2021-04-05-accounts

Charity number: 263482

The Celia Blakey Charitable Trust

Report and financial statements for the year ended 5 April 2021

The Celia Blakey Charitable Trust

Contents

	Page
Trustees’ Report	1 - 3
Trustees’ Approval and Accountants’ Report	4
Independent Examiner’s Report	5
Statement of Financial Activities	6
Balance Sheet	7
Statement of Cash Flows	8
Notes to the Accounts	9 - 15
Investment Schedules	16 - 22

The Celia Blakey Charitable Trust

Trustees’ Report at 5 April 2021

Charity registration number	263482
Principal address	21 Whitefriars Street, London EC4Y 8JJ
Trustees	Mrs C Blakey
	Miss J S Portrait OBE
Trustees’ Accountants:	Edwards Greene
	9 Innovation Place
	Douglas Drive
	Godalming
	Surrey
	GU7 1JX
Trustees’ Solicitors:	Portrait Solicitors
	21 Whitefriars Street
	London
	EC4Y 8JJ
Investment Managers:	Cazenove Capital Management
	1 London Wall Place
	London
	EC2Y 5AU
Governing document	The Charity was created on 31 December 1971, as The
	Celia and Conrad Blakey Charitable Trust and is
	constituted by a Deed of Trust. It was registered with the
	Charity Commission under registration number 263482
	on 23 February 1972. On 4 April 2007 a Resolution was
	passed to change the name to The Celia Blakey Charitable
	Trust.
Trustee Selection Methods	New Trustees are appointed by the existing trustees when
	the need arises.
Risk management	The Trustees have examined the major risks to which the
	Trust may be exposed and, where necessary, have taken
	steps to mitigate and minimise these risks. The Trustees
	continue to keep the risks and processes under review.
Investment policy and performance	The Trust holds sufficient cash reserves to enable the
	Trust to draw on capital rapidly when required. The
	remaining funds are held in a balanced portfolio of
	investments intended to generate unrestricted income
	and maintain capital growth.
	The gross yield on the investment portfolio for the year
	was 1.83% (2020 - 2.59%). There has been an increase in
	the market value of the investments of 23.03% (2020 –
	10.09% decrease). The Trust normally holds investments
	for the long term.

• 1 -

The Celia Blakey Charitable Trust

Trustees’ Report at 5 April 2021

Objects	The objects of the Charity are general charitable objects
	and purposes. The capital is an expendable endowment.
Public Benefit Statement	The Trustees are aware of the Charity Commission
	guidance on Public Benefit and confirm that they have
	complied with the duty in Section 17 of the Charities Act
	2011 to have due regard to it when reviewing the Trust's
	aims and objectives and in planning future activities (and
	setting the grant making policy for the year). They
	consider the grants shown in the Annual Report and
	Accounts properly demonstrate the range of charitable
	activity and the benefit for the recipient charities, and
	through them to the public.
Grant making policy	The Trustees' do not generally review unsolicited
	applications or accept unsolicited emails. They support
	organisations where they have an involvement and
	knowledge of the recipient charity's workings and
	operation.
Reserves policy	It is the Trustees' intention to make donations to
	charitable causes, which amount to the total of
	investment income generated in the year, subject to
	keeping a reasonable reserve.
	In the year under review, there was a surplus of income
	over expenditure on the unrestricted funds of £35,978.
Achievements	The Charity has received investment income of £116,028,
	(2020 - £133,862). The Trustees have made donations to
	charitable causes amounting to £65,000 (2020 -
	£187,063). Details of the recipients of the donations are
	shown in note 4 of the accounts.
Plans for the future	The Trustees will continue to make donations to
	charitable causes, as they deem proper, equivalent to the
	total investment income generated in the year.

• 2 -

The Celia Blakey Charitable Trust

Trustees’ Report (continued) at 5 April 2021

Trustees’ responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees declare that they have approved the Trustees' Report above.

