## ## ## ## |for the yea|r|ende|d 5 April|2022|2022|2022||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Ob ectives||and|Activities|forthe
ublic benefit
continued||||||||||||||||| |Investment||Policy and||||||||||||||||||| |Performance||||The Trustees
have power|under|||the Settlement||||Deed|||to invest sums||||held|in| |||||any form they think fit. In recognition|||||ofthe||value|ofexpert advice,|||||the Trustees|||| |||||have delegated
the management|||||of their||investment||||portfolio
to||Julius Sacr|||| |||||Portfolio
Managers
Limited|with the stated||||||objective|||of maximising||||long-term||| |||||total return
subject to risks|normally
associated|||||||with||a balanced|||approach|||to| |||||porffolio management.||||||||||||||||| |||||In the year to 5April 2022 the||portfolio managed||||||by Julius Beer appreciated||||||||by| |||||540% measured
on a total|return|||basis compared|||||with the benchmark|||||||| |||||appreciation
of4.79/o.||||||||||||||||| |Plans for future|||eriods|The trustees
short-term
objective|||||is to continue||||to|make||grants,||as|set out|| |||||above.
The trustees
aim to||utilise|||the unrestricted|||||and endowment||||funds||to| |||||achieve this objective.||||||||||||||||| |Structure|Governanceand|||Mana
ement||||||||||||||||| |Settlor:||||Cecil George Bernstein||||||||||||||||| |Governing||Document:||The principal
governing
document|||||is a trust deed||||dated 7|||August|1972. The|||| |||||trust isa private charitable
trust|||controlled|||by its trustees.||||||||||| |Appointment||of|Trustees:|The power to appoint trustees||vests|||with the||current||trustees.|||||||| |||||If new or additional
trustees||are appointed|||||they|will be|||encouraged|||to|receive|| |||||appropriate
training
depending|||on|their qualifications||||||and experience.|||||The|lay| |||||trustees
rely on outside advisors|||as||necessary.|||||||||||| |Reference|and Administrative
details|||||||||||||||||||| |Name ofCharity:||||M &C Trust||||||||||||||||| |||||Charity No. 265391||||||||||||||||| |Trustees:||||Elizabeth
Julia Marks||||||||||||||||| |||||Rachel Jane Lebus||||||||||||||||| |||||Victoria Jane Fairley||||||||||||||||| |||||Matthew
Bernstein||||||||||||||||| |Principal
Office Address:||||Mercer & Hole Trustees
Ltd||||||||||||||||| |||||72 London Road, StAlbans||||||||||||||||| |||||Hertfordshire,
AL1 1NS||||||||||||||||| |Investment||Managers:||Julius Baer Porffolio Managers||Ltd||||||||||||||| |||||1 St Martin's
Le Grand||||||||||||||||| |||||London, EC1A 4AS||||||||||||||||| |Bankers:||||CAF Bank||||||||||||||||| |||||25 Kings
Hill Avenue,||||||||||||||||| |||||West Mailing,
Kent, ME194JQ||||||||||||||||| ## ## ## ## ## ## ## ## ## |for the year ended 5 April|2022|||||| |---|---|---|---|---|---|---| ||||Expendable|Unrestricted|2022|2021| ||||Endowment|Income|Total|Total| |||Notes|Funds|Funds||| |Income and endowments|||E|5|E|E| |Income from investments||3||102,981.72|102,981.72|87,682| |Tax repayable||||||277| |Total income and endowments||||102,981.72|102,981.72|87,959| |Expenditure
on:||||||| |Costs of raising funds||||||| |Investment
management|costs|4|29,491.01||29,491.01|26,953| |Charitable
activities||5|12,?59.00|163,843.30|176,602.30|156,671| |Total expenditure|||42 200.111|163,843.30|206,003.31|103.024| |Net gain/(loss)
on currency|exchange||7,626.88||7,626.88|( 6,554)| |Net gains/(losses)
on investments|||158,572.09||158,572.09|801,903| |Net income/(expenditure)|||123,948.96|( 60,861.58)|63,087.38|699,684| |Transfer between funds||1|~61,120.60|61,110.60||| |Net Movement
in funds|||62,778.36|309.02|63,087.38|699,684| |Reconciliation
offunds||||||| |Total funds
brought
forward|||4,741,395.67||4,741,395.67|~4041,712| |Total funds carried forward|||4,804,174.03|309.02|4,804,483.05|4,741,396| ## ## |Balance sheet
5April 2022|||||| |---|---|---|---|---|---| ||||2022||2021| |||Expendable|Unrestricted|Total|Total| |||Endowment|Income||| |||Funds|Funds||| ||Notes||6||| |Fixed assets|||||| |Listed investments|||||| |at market value|6|4,375,368.00||4,375,368.00|4,352,014| |Current assets|||||| |Dividends
receivable|||844.52|844.52|| |Income tax recoverable||298.07||298.07|1,350| |Balance with Julius Baer||421,521.31||421,521.31|379,680| |Balance with CAF Bank||8,236.15||8,236.15|9,052| |||430,055.53|844.52|430,900.05|390,082| |Liabilities:|||||| |Legal charges||1,249.50|535.50|1,785.00|| |Donations|||||700| |||1,249.50|535.50|1,785.00|700| |Net current assets||428,806.03|309.02|429,115.05|389,382| |Total net assets||4,804,174.03|309.02|4,804,483.05|4,741,396| |Total charity funds||4,804,174.03|309.02|4,804,483.05|4741 396| ## ## ## ## ## ## ## ## |for|the year ended 5 April 202|2||||| |---|---|---|---|---|---|---| |3.|Investment
