Charity nvmber: 265601
THE DENMAN CHARITABLE TRUST
UNAUDITED
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2021

THE DENMAN CHARITABLE TRUST
Col￿ENTs
Page
Refergnc• and admlnlstratfve detsils ot the Charlty. its T￿￿te9$ and advlsers
Trustses. report
Independent examlnerfs r8port
ststement of financlal act5vll
Balance sheot
10
Notss to the flnancial statements

THE DENAIAN CHARrrABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARiff, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 5 APRIL 2021
Truste
P R Denman. Chief Executive
Dr F M-C Denman
C Denman
Charfty rOg￿ter•d
nuM￿r
265601
prtnclpal office
45 Durarkd Gardens
London
SW9 OPS
Independent Examlner M Hewett ACA DChA
Peters E￿¥OrthY & Mcote
Chartere(l Acciyjntants
Salisbvry House
Slalion Road
Canbridge
C812LA
Bankers
Natwest
23 Market Street
Cambridge
CB2 3PU
Soll¢ltors
Wither5
16 Okl Baiky
London
EC4M 7EG
Investment Managers
Quilter Chevpth LimitoJ
1 Undershaft
London
EC3A 8BB
Page 1

THE DENIAAN CHARITABLE TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED S APFUL 2021
The Trustees present their annual report together with the financial statemnts of The Denman Charitable Twst
for the year ended 5 Aplll 2021. The Trustees confirm that the Annual Report and financial statements of the
Charity c(￿pIY wth the current statutory requ1￿Ments, the ￿qUIrements of the Chanvs goveming document
and the provisions of the Statement of Recommended Pr¥tice ISORP), applicable lo charities preparing their
accounts in xcordanee wilh the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS
1021 (second edition of the Charities SORP IFRS102) October 2019. effectNe 1 January 20191.
OBJECTIVES AND ACTIVITIES FOR THE PUBUC BENEFIT
Policles and objectlves
The Trustees have absolule discretion lo pay or appty the vthole or any part of the Trust income and capital of
the TDJst Fund lo or for the benefrt of such exdusNety charitable objects and purposes as the Tnjslees in their
absolute discretion think fft.
In general, the TTUStees have set the main ￿rnS of the Charity as assisting indivKluals, ol small means or in
financial difficulties. and charitable organisations with the needs of or in the relief of, povety. education, heatth,
housing. and disablement or disability or any olher d￿ritable objeds and purposes. as the Trustees in their
abs￿Ute discreti¢)n Ihink fft.
The objectives for the year are shaped by these amns with a yie* to distributing the Charitys income in full after
expenses ltskin9 one year wth another). The Tnjstees may. in certain circurnstances. consbder it prudent to
distllbute the income re¢eNed over a Imger period. Such ¢i￿Um$tanceS mMJht incI￿le the receipt of an
exceplionalty large Company divKlend, which the Twstees may prefer to distribute over a nLSmber of years in
orderto manage betterthe di5titJution of iruxne lo their benefttaries.
b. Publk Benofft
The Trustees confimi that they have referred to the Chaiity Commiss￿￿.$ guidance on Public Benefft when
rewewing the Charivs arns and 0￿e(￿veS. wi planning frjture xtivÉtw arKt setting the grant making policy for
the year.
c. Grant Maklng Pollcy
Appliotions for grant5 are considered from both indNhJuals and organisations whether made directty or
supported in wriknng by an organisakn or a social wc¥kèr. The Truslees may make grants to organisations with
sunitar aims.
Detsils of to applyfr* grants and the information required are available from the Chief ExeculNe.
d. lfivèstment Pollcy
Tho Tnjstees make att investrnent deC￿K￿5 after lull eonsultation with. and 4wroval from, their investmenl
advisers who are instructed Its invest in a portfdh) to obtain an income sufficient lo meet the Charrtls grant
making cbjectives whilst ensuring the Charitys long tem) S￿nty (taken in ils widest sense and including. for
example, protection against inftation).
The Trustees may purchase any investrnents ar￿Or PTOFety as ttw. in their absolute dlscretion, think frt. as
they wer8 absolute beneficial owners.
Page 2

