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|Contents|||Page(s)|
|Trustees'|Report||1-6|
|Report of|the Auditors||7-9|
|Statement|of Financial|Activities|10|
|Balance Sheet||||
|Statement|ofCash Flows||12|
|Notes to the accounts|||13 - 16|





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|||||Expendable|||
|---|---|---|---|---|---|---|
|||||Discretionary|||
||||Unrestricted|Endowment|Total|Total|
|||Note|funds|funds|2021|2020|
|Income and endowments|||||||
|Donations<br>received|||||||
|Investment<br>income|||||||
|Dividends<br>-equities|||30,378||30,378|578,714|
|Interest on cash deposits|||317||317|3,189|
|Total income and endowments|||30,695||30,695|581,903|
|Expenditure|||||||
|Costs of raising funds|||||||
|Investment<br>management|fees|3|(4,463)||(4,463)|(15,509)|
|Expenditure<br>on charitable|||||||
|activities|||||||
|Grants made under the scheme||4|(2,138,885)||(2,138,885)|(3,115,255)|
|Total expenditure|||(2,143,348)||(2,143,348)|(3,130,765)|
|Net (expenditure)<br>I income<br>before gains and losses on|||(2,112,653)||(2,112,653)|(2,548,861)|
|Investments|||||||
|Net gains on investments|||||||
|Realised gains on investments||5|126,473||126,473|99,810|
|Unrealised<br>gains/ (losses) on<br>investments||5|34,206|7,670,057|7,704,263|(8,212,231)|
|||5|160,679|7,670,057|7,830,736|(8,112,421)|
|Net movement<br>in funds|||(1,951,974)|7,670,057|5,718,083|(10,661,282)|
|Reconciliation<br>offunds|||||||
|Fund balances<br>brought<br>forward|||2,379,399|18,733,464|21,112,863|31,774, 145|
|Fund balances carried forward||8|427,425|26,403,521|26,830,946|21,112,863|





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||||||Expendable|||
|---|---|---|---|---|---|---|---|
||||||Discretionary|||
|||||Unrestricted|Endowment|Total|Total|
||||Note|Funds|Funds|2021|2020|
|||||f|f|||
|Fixed assets||||||||
|Investments|||7|422,545|26,403,521|26,826,066|21,052,997|
|||||422,545|26,403,521|26,826,066|21,052,997|
|Current assets||||||||
|Cash at bank:||||||||
|Current account|||||||5,410|
|Capital account||||5,501||5,501|56,536|
|||||5,501||5,501|61,946|
|Debtors:||||||||
|Other debtors||||||||
|Current<br>Liabilities||||||||
|Creditors:||||||||
|Amounts<br>falling||due||(621)||(621)|(2,080)|
|within one year||||||||
|Net current assets||||4,880||4,880|59,866|
|Net assets||||427,425|26,403,521|26,830,946|21,112,863|
|Represented||by:||||||
|Expendable<br>endowment|funds||8||26,403,521|26,403,521|18,733,464|
|Unrestricted|funds||8|427,425||427,425|2,379,399|
|Total funds||||427,425|26,403,521|26,830,946|21,112,863|





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|||||2021|2020|
|---|---|---|---|---|---|
|Reconciliation<br>of net movement||in funds to net cash||||
|flow from operating<br>activities||||||
|Net movement<br>in funds||||5,718,083|(10,661,282)|
|Deduct total income shown|in investing||activities|(30,695)|(581,903)|
|(Gains) I Losses on investments||||(7,830,736)|8,112,421|
|Decrease<br>in debtors|||||5,555|
|(Decrease)<br>/ Increase<br>in creditors||||(1,459)|1,780|
|Net cash used<br>in operating|activities|||(2,144,807)|(3,123,429)|
|Cash flows frominvesting|activities:|||||
|Interest and dividends||||30,695|581,903|
|Proceeds from sales of investments||||2,312,235|2,208,084|
|Purchase<br>of investments||||(254,568)|(198,480)|
|Net cash provided i(used)|by investing|||2,088,362|2,591,507|
|Change<br>in cash and cash|equivalents||in the year|(56,445)|(531,922)|
|Cash and cash equivalents|brought|forward||61,946|593,868|
|Cash and cash equivalents|carried forward|||5,501|61,946|





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|2|Gross dividends|and interest income|2021|2020|
|---|---|---|---|---|
||||f|F|
||Associated<br>British|Foods pic||499,308|
||Other listed investments||30,378|79,406|
||Dividends<br>received||30,378|578,714|
||Interest received||317|3,189|
||||30,695|581,903|



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|7|Fixed Asset investments|Fixed Asset investments|||||2021|2020|
|---|---|---|---|---|---|---|---|---|
||||||||6|8|
||Opening<br>market value||||||21,052,997|31,175,022|
||Unrealised<br>gains I (losses)||during|the year|||7,704,263|(8,212,231)|
||Realised gains during|the year|||||126,473|99,810|
||Sales||||||(2,312,236)|(2,208,084)|
||Purchases||||||254,568|198,480|
||Closing market value||||||26,826,066|21,052,997|
||Historical cost as at 5|April|||||383,379|2,282,981|
||Unrealised<br>gains based on||historical cost||||26,422,687|18,770,016|
||Fixed asset investments||comprise listed investments|||as|||
||follows:||||||||
||1,077,255 Ordinary<br>shares||in Associated||British Foods|pic|26,403,521|18,733,464|
||Other listed investments||||||422,545|2,319,533|
||Total value of listed investments||||||26,826,066|21,052,997|
|8|Funds||||||Expendable||
||||||||Discretionary||
||||||Unrestricted||Endowment|Total|
||||||funds||funds|2021|
||||||6||8|f|
||The funds are represented||by the||||||
||following assets:||||||||
||Fixed assets||||422,545||26,403,521|26,826,066|
||Net current assets||||4,880|||4,880|
||||||427,425||26,403,521|26,830,946|



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