2021-04-05-accounts

	Page
Legalandadministrativeinformation	1
Trustees'report	2-5
Independentexaminer'sreport	6
Statementoffinancialactivities	7
Statementoffinancialposition	8
Statementofcashflows	9
Notestotheaccounts	10-16
Scheduleofinvestments	17-20

Trustees	RathboneTrustCompanyLimited
	MrPMHAndreae
	MrsRJAndreae
Charitynumber	258516
Registeredoffice	8FinsburyCircus
	London
	EC2M7AZ
Independentexaminer	MrDavidMatkins
	BournerBullockCharteredAccountants
	SovereignHouse
	212-224ShaftesburyAvenue
	London
	WC2H8HQ
Solicitors	Currey&Co
	33QueenAnneStreet
	London
	W1G9HY
Investmentadvisors	RathboneInvestmentManagementLimited
	8FinsburyCircus
	London
	EC2M7AZ
	UK

		2021	2020
	Notes	£	£
Incomeandendowments
Donationsandlegacies	3	34,795	49,920
Investments	4	25,158	29,998
Otherincome	5	-	49
Totalincome		59,953	79,967
Expenditure
Raisingfunds	6	7,446	6,132
Charitableactivities	7	281,061	203,644
Totalresourcesexpended		288,507	209,776
Netexpenditurebeforeinvestment(losses)		(228,554)	(129,809)
Net(losses)/gainsoninvestments	12	555,602	(96,742)
Netmovementinfunds		327,048	(226,551)
Fundbalancesat6April2020		1,305,395	1,531,946
Fundbalancesat5April2021		1,632,443	1,305,395

		2021		2020
	Notes	£	£	£	£
Fixedassets
Investments	13		1,666,015		1,317,518
Currentassets
Cashatbankandinhand		6,858		6,420
Creditors:amountsfallingduewithin	14
oneyear		(40,430)		(18,543)
Netcurrentliabilities			(33,572)		(12,123)
Totalassetslesscurrentliabilities
Incomefunds
Unrestrictedfunds			1,632,443		1,305,395

		2021		2020
	Notes	£	£	£	£
Cashflowsfromoperatingactivities
Cashabsorbedbyoperations	15		(231,825)		(143,556)
Investingactivities
Purchaseofinvestments				(256,171)
Proceedsondisposalofinvestmens		207,475		338,541
Dividendsandinterestreceived		25,158		29,998
Netcashgeneratedfrominvesting
activities			232,633		112,368
Netincrease/(decrease)incashandcash
equivalents			808		(31,188)
Cashandcashequivalentsatbeginningofyear			25,777		50,776
Effectofforeignexchangerates			(13,353)		6,189
Cashandcashequivalentsatendof	16
year			13,232		25,777

	2021	2020
	£	£
Donationsandgifts	34,795	49,920

		2021	2020
		£	£
	Incomefromlistedinvestments	8,102	13,265
	Foreignincome	17,056	16,733
		Lo,loo	Ly,yyo
5	Otherincome
		2021	2020
		£	£
	Bankinterest	-	49
6	Raisingfunds
		2021	2020
		£	£
	Investmentmanagementfee	7,446	6,132
7	Charitableactivities
		2021	2020
		£	£
	Grantfundingofactivities(seenote8)	262,900	186,400
	Shareofgovernancecosts(seenote9)	18,161	17,244
		281,061	203,644

	2021	2020
	£	£
Grantstoinstitutions:
Elderly&SocialCare	57,000	1,000
ReligiousOrganisations	31,000	40,000
TheArtsandMuseums	24,700	30,900
Youth&Education	92,200	70,500
OtherNational&InternationalCharities	-	5,000
Medical&MentalHealth	20,000	4,000
Conservation	38,000	35,000
	262,900	186,400

Supportcosts
	Support	Governance	2021	2020	Basisof
	costs	costs			allocation
	£	£	£	£
Trustmanagement	-	15,600	15,600	15,600	Governance
SRCBluebookannualsubscription	-	901	901	-	Governance
Independentexamination	-	1,640	1,640	1,644	Governance
Bankcharges	-	20	20	-	Governance
		18,161	18,161	17,244

