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





## 

|Trustees||John Sell||||
|---|---|---|---|---|---|
|||Emma Simpson||||
|||Barbara Rotter||||
|||Sharon<br>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<br>House||||
|||63 London<br>Road||||
|||StAlbans||||
|||Hertfordshire||||
|||AL1 1IJ||||
|Bankers||HSBC Bank pic||||
|||1 Market Place||||
|||Hite hin||||
|||Hertfordshire||||
|||SGS 1DR||||
|Solicitors||SA Law||||
|||Gladstone<br>Place||||
|||36 - 38 Upper Marlborough|||Road|
|||StAlbans||||
|||Hertfordshire||||
|||AL13UU||||
|Investment|advisors|Rathbone<br>Greenbank||Investments||
|||10Queen Square||||
|||Bristol||||
|||BS14NT||||





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## 

||||||||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<br>d|||||||||
|Independent<br>examiner's|||fee||||3,210|2,780|
|Investment<br>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<br>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<br>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<br>funds|||11||1,227,306||1,227,306|
|Unrestricted<br>funds|||12||2,166,207||2,486,889|
||||||3,393,513||3,714,195|





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



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





## 

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## 

|Grants payable|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||2023|2022|
|A45 Bedford|||||||||1,000||
|Animal Antiks|||||||||500||
|Autism<br>Beds||||||||||1,000|
|Borehamwood<br>Foodbank|||||||||2,000||
|British Dyslexia|||||||||||
|Carers<br>rn Herffordshire|||||||||1,000||
|CHUMS|||||||||2,000||
|Country<br>DaYs|||||||||500||
|CVS Herts &Stevenage|||||||||||
|Daylight<br>Club|||||||||1,500|1,000|
|Demand Abbots Langley||||||||||1,000|
|Demand<br>Hertfordshire|||||||||1,000||
|E & N Hertfordshire<br>(Butterfly|||||Volunteer)||||500||
|Earthworks<br>St Albans||||||||||1,000|
|East & North Hertfordshire||||Hospitals||Chanty||||750|
|Enterprising<br>Youth Education|||||(EYE)||||||
|Grove Cottage (Bishops||Storfford Mencap)|||||||1,500||
|Grove Cottage Hohday||Clubs||||||||1,500|
|Happy<br>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<br>and Learning|1hrough||||Horses|||||1,500|
|Trestle Theatre Company||||||||||1,000|
|The Pepper Foundation|||||||||1,000|750|
|Watling View School PSA|||||||||2,000||
|Wellbeing<br>Fitness &Leisure||||Community|||Trust|Ltd||750|
|Wheel Power|||||||||||
|Youthtalk||||||||||1,000|
||||||||||25,523|25,950|





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## 

|Tangible fixed assets||||||
|---|---|---|---|---|---|
|||Freehold land|Narrow boat|Yacht Norma|Total|
||||Sheldrake<br>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<br>and impairment||||||
|At 6 April 2022|||96,788|40,000|136,788|
|Depreciation<br>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<br>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<br>pic|||2,000|18,135||||||18,135|13,840|21,480|
|Foresight|||||||||||||
|Sustainable|||25,000|||||||25,230|27,250|24,375|
|Genuit (formerly|||||||||||||
|Polypipe<br>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<br>PLC|||16,633|17,155||||||17,155|16,666|18,679|
|Greencoat<br>UK||Wind|22,684|25,413||||||25,413|36,226|35,274|
|Haleon<br>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<br>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<br>PLC||||8,177||8,177||||||47,532|
|Intertek<br>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<br>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<br>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<br>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<br>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<br>inc|NPV||||||||||||||
|shares||||200|24,124|||||||24,124|28,044|34,665|
|Smith<br>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<br>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 $||||||||||||||
|Ord shares post|||||||||||||||
|consol'n||||15,711|31,730|||||||31,730|14,053|19,714|
|Xylem Inc||||350|23,129|||||||23,129|28,185|23,161|
||||||1,002,248|266,788|98,611|||||1,170,425|1,298,639|1,386,996|
|Eurlds|||||||||||||||
|Aberdeen<br>Standard|||||||||||||||
|Ufe Investments|||Gbl||||||||||||
|Index linked|bond||5||||||||||||
|Inc||||72,000|40,667|||||||40,667|37,735|44,438|
|Alfen<br>NV Euro|||||||||||||||
|shares||||145|23,130||14,186|||||8,944|9,294|29,703|
|Aptiv<br>PLC US$|||||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<br>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<br>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<br>Templeto||||||||||||
|(formerly<br>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<br>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<br>Mkts||||||||||||
|Acc|17,000|29,361|||||||29,361|40,936|43,486|
|Infineon||||||||||||
|Technologies<br>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<br>Futures||||||||||||
|Sus UK Growth||||||||||||
|Fund||25,136|||||||||26,407|
|Mayfair Capital||||||||||||
|Investment||||||||||||
|Management||||||||||||
|Property<br>inc Trust|45,691|38,754|||||||38,754|36,233||
|Robeco Capital||||||||||||
|Growth<br>Funds Suet||||||||||||
|water|85|42,942||||||363|43,305|39,200|40,386|
|Robeco Capital||||||||||||
|Growth<br>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<br>II PLC||||||||||||
|4.5SSbonds||||||||||||
|30/09/2026|11,000|11,114|||||||11,114|10,931|11,808|
|Aegon Asset||||||||||||
|Management<br>UK||||||||||||
|Capital Ethical Corp||||||||||||
|8 (formerly<br>KAMES)|28,660|30,550|||||||30,550|25,035|28,812|
|Deutsche<br>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<br>Bank||||||||||||
|1.125SSSnr 19/6/25|47,000||44,462||||||44,462|44,633||
|Ishares<br>0 pic|8,900||44,136||||||44,136|44,829||
|Kreditanst<br>Fur Wle||||||||||||
|0.87576 Gtd Snr||||||||||||
|15/09/2026|66,000|39,457|25,155||||||64,612|59,914|36,438|
|Lombard<br>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<br>Group||||||||||||
|5,375IS 28/06/2022||21,519||21,519|||||||18,419|
|Rathbone<br>Unit Trust||||||||||||
|Mangt - Ethical 5||||||||||||
|Bond inc|84,410|84,194|||||||84,194|71,562|82,671|
|Royal London<br>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<br>2 1/29;|||||||||||||
|index linked|||||||||||||
|17/07/2024|||49,154|||||||49,154|49,061|48,606|
|Treasury<br>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<br>Debtors|||||||||||||
||||||||||||2023|2022|
|Amounts|falling due within||one year:||||||||f|f|
|Prepayments||and accrued|income||||||||3,049|2,178|
|10<br>Creditors:|amounts<br>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<br>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|