THE DENMAN CHARITABLE TRUST
TRUSTEES. REPORT (CQNTINUEDI
FOR THE YEAR ENDED S APRIL 2021
ACHIEVEMEKfs AND POUCY
a. Grant Maklng Perfomwnce
During the year 44 (2020.. 49) applicalK)ns for assistan￿ were received arKI the Tnjstees made grants totalling
£23,00012020: £48,500) to no indwiduals and 12 charÈfable organisation$12020'. 1 individu81 and 10 eharitable
organisatKJns}.
Trjtsl grants made represent 69%12020: 110%) of ineoming reStyj￿ less am adminkstration costs.
At the year end no ¢onttngent grants were outstandwig {2020.' nil}.
b. Investment Perfonn•nce
When setting investment P8rfomiance objectives ￿ relation to quoted investments. the Trustees use total return
as the ba51$ of investment perfoThnance and compare aclual perfomance wth a benchmark by taking an
average of the FTSE Al Share Index and the FTSE World ex UK Index Following consuttalion with their
investment advise￿. the Trustees set a target rate of retum for the year of 5%. The investment retum for 2021
wa8 an increase of 38.2% (2020: 14% decrease). This compares wrfh an increase Ui the benchmark of 40.2%
12020: 18.7% decrease).
FINANCIAL REVIEW
. Revlew
Total income during the year was £40.063 (2020: £50.555) and after payment of grants to beneficiaries of
£23.000 12020.. £48.5(M)l. investsnent management costs of £1,004 {2020.. £665). support eosts of £319 12020:
£9301, govemance costs of £5.156 {2020: £5.0441 and nel gains on investments of £745.41412020'. net losses
£386,081), there wa5 net income of £755.998 {2020". net expenditure £390,665).
The mathet value of quoted investments at the yew e￿1 was £2.633.488 (2020.. £1.922.832}.
Page 3

THE DENPAAN CHARITABLE TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED S APRIL 2021
b. Resepies Pollcy
The Charity is relrant ￿ income from its investh￿nts.
Tthng one year with another. the Truslees, intention is to distribule the Charitys inco￿￿ in full after expenses.
The Trustees consider it prudent to maintan a target level (rf free reserves in unrestricted funds. which is no
lower than 10% and no greater than 100% of the total net income. prior to deducting costs relating lo charitable
ities. as shown in the Statement of Financial Actswit￿$ of the preceiling yearfs annual accounts. The
Trustees consÈder that this level will provide suffwt funds lo wspond to applicatKJn$ for grants and to cover the
Charitys expenses.
The Trustees may. in Certa￿ cÈrcumstanc8s. consMJer it pnKlent to distribLrte the income received ¢)ver a longer
period. Such circumstances might include the receipt of an exceptionaNy large cornpany dividend, which the
Trustees m8y prefer to distr*Juie over a number of yeats in order to manage better the distribution of income lo
their beneficiaries.
The actual kvel of free reseNes (exdudiNJ invesknents} at 5 April 2021 was £24.331 (2020: £13.748), which
falls ￿thin the Trustees, specff*d parameters for 2020f2021 of £3.358 and £33.584.
The Reserves Policy is consistent with the Twstees'-kyKJ terni securitf approach to investing. its gfant making
policy, and with the duty to appty the in¢orY* of the Charity wthin a reasorbable time. In oddiÉion. it allows for any
variation in diwdend receipts over the year.
PLANS FOR FUTURE PERIODS AND Cov1￿19
The Trustees considerthat the Covid-19 Pandem￿ will continup to cause an increase in the number and ufgency
of apPI￿atiOnS for assistan￿ as the oulbreak exacethates and dTiYes more into hardship. The Tnjslees will
continue lo respond lo these applÉealK)ns but wll addrtionalty consider bcal Covid-19 appeals. The Trustee$
consider Ihal the detrimental effect on the UK econwly and the very substantial increase in Government debt
will lead to even greater need in future yeaTS. The Trustee5 monitor the situation as it evolves and act
accordingly.
The TA￿te¢S are also awarg that. for a wxyj, the wdemic affed the ￿ of dtvidends that Companies
pay, and in tum, this will impact on the dividend inc(*Y* receivabbe by the TrusL In this Tegard. the Trustees have
tsken the athce of their tnvestment advisers who have esttmated that the Trusys income for the year ended S
April 2022 should be in the region of £41,fK*).
Thlts, whilst maintaining the *)ove stated c**jectives and ￿1¥11*6. it is anttopated that the Trustees will have
approximatety £39,000 ￿ailable for charitable grant making for the year to 5 April 2022. This rep￿sents 96% of
available re$erves and anti￿pated net incm ieceipts for the year to 5 April 2022.
The Trustees wll Close￿ monitor the receipt of dNidend income during Ihe year under review arKd may increase
or de¢re8se the level of grant making accordingty.
Page 4