		2021	2020
		£	£
Revaluationofinvestments		473,707	(82,107)
Gains/(loss)onsaleofinvestments		95,248	(20,824)
(Loss)/gainonexchange		(13,353)	6,189
		555,602	(96,742)
Fixedassetinvestments
	Listed	Cashin	Total
	investments	portfolio
	£	£	£
Costorvaluation
At5April2020	1,298,161	19,357	1,317,518
Unrealised/Realisedgains	568,955	-	568,955
Currency(loss)	-	(13,353)	(13,353)
Cashheldininvestmentportfilio	-	370	370
Disposals	(207,475)	-	(207,475)
At5April2021	1,659,641	6,374	1,666,015

Investmentsrepresentingmore	Investmentsrepresentingmore	than5%ofthe	portfoliostotalmarketvalue:
Investment	Units	MarketValue	%ofTotalMarket£Value
AgnicoEagleMinesLtd	4,900	211,673	12.86%
BarrickGoldCorp	7,200	106,907	6.49%
NewmontCorp	4,200	188,900	11.48%
PaypalHoldingsInc	3,400	523,937	31.83%
UnionPacificCorp	1,125	180,944	10.99%

	2021	2020
	£	£
Listedinvestments	1,659,641	1,298,161
Cashininvestmentportfolio	6,374	19,357
	1.666,015	1.317.518
Historiccostofinvestments	1,096,273	1,142,463

14	Creditors:amountsfallingduewithinoneyear
		2021	2020
		£	£
	Investmentmanagementfees	1,749	1,383
	Trustees'managementfees	15,600	15,600
	Independentexaminer'sfees	3,200	1,560
	PeterAndreae	19,881	-
		40,430	18,543
15	Cashgeneratedfromoperations
		2021	2020
		£	£
	Surplus/(deficit)fortheyear	327,048	(226,551)
	Adjustmentsfor:
	Investmentincomerecognisedinstatementoffinancialactivities	(25,158)	(29,998)
	(Gain)/lossondisposalofinvestments	(95,248)	20,824
	Fairvaluegainsandlossesonexchange	13,353	(6,189)
	Fairvaluegainsandlossesoninvestments	(473,707)	82,107
	Movementsinworkingcapital:
	Increaseincreditors	21,887	16,251
	Cashabsorbedbyoperations	(231,825)	(143,556)
16	Cashandcashequivalents
		2021	2020
		£	£
	Cashatbankandinhand	6,858	6,420
	Cashheldininvestmentportfilio	6,374	19,357
		13,232	25,777

Donationsmadetoinstitutionsduringtheyear
	2021	2020
	£	£
ArtUK	20,000	-
BasingstokeandAltonCardiacRehabilitationCharity	200	1,000
Basmom	40,000	40,000
BromptonAssociation	10,000	-
BromptonOratory	10,000	-
CoramBeanstalk	500	-
DioceseofPortsmouth	10,000	-
DukeofEdinburgh'sAward	-	5,000
EliasAshmoleGroup	1,700	1,500
FelixProject	4,000	-
GiftofSight	-	1,000
GrangeFestival	-	5,000
HampshireGardensTrust	3,000	-
HospitalofStCrossWinchester	-	500
HuntStaffBenefitSociety	30,000	-
JohnofJerusalemHospital	-	1,000
LondonLibary	1,000	-
Mary'sMeals	10,000	-
NationalGalleryTrust	3,000	2,900
NewnhamCollege	-	10,000
PetersfieldMuseum	-	10,000
ReleasingPotential	25,000	15,000
RoyalBritishLegion	20,000	-
RoyalOperaHouseFoundation	-	1,500
RoyalNationalLifeBoatService	-	-
RoyalNavyandMarines	-	5,000
SaveBritainsHeritage	25,000	25,000
StAnne'sCollege	500	-
StGregorysFoundation	-	1,000
StJohn'sAmbulance	3,000	500
StPeterandPaulsChurch	1,000	1,000
TabletTrustDevelopment	-	10,000
TallShipsYouthTrust	-	25,000
TrinityCollege	25,000	2,500
TrinityWinchester	10,000	-
TheCountryTrust	-	2,000
ThePublicCatalogueFund(ArtUK)	-	10,000
VeniceinPerilFund	-	10,000
WestminsterCathedral	10,000	-
	262,900	186,400