Signed on behalf of the Charity's Trustees:

Miss J S Portrait OBE

31 January 2022

Trustee

• 3 -

The Celia Blakey Charitable Trust

Trustees’ Approval and Accountants’ Report For the year ended 5 April 2021

Trustees’ Approval

The accounts set out in pages 6 to 22 for the year ended 5 April 2021 are hereby approved by the trustees and signed on their behalf by:

Miss J S Portrait OBE

31 January 2022

Trustee

Accountants’ Report

In accordance with our engagement letter, we have prepared for your approval the accounts of The Celia Blakey Charitable Trust for the year ended 5 April 2021 which are set out on pages 6 to 22 from the trust’s accounting records and from information and explanations you have given us.

As a practicing member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standrards-and-guidance.

This report is made solely to you, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Celia Blakey Charitable Trust and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than you for our work or for this report.

You have approved the accounts for the year ended 5 April 2021 and have acknowledged your responsibility for them, for the appropriateness of the financial reporting framework adopted and for providing all information and explanations necessary for their compilation. We have not verified the accuracy or completeness of the accounting records or information and explanation you have given to us and we do not, therefore, express any opinion on the accounts.

31 January 2022

Edwards Greene Chartered Accountants 9 Innovation Place Douglas Drive Godalming Surrey GU7 1JX

• 4 -

The Celia Blakey Charitable Trust

Independent Examiner’s Report For the year ended 5 April 2021

I report on the accounts for the year ended 5 April 2021 which comprise a Balance Sheet, Statement of Financial Activities and the related notes.

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011, as amended. My examination has been undertaken so that I might state to the charity's trustees the matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees, as a body, for this report, or for the opinions I have formed.

Respective Responsibilities of Trustees and Examiner

The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed. It is my responsibility to:

• examine the accounts under Section 145 of the Act;

• follow the procedures laid down in the General Directions given by the Charity Commissioners under Section 145(5) of the Act; and

• state whether any particular matters have come to my attention.

Basis of Examiner's Report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent Examiner's Report

In connection with my examination, no matter has come to my attention:

• which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with Section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or

• to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Richard Edwards

31 January 2022

Richard Edwards FCA, FCCA, CTA Edwards Greene Chartered Accountants 9 Innovation Place Douglas Drive Godalming Surrey GU7 1JX

• 5 -

The Celia Blakey Charitable Trust

Statement of Financial Activities for the year ended 5 April 2021

Note Income Income from investments 1,3 Total Income Expenditure On raising funds: Investment management costs On charitable activities: Grant making 1,4 Cost of grant making Total expenditure Net incoming/(outgoing) resources before transfers and investment gains Net gains/(losses) on investments 5 Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward	Unrestricted Funds £ 116,028 116,028 - 80,050 80,050 80,050 35,978 - - 35,978 - £35,978	2021 Expendable Endowment £ - - 29,931 - 29,931 29,931 (29,931) 1,180,077 - 1,150,146 5,129,794 £6,279,940	Total Funds £ 116,028 116,028 29,931 80,050 109,981 109,981 6,047 1,180,077 - 1,186,124 5,129,794 £6,315,918	2020 Total funds £ 133,862 133,862 29,200 204,421 233,621 233,621 (99,759) (482,514) - (582,273) 5,712,067 £5,129,794

The notes on pages 9 to 22 form part of these financial statements

• 6 -

The Celia Blakey Charitable Trust

Balance Sheet at 5 April 2021

Notes Fixed assets Quoted stocks and shares 1,5 Total fixed assets Current assets Cash at bank and in hand 1,6 Current liabilities Creditors: amounts falling within one year 1,7 Net current liabilities Net assets Funds of the charity Unrestricted funds Expendable endowment Total charity funds	2021 £ 6,331,900 6,331,900 3,287 (19,269) (15,982) £6,315,918 35,978 6,279,940 £6,315,918	2020 £ 5,146,648
		5,146,648
		3,287 (20,141)
		(16,854)
		£5,129,794
		- 5,129,794
		£5,129,794

