2022-04-05-accounts

Charity number: 263482

The Celia Blakey Charitable Trust

Report and financial statements for the year ended 5 April 2022

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 - 14
Investment Schedules	15 - 21

The Celia Blakey Charitable Trust

Trustees’ Report at 5 April 2022

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 1.96% (2021 – 1.83%). There has been an increase in
	the market value of the investments of 4.7% (2021 –
	23.03%). The Trust normally holds investments for the
	long term.

• 1 -

The Celia Blakey Charitable Trust

Trustees’ Report at 5 April 2022

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 £64,076.
Achievements	The Charity has received investment income of £130,084,
	(2021 - £116,028). The Trustees have made donations to
	charitable causes amounting to £50,000 (2021 -
	£65,000). 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 2022

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 Trustee

25 January 2023

• 3 -

The Celia Blakey Charitable Trust

Trustees’ Approval and Accountants’ Report For the year ended 5 April 2022

Trustees’ Approval

The accounts set out in pages 6 to 21 for the year ended 5 April 2022 are hereby approved by the trustees and signed on their behalf by:

Miss J S Portrait OBE Trustee

25 January 2023

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 2022 which are set out on pages 6 to 21 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 2022 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.

25 January 2023

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 2022

I report on the accounts for the year ended 5 April 2022 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.

25 January 2023

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 2022

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 £ 130,084 130,084 - 66,008 66,008 66,008 64,076 - - 64,076 35,978 £100,054	2022 Expendable Endowment £ - - 31,645 - 31,645 31,645 (31,645) 263,545 - 231,900 6,279,940 £6,511,840	Total Funds £ 130,084 130,084 31,645 66,008 97,653 97,653 32,431 263,545 - 295,976 6,315,918 £6,611,894	2021 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

The notes on pages 9 to 21 form part of these financial statements

• 6 -

The Celia Blakey Charitable Trust

Balance Sheet at 5 April 2022

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	2022 £ 6,629,407 6,629,407 3,287 (20,800) (17,513) £6,611,894 100,054 6,511,840 £6,611,894	2021 £ 6,331,900
		6,331,900
		3,287 (19,269)
		(15,982)
		£6,315,918
		35,978 6,279,940
		£6,315,918

The notes on pages 9 to 21 form part of these financial statements

• 7 -

The Celia Blakey Charitable Trust

Cash Flow Statement for the year ended 5 April 2022

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	20221 £ (96,122) 130,084 1,674,641 (1,731,999) 72,726 (23,396) 438,943 £415,547 412,260 3,287 £415,547	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

The notes on pages 9 to 21 form part of these financial statements

• 8 -

The Celia Blakey Charitable Trust

Notes to the Accounts for the year ended 5 April 2022

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 2022

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 2022

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 (2021 – nil).

No Trustee has been reimbursed any out of pocket expenses (2021 - nil)

Governance and support costs of £6,948 (2021 – £8,436) were paid for legal and administration services of Portrait Solicitors a firm in which Miss J S Portrait OBE was 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	2022 £ 47 9,163 11,084 48,610 9,530 21,318 30,332 £130,084	2021 £ - 9,113 13,575 41,871 10,211 14,032 27,226
		£116,028

• 11 -

The Celia Blakey Charitable Trust

Notes to the Accounts (continued) for the year ended 5 April 2022

4. Analysis of resources expended Grants payable Glyndebourne Productions Limited Royal Opera House Covent Garden Foundation Teenage Cancer Trust Support Costs Governance costs: Accountancy/Independent examination fees Legal and administration fees Total expended on grant making The Trust had no employees during the year. 5. Investment Assets 5.1 Quoted investments Market Value brought forward at 6 April 2021 Additions Disposals Net realised investment (loss)/gains Net unrealised investment (loss)/gains Market value as at 5 April 2022 Investments at fair value Equities Cash held within the portfolio	2022 £ - - 50,000 50,000 8,460 7,548 16,008 £66,008 2022 £ 5,896,244 1,731,999 (1,674,641) 133,483 130,062 £6,217,147 6,217,147 412,260 £6,629,407	2021 £ 20,000 20,000 25,000
		65,000 7,802 7,248
		15,050
		£80,050
		2021 £ 4,914,293 2,804,883 (3,003,009) 571,756 608,321
		£5,896,244
		5,896,244 435,656
		£6,331,900

• 12 -

The Celia Blakey Charitable Trust

Notes to the Accounts (continued) for the year ended 5 April 2022

5.2 Historical Cost

5.2 Historical Cost
2022 £ Historical cost £5,451,675 5.3 Material investments - holding > 5% of the value of total investments 2022 £ Ishares Physical Metals Plc - J Sainsbury Plc 369,900	2021 £ £5,260,835
	2021 £ 146,490 357,900

