2021-03-31-accounts

			Page
Reference and administrative		details
Trustees' report			2-4
Independent Auditors'	report		5-7
Statement offinancial	activities
Comparative statement	of financial activities
Balance sheet			10
5lalemenl of cashflows
Notes to the accounts			12 - 16

Charity	Number	Number	263929
Trustees			Roger Bowder
			Katherine Elizabeth	Alison Hall
			Michael Jones
Registered		office	Shakespeare Martineau		LLP
			2 Two Colton Square
			Leicester
			LE1 1QH
Auditor			The Rowleys Partnership		Ltd
			Chartered Accountants
			Charnwood House
			Harcourt Way
			Meridian Business Park
			Leicester
			LE191WP
Bankers			Coutts &Co
			440 Strand
			Charing Cross
			London
			WC2R OQS
Solicitors			Shakespeare Martineau		LLP
			Two Colton Square
			Leicester
			LE1 1QH
Investment		managers	Cazenove Capital Management			Limited
			1 London WallPlace
			London
			EC2Y SAU

						EXPENDABLE
			Note	UNRESTRICTED		ENDOWMENT	TOTAL	TOTAL
				FUNDS		FUNDS	2021	2020
Income and endowments	from			E		8	E	E
Investments
- Investment income				494,683			494,683	636,080
- Bank interest on deposit	and	premium
Income accounts					72		72	1,107
- Interest on stockbrokem'	account							2,101
Total Income and endowments				494,755			494,755	639,288
Expenditure on
Raising funds
- Investment management	fees			70,878		70,878	141,756	140,674
Charitable activities				389,366			389,366	677(327
Total expenditure				460,	244	70,878	531,122	818,001
Net realised gains/(losses)	on	listed investments				3,817,152	3,817,152	1,277,998
Net unrealised gains/(losses)		on listed	investments			3,270,690	3,270,690	(4,402,240)
Net Income/(expenditure)
Reconciliation offunds
Total funds brought forward				701,245		26,771,244	27,472,489	30,775,444
Total funds carried forward				35.	6	33. $$ 2	34 Ai336	ask 2 489

					EXPENDABLE
			Note	UNRESTRICTED	ENDOWMENT	TOTAL
				FUNDS	FUNDS	2020
Income and endowments	from			E	E	E
Investments
- Investment income			4	636,080		636,080
- Bank interest on deposit	and premium
income accounts				1,107		1,107
- Interest on stockbrokers'	account			2, 'I 01		2,101
Total income and endowments				639,288		639,288
Expenditure on
Raising funds
- Investment management	fees			70,337	70,337	140,674
Charitable activities			5	677,327		677,327
Total expenditure				747,664	70,337	818,001
Net realised gains/(losses)	on	listed investments			1,277,998	1,277,998
Net unrealised gains/(losses)		on listed investments			(4,402,240)	(4,402,240)
Net income/(expenditure)				~108 376	~394579	J33302 sss
Reconciliation of funds
Total funds brought forward				809,621	29,965,823	30,775,444
Total funds carried forward				701.245	26.771.244	27,472,489

						2021		2020
				Note	E
Fixed Assets
Listed investments						33,285,173		26,615,170
Cash held by	investment		manager for
re-investment						741,520			462,094
						34,026,693		27,077,264
Current Assets
Debtors				9	40,378		57,445
Cash at bank	and in	hand			510,880		434,577
					551&258		492,022
Liabilities
Creditors; amounts		falling
due within one year				19	~53 9 &
Net Current	Assets					497,271			395,225
Net Assets						~323 ~6		MLZ442.2
Funds
Expendable endowment			funds			33,788&208		26,771,244
Unrestricted	funds					735,756			701,245
Total Funds				12				27	489
R 6owder
Chairman