The notes on pages 9 to 22 form part of these financial statements

• 7 -

The Celia Blakey Charitable Trust

Cash Flow Statement for the year ended 5 April 2021

Cashflows from operating activities: Net cash used in operating activities (Note 9) Cash flows from investing activities Dividends, interest and rents from investments Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Analysis of cash and cash equivalents UK cash held as part of investment portfolio Barclays	2021 £ (110,853) 116,028 3,003,009 (2,804,883) 314,154 203,301 235,642 £438,943 435,656 3,287 £438,943	2020 £ (233,493)
		133,862 846,063 (881,288)
		98,637
		(134,856)
		370,498
		£235,642
		232,355 3,287
		£235,642

The notes on pages 9 to 22 form part of these financial statements

• 8 -

The Celia Blakey Charitable Trust

Notes to the Accounts for the year ended 5 April 2021

1 Accounting policies

1.1 Basis of preparation and assessment of going concern

The accounts have been prepared under the historical cost convention and in accordance with the “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The trustees consider that there is no material uncertainty about the trust’s ability to continue as a going concern.

1.2 Funds structure

There is an expendable endowment fund. The terms of the endowment allow the capital of the fund to be spent if the trustees so determine.

Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.

1.3 Income recognition

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Incoming resources from tax reclaims are included in the SoFA at the same time as the income to which they relate.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

Income is shown gross, including the associated tax credit unless the tax so deducted is considered irrecoverable.

• 9 -

The Celia Blakey Charitable Trust

Notes to the Accounts (continued) for the year ended 5 April 2021

1.4 Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable

1.5 Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.6 Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory accountancy and legal fees together with an apportionment of overhead and support costs.

1.7 Costs of raising funds

The costs of generating funds consist of investment management fees paid to the Trust’s external investment advisers.

1.8 Fixed asset investments

Investments are initially recognised at their transaction value and subsequently shown at their fair value as at the balance sheet date using the mid-market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. Partial disposals are accounted for using average cost.

1.9 Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

• 10 -

The Celia Blakey Charitable Trust Notes to the Accounts (continued) for the year ended 5 April 2021

1.10 Tax

The trust is a registered charity and is therefore exempt from tax on income and gains to the extent that these are applied to exclusively charitable purposes.

1.11 Financial instruments

The trust has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at cost using the effective interest method.

Financial assets held at cost comprise cash at bank, together with accrued interest and other debtors.

Financial liabilities held at cost comprise grants payable and creditors. Amounts payable are classified as current liabilities if payment is due within one year or less.

2. Related party transactions and trustees’ expenses and remuneration

No Trustee is or has been entitled to any fee or salary (2020 – nil).

No Trustee has been reimbursed any out of pocket expenses (2020 - nil)

Governance and support costs of £8,436 (2020 – £9,660) were paid for legal and administration services of Portrait Solicitors a firm in which Miss J S Portrait OBE is a partner.

3. Analysis of incoming resources

Investment income

nvestment income
Gross deposit Interest UK fixed interest UK unit trust interest UK Dividends UK unit property dividends Foreign interest Foreign dividends	2021 £ - 9,113 13,575 41,871 10,211 14,032 27,226 £116,028	2020 £ 709 8,605 10,141 55,462 11,895 18,997 28,053
		£133,862

• 11 -

The Celia Blakey Charitable Trust

Notes to the Accounts (continued) for the year ended 5 April 2021

4. Analysis of resources expended Grants payable Demelza Hospice Care for Children Gordan Edwards Charitable Trust Glyndebourne Productions Limited Integrated Neurological Services Motor Neurone Disease Association Queen Elizabeth’s Foundation for Disabled People Royal Opera House Covent Garden Foundation The Salvation Army Starlight Children’s Foundation Support Dogs Teenage Cancer Trust William Mary Foundation Support Costs Governance costs: Accountancy/Independent examination fees Legal and administration fees Total expended on grant making	2021 £ - - 20,000 - - - 20,000 - - - 25,000 - 65,000 7,802 7,248 15,050 £80,050	2020 £ 1,750 1,000 100,000 1,000 2,000 1,750 - 4,500 2,000 38,000 15,000 20,063
		187,063 7,530 9,828
		17,358
		£204,421

The Trust had no employees during the year.