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 Cash at bank - Barclays Wealth 7. Analysis of current liabilities Investment management fees Professional fees	2022 £ £3,287 2022 £ 8,116 12,684 £20,800	2021 £ £3,287
		2021 £ 7,845 11,424 £19,269

• 13 -

The Celia Blakey Charitable Trust

Notes to the Accounts (continued) for the year ended 5 April 2022

8. Analysis of charitable funds

Current year:

Analysis of fund movements Unrestricted funds Expendable endowments Previous year: Analysis of fund movements Unrestricted funds Expendable endowments	Balances Brought Forward 06/04/2021 £ 35,978 6,279,940 £6,315,918 Balances Brought Forward 06/04/2020 £ - 5,129,794 £5,129,794	Income £ 130,084 - £130,084 Income £ 116,028 - £116,028	Expenditure £ (66,008) (31,645) £(97,653) Expenditure £ (80,050) (29,931) £(109,981)		Transfers £ - - - Transfers £ - - -	Gains and Losses £ - 263,545 £263,545 Gains and Losses £ - 1,180,077 £1,180,077	Balances Carried Forward 05/04/2022 £ 100,054 6,511,840 £6,611,894 Balances Carried Forward 05/04/2021 £ 35,978 6,279,940 £6,315,918

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

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	2022 £ 32,431 (130,084) 1,531 £(96,122)	2021 £ 6,047 (116,028) (872)
		£(110,853)

• 14 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2022

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2021	06/04/2021			Profit/(Loss)	Profit/(Loss)	05/04/2022	05/04/2022	Income
		£	£	£	£	£		£	£
3I Infrastructure GBP
Ord shares	43,421	128,743	-	-	-	24,750	43,421	153,493	4,397
Allianz Global Investors Gmbh					-
All China Equity Wt GBP Acc	60	105,236	-	-		(20,523)	60	84,713	-
					-
Ashmore Emerging Markets
Total Return Fund Z3	960	112,214	-	-	-	(20,784)	960	91,430	5,932
Atlas Global Infrastructure Fund			-	-	-
B shares GBP Unhedged	400	47,108				9,028	400	56,136	1,541
			-	-	-
Bellevue Healthcare Trust PLC
Redeemable Ordinary GBP0.01	92,200	174,258	-	-	-	922	92,200	175,180	5,085
Blackrock Continental			-	-	-
European Fund Class D GBP	6,000	182,160				21,199	6,000	203,359	48
			-	-	-
Blackrock UK Smaller Companies
Fund D Income	7,000	69,202	-	-	-	2,339	7,000	71,541	600
British American Tobacco Plc
Ordinary 25p Shares	1,000	27,155	551	-	-	5,257	1,021	32,963	2,179
Cazenove Investment Fund Management
Strategic Bond S Inc Nav	200,000	98,380	-	-	-	(4,300)	200,000	94,080	4,344
Cazenove Investment Fund Management
UK Corporate Bond S Inc Nav	400,000	251,840	-	142,023	10,816	(14,091)	180,000	106,542	6,740
Cg Portfolio Fund Plc
Dollar Hedged GBP Dis	1,800	187,956	-	110,355	10,008	(3,137)	800	84,472	2,866
Charities Property
PropertyFund	150,000	186,240	-	-	-	30,030	150,000	216,270	7,608

• 15 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2022

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2021	06/04/2021			Profit/(Loss)	Profit/(Loss)	05/04/2022	05/04/2022	Income
		£	£	£	£	£		£	£
CRH Plc
EUR 0.32 shares	1,200	40,140	-	-	-	(4,380)	1,200	35,760	999
Diageo Plc
Ordinary 28 101/108p Shares	750	22,553	-	-	-	7,293	750	29,846	544
Doric Nimrod Air Three Ltd
Ordinary Pref No Par Value	50,000	20,000	-	-	-	1,000	50,000	21,000	4,124
Federated Hermes Unconstrained Credit
Shares L3 Hedged GBP Dis	-	-	91,212	91,212	-	-	-	-	536
Federated Hermes Unconstrained Credit
Shares M3 GBP Hedged Dis	-	-	91,212	-	-	(6,876)	89,710	84,336	233
Fidelity Institutional Funds
Emerging Markets Fund Accum Shs -R- Gbp	143,438	209,420	1,599	40,218	12,506	(47,457)	110,000	135,850	1,599
Fidelity Investment Funds
Fidelity Global Dividend Fun Shs -R- Gbp	-	-	120,675	-	-	(1,167)	120,000	119,508	-
Findlay Park Funds Plc
American Sterling GBP Uhdg	750	91,043	-	-	-	11,827	750	102,870	-
Fundrock Management Company Sa
William Blair U.S.Sml Mid Cap Gth Jw I	875	147,569	-	103,254	-	(44,315)	-	-	-
G4s
Ordinary GBP0.25	10,000	24,480	-	24,377	4,295	(4,398)	-	-	-
Glaxosmithkline Plc
Ordinary GBP0.25 Shares	3,000	38,328	-	-	-	12,786	3,000	51,114	2,400
Greencoat UK Wind Plc
OrdinaryGBP0.01	46,785	60,540	-	-	-	12,211	46,785	72,751	3,360

