2021-12-31-accounts - H T And L B Cadbury Charitable Trust

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			Pages
Trustees'	annual report		1to4
Independent examiner's report to the trustees
Statement	offinancial	activities
Statement	offinancial	position
Notes to the financial		statements	8to 20

Registered	charity	name	Henry T and Lucy BCadbury	Henry T and Lucy BCadbury	Henry T and Lucy BCadbury
Charity registration		number	280314
Principal office			c/o The Secretary
			BCM
			PO Box2024
			London
			WC1 3XX
The trustees
			Candia Carolan
			M Bevis Gillett
			William Gillett
Independent	examiner		Hannah Justice	FCA	FCCA
			3BSwallowfield	Courtyard
			Wolverhampton	Road
			Oldbury
			West Midlands
			B692JG
Investment	managers		Rathbone Greenbank		Investments
			10Queen Square
			Bristol
			BS14NT
Bankers			Triodos Bank Nj/
			Deanery Road
			Bristol
			BS15AS

Financial activity
			2021	2020
Portfolio value and net assets			1,528,629	1,332,941
Total incoming resources			20,448	18,885
Total expenditure			39,751	34,023
Investment management	costs		10,064	8,273
Governance costs (inc. examination		fees)	1,587	1,750
Grants total (2021 total grants: 18,		2020 total grants:
14)			28,100	24,000
Average grant size			1,561	1,714

						2021	2021	2020
						Unrestricted
						funds	Total funds	Total funds
					Note			F
Income and endowments
Investment	income				4	20,448	20,448	18,885
Total income						20,448	20,448	18,885
Expenditure
Expenditure	on raising funds:
Investment management			costs		6	10064	10,064	8,273
Expenditure	on charitable	activities			7,8	29,687	29,687	25,750
Total expenditure						39,751	39,751	34,023
Net gains on investments					10	214,991	214,991	171,204
Net income	and net movement			in funds		195,688	195,688	156,066
Reconciliation offunds
Total funds	brought forward					1,332,941	1,332,941	1,176,875
Total funds	carried forward					1,528,629	1,528,629	1,332,941

						2020
				Note		E
Fixed assets
Investments				13	1,504,674	1,298,788
Current assets
Debtors				14	526	558
Investments				15	21,142	28,401
Cash at bank and	in	hand			5,587	8,598
					27,255	37,557
Creditors: amounts		falling	due within one year	16	3,300	3,404
Net current assets					23,955	34,153
Total assets less	current		liabilities		1,528,629	1,332,941
Net assets					1,528,629	1,332,941
Funds ofthe charity
Unrestricted funds					1,528,629	1,332,941
Total charity funds				17	1,528,629	1,332,941

							Unrestricted	Total Funds Unrestricted	Total Funds
							Funds	2021 Funds	2020
							E
Dividends		from	UK equity			and unit trust
investments							13,382	13,382 12,574	12,574
Dividends		from	overseas			listed
investments							3,241	3,241 2,418	2,418
Interest from UK				investments			3,819	3,819 3,886	3,886
Interest on		bank		deposits			6	6 7	7
							20,448	20,448 18,885	18,885
Investment income is			analysed			as follows:
								Date Received
Dividends from		UK equity			and unit trust investments
Bellway PLC								08/01/21	175
								01/07/21	123
Civitas Social Housing				PLC				01/03/21	93
								11/06/21	93
								10/09/21	96
								13/12/21	96
Coats Group PLC								25/05/21	196
								16/11/21	93
Dechra Pharmaceuticals								07/04/21	59
								19/11/21	156
FDM Group Holdings			PLC					26/02/21	163
								04/06/21	188
								03/09/21	188
Fund Partners	Ltd							30/04/21	163
Genuit Group PLC								26/05/21	132
								24/09/21	110
Glaxosmithkline		PLC						14/01/21	190
								08/04/21	230
								08/07/21	190
								07/10/21	190
Greencoat UK	Wind							26/02/21	129
								28/05/21	130
								27/08/21	130
								26/11/21	130
Halma PLC								05/02/21	65
								12/08/21	101
Home Reit PLC								19/03/21	98
								25/06/21	98
								22/10/21	99
1mpax Asset Management					Group			26/03/21	238
								16/07/21	126
Impax Environmental			Markets			PLC		12/03/21	44
								27/08/21	57
Intertek Group	PLC							18/06/21	165
Carried Forward									4,534