• 12 -

The Celia Blakey Charitable Trust

Notes to the Accounts (continued) for the year ended 5 April 2021

5. Investment Assets
5.1 Quoted investments
	2021	2020
	£	£
Market Value brought forward at 6 April 2020	4,914,293	5,361,582
Additions	2,804,883	881,288
Disposals	(3,003,009)	(846,063)
Net realised investment (loss)/gains	571,756	10,105
Net unrealised investment (loss)/gains	608,321	(492,619)
Market value as at 5 April 2021	£5,896,244	£4,914,293
Investments at fair value
Equities	5,896,244	4,914,293
Cash held within the portfolio	435,656	232,355
	£6,331,900	£5,146,648
5.2 Historical Cost
	2021	2020
	£	£
Historical cost	£5,260,835	£4,887,205
5.3 Material investments - holding > 5% of the value	of total investments
	2021	2020
	£	£
Findlay Park Funds Plc – American Fund	-	369,565
Ishares Physical Metals Plc	146,490	438,940
J Sainsbury Plc	357,900	320,100
All investments are carried at their fair value. Investment in equities and fixed interest securities are all
traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment
funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for
quoted investments is equivalent to the market value,	using the mid-market price. Asset sales and
purchases are recognised at the date of trade at cost (that is their transaction value).
6. Analysis of current assets
	2021	2020
	£	£
Cash at bank - Barclays Wealth	£3,287	£3,287

• 13 -

The Celia Blakey Charitable Trust

Notes to the Accounts (continued) for the year ended 5 April 2021

7. Analysis of current liabilities

. Analysis of current liabilities
Investment management fees Professional fees	2021 £ 7,845 11,424 £19,269	2020 £ 7,129 13,012
		£20,141

8. Analysis of charitable funds

Current year:

Analysis of fund movements Unrestricted funds Expendable endowments revious year: Analysis of fund movements Unrestricted funds Expendable endowments	Balances Brought Forward 06/04/2020 £ - 5,129,794 £5,129,794 Balances Brought Forward 06/04/2019 £ - 5,712,067 £5,712,067	Income £ 116,028 - £116,028 Income £ 133,862 - £133,862	Expenditure £ (80,050) (29,931) £(109,981) Expenditure £ (204,421) (29,200) £(233,621)		Transfers £ - - - Transfers £ 70,559 (70,559) -	Gains and Losses £ - 1,180,077 £1,180,077 Losses £ - (482,154) £(482,154)	Balances Carried Forward 05/04/2021 £ 35,978 6,279,940 £6,315,918 Balances Carried Forward 05/04/2020 £ - 5,129,794 £5,129,794

Previous year:

• 14 -

The Celia Blakey Charitable Trust

Notes to the Accounts (continued) for the year ended 5 April 2021

Analysis of charitable funds (continued)

The expendable endowment represents the value of the assets held as investments arising from gifts. The income arising on these assets is available for use in accordance with the trust’s objects and is included in unrestricted income. The fund is available for expenditure on the charitable donations as the trustees deem fit.

9. Reconciliation of cash flows from operating activities Net income for the reporting period Dividends, interest and rents from investments (Decrease)/increase in creditors Net cash used in operating activities	2021 £ 6,047 (116,028) (872) £(110,853)	2020 £ (99,759) (133,862) 128
		£(233,493)