THE OENAIAN CHARITABLE TrUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED S APRIL 2021
GOING CONCERN AND COVID-19
The Trustees have rewewed thg financial posit*)n of the Charty, induding the potentk?l impacl of Covid-19, and
have a reasonable expectation th* the Chanty has adequate resour￿ lo continue in operational existence for
the foresee8bfe fvture. Accordingly. Ihe financial 5tateff￿nts eontinue to be preparad on the going concem basi8.
STRUCTURE. GOVERNANCE AND MANAGEMENT
a. Constltutlon
The Charity is an unincorporated t￿￿1. c(mstituted under a Iwst deed dated 22 February 1973 and is a re9iStere(I
charity. number 265601. The Charity vras established by an initial gift from MTS C M Denman in 1973. The
Charity does not activety fundraise ar￿ seeks to continu8 rt$ work through the careful stewaTdship of its exisling
resources.
b. Methods of appolntment or el8¢tlon of Tn
There is an annual rewevakiatiM of Trustees unlil such tAne as they Tesign. The Board of Trustees
appoints new Trustees and the induction process for any appointed Trustee comprises meeting wiÉh the
Board and Chief Executive who eyplain the Charitls pob¢i¢s eoncemirrfj investments, grant making and tho
powers and responsibilities of the Trustees.
All Trustegs are regularly provwjed with reknnt nvwsletteF5 and technical subscriplions and are notified of
changes in govemance etc. published on the Charity Ccrfnmission's website which they afe encoLtraged lo visit.
The Trust Deed does not provide for the appcrfntrnenl of 8 minHnum or maximum number of Trusteès. However,
the pre¥enl Trustèes, policy is that there SI￿1￿ never be less than Iwo or mcwe than four TTuslees.
The Truslees meet quarterty arKI agree the broad strategy and areas of actiwty for the Charity. including
onwderation of grant making, investmen( re5eNes and risk management policies and perform8n¢e.
The day to day administration of grants 8nd the processing and handling of applications piior lo consideration by
the Trustees is delegatod to the Ch￿t Executive. The Ch￿f Execthwe provides his time and expertise on a
voluntary basis and deals with al day to day matters. except for investment management advice and
professtonal services which are 0￿50￿r¢ed. The ch￿ Executive monilrxs inforMa￿n relating to grant5 and
make5 reCommendat￿n$ to the Board of Trustees who make all deeisK)ns.
The Trustees (yerate a Priw Poky. the frjll delals ofwhth can be obtsinwj by vffitsng to the Trustees al th8
Trusfs principal office.
There were no emplrtyees in the current or preceding year.
Page S

THE DENMAN CHARITABLE TRUST
TRUSTEES. REPORT (CONTINUEDI
FOR THE YEAR ENDED 5 APRIL 2021
STATEMENT OF TRVSTEES. RESPONS181LmES
The Truste¢$ are responsible for prepartrtg the Trustees. report and the financia statements in accordance with
applicable and United Kingdom Accwnting Stsndards (United Kingdom Generalty Accepted Accounting
Praclicel.
The law applicable to charities in England & Wales rEquires the Trustees lo prepare financial ststements for
each financial year which give a true and fair Viff4Y of the stale of affairs of the Charity and of rts incoming
resources and application of resources, induding its aThJ expenditure, for Ihat period. In preparing these
financial statements, the Trustees are required to:
select suitable ￿l￿ntIng polt¢ies aThJ then applythem consistenty,
observe the methods and principles of the Chariknes SORP IFRS 102);
make judgments and accounting gstimates that are reasonable and p￿￿ent
stsle whether applicable UK Accounting Stsndards IFRS 1021 have been fotl(Aved, subject lo any material
departure8 disck)sed and explained ￿ the ffinancial statements..
prepare the financial statements on the go*￿ concem basis unless rt Is inappropriate to presume that the
Charity will continue in business.
The Trustees are responsbi te for keeping adequate ae¢ountiThJ records that are sufficient to show and explain
the Charitys IransadK)ns and disclose with reasonable accuracy al any time the financial position of the Charity
and enable them lo ensu￿ that the financial ststements compty wÉth the Charities Act 2011. the Charity
(Accounts and Reports) ReguLat￿￿$ 21)08 and the provisions of the Ttust deed. They are also responsible for
safeguarding the assets of the Charity and hence for taking reasonable steps for the preverktion and detection of
fraud and other irregularities.
)proved by order of Ihe merrthrn of the board of TrLtslees ar￿ s￿￿ed on their behall by.
P R Denman
Trustee and Chief Executive
Date:
Page 6

