## ## ## ||`Page`| |---|---| |ReferenceandAdministrativeInformation|1| |Trustees'AnnualReport|2-3| |IndependentExaminer'sReport|4| |StatementofFinancialActivities|5| |BalanceSheet|6| |NotestotheAccounts:|| |1.AccountingPolicies|7| |2.RentalIncomeandExpenses|8| |3.QuotedInvestmentIncome|9| |4.GrantsPayable|9-10| |5.GovernanceCosts|11| |6.InvestmentProperties|11| |7.Cash|12| |8.Debtors|12| |9.Creditors:AmountsFallingDueWithinOneYear|12| |10.ScheduleofInvestments-QuitterCheviotAccount|13-20| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## Ind•pgnd•nt Examln•rf¥ R•wt 2022. The chariws trustees #ro reSP￿$bIe for the prep8rats.on cl the &x04wts. I￿￿￿88s CA)ns#lar that thosa accounts do IKJI an a￿111 ￿181 144 cl the Chw¥os knt 2011. It is my respOrwb￿ty lo.. . èxamine thè accounts WKler 8&Xion 145 of thè Cholilios 14515Xbl Chariiles Adl aThJ My examinati￿ was carried out in accrydwth *ilh tho gwal d￿￿￿S gi¥en by the Ch¥tty Commission. An examination I￿1[￿leS a revi￿ crf the re¢tyts kept by the d￿rity and a items or disclosurps in the ac£ount5. aTrJ seekry explanati￿$ frrxn the ITu5t885 e(YwrarYJ any s￿h matters. pr￿e￿L￿eS undwtsken do r¥A provklè all the evide￿ ihat T*+1￿k1 b8 rw4uirnd in an 8udlt. and Consequer￿ is 9Nen as to tAthelher Ihe a(xThffits prwnt a In￿ aThJ farf vivw. Independ•nt Ex•mln•rfs Ststembnt {1) vknith gives mo reasorAble cause to bdieve thaL in any motwial res￿ the reqiir8meth: . to keep rwds in accordarK* *ilh 130 01 ts (knth5 Ad 121 lo vknieh. in my op1r￿1n. att8nlbJn dr•an Ai ord•r to ena14e a of unts to ￿ r¢a¢ Near Slrwj GL6 gHD 0810 ## ||`Note`|`2022`|`2021`| |---|---|---|---| |||£|£| |Fixedassets|||| |Investmentproperties|6|620,000|620,000| |Investments-QuitterCheviotaccount|10|619,512|617,915| |||1,239,512|1,237,915| |Currentassets|||| |Cash|7|48,620|36,186| |Debtors|8|13,487|24,299| |||62,107|60,485| |Totalassets||1,301,619|1,298,400| |Creditors:amountsfallingduewithinoneyear|9|(30,125)|(29,174)| |Netassets||1,271,494|1,269,226| |Representing:|||| |Incomefund|||| |Capitalfunds:|||| |Mainfund||442,318|472,457| |Revaluationreserve||829,176|796,769| |Totalfunds||1,271,494|1,269,226| ## ## ## ## ## ## ## ## ## |||`Page`|`2022`|`2021`| |---|---|---|---|---| ||||£|£| |2,|