• 15 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2021

----- Start of picture text -----
Holding Market Value Cost Proceeds Realised Unrealised Holding Market Value Gross
06/04/2020 06/04/2020 Profit/(Loss) Profit/(Loss) 05/04/2021 05/04/2021 Income
£ £ £ £ £ £ £
3I Infrastructure GBP
Ord shares 43,421 104,428 - - - 24,315 43,421 128,743 4,125
Allianz Global Investors Gmbh
All China Equity Wt GBP Acc 60 70,080 245 - - 34,911 60 105,236 246
Ashmore Emerging Markets
Total Return Fund Z3 - - 216,049 81,404 (8,839) (13,592) 960 112,214 4,608
Ashmore Group
Ordinary GBP0.01 5,000 15,360 - 20,835 5,142 333 - - -
Ashmore Sicav
Em Total Return Z2 USD Dis - - - - - - - - 79
Ashmore Sicav
Emerging Mkts Total Return Z2 GBP Inc 2,300 161,828 - 215,970 - 54,142 - - 876
Atlas Global Infrastructure Fund
B shares GBP Unhedged - - 45,812 - - 1,296 400 47,108 1,362
Bb Healthcare Trust Plc
Redeemable Ordinary GBP0.01 92,200 111,562 - - - 62,696 92,200 174,258 4,541
Blackrock Continental
European Fund Class D GBP 10,000 194,500 - 117,240 59,400 45,500 6,000 182,160 1,369
Blackrock UK Smaller Companies
Fund D Income 7,000 42,469 - - - 26,733 7,000 69,202 332
British American Tobacco Plc
Ordinary 25p Shares 1,000 29,400 - - - (2,245) 1,000 27,155 2,104
Cazenove Investment Fund Management
Strategic Bond S Inc Nav 250,000 107,500 - 23,535 (1,313) 15,728 200,000 98,380 4,775
----- End of picture text -----

• 16 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2021

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2020	06/04/2020			Profit/(Loss)	Profit/(Loss)	05/04/2021	05/04/2021	Income
		£	£	£	£	£		£	£
Cazenove Investment Fund Management
UK Corporate Bond S Inc Nav	220,000	118,624	135,763	30,230	291	27,392	400,000	251,840	7,149
Cazenove Investment Fund Management
European Income S Inc Nav	16,000	6,805	-	6,805	(3,941)	3,941	-	-	144
Cg Portfolio Fund Plc
Dollar Hedged GBP Dis	1,800	182,268	-	-	-	5,688	1,800	187,956	2,504
Charities Property
Property Fund	150,000	189,375	-	-	-	(3,135)	150,000	186,240	7,253
Civitas Social Housing Plc
Ordinary GBP0.01	40,000	38,600	-	42,223	2,123	1,500	-	-	1,070
CRH Plc
EUR 0.32 shares	1,200	25,620	-	-	-	14,520	1,200	40,140	644
Diageo Plc
Ordinary 28 101/108p Shares	1,500	36,870	-	20,386	2,085	3,984	750	22,553	730
Doric Nimrod Air Three Ltd
Ordinary Pref No Par Value	50,000	18,500	-	-	-	1,500	50,000	20,000	4,124
EFTS Hedged Metal Securities
Daily Hedged Physical Gold	-	-	239,038	-	-	(22,292)	23,000	216,746	-
Fidelity Institutional Funds
Emerging Markets Fund Accum Shs -R- Gbp	-	-	117,277	-	-	92,143	143,438	209,420	593
Fil Investment Services(Uk)limited
Institutional Emerging Markets W Acc Nav	95,000	127,870	-	116,684	-	(11,186)	-	-	-
Findlay Park
US Smaller Companies Fund Units	4,000	369,565	-	212,677	-	(156,888)	-	-	-

