,998 62,688 58,301 29,009
Mirova Funds 315 31,996 31,996 26,022 29,109
Motability
Operations
Group
5,375IS 28/06/2022 21,519 21,519 18,419
Rathbone
Unit Trust
Mangt - Ethical 5
Bond inc 84,410 84,194 84,194 71,562 82,671
Royal London
Unit
Trusts Managers
Ethical Bond 2 Inc 48,000 57,121 57,121 46,886 53,665
327,451 176,477 41,329 462,599 419,439 308,373

Number oi Historic Historic
Ordinary Cost Stock split/ Cost Market Value
Investments Shares held 2022 Additions Oisposals Restructure rights Issue Adj Book 2023 2023 2022
Value
E 6 6 6 E E
UK Index linked
7/BIS Green Gilt
31/07/2033 (inc 2
day Ca 0.875IS 63,197 13,324 43,470 56,794 49,242 12,073
Treasury 0.5N
22/07/2022 20,726 20,726 21,011
Treasury
2 1/29;
index linked
17/07/2024 49,154 49,154 49,061 48,606
Treasury
1/4N gilt
31/01/2025 69,000 63,449 63,449 64,774
Treasury 0.3759'
bonds 22/10/2026 35,000 31,256 31,256 31,477
83,204 138,175 20,726 200,653 194554 81,689
Total Investments 2,200,918 694,363 355,473 941 2~0,750 2,818,423 2,938,714
9
Debtors
2023 2022
Amounts falling due within one year: f f
Prepayments and accrued income 3,049 2,178
10
Creditors:		 amounts
falling		 due within one year
2023 2022
f f
Accruals 6,415 6,126

At 6 April 2022 At 5April 2023
f f
1,227,306 1,227,306
Previous year: At 6 April 2021 At 5April 2022
f f
1,227,306 1,227,306

At 6April 2022 Incoming Resources TransfersGains and losses At 5 April 2023
resources expended
f
General funds 2,486,889 63,400 384,082 (20,000) 20,000 2,166,207
Previous year: At 6April 2021 Incoming Resources TransfersGains and losses At 5April 2022
resources expended
f f f f f
Generalfunds 2,392,445 53,535 40,909 (20,000) 20,000 2,486,889

Brought Movement 2023 2022
forward in year
6 f
Unrestricted Funds
Fixed asset replacement reserve 136,788 20,000 156,788 136,788
General
Reserve		 2,350,101 (340,682) 2,009,419 2,350,101
2,486,889 (320,682) 2,166,207 2,486,889
Restricted Funds
Permanent endowment 1,227,306 1,227,306 1,227,306
1,227,306 1,227806 1,227,306
Brought Movement 2023 2022
forward in year
6 6 6 6
Distributable 1,570,306 119,438 1,689,744 1,570,306
Non-distributable
Fixed asset replacement reserve 136,788 20,000 156,788 136,788
Property revaluation reserve 42,000 42,000 42,000
Investment revaluation reserve 737,795 (460,120) 277,675 737,795
2,486,889 (320,682) 2,166,207 2,486,889
2023 2022
f 6
Fixed asset replacement reserve
Being in respect of sheldrake III 106,788 96,788
Being in respect of Norma Olive 50,000 40,000
156,788 136,788