• 16 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2022

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2021	06/04/2021			Profit/(Loss)	Profit/(Loss)	05/04/2022	05/04/2022	Income
		£	£	£	£	£		£	£
Hsbc Global Asset Management UK
Fte All World Index S Dis	30,000	58,620	-	60,345	9,352	(7,627)	-	-	-
Impact Healthcare REIT PLC
	30,000	34,320	-	-	-	2,040	30,000	36,360	1,924
Int Public Partner
Ordinary GBP0.0001	27,084	45,555	-	-	-	867	27,084	46,422	2,021
Invesco Markets Iii Plc
Invesco Eqqq Nasdaq 100 Ucits Etf	-	-	127,800	-	-	(2,376)	450	125,424	-
Ishare IV Plc
China CNY Bond UCITS ETF	20,000	77,405	125,446	221,230	14,735	3,644	-	-	2,902
Ishares
Ishares S&p 500 Nav	3,000	86,516	-	-	-	17,359	3,000	103,875	1,104
IShares China CNY
Bond Index Fund (IE) S Dist USD	-	-	222,177	-	-	2,746	28,500	224,923	1,513
Ishares Physical Metals Plc
I Shs Physical Gold Etc USD	6,000	146,490	-	-	-	25,470	6,000	171,960	-
Ishares USD Treasury Bond
20 yr UCTIS ETF GBP Hedged	18,000	87,800	-	-	-	(5,567)	18,000	82,233	1,636
Jackson Financial
Ord shs	-	-	1,380	1,455	75	-	-	-	-
Jpmorgan Asset Mgmt(Europe)s.A.R.L.
America Equity C USD Inc Nav	1,000	232,150	-	212,966	-	(19,184)	-	-	160
Jpmorgan Asset Mgmt(Europe)s.A.R.L.
America EquityI2 USD Dis	-	-	212,966	-	-	74,687	3,709	287,653	-

• 17 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2022

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2021	06/04/2021			Profit/(Loss)	Profit/(Loss)	05/04/2022	05/04/2022	Income
		£	£	£	£	£		£	£
Legal & General Group Plc
Ordinary GBP0.025	13,000	36,855	-	-	-	(1,404)	13,000	35,451	2,316
Lloyds Banking Group
Ordinary 10p shares	65,000	27,801	-	-	-	2,297	65,000	30,098	807
Morgan Stanley
Global Asset backed Securities fund GBP	5,137	127,232	-	-	-	(3,595)	5,137	123,637	1,710
MU Lyxor US
TIPS (DR) UCITS ETF	800	88,780	92,628	-	-	(56)	1,600	181,352	786
Neuberger Berman
US Large Value fund I4 GBP Dist	-	-	116,675	-	-	(1,835)	11,000	114,840	-
Neuberger Berman Inv fund Plc
US Equity Index put fund I3 GBP	-	-	107,175	-	-	(2,875)	10,000	104,300	1,376
Ninety One Funds Series III - Global Env
Global Environment Fund Shs -K- Gbp	50,000	77,635	59,466	-	-	(2,257)	85,000	134,844	30
Pearson Plc
Ordinary 25p	4,000	30,840	-	-	-	(264)	4,000	30,576	792
Pimco Europe Ltd
Global Libor Plus Bond Instl Gbp Dis Hgd	13,000	131,690	-	-	-	(6,890)	13,000	124,800	1,409
Polar Capital Funds
Global Insurance E Dis	10,000	58,054	-	-	-	10,638	10,000	68,692	855
Prudential Plc
Ordinary 5p Shares	3,000	46,545	-	1,380	-	(11,160)	3,000	34,005	348
Redwheel Mdo Mgt Co S.A
Global EmergingMarkets S GBP Dist	700	85,109	-	-	-	(11,744)	700	73,365	1,189