• 17 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2021

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2020	06/04/2020			Profit/(Loss)	Profit/(Loss)	05/04/2021	05/04/2021	Income
		£	£	£	£	£		£	£
Findlay Park Funds Plc
American Sterling GBP Uhdg	-	-	212,677	373,398	200,630	51,134	750	91,043	-
Fundrock Management Company Sa
William Blair U.S.Sml Mid Cap Gth Jw I	875	89,460	-	-	-	58,109	875	147,569	-
G4s
Ordinary GBP0.25	10,000	6,992	-	-	-	17,488	10,000	24,480	-
Glaxosmithkline Plc
Ordinary GBP0.25 Shares	3,000	44,682	-	-	-	(6,354)	3,000	38,328	2,400
Greencoat UK Wind Plc
Ordinary GBP0.01	46,785	61,850	-	-	-	(1,310)	46,785	60,540	3,320
Hsbc Global Asset Management UK
Fte All World Index S Dis	30,000	42,090	(772)	-	-	17,302	30,000	58,620	214
Impact Healthcare REIT PLC	30,000	27,900	-	-	-	6,420	30,000	34,320	1,888
Int Public Partner
Ordinary GBP0.0001	27,084	39,001	-	-	-	6,554	27,084	45,555	1,969
Invesco Management Sa
Asian Equity C USD Ad Dis	10,000	59,145		99,358	51,510	(11,297)	-	-	-
Ishare IV Plc
China CNY Bond UCITS ETF	-	-	81,049	-	-	(3,644)	20,000	77,405	1,011
Ishares
Ishares S&p 500 Nav	6,000	121,785		85,035	43,991	5,775	3,000	86,516	2,167
Ishares Physical Metals Plc
I Shs Physical Gold Etc USD	17,000	438,940	-	309,603	103,676	(86,523)	6,000	146,490	-

• 18 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2021

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2020	06/04/2020			Profit/(Loss)	Profit/(Loss)	05/04/2021	05/04/2021	Income
		£	£	£	£	£		£	£
Ishares USD Treasury Bond
20 yr UCTIS ETF GBP Hedged	-	-	103,793	-	-	(15,993)	18,000	87,800	733
Ishares V Plc
MSCI World Health Care Sector UCITS ETF	-	-	68,497	69,766	1,269	-	-	-	322
Jpmorgan Asset Mgmt(Europe)s.A.R.L.
America Equity C USD Inc Nav	-	-	212,966	-	-	19,184	1,000	232,150	-
Legal & General Group Plc
Ordinary GBP0.025	13,000	20,761	-	-	-	16,094	13,000	36,855	2,284
Lloyds Banking Group
Ordinary GBP0.25	65,000	18,021	-	-	-	9,780	65,000	27,801
M&g Securities
Optimal Income Sterling I	100,000	132,830	-	144,764	-	11,934	-	-	1,651
M&g Securities Ltd
Optimal Income Pp GBP Dis	-	-	144,764	143,656	(1,108)	-	-	-	-
Mdo Management Company S.A.
Rwc Global Emerging Markets S GBP Dist	-	-	88,007	-	-	(2,898)	700	85,109	-
Micro Focus International
Ordinary shares	876	2,826	-	3,773	(15,488)	16,435	-	-	-
Moneysupermarket.Com Group Plc
Ordinary GBP0.0002	6,000	17,556	-	18,921	(1,286)	2,651	-	-	517
Morgan Stanley
Global Asset backed Securities fund GBP	-	-	128,675	-	-	(1,443)	5,137	127,232	-
Morgan Stanley Inv Management
Gbl Asset Backed Securities Zhx GBP Dis	-	-	128,675	128,675	-	-	-	-	-

• 19 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2021

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2020	06/04/2020			Profit/(Loss)	Profit/(Loss)	05/04/2021	05/04/2021	Income
		£	£	£	£	£		£	£
MU Lyxor US
TIPS (DR) UCITS ETF	800	85,880	-	-	-	2,900	800	88,780	448
Ninety One Funds Series III - Global Env
Global Environment Fund Shs -K- Gbp	-	-	82,420	-	-	(4,785)	50,000	77,635	-
Pearson Plc
Ordinary 25p	4,000	19,112	-	-	-	11,728	4,000	30,840	780
Pimco Europe Ltd
Global Libor Plus Bond Instl Gbp Dis Hgd	13,000	123,500	-	-	-	8,190	13,000	131,690	1,199
Polar Capital Funds
Global Insurance E Dis	-	-	53,223	-	-	4,831	10,000	58,054	90
Prudential Plc
Ordinary 5p Shares	4,000	36,808	-	12,316	(2,068)	24,121	3,000	46,545	959
Rio Tinto Plc
Ordinary 10p Shares (regd)	1,000	37,610	-	11,352	4,076	10,766	750	41,100	2,673
Robeco Luxembourg Sa
Bp Gbl Premium Equities Ib GBP Dis	-	-	233,449	-	-	32,474	2,100	265,923	2,394
Royal Dutch Shell 'B'
Ordinary EUR0.07 shares	2,500	35,460	-	-	-	(2,075)	2,500	33,385	1,230
Sage Group
GBP0.01051948	4,000	22,328	-	29,684	7,873	(517)	-	-	237
Sainsbury (J) Plc
Ordinary 28 4/7p Shares	150,000	320,100	-	-	-	37,800	150,000	357,900	15,750
Schroder Oriental Income Fund
OrdinaryGBP0.01	50,000	95,400	-	-	-	44,100	50,000	139,500	5,150