RentalIncomeandExpenses|||| ||(a)Summary|||| ||Rentalandotherincome|||| ||50%sharein1/1AQueen'sCircus,Cheltenham||25,629|15,847| ||70%sharein12MontpellierArcade,Cheltenham||19,900|7,098| |||5|45,529|22,945| ||Rentalexpenses|||| ||JohnRydemanagementfees||2,582|488| ||Otherexpenses||7,317|4,291| ||Dilapidations||11,860|-| |||5|21,759|4.779| ||Totalnetrentalincome||23,770|18,166| ||(b)Analysisbyproperty|||| ||50%sharein1/1AQueen'sCircus,Cheltenham|||| ||Income|||| ||Rentalincome||25,629|15,847| ||Lessrentalexpenses:|||| ||JohnRydemanagementfees||(953)|(408)| ||Repairs||(2,346)|(375)| ||Netrentalincome|||| ||70%sharein12MontpellierArcade,Cheltenham|||| ||Rentalincome||19,900|7,098| ||Lessrentalexpenses|||| ||JohnRydemanagementfees||(1,629)|(80)| ||Expenses/costs||(4,971)|(3,916)| ||Dilapidations||(11,860)|-| ||Netrentalincome|||| ||Totalnetrentalincome||23,770|18,166| ## |||`Page`|`2022`|`2021`| |---|---|---|---|---| ||||£|£| |3,|QuotedInvestmentIncome|||| ||QuitterCheviotaccount|||| ||UKinterest||1,062|2,087| ||UKdividends||7,386|7,279| ||Overseasinterest||1,064|881| ||Overseasdividends||1,643|2,388| |||5|11,155|12,635| |4.|GrantsPayable|||| ||CheltenhamFestivals||14,000|14,000| ||ClassicFM||4,000|6,000| ||CreativeYouthNetwork||-|1,000| ||GloucesterHistoryTrust||1,000|1,000| ||MusicVenueTrust||-|3,000| ||RadioWinchcombe||1,000|6,000| ||WinchcombeMuseum||500|-| ||LeckhamptonCourt,Hospice||1,000|-| ||RapeCrisis||400|-| ||Grantspayablesubtotal|10|21,900|31,000| ## ## ||`Page`|`2022`|`2021`| |---|---|---|---| |||£|£| |5.|GovernanceCosts||| ||Michelmoresfees|19,987|14,963| ||Independentexaminationfees|450|450| ||Accountancyfees|2,400|-| ||5|22,837|15,413| ||Notrusteereceivedanyremunerationduringtheyear(2021:Nil).||| ## |InvestmentProperties|||| |---|---|---|---| |50%sharein1/1AQueen'sCircus,Cheltenham|||| |Investmentvaluebroughtforward||357,500|357,500| |Gainonrevaluation(note1(d))|`5`|`-`|| |Fairvalueat5April||357,500|| |70%sharein12MontpellierArcade,Cheltenham|||| |Investmentvaluebroughtforward||262,500|262,500| |Lossonrevaluation(note1(d))|`5`|`-`|| |Fairvalueat5April|||| |Totalfairvalueat5April|6|620,000|620,000| ## |||`Page`|`2022`|`2021`| |---|---|---|---|---| ||||£|£| |7.|Cash|||| ||Accountsasfollows:|||| ||QuitterCheviotIncome||78|43| ||QuitterCheviotCapital||10,836|16,883| ||NatWest||1,545|1,470| ||MichelmoresClient||17,353|3,878| ||Rentaldeposit||1,875|1,875| ||JohnRyde-moniesretained||16,933|12,037| |||6|48,620|36,186| |8.|Debtors|||| ||Accruedinvestmentincome||2,427|1,671| ||Rentowedfromtenants||3,500|19,698| ||Reimbursementduefortenantcostsborne||`-`|`1,644`| ||Prepaidexpenses||`-`|`548`| ||OwedfromQuitterCheviot-PaymentafterY/E||`-`|`738`| ||Dilapidationsowedfromtenants||7,560|-| |||6|13,487|24,299| |9.|Creditors:AmountsFallingDueWithinOneYear|||| ||Grantspayable(seebelow)||14,000|14,000| ||Rentaldepositheld||1,875|1,875| ||Deferredrentalincome||6,029|6,695| ||JohnRydemanagementfees||39|1,135| ||Quittersfees||1,832|1,698| ||Michelmoresfees||4,980|2,251| ||Independentexaminationfees||900|1,050| ||FundsowedtotheOrlandoOldhamWillTrust||470|470| |||6|30,125|29,174| ## ## ||At6Aril2021|At6Aril2021||Acuisitions/Disosals|Acuisitions/Disosals|||At5Aril2022|At5Aril2022| |---|---|---|---|---|---|---|---|---|---| |Description|Nominal