	Holding	Market	Value	Additions		Disposals	Disposals	Realised	Unrealised	Holding	Holding	Market	Value	NetIncome
	6April2020	6April	2020	Quantity	Cost	Quantity	Proceeds	Profitl(loss)	Profitl(loss)	5April	2021	5April	2021
		£			£		£	£	£	£		£		£
AdobeInc
CommonUSD0.0001
	150		35,929						17,146		150		53,075
AEATechnologyGroup
NPVordinaryshares
	100,981									100,981
AgnicoEagleMines
CommonNoParValue
	4,900	178,563												656
														638
														1,070
									33,110		4,900	211,673		1,052
BarrickGoldCorp
CommonNoParValue
	7,200	117,181												337
														375
														412
									(10,274)		7,200	106,907		395
BectonDickinson
CommonUSD1
	150		27,745			150	29,888	2,143						82
BurfordCapitalLtd
OrdinaryNoParValue
	2,000		6,336						7,494		2,000		13,830

	Holding	Market	Value	Additions		Disposals	Disposals	Realised	Unrealised	Holding	Holding	Market	Value	NetIncome
	6April2020	6April	2020	Quantity	Cost	Quantity	Proceeds	Profitl(loss)	Profit/(loss)	5April	2021	5April	2021
		£			£		£	£	£	£		£		£
CouplandCardiffFunds
JapanAlphaTJpyAcc
	5,100		30,786						18,702		5,100		49,488
ExxonMobilCorp
CommonStock
	490		15,674											281
														276
														271
									4,252		490		19,926	259
GenElectricCoAmerica
CommonUS$0.06
	3,000		16,471											20
														20
														19
									12,592		3,000		29,063	19
M&Gplc
5pOrdinaryShares
	24,900		27,241			16,000	30,396	12,892						959
														2,968
									8,900		8,900		18,637	1,494
Merck&CoIncNew
CommonStkUSD0.50
	1,150		71,535											482
														476
														461
									(7,802)		1,150		63,733	464

Holding	Market	Value	Additions		Disposals	Disposals	Realised	Unrealised	Holding	Holding	Market	Value	NetIncome
6April2020	6April	2020	Quantity	Cost	Quantity	Proceeds	Profitl(loss)	Profitl(loss)	5April	2021	5April	2021
	£			£		£	£	£	£		£		£
NestleSA
CHF1(Regd)
1,000		85,400						(4,343)		1,000		81,057	1,439
NewmontCorporation
CommonUSD1.60
4,200	161,552												709
													696
													1,050
								27,348		4,200	188,900		1,394
NovartisAG
CHFO.50
430		29,292			430	30,355	1,063
PaypalHoldingsInc
CommonUSDO.0001
3,400	256,262				500	116,836	79,150	305,361		2,900	523,937
RocheHoldingsAg
GenusscheineNoParValue
150		40,385						(5,195)		150		35,190	678
RoyalDutchShell
'B'SharesEURO.07
2,500		35,460											317
													302
													312
								(2,075)		2,500		33,385	299

	Holding	Market	Value	Additions		Disposals	Disposals	Realised	Unrealised	Holding	Holding	Market	Value	NetIncome
	6April2020	6April	2020	Quantity	Cost	Quantity	Proceeds	Profitt(loss)	Profit/(loss)	5April	2021	5April	2021
		£			£		£	£	£	£		£		£
Schlumberger
CommonUSD0.01
	1,303		15,190											516
														129
														125
									10,647		1,303		25,837	118
UnionPacificCorp
CommonUSD2.50
	1,125	127,175												744
														715
									53,769		1,125	180,944		677
VodafoneGroup
OrdinaryUS$0.2095238
	18,000		19,984											734
									4,075		18,000		24,059	717
TOTAL:		1,298,161					207,475	95,248	473,707			1,659,641		25,157