• 18 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2022

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2021	06/04/2021			Profit/(Loss)	Profit/(Loss)	05/04/2022	05/04/2022	Income
		£	£	£	£	£		£	£
Rio Tinto Plc
Ordinary 10p Shares (regd)	750	41,100	-	-	-	4,800	750	45,900	5,196
Robeco Luxembourg Sa
Bp Gbl Premium Equities Ib GBP Dis	2,100	265,923	-	-	-	18,333	2,100	284,256	5,544
Sainsbury (J) Plc
Ordinary 28 4/7p Shares	150,000	357,900	-	-	-	12,000	150,000	369,900	15,900
Schroder Oriental Income Fund
Ordinary GBP0.01	50,000	139,500	-	-	-	(3,250)	50,000	136,250	5,250
Schroder Unit Trusts
Asian Alpha Plus S Inc	-	-	93,638	-	-	(2,138)	75,000	91,500	-
Schroder Unit Trusts
Global Recovery S GBP Dis	290,000	175,885	(948)	58,776	4,660	8,039	200,000	128,860	3,530
Shell PLC
Ordinary EUR0.07 shares	2,500	33,385	-	39,011	-	5,626	-	-	1,194
Shell PLC
Registered Shs	-	-	39,011	-	-	14,014	2,500	53,025	457
SLF Realisation Fund Ltd
Ordinary No Par Value	34,899	7,085	-	11,920	-	7,975	34,899	3,141	-
SLF Realisation Fund Ltd
C GBP Distribuitive	27,091	9,631	-	4,362	-	(2,492)	27,091	2,777	-
Smith & Nephew
Ordinary GBP0.1222	1,000	13,595	-	-	-	(1,265)	1,000	12,330	271
Spyglass US Growth Fund (UCITS)
Aravis Funds(Ireland)	5,500	88,743	-	77,882	22,241	(33,102)	-	-	-

• 19 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2022

	Holding	Market Value	Cost	Proceeds	Realised	Unrealised	Holding	Market Value	Gross
	06/04/2021	06/04/2021			Profit/(Loss)	Profit/(Loss)	05/04/2022	05/04/2022	Income
		£	£	£	£	£		£	£
Standard Chartered PLC
Ordinary USD0.50	4,500	22,059	-	-	-	423	4,500	22,482	390
T. Rowe Price Funds Oeic
Global Technology Eq Accum Shs -C 1- Gbp	7,140	86,845	-	74,139	33,466	(46,172)	-	-	-
T. Rowe Price Funds Oeic
Asian Opportunities Equi Shs -C- Gbp S 1	10,000	103,006	(67)	94,064	(10,678)	1,803	-	-	429
United Kingdom
1.25 % Treasury Gilt 2020-22.10.41	120,000	118,668	-	123,116	(8,108)	12,556	-	-	750
United Kingdom(Government Of)
Idx/lkd Gilt 22/11/36 GBP0.01	50,000	83,226	-	-	-	5,391	50,000	88,617	73
Vanguard Investment Series
Ftse All World Etf USD Inc Nav	700	56,742	-	58,256	16,745	(15,231)	-	-	-
Vanguard S+P 500 ETF
Shs Ptg.USD	2,800	153,741	-	-	-	31,003	2,800	184,744	2,021
Vodafone Group
Ordinary USD0.2095238	15,000	20,049	-	-	-	(1,227)	15,000	18,822	1,139
Vontobel Management S.A.
Twentyfour Absolute Rtn Credit Aqng GBP	1,100	113,652	-	-	-	(3,531)	1,100	110,121	1,793
Vpc Specialty Lending Invstmnts Plc
Ordinary GBP0.1 C	100,000	84,800	-	-	-	4,600	100,000	89,400	8,000
William Blair
US Small-Mid Cap Growth Fund JX I GBP	-	-	103,254	62,377	19,000	23,907	800	83,784	-
WisdomTree Hedged Metal Securities Limit
DailyHedged Physical Gold	23,000	216,746	-	61,924	(5,630)	22,821	16,500	172,013	-

• 20 -

The Celia Blakey Charitable Trust

Investment Schedule

For the year ended 5 April 2022

Holding 06/04/2021	Market Value 06/04/2021 £	Cost £	Proceeds £	Realised Profit/(Loss) £	Unrealised Holding Profit/(Loss) 05/04/2022 £	Market Value 05/04/2022 £	Gross Income £
Wisdomtree Issuer Enhanced Commodity Ucits USD TOTAL:	- 5,896,244	126,149 1,731,999	- 1,674,641	- 133,483	35,051 13,000 130,062	161,200 6,217,147	-
							129,950

• 21 -