4. Inv		estment inc	estment inc	estment inc	ome	(continued)
Brought		Forward						4,534
							07/10/21	79
IP Group		PLC					16/06/21	154
							27/09/21	74
Janus Henderson				Investments			28/05/21	48
							30/11/21	113
Keller Group PLC							25/06/21	233
							10/09/21	126
Legal 8 General				Group PLC			27/05/21	683
							20/09/21	280
Liontrust		Investments			Ltd		30/09/21	254
Londonmetric			Property		PLC		13/07/21	7
							08/01/21	143
							15/04/21	143
							13/07/21	154
							08/10/21	150
Marshalls		Group		PLC			07/07/21	77
							01/12/21	85
National	Grid		PLC				13/01/21	218
							18/08/21	413
Octopus	Renewables						05/03/21	83
							07/06/21	86
							27/08/21	142
							26/11/21	145
Prudential		PLC					14/05/21	85
							28/09/21	43
							13/09/21	538
Retx PLC							03/06/21	234
							08/09/21	100
SAGE Group			PLC				11/02/21	185
							18/06/21	99
Smith & Nephew				PLC			12/05/21	182
							27/10/21	116
Smith (DS) PLC							04/05/21	184
							01/11/21	373
Spectris	PLC						30/06/21	233
							12/11/21	115
Spirax-Sarco Engineering						PLC	21/05/21	268
							12/11/21	122
SSEPLC							11/03/21	244
							23/09/21	566
Stewart Investors							31/03/21	25
							30/09/21	31
							31/03/21	79
							30/09/21	124
The Unite		Group		PLC			21/05/21	300
							29/10/21	153
Vodafone		Group		PLC			05/02/21	287
175+							06/08/21	272
Total dividends				from	UK	equity and unit trust investments		13,382

Dividends	Dividends	from	from	overseas	overseas	listed	investments	Date Received
ASML Holdings				NV				12/11/21	46
ASSA Abloy								05/05/21	80
Deutsche		Bahn		Finance				26/07/21	531
Digital 9	Infrastructure				PLC			26/11/21	78
								04/10/21	210
Foresight		Solar		Fund	Limited			10/03/21	173
								28/05/21	173
								27/08/21	175
								26/11/21	175
Legg Mason			Global Funds					31/08/21	430
Lombard		Odier		Funds				03/12/21	162
Renewables			Infrastructure					13/01/21	207
								09/04/21	207
								06/07/21	207
								05/10/21	207
Rockwool		Intl	SA					13/04/21	124
Schroder		Investment			Mgmt			30/06/21	56
Total dividends				from	overseas		listed investments		3,241
Interest from			UK investments					Date Received	E
Epworth	Funds							13/03/21	87
								15/06/21	81
								15/09/21	87
Liontrust	Investments							31/03/21	266
								30/06/21	242
								30/09/21	233
								31/12/21	230
Mayfair Capital				Investment		Management		29/01/21	76
								26/02/21	74
								30/03/21	68
								30/04/21	73
								28/05/21	95
								30/06/21	79
								30/07/21	57
								31/08/21	73
								30/09/21	74
								29/10/21	71
								30/11/21	111
								31/12/21	91
Octopus	Renewables							05/03/21	44
								07/06/21	64
								27/08/21	50
								26/11/21	46
								15/06/21	149
								15/12/21	149
								12/04/21	173
								12/10/21	173
								09/12/21	55
Carried Forward									3,071

Brought Forward		3,071
Schroder BSCSocial Impact Trust	03/12/21	51
Thera Trust PLC	31/03/21	220
Thrive Renewables	31/03/21	200
Triodos Bank UK Ltd	30/04/21	60
Westmill Solar Co-op Ltd	31/08/21	217
Total interest from UK Investments		3,819

6.	Investment m	anagement c	osts
				Unrestricted	Total Funds	Unrestricted	Total Funds
				Funds	2021	Funds	2020
				E			F
	Administration	of investments		10,064	10,064	8,273	8,273
7.	Expenditure	on charitable	activities	by fund type
				Unrestricted	Total Funds	Unrestricted	Total Funds
				Funds	2021	Funds	2020
				E			F
	Grant making			28,100	28,100	24,000	24,000
	Support costs			1,587	1,587	1,750	1,750
				29,687	29,687	25,750	25,750