								2021	2020
							Note	E	E
Cash flow from operating activities							1	(62,182)	(126,720)
Cash flow from investing activities
Proceeds	of disposal of investments							12,080,254	3,457,677
Payments	to acquire investments							(11,662,415)	(4,033,683)
Interest	received							72	3,208
Net cash	flow from Investing activities							417911	~572.798
Net Increase/(decrease) in		cash and cash equivalents						355,729	(699,518)
Cash and cash equivalents		at the	beginning		ofthe reporting		period	896,671	1,596,189
Cash and cash equivalents		at the	end	ofthe	reporting	period		I 252,498	896,671
Analysis	ofcash:
Cash at bank and in hand								510,880	434,577
Cash held by investment manager			for re-investment					741,520	462,094
								I 252 458	896 671
Note 1	Reconciliation of	net income		to net	cash flow	from	operating	activities
								2021	2020
								E	E
	Net surpWs/(deficit)	for	year					7,051,475	(3,302,955)
	Adjusted for:
	(Gain)/loss on investment							(7,087,842)	3,124,242
	Interest receivable							(72)	(3,208)
	(Increase) /decrease in debtors							17,067	(4,'I20)
	Increase/(decrease)	in creditors						(427810)	59,321
	Net cash flow from	operating		activities

4	Investment	income	2021	2020
			E	E
	Income from listed investments		494,633	636,080
5	Charitable	activities	2021	2020
			E	E
	Grants awarded in the year		356,866	646,086
	Support costs (note 6)		15,600	14,471
	Governance	costs (note 7)	16,900	16,770
			309366	677 327

6	Support costs	Support costs		2021	2020
				E	E
	Solicitors'	charges	(as clerk to the trustees)	15,290	14,208
	Insurance			310	263
				15,600	14,471
7	Governance costs			2021	2020
					E
	Trustees'	remuneration		12,000	12,000
	Auditors'	remuneration		4,900	4,770
				16900	16,770
	Trustees'	remuneration
	Mr R Bowder			4,000	4,000
	Mrs K Hall			4,000	4,000
	Mr M Jones			4,000	4,000
				12000	\2 000

8	Listed investments			2021	2020
				E
	Market value at 1 April	2020		26,615,170	29p163,406
	Additions at cost			11,662,415	4,033,683
	Proceeds of disposals			(12,0$0,254)	(3,457,677)
	Net reagsed (loss)/gain	on	investments	3,817,152	1,277,998
	Net unreallsed (loss)/gain		on investments	3,270,690	(4,402,240)
	Market value at 31 March 2021
	Investments comprise:
	UK listed investments			14,342,562	11,706,228
	Overseas listed investments			18,942,611	14,908,942

- Robeco BPGlob	al E1,883,85	0 (202	0: ENil)
9 Debtors					2021	2020
					E	E
Other debtors					~ltu)LL.	~L77)
10Creditors: amounts	falling due	within	one year		2021	2020
					E	E
Accruals					48,737	45,777
Other creditors					5,250	51,020
11 Analysis of net assets between		funds
			Unrestricted	Expendable	2021	2020
			funds	endowment	Total	Total
				funds
				E	E	E
Listed investments				33,2$5,173	33,285,173	26,615,170
Cash held by investment
manager for re-investment			219,655	521,865	741,520	462,094
Debtors			40,378		40,378	57,445
Cash at bank			510,880		510,880	434,577
Creditors			(35,157)	(18,$30)	(53,987)	(96,797)

unds recon	ciliation
		Balance at	Transfer			Investment	Balance at
		1 April	Between	Incoming	Outgoing	gains/	31 March
		2020	Funds	Resources	Resources	(lasses)	2021
		E	E	E	E	E	E
Expendable	endowment	26,771,244			(70,87$)	7,087,842	33,788,208
Unrestricted	funds	701,245		494/755	(460'244)		735,756
		27 472 4$9		494 755	531 122	7 087 $42	34 523 964
Comparative	funds recandliations
		Balance at	Transfer			Investment	Balance at
		1 April	Between	Incoming	Outgoing	gains/	31 March
		2019	Funds	Resources	Resources	(lasses)	2020
		E	E	E	E	E	E
Expendable	endowment	29,965,823			(70,337)	(3,124,242)	26,771,244
Unrestricted	funds	809,621		636,288	(747,664)		701,245
		30,775,444		636 288	818 001	3 124 242	27472 489