ThE DENMAN CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED S APRIL 2021
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DENMAN CHARITABLE
TRUST {Ih• Charlty'l
I report lo the charityTrust* gn my oxamination ofthe accounts ofthe Charity kn the year ended 5 April 2021.
RESPONSIBILITIES AND BASIS OF REPORT
As the Twstees of the Charty you are respmsible for the preparation of ts xcounts in a￿T￿anCe with Ihe
requirements of the Charities Act 2011 Ilhe 2011 Acf).
I report in ￿pect of my examination of the Charitys accounts carried out under Section 145 of the 2011 Act and
in carrying out my examinatKJn I have folltyved the applicable Directions gNen by the Charty Commission under
se¢lÈon 145151{b) of Ihe 2011 Act.
INDEPENDENf EXAMINER'S STATEMENT
Your attention is drawn to the fact that Ihe ChaTity has prepared the &counts in aceoTdance wtth Accounting and
Reporting by Charitses: Statement of Recommended practi￿ applicable to charities preparing their accounts in
a¢¢ordance ￿th the Finanual Reporting Standard applicab￿ wt the UK and Republic of Ireland {FRS 1021 in
pteference to the Accounting and Reporting by Ch￿itIes". Statement of Recommended Pradice BSLted on 1 April
2005 whKh is rderred to in the exlant regulatB)ns but has been wrthdrawn.
l Unde￿land that thi$ has been done in Order for the xcounts to P￿vide a tn￿ and fair Vie*¥ in aceordan¢& wilh
the Generalty Accepted Accountiry Pradice effedNe for rewing perKyJs beginning on or after 1 JanL¥ary 2015.
I have completed my ex￿Ination. I confimi thal Th) mattets have come to my attention in conr￿¢1￿*￿ with the
examinatv)n gNing me cause to believe that in any material resFfjrt
counting records were not kept n resFwt of thg Charity as required by seclion 130 of the 2011 Act.. or
the accounts do not accord wth those Teccvds" or
the aeeount$ do not c(ryly with the aPp￿cable requiremenls coneeming the fonn and content of
accounts set out in the Charities (Accounts and Reports) RegLFlations 2008 other than any requirement
that the accounts 9ive 8 Irue and fairf view which is not a matter considered as part of an independent
examination.
I have no eoncems and hove come across no other matters in connection with the examination lo which
attention should be drawn in this report in order to enab￿ a prcs>er understanding ol the accounts lo be reached.
Page 7

## 



THE DENMAN CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2021
Unrestrfcted
lund$
2021
Total
funds
2021
Total
fvnds
2020
INCOME FROM:
Investsnents
40.063
50,555
TOTAL INCOME
EXPENDITURE ON:
Raising fvnds
Charitsble ￿tiViti8$
40,063
40,063
50.555
28A75
28,475
54.474
TOTAL EXPENDtWRE
29,479
29.479
55.139
NET INCOMEIIEXPENDITURE) BEFORE NET
GAINSI(LOSSESI ON INVESTMENTS
Nd gainsl(lossesl on investments
10.584
10.584
14,S841
{386,081)
7444f4
745.414
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brou9M foiward
Net nKsvemenl in fvnds
755.998
755,998
1390,665)
2.079.034
755.998
1079.034
755.998
2,469,699
{390.665}
TOTAL FUNtIS CARRIED FORWARD
2.835,032
2,835,032
2,079,034
All In¢om&, expendÈture and funds in the c￿r￿n1 armj prevh)us are unrestricted.
The notes on pages 11 to 18 fomi part of these ffinanaal sthteThEnts.
Page 9

