2022-04-05-accounts - The Underwood Trust

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Contents	Pages
Trustees' annual report	2 —9
Auditor's report	10-13
Statement offinancial activities	14-15
Balance sheet	16
Statement ofcash flows	17
Notes tothe fin an cia I statements	18-25

		Unrestricted	Expendable	2022	2021
		Income	Endowment	Total	Total
	Notes	Fund	Fund	Funds	Funds
		f	f	f	f
Income
Legacy income			16,316,655	16,316,655
Investment income	2	1,346,078		1,346,078	963,049
Total income		1,346,078	16,316,655	17,662,733	963,049
Expenditure
Raising funds:
Investment management costs		601			598
Charitable activities:
Grant expenditure	3	1,317,198		1,317,198	638,586
Grant related support costs		25,269		25,269	25,169
Governance costs	5	14,555		14,555	13,519
Cost ofgrant making		1,357,022		1,357,022	677,274
Total expenditure		1,357,623		1,357,623	677,872
Net income / (expenditure)		(11,545)	16,316,655	16,305,110	285,177
Transfer between funds	6	11,545	(11,545)
			16,305,110	16,305,110	285,177
Net gains / (losses) on
investments
Unrealised	7		690,113	690,113	3,242,597
Realised	11		593,825	593,825	(36,297)
			1,283,938	1,283,938	3,206,300
Net movement in funds			17,589,048	17,589,048	3,491,477
Reconciliation offunds
Totalfunds brought forward			17,748,578	17,748,578	14,257,101
Total funds carried forward			35,337,626	35,337,626	17,748,578

Comparative year information		Unrestdcted	Expendable	2021
Year ended 5April 2021		Income	Endowment	Total
	Notes	Fund	Fund	Funds
		E	f
Income
Investment income	2	963,049		963,049
Total income		963,049		963p049
Expenditure
Raising funds:
Investment management		598		598
costs
Charitable activities:
Grant expenditure	3	638,586		638,586
Grant related support costs		25,169		25,169
Governance costs	5	13,519		13,519
Cost ofgrant making		677,274		677,274
Total expenditure		677,872		677,872
Net income / (expenditure)		285,177		285,177
Transfer between funds	6	(285,177)	285,177
			285,177	285,177
Net gains / (losses) on
investments
Unrealised	7		3,242,597	3,242,597
Realised	11		(36,297)	(36,297)
			3,206,300	gp206,300
Net movement in funds			3,491,477	3,491,477
Reconciliation offunds
Total funds brought forward			14,257,101	14,257,101
Total funds carried forward			17,748,578	17,748,578

			Unrestricted	Expendable	Expendable	2022	2021
			Income	Endowment		Total	Total
		Notes	Fundf		Fund f	Fundsf	Funds f
Fixed assets
Unlisted investments		7		16,316,655		16,316,655
Listed investments		7		17,665,093		17'665,093	16,421,291
Total fixed assets				33,981,748		33,981,748	16,421,291
Current assets
Debtors			380			380	584,942
Cash			5,678		1,355,878	1,361,556	747,682
Total current assets			6,058		1,355,878	1,361,936	1,332,624
Liabilities
Creditors: amounts
falling due within one		9	(6,058)			(6,058)	(5,337)
year
Net current	assets				1,355,878	1,355,878	1,327,287
Total assets liabilities	less current			35,337,626		35,337,626	17,748,578
Creditors: amounts
falling due after one
year
Net assets				35,337,626		35,337,626	17,748,578
The funds ofthe
charity
Expendable endowment	fund			35,337,626		35,337,626	17,748,578
Unrestricted	income
fund
Total charity	funds			35,337,626		35,337,626	17,748,578
The notes at	pages 18to 25form part ofthese accounts.
A proved by	the trustees on 15August 2022 and signed				on their behalf by:

ort	he year ended 5April 2022	he year ended 5April 2022	he year ended 5April 2022	he year ended 5April 2022	he year ended 5April 2022
3	Grant expenditure (continued]					2022	2021
						6	E
	Medicine and Health
	Bristol Speech and Language				Therapy Research Unit	150,000
	Bristol Children's Hospital			(Cardiac 3D printing		114,698
	programme)
	Animal Free Research	UK				25,000
	Dorothy House Hospice					25,000
	Julia's House Hospice					25,000
	Living Paintings Trust					25,000
						25,000
	Restoration ofAppearance				ik Function Trust
	Wiltshire Air Ambulance					25,000
	The British Stammering		Association			25,000
						439,698	281,036
	Education and The Arts
	Farms for City Children					25,000
	Stage One					25,000
	Music for Youth					25,000
	Pimlico Opera					15,000
						90,000	102,550
	Social Welfare
	The British Red Cross					150,000
	Swindon Women's Aid					30,000
	Community First (Youth		Action Wiltshire)			25,000
	James' Place					25,000
	NSPCC					25,000
	SnowCamp					25,000
	Wiltshire Community	Foundation				2S,OOO
	Windmill Hill City Farm					25,000
	Ebony Horse Club					22,500
	Separated Child Foundation					10,000
						362,500	175,000
	The Environment and	Wildlife
	Greenpeace					300,0M
	Campaign to Protect Rural				England	25,000
	Fdiends ofthe Earth					25,000
	The Brooke					25,0M
	Wilts &Berks Canal Trust					25,000

			Basis of	Grant		2022	2021
			apportion-	making	Governance	Total	Total
			ment	f	6	6	f
Management		fee	Work done	24,300	8,100	32,400	32,400
Subscriptions			Actual	261	87	348	348
Auditors	remuneration		Actual		6,120	6,120	5,100
Web site	costs		Actual	638	213	851	788
Sunddies			Actual	70	35	105	52
Total				25,269	14,555	39,824	38,688

orth	e year ended	SApril 202	SApril 202	2
7	Fixed asset	investments				2022		2021
								f
	Movement	in gxed asset investments:
	Market value at 5April			2021		16,421,291	12,445,879
	Additions					27,323,496		999,382
	Disposals					(10,413,567)	(266,567)
	Equalisation					(39,585)
	Unrea lised	investment		gains / (losses)		690,113	3,242,597
	Market value at 5April			2022		33,981,748	16,421,291
	Net cash used from investments				in the year was f550(2021:f769,112released from
	investmentsj
	Investments	at fair value comprised:				2022 f		2021 f
	Listed investments					17,665,093	16,421,291
	Unlisted investments		(UK)			16,316,655
	Total					33,981,748	16,421,291
	Unrealised	investment		gains / (losses)		represent the difference between the fair value ofthe
	investments	atthe beginning and			end ofthe year adjusting for investment		transactions	during
	the year.
	The unlisted	investment		isthe holding		of2,545,500Taylor Clark Limited 8	ordinary 10p shares
	(2021:Nil 8ordinary		10pshares).
8	Debtors					2022f		2021 f
	Prepayments							238
	Accrued income							584,704
								584,942

Reconciliation ofnet movement in funds to ne	t cash flow f	rom operating activ	ides
		2022f	2021 E
Net movement in funds		17,589,048	3,491,477
Deduct interest income		(102)	(1)
Deduct legacy income		(16,316,655)
Deduct dividends and interest from investments		(1,345,976)	(459,039)
Deduct (gains) / add back losses on unrealised	investments	(690,113)	(3,242,597)
(Gains) / losses realised on sale of investments		(593,825)	36,297
Decrease / (increase) in debtors		584,562	(465,392)
Increase / (decrease) in creditors		721	(120,181)
Net cash used in operating activities		(772,340)	(759,436)