Holding|Market
Value£|Date|Nominal
Holding|Acquisitions/

Retained
Income£|Disposals£|Gains/
(Losses)
£|Nominal
Holding|Market
Value£| |AshteadGroup|75|3,355|05/08/2021|(16)||(852.16)|||| ||||07/10/2021|(9)||(503.64)|347|50|2,346| |AssociatedBritishFoods|150|3,677|||||(1,212)|150|2,465| |AssuraPlcordGBP0.10|-|-|09/12/2021|8,059|5,622||||| ||||10/12/2021|5,941|4,151||(162)|14,000|9,611| |AstraZeneca|140|10,041|07/10/2021|(45)||(3,953)|3,729|95|9,817| |AvevaGroup|151|5,291|||||(1,540)|151|3,751| |BaillieGifford|13,650|21,021|08/10/2021|(2,890)||(4,349)|(1,361)|10,760|15,311| |BarclaysPlcordGBP0.2:|0|0|07/10/2021|1,400|2,704||(646)|1,400|2058| |BlackrockContinental|12,500|21,813|30/04/2021|-|(6)||||| ||||03/09/2021|(2,000)||(3,818)|||| ||||08/10/2021|1,250|2,246||||| ||||31/01/2022|-|(5)||771|11,750|21,002| |BritishAmericanTobaccc|-|-|07/10/2021|160|4,063||1,103|160|5,166| ## ||At6Aril2021|At6Aril2021||Acuisitions/Disosals|Acuisitions/Disosals|||At5Aril2022|At5Aril2022| |---|---|---|---|---|---|---|---|---|---| |Description|Nominal
Holding|Market
Value£|Date|Nominal
Holding|Acquisitions/
Retained
Income£|Disposals£|Gains/
(Losses)
£|Nominal
Holding|Market
Value£| |BHPGroupPlcordUSD(|-|-|07/10/2021|290|5,473||||| ||||10/01/2022|(290)||(6,577)|1,105|-|-| |BM0Propery|1,350|13,047|01/07/2021|(1,350)||(13,754)|707|-|-| |BM0PropertyQDis|-|-|01/07/2021|1,259|13,754||||| ||||08/10/2021|(109)||(1,222)|1,304|1,150|13,836| |BP|1,900|5,506|07/10/2021|(675)||(2,326)|||| ||||28/01/2022|(270)||(1,039)|1,515|955|3,657| |ChyrsalisInv|-|-|27/01/2022|3,370|6,290||(318)|3,370|5,972| |CompassGroup|235|3,513|07/10/2021|(50)||(747)|280|185|3,046| |CRHOrdEUR|110|3,680|07/10/2021|(30)||(1,043)|||| ||||07/12/2021|(80)||(3,104)|468|-|-| |Diageo|200|6,014|||||1,945|200|7,959| |EquityTrusteesFund|20,175|22,051|30/04/2021|-|(73)||||| ## ||At6Aril2021|At6Aril2021||Acuisitions/Disosals|Acuisitions/Disosals|||At5Aril2022|At5Aril2022| |---|---|---|---|---|---|---|---|---|---| |Description|Nominal
Holding|Market
Value£|Date|Nominal
Holding|Acquisitions/

Retained
Income£|Disposals£|Gains/
(Losses)
£|Nominal
Holding|Market