THE DENPIAN CHARrrABLE TRUST
BALANCE SHEET
AS AT 5APRIL 2021
2021
2020
Note
FIXED ASSErs
Investments
1810,701
2.065.286
1810.701
2,065,286
cuRREP￿ ASSETS
Oebtors
Cash at bank and in hand
8.593
21,923
7.946
11.115
30.616
19,061
Creditors" amounts falling due within ¢)ne
16,185)
{5.313}
NET CURRENT ASSETS
TOTAL ASSEfs LESS CURRENT
UABIUTIES
24.331
13,748
2,835,032
2.079,034
TOTAL NET ASSETS
2.835.032
2,079.034
CHARITY FUNDS
Un￿Str￿téd fvnds
2.835.032
2,079,034
TOTAL FUNDS
2,835.032
2.079.034
The financi4 ststements were approved and aLrthorised for issue by the Trustees and signed on their behaw by..
P R Denman
Trustee and
Dale=
ief Executive
The notes on pages 1110 18 form part of these financial stalements.
Page10

THE DENIAAN CHARITABLE TRVST
NOTES TO THE HNANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2021
ACCOUNTING POUCIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial staterr￿nts havg been prepared to give a Irue and fairf viert and have departed from
the Charities {Acwunls and Rep￿ts) Reg¥Jlations 2008 only lo the extent required lo provide a 'lrue
and faiv wew. This departure has Inv￿ed followng the Charities SORP {FRS 1021 second edstion
effective January 2019 rather than the Accounting and Reporting by Charittes: Statement of
Recormiended PractKe effedive from 1 April 2CK)S whth has since been withdrawn.
The financial statements have been prepared under the historic81 cost conventÈon with items
rpcognised at cost or transaction value unless othemse $L￿ed in the relevant notes lo these
attounts. The finarrial statements have been prepared Ni accordance with the Statement of
R8¢omm8nded Prnctte.. Ar￿Jnting and Reporting by Chariti8s preparing their accounts in
accordance with the Financial Reporting Standard applicabk in the UK and Republic of Ireland IFRS
102)15econd edition of the Charitks SORP IFRS102) October 2019, effective 1 January 20191 and
Financial ReF¥)rting Standard applicable in th8 United Kingdom and Rewblic of Ireland IFRS 102)
and the Charities Act 2011.
The Oenman Ch*itable Trust constliutes a publ￿ benefft entity as defined by FRS 102.
There were no significant esiirn*es or judgements made by management In preparing these
financ¢al Stat￿￿ntS except the vJuation of investments as Ca1￿lated by Quilter Chemol Limited.
1.2 G0114G CONCERN
The Trustees have remvwed the fmancial posilton of the Charity, incltsding the potential impact of
Covid-19, and have a reasonable expeclakn.on that the Charity has adequate resources to continue i
operational existence for the foreseeabte ffiJture. Accordingly. the finarrial statements Continue lo be
prepared on the going concern basis.
1.3 FUND ACCOUNnNG
General funds are unrestricted funds whth are available for use at the disuetion of the TTU$tees in
fvrtherance of the general objectives of the Charity and which have not been designated for other
purposes.
1.4 INCOME RECOGNITION
All ineome is recognised once th8 Charty has entitlerrwl to the income. it 1$ probable that the
i￿1)me will be receNed and the amount of income receivth can be measured reliabty.
Income fft>rn funds he￿j on derthit k8 indud¢d when reeervable and the amount can be measured
reliabty by the Charity, this ts upon not1r￿knn of the interest paid or pay*sle by the bank.
The payment of Teportable overseas inttffiè Can be subject lo delays of up to 12 months and
therefore the Charty may not have beers advised about this irkwme before the signing of the
accounts. For this reason ￿portab[e overseas Inco￿ is recognised when received.
Dmdends are recogntsed once ts diwdernl has been declared and notification has been r￿e1Ve￿ of
the dividend due. Ex dNhlends that have been not[r￿ lo the Charity but not yet received by 5 April
are induded as debtors.
Page 11