• 20 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2021

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2020	06/04/2020			Profit/(Loss)	Profit/(Loss)	05/04/2021	05/04/2021	Income
		£	£	£	£	£		£	£
Schroder Unit Trusts
Global Recovery S GBP Dis	-	-	175,322	-	-	563	290,000	175,885	-
Smith & Nephew
Ordinary GBP0.1222	2,000	27,260	-	15,806	4,770	(2,629)	1,000	13,595	484
Spyglass US Growth Fund (UCITS)
Aravis Funds (Ireland)	5,500	46,981	566	-	-	41,196	5,500	88,743	566
Sqn Asset Finance Income Fund Ltd
Ordinary No Par Value	34,899	9,772	-	1,745	-	(942)	34,899	7,085	-
SQN Asset Finance Income Fund Ltd
C GBP Distribuitive	27,091	13,979	-	3,251	-	(1,097)	27,091	9,631	-
Standard Chartered PLC
Ordinary USD0.50	4,500	18,288	-	-	-	3,771	4,500	22,059	-
T Rowe Price Funds Oeic
Global Technology Equity C 9 GBP Acc	8,800	121,032	-	101,167	-	(19,865)	-	-	-
T. Rowe Price Funds Oeic
Global Technology Eq Accum Shs -C 1- Gbp	-	-	101,167	129,015	68,521	46,172	7,140	86,845	-
T. Rowe Price Funds Oeic
Asian Opportunities Equi Shs -C- Gbp S 1	-	-	104,809	-	-	(1,803)	10,000	103,006	-
United Kingdom
1.25 % Treasury Gilt 2020-22.10.41	-	-	131,224	-	-	(12,556)	120,000	118,668	1,123
United Kingdom(Government Of)
0.125% Idx Lkd Gilt 22/03/24 GBP	100,000	133,104	-	132,796	17,760	(18,068)	-	-	-
United Kingdom(Government Of)
0.125% Idx/lkd Bds 22/03/2026 GBP0.01	150,000	199,094	-	199,755	11,063	(10,402)	-	-	71

• 21 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2021

Holding 06/04/2020	Market Value 06/04/2020 £	Cost £	Proceeds £	Realised Profit/(Loss) £	Unrealised Holding Profit/(Loss) 05/04/2021 £	Market Value 05/04/2021 £	Gross Income £
United Kingdom(Government Of) Idx/lkd Gilt 22/11/36 GBP0.01 80,000 Vanguard Investment Series Ftse All World Etf USD Inc Nav 1,300 Vanguard S+P 500 ETF Shs Ptg.USD 2,800 Vodafone Group Ordinary USD0.2095238 15,000 Vontobel Management S.A. Twentyfour Absolute Rtn Credit Aqng GBP 1,100 Vpc Specialty Lending Invstmnts Plc Ordinary GBP0.1 C 100,000 TOTAL:	135,638 74,432 108,024 16,652 110,275 48,500 4,914,293	- 108 80 - - - 2,804,883	53,259 47,925 - - - - 3,003,009	9,182 12,437 - - - - 571,756	(8,335) 50,000 17,690 700 45,637 2,800 3,397 15,000 3,377 1,100 36,300 100,000 608,321	83,226 56,742 153,741 20,049 113,652 84,800 5,896,244	91 1,428 2,639 1,209 2,574 8,000 116,199

• 22 -