Value£| ||||03/09/2021|(3,675)||(4,495)|||| ||||08/10/2021|1,300|1,541||842|17,800|19,865| |Experian|115|2,928|07/10/2021|(25)||(770)|503|90|2,661| |FidelityFunds|-|-|08/10/2021|10,500|14,301||53|10,500|14,354| |GlaxoSmithKline|450|5,749|07/10/2021|(150)||(2,087)|||| ||||28/01/2022|(70)||(1,165)|1,421|230|3,919| |Halma|140|3,413|07/10/2021|(40)||(1,100)|265|100|2,578| |HarvbourvestGlobal|-|-|30/07/2021|295|6,642||1,058|295|7,700| |HendersonIAcc|12,183|13,048|08/10/2021|(483)||(526)|44|11,700|12,566| |HendersonUKSmaller|700|8,421|31/08/2021||44||||| ||||08/10/2021|(215)||(2,840)|25|485|5,650| |HGCapital|-|-|29/07/2021|1,645|6,625||481|1,645|7,106| |HSBCHoldings|1,400|5,925|07/10/2021|(750)||(3,139)|||| ## ## ||At6Aril2021|At6Aril2021||Acuisitions/Disosals|Acuisitions/Disosals|||At5Aril2022|At5Aril2022| |---|---|---|---|---|---|---|---|---|---| |Description|Nominal
Holding|Market
Value£|Date|Nominal
Holding|Acquisitions/
Retained
Income£|Disposals£|Gains/
(Losses)
£|Nominal
Holding|Market
Value£| ||||28/01/2022|(170)||(899)|646|480|2,533| |IntermediateCapital|240|4,552|07/10/2021|(110)||(2,300)|95|130|2,347| |InvescoPhysicalMarken|95|11,493|07/04/2021|(95)||(11,566)|73|-|-| |IsharesS&P500|1,700|49,026|07/10/2021|260|8,381||10,458|1,960|67,865| |JacksonFinancial|-|-|13/09/2021|9|183||||| ||||15/09/2021|(9)||(167)|(17)|-|-| |JDSportsFashion|485|4,123|07/10/2021|(220)||(2,289)|||| ||||30/11/2021|(265)||(1,712)|(122)|-|-| |JDSportsFashion|-|-|00/01/1900|1,325|1,712||327|1,325|2,039| |JPMorganAmerican|6,000|36,420|||||9,900|6,000|46,320| |JPMorganEmerging|2,900|38,280|30/04/2021||110||||| ||||08/10/2021|(1,100)||(14,080)|(4,636)|1,800|19,674| |LancashireHldgs|-|-|09/04/2021|470|3,084||(1,056)|470|2,028| ## ||At6Aril2021|At6Aril2021||Acuisitions/Disosals|Acuisitions/Disosals|||At5Aril2022|At5Aril2022| |---|---|---|---|---|---|---|---|---|---| |Description|Nominal
Holding|Market
Value£|Date|Nominal
Holding|Acquisitions/

Retained
Income£|Disposals£|Gains/
(Losses)
£|Nominal
Holding|Market
Value£| |Legal&General|1,350|3,827|07/10/2021|(400)||(1,136)|(100)|950|2,591| |LloydsBankingGroup|10,000|4,277|||||354|10,000|4,631| |LondonStockExchange|47|3,400|07/10/2021|(11)||(824)|434|36|3,010| |M&GOptimal|||||||||| ||25,670|26,403|||||(1,557)|25,670|24,846| |M&GPlc|1,675|3,507|07/10/2021|(310)||(620)|||| ||||11/02/2022|(1,365)||(2,941)|54|-|-| |MatthewsAsianEx-Japai|1,155|16,840|04/08/2021|(275)||(4,131)|||| ||||08/10/2021|(110)||(1,603)|(581)|770|10,526| |MLCapitalAsset|134|14,196|11/10/2021|(17)||(1,904)|262|116|12,554| |NationalGrid|340|2,936|||||1,181|340|4,117| |OcadoGroup|125|2,615|||||(1,076)|125|1,539| ## ||At6Aril2021|At6Aril2021||Acuisitions/Disosals|Acuisitions/Disosals|||At5Aril2022|At5Aril2022| |---|---|---|---|---|---|---|---|---|---| |Description|Nominal
Holding|Market