ThE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
AccouKnNG POUCIES {CONTINUED)
1.$ EXPENDrruRE RECOGNMON
Expenditure is ac￿nted for ￿ an accnjals basis arKI has been included under expense categoTÉes
that aggregate all costs for al1(Xatk￿ to activitiss. Where costs cannot be directly attributgd to
particular aclNities tw ￿ been alkxated on a basis fJ)n$istenl with th& use ofthe resources.
Costs of raising funds consist Ofllmnag￿ tees charyed by Quilter Chevk)t Limited.
Charitable activities include grants payth and supporf costs induding govomance costs.
Grants pa￿e are charged in the year when the offer is made except in those cases where the offer
is cond￿Onal, such grants being recognised as expenditure vthen the condilKJns attaching are
fU￿11ed. Grants offered subject to conditions which have not been mot at the year end are noled as a
rtmitmenL but not act￿￿d as expenditure.
Support costs have been alloc*ed beh¥een govern￿ and ¢ther supwt costs. Govemance Gosts
eomprise all costs nvolving the publ￿ accountability ol the Charity and its compliance with regulation
and g¢>)d practice. These costs include costs relating to th& Independent Examination and legal fees.
Additions to office equi)trnnt are acc￿nted kn and wriiten off in the year of purchase.
I re￿urceS exponsed are irKIusNe of 1￿C0V￿￿1e VAT.
1.6 GAINS AND LOSSES
All galns and losses are laken to th& St*emart of Fil￿ncIal Activities as they arÉse. Realtsed gains
nd 1035es ￿ investments are calculated as the difference befvleen sales proceeds and their
cpening carryng valuo or Purchase date rf aquired subsequent to the first day of the financial year.
Unreah'sed g&ns and losses are ealculaled as the drfference btheen the fair value at the year end
and their carying Y￿ue. Realised arKI unrealised gw'ns and losses are combined in the Statement of
Financial A￿VItIes.
1.7 INVESTMENTS
Fixed asset investments are a fomi of financiat instrument and are initialty recognised al their
transaction Cost and subsequenuy measured at fair value al the Balance sheet date, unless the value
cannot be n￿S￿red reliably in which case ii is m&2sured at Cost less impaimient.
1.8 DEBTORS
Traje and other debtors are recognised at the setuement amount after any trade discount offeTed.
Prepayments ar& valued at the amount prepaij net of any trade discounts due.
1.9 CASH AT BANK AND IN HAND
Cash at bank and in hand indudas cash and short4emi hsghty liquid tnvestments wlh a short matLtrrity
of three months or less from the date of xquisrtion or opening of the deposit or sunilar account.
Page 12

THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2021
ACCOUNTING POUCIES ICONnNUED
1.10 CREDITORS AND PROVISIONS
Creditors and provisions are reccgnlsed wtwe the Charity has a present obligation resutting from a
past event that wil probably result in the transfer of funds lo a third party and the amount due lo settle
the oblvJalion can be measured or e5timaled re1k￿ly. Creditors and prowsions are nonnally
recognised at lh￿r setuement amount after alhmng for any trade discounts due.
1.11 FINANCIAL INSTRUMENTS
The Charity only has financtd assets and financial liabrfities of a kind that qualify as bas￿ financial
instruments. Basic ffinancral instruments are initlally recognised at trnnsadtron value and 5ubsequentty
measured at fair value at the Balance Sheet date. un￿$ fair value cannot be meaSU￿d reliably in
which ￿se it is measured at cost less impairmenL
INVESTMENT INCOME
Unrestrlcted
fvnds
2021
Total
funds
2021
Totsl
funds
2020
UK investment funds
Interest on cash deposits
Overseas fvnd$
36.280
36,280
47,904
170
2.481
3.783
3.783
40.063
50,555
TOTAL 2020
50,555
50.555
INVESTMENT MANAGEMEKf COSTS
Unrostrlcted
funds
2021
Totsl
funds
2021
Total
funds
2020
Investment managem8nt costs
1,004
1.004
665
TOTAL 2020
665
665
P8ge 13

THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
ANALYSIS OF EXPENDMJRE BY ACTMTIES
Grnnt
lunding of
actfvlties
2021
Support
Totsl
funds
2021
Tot81
funds
2020
2021
Chari18ble activrties
23.000
5.475
28,475
54,474
TOTAL 2020
48.500
5,974
54,474
Anatysls of Support costs
Support &
govemance
Total
funds
2021
Total
funds
2020
2021
Public8bon subscriptK)ns
Filing cabinets
Postsge
Travel & Parking
Accountanry fees (govemancel
Independont examinets fees Igovemance)
Legal fees Igovemancel
stati¢￿ery
215
215
215
303
11
401
3,000
3,600
1.556
3.600
1.556
480
104
5.475
5,475
5.974
TOTAL 2020
5.974
5.974
Govemance costs as Sh￿ above tclaued £5,156 in 2020r21 and £5,044 in 2019120.
Page 14