income||||2022
6|2021f| ||Dividends||||102,981.72|87,682| |4.|Cost ofraising funds||||2022f|2021f| ||Investment
management|charges|||29,491.01|26,953| ||The investment
management||costs are all attributable|to endowment|funds.|| |5.|Charitable
activities||||2022
6|2021f| ||Charitable
activities||||1?6,602.30|156,671| ||The breakdown
ofcharitable||activities is as follow:|||| ||||||2022|2021f| ||Grants||||153,000.00|126,000| ## |Analysis of|charitable ex|penditu|re:|||| |---|---|---|---|---|---|---| ||||Expendable|Unrestricted||| |Governance|costs||Endowment|Income|Total|| ||||Funds|Funds|Funcls|| ||||2022|2022|2022|2021| |Accountant's|charges||5,220.00|5,220.00|10,440.00|12,330| |Independent|examination|fees||1,800.00|1,800.00|1,800| |Secretarial charges||||426.80|426.80|120| |Legal fees - RadcliffesLeBrasseur|||976.50|418.50|1,395.00|16,313| |Legal fees - Cripps LLP|||6,562.50|2,812.50|9,375.00|| |Bank charges||||165.50|165.50|108| ||||12,759.00|10,843.30|23,602.30|30,671| |Total charitable
activities|||||176,602.30|156,671| ## ## ||||| |---|---|---|---| |ed asset investments||2022
6|2021f| |Market value at 5April|2021|4,352,014.00|3,827,392| |Additions||670,825.71|1,830,085| |Disposals||( 806,043.80)|( 2,107,367)| |Net realised investment|gains/(losses)|64,093.92|232,796| |Net unrealised
investment
gains/(losses)||94,478.17|569,107| |Market value at 5April|2022|4,375368.00|4,352,014| |Historical cost at 5April|2022|3930,950|3,902,283| ## ## ## |alysis ofne|t assets between
fund|s||| |---|---|---|---|---| |||Endowment|Unrestricted|Total| |||Funds
6|Funds|Fundsf| |2022||||| |Investments|assets|4,375,368.00||4,375,368.00| |Net current|assets|428,806.03|309.02|429,115.05| |||4,804,174.03|309.02|4,004403.05| |2021||||| |Investments|assets|4,352,014||4,352,014| |Net current|assets|389,382||389,382| |||4,741,396||4,743 396| ## ## |||||Expendable|Unrestricted|Unrestricted|| |---|---|---|---|---|---|---|---| |||||Capital|Income||2021| ||||Notes|Funds
f|Funds
f||Totalf| |Income and endowments|from||||||| |Investment
income|||||87,682||87,682| |Tax repayable||||||277|277| |Total income and endowments|||||87|959|87,959| |Expenditure
on|||||||| |Costs ofraising funds|||||||| |Investment
management|costs|||26,953|||26,953| |Charitable
activities||||17,584|139,087||158821| |Total expenditure||||44 537|139,087||183,624| |Net gain on currency exchange||||( 6,554)|||( 6,554)| |Net gain on investments||||801,903|||801,903| |Net expenditure
Transferred
from endowment||for||750,812
~52, 128|( 51,128)
51 128||699,684| |Net Movement
in Funds||||699,684|||699,684| |Reconciliation
offunds|||||||| |Total funds brought
forward||||4041 712|||4,041,712| |Total funds carried forward||||4,741,396|||4,741,396| ## ## |.Grants made and Grant|commitments||||| |---|---|---|---|---|---| |||Paid|Provided|Charged
in|Charged
in| |||in the|but not paid|SOFA|SOFA| |One year grants||year
F|at 5/4/22|2022
8|2021
f| |Aphasia Re-Connect||4,500||4,500|3,500| |Become||4,500||4,500|3,500| |Blesma||4,500||4,500|3,500| |Carers Trust||5,000||5,000|7,000| |Community
Security Trust||8,500||8,500|7,000| |Deafblind
UK||4,500||4,500|3,500| |Freedom
From Torture||5,000||5,000|5,600| |Handicapped
Children's|Action Group|4,500||4,500|3,500| |Holocaust Education
Trust||8,500||8,500|7,000| |Hot Line Meals Service||3,000||3,000|2,100| |Independent
Age||4,500||4,500|| |Jerusalem
Foundation||8,500||8,500|7,000| |Jewish Care||8,500||8,500|7,000| |Jewish Women's
Aid||8,500||8,500|7,000| |Kids N'Action||4,500||4,500|3,500| |London Jewish
Cultural|Centre||||| |(JW3 Development)||8,500||8,500|7,000| |Milly Days|||||700| |Mulberry
Bush Organisation||5,000||5,000|5,600| |Nightingale
Hammerson||8,500||8,500|7,000| |NNLS Asylum Seeker Drop-in||4,500||4,500|3,500| |Norwood||8,500||8,500|7,000| |OXPIP||4,500||4,500|3,500| |Peeple||4,500||4,500|3,500| |Refugee Resource||4,500||4,500|3,500| |Space4Autism||4,500||4,500|3,500| |WaveLength||4,500||4,500|3,500| |World Jewish Relief||8500||8,500|7,000| |Total one year grants||153,000||153,000|126,000| |Total for the year||153,000||153,000|126 OMr| |Summary
ofgrants to institutes
made in th|e year:| |---|---| ||F| |Health|36,000| |Education|8,500| |Youth Work|13,500| |Community|25,500| |Social Care|22,000| |Relief for Poverty|31,000| |Other|16,500| ||153,000|