Value£|Date|Nominal
Holding|Acquisitions/
Retained
Income£|Disposals£|Gains/
(Losses)
£|Nominal
Holding|Market
Value£| |Persimmon|140|4,234|07/10/2021|20|506||||| ||||14/10/2021|(160)||(4,259)|(481)|-|-| |PimcoDynamic|1,100|15,653|03/08/2021|(200)||(2,930)|(366)|900|12,357| |PimcoGlobal|1,400|19,236|||||(1,834)|1,400|17,402| |PolarCapital|1,010|13,191|08/10/2021|(110)||(1,560)|942|900|12,573| |Prudential|375|5,818|07/10/2021|(100)||(1,506)|(1,195)|-|3,117| |ReckittBenckiserGroup|39|2,534|07/04/2021|(39)||(2,533)|(1)|-|-| |Relx|260|4,771|07/10/2021|(135)||(2,916)|1,201|125|3,056| |Renishaw|-|-|19/08/2021|62|3,222||(846)|62|2,376| |RioTinto|-|-|07/10/2021|140|6,942||1,626|140|8,568| |ShellPlcBord|445|5,943|07/10/2021|(45)||(758)|3,299|400|8,484| |SchroderInvestment|205|30,818|||||6,279|205|37,097| ## ## ||At6Aril2021|At6Aril2021||Acuisitions/Disosals|Acuisitions/Disosals|||At5Aril2022|At5Aril2022| |---|---|---|---|---|---|---|---|---|---| |Description|Nominal
Holding|Market
Value£|Date|Nominal
Holding|Acquisitions/

Retained
Income£|Disposals£|Gains/
(Losses)
£|Nominal
Holding|Market
Value£| |Segro|310|2,941|07/10/2021|(85)||(1,023)|1,179|225|3,097| |||||||||`190`|| |Smith(DS)|1,336|5,526|07/10/2021|(636)||(2,482)|(807)|700|2,237| |SmithsGroup|215|3,368|07/10/2021|(25)||(364)|(365)|190|2,639| |SparxFund|36|4,466|08/10/2021|(36)||(4,721)|255|-|-| |TaylorWimpey|-|-|14/10/2021|2,650|4,105||(557)|2,650|3,548| |TempletonEmerging|-|-|07/10/2021|8,600|15,301||(1,971)|8,600|13,330| |TescoGBP0.0633|1,792|4,085|09/04/2021|(1,792)||(4,178)|93|-|-| |TravisPerkins|0|0|19/08/2021|182|3,189||(889)|182|2,300| |Unilever|100|4,022|||||(485)|100|3,537| |UKGilts4.75%7/12/30|11,500|15,726|||||(1,262)|11,500|14,464| |UniteGroup|345|3,693|07/10/2021|(90)||(977)|255|255|2,971| ## ||At6Aril2021|At6Aril2021||Acuisitions/Disosals|Acuisitions/Disosals|||At5Aril2022|At5Aril2022| |---|---|---|---|---|---|---|---|---|---| |Description|Nominal
Holding|Market
Value£|Date|Nominal
Holding|Acquisitions/
Retained
Income£|Disposals£|Gains/
(Losses)
£|Nominal
Holding|Market
Value£| |Vanguard|235|26,622|08/10/2021|(65)||(7,215)|(1,523)|170|17,884| |VHGblSustainable|10,561|10,519|||||1,837|10,561|12,356| |VeritasFundsAsian|16|16,894|04/08/2021|(4)||(3,911)|||| ||||08/10/2021|(2)||(2,238)|(875)|11|9,869| |VodafoneGroup|2,350|3,141|10/05/2021|(2,350)||(3,347)|206|-|-| |VulcanGlobalEquityIII|252|30,277|||||1,298|252|31,575| |Whitbreadord|-|-|09/04/2021|90|3,151||(568)|90|2,583| |3iGroup|345|4,049|07/10/2021|(125)||(1,567)|594|220|3,076| |Grandtotals||617,915|||123,257|(154,067)|32,407||619,512| |||page6|||||page5||page6|