THE DENhlAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
ANALYSIS OF GRANTS
Grants to Grants to
Institut¥ons Indiylduals
2021
2021
Total
funds
2021
Total
fund8
2020
Grants
23.000
23,0(KJ
48.500
TOTAL 2020
45.1))O
3,500
48,500
GRApifs TO INDIVIDUALS
No grnnts payments ￿r9 lo indwthls in 2020r21: one grant of £3.500 wa$ made lo an individu31
in 2019￿0 and this grant vras made frc4n unrestricled funts.
Page 15

THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
GRANTS TO INSTrruTIONS
2021
2020
ACt￿n Medical R￿arch
Age UK (Corona￿rUS Appea
Blind Veterans UK
Brainwave
British LNgr Trusl
Brtti5h Wireless for the Blind
Cambridge Psychotherapy Assistance Tr￿St
Compliments ofthe House
Fc4)d Ltfeline
Footsteps Foundati
Huntingdon's Disease A8soc¢alion
Lennox Children's Cancer Fund
M¢)orfield$ Eye Charity
Multiple Scler05i5 Society
Northwich Mu￿sportS
Royal Nation81 Institute of Blind Pecgle
Soft UK
Space4AulÉsm
Spencer Conta
4.000
10.000
1000
4.000
1,000
2,000
3,000
1.000
500
3,000
3.SOO
4,000
3,000
1.000
3.000
1,500
1,500
1,000
3.000
3,000
Total
23.000
45,000
AU grant payThenls were nwde from unrestrLted funds in 2021 and 2020.
FIXED ASSET INVESTMENTS
Lbted
Investm•nts
Cash at
broker
Total
COST OR VALUATION
At 6 Apfil 2020
Addilk)ns
Disposals
Net realised and unrealised gwnslllosses)
Movement in cash at broker
1.922.832
164.138
1198,896)
745.414
141454
2.065.286
164.138
1198.896)
745.414
34,759
34,759
AT 5 APRIL 2021
2,633A88
177,213
2,810.701
Page 16

THE DENMAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
FIXED ASSET INVESTMENTS {CONTINUED)
l investments are carried al their fair vaue. Investment in equities and fixed interest securities are all
traded in quoted publ¢c markets. prniarity the London Sltxk Exchange. Hc4dings in common investment
lunds. vnil trusts and Open￿nd￿ investment c(rynies are at the bKI pri￿. The basis of fair value for
quoted investments is equivdent lo the market value. using the bid pite. Asset sales and purchases are
re￿gnIsed at the date of trade at cost {that ts their transadion value).
When consKlerit)g the chari￿s InVestrr￿nI poly, Trustees take the adwce of Quitter Cheviol
Limited. The Charity operates an investment pdicy that includes prowsion for a degree of diverstfiealton
of holdings wthin drfferent investment trusts and unrt trust investments. The Charity has invested in a
number of these inve8trr￿nts in order to better protect the Chartys exposure to volatilty in the Ma￿et
and seek low risk investments wherever p05sfole.
The Charity does not mare use of derivabves and similar complex financial instNments as it takes the
ow that investments are hekj forlheir longer temi grrAvth and annual income.
The Charity has no materta investsnwrt holdinp in markets subject to exthange controls or trading
restri¢tions.
DEBTORS
2021
2020
DUE WITrIIN ONE YEAR
Other deblofs
8,593
7.946
8,593
CREDITORS: AMOUNTS FALUNG DUE W￿H1N ONE YEAR
2021
2020
Other credrtor5
6,185
5.313
KEY MANAGEMENT PERSONNEL TRUSTEES. REMUNERATION AND EXPENSES
The Chanty considers its key m8nagement personnel to be the Trustees. The Trustees 811 gtve their lime
and expérti8e without any ft>rm of remuneratmjn or ther benefft in kind (2020.. £niS1.
During tho year ended 5 April 2021. no expenses were incufred by or any Teimbursement made lo any of
the Trustees <2020: th￿e Truslees - £4011. There were no Trustee expenses settled direclty to a third
party {2020: £nil)
Page 17

ThE DENIAAN CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2021
10. RELATED PARTY TRANSACTIONS
Thefe were no related party tr8nsadions during the current or Pfioryear.
Page 18