Expenditure on chari	ta	bl	e act	ivit	ie	s by acti	vity typ	e
						Grant	funding			Total funds	Total fund
						of activities		Support	costs	2021	2020
							E
Grant making							28,100			28,100	24,000
Governance costs									1,587	1,587	1,750
							28,100		1,587	29,687	25,750
Governance costs can be			analysed			as follows:
										2021	2020
											F
Independent examination			fees							1,500	1,500
Trustee travel expenses											104
Bank charges										9	8
Administrative expenses										78	138
										1,587	1,750
Analysis ofgrants
										2021	2020
											E
Conflict resolution and		peace
Trust for Research and Education					on the Arms Trade					1,000	1,000
United Nations Association			- UK							2,000	2,000
Nuclear Information Service										2,100
Nuclear Education Trust										1,000	1,000
British Pugwash Trust											1,000
British American Security			Information			Council				2,000
International Campaign		to	Abolish		Nuclear Weapons			UK		1,000
Drone Wars										2,000
Environmental issues
Climate Outreach										2,000	2,000
Centre for Alternative	Technology				(Zero Carbon Project)
Stamp out Poverty											2,000
Quaker causes
Britain Yearly Meeting	(Quaker			UN	Office, Geneva)					3,000	3,000
Equality Trust											2,000
Support groups
Ashiana Sheffield											2,000
Boabab Centre, for Young			Survivors			in Exile				2,000	2,000
Institute of Race Relations											1,000
Refugee Women of Bristol										1,000	1,000
Roadpeace										1,000	2,000
The Trussell Trust										2,000	2,000
Freedom from torture										1,000
Money for Madagascar										2,000
City ofSanctuary UK										1,000
Detention Action										1,000
Youth Hostel Association										1,000
Total grants										28,100	24,000

10.	Net gains on	investments
					Unrestricted	Total Funds	Unrestricted	Total Funds
					Funds	2021	Funds	2020
						F		E
	Gains/(losses)	on listed investments			214,991	214,991	171,204	171,204
11.	Independent	examination	fees
							2021	2020
	Fees payable	to the independent		examiner for:
	Independent	examination	ofthe	financial	statements		1,500	1,500

Investments
	Listed
	investments
Cost or valuation
At 1 January 2021	1,298,788
Additions	258,063
Disposals	(267,168)
Fair value movements	214,991
At 31 December 2021	1,504,674
Impairment
At 1 January 2021 and 31 December 2021
Carrying amount
At 31 December 2021	1,504,674
At 31 December 2020	1,298,788

Henry Tand Lucy BCadbury	Henry Tand Lucy BCadbury	Henry Tand Lucy BCadbury	Henry Tand Lucy BCadbury	Henry Tand Lucy BCadbury	Charitable Trust
Notes to the Financial Statements					(continued)
Year ended 31 December 2021
13. Investments (continued)
Investments	are listed below analysed		by	category and organisation:
Holding						Market	Cost
						value
	UK Investment Grade		Bonds
7,000	Places for People					7,249	7,000
4,000	Tridos Bank UK Ltd					4,078	4,000
27,000	Liontrust Investments	Ltd				23,037	20,409
17,000	Deutsche Bahn Finance					18,672	19,755
	UK High Yield Bonds
4,000	Thrive Renewables					4,208	4,000
4,000	Thera Trust PLC					4,170	4,000
7,800	Retail Charity Bonds PLC					7,946	7,800
	UK Equities
1,820	Westmill Solar Co-Op	Limited				1,820	1,820
2,750	Genuit Group PLC					16,115	12,185
1,000	Keller Group PLC					9,850	3,589
1,800	Marshalls Group PLC					12,465	11,454
21,000	Coats Group PLC					14,532	13,313
4,600	Smith (DS) PLC					17,655	18,803
940	Halma PLC					30,080	1,485
500	Spectris PLC					18,290	6,858
317	Spirax-Sarco Engineering			PLC		50,879	3,155
230	Intertek Group PLC					12,949	12,540
2,150	Renewi PLC					16,276	12,092
350	Bellway PLC					11,676	8,982
1,100	Smith 8 Nephew PLC					14,229	5,672
530	Dechra Pharmaceuticals		PLC			28,223	12,641
1,000	Glaxosmithkline PLC					16,066	15,281
700	Relx PLC					16,814	2,877
1,000	SSEPLC					16,490	6,232
1,283	National Grid PLC					13,597	7,740
5,400	Legal 8 General Group		PLC			16,065	14,421
1,100	Prudential PLC					14,020	6,174
5,600	Ethical Property Co					3,752	6,104
4,000	Mustard Seed Property		Ltd			4,000	4,000
6,907	Civitas Social Housing		PLC			6,693	6,907
19,190	Home Reit PLC					24,947	19,855
6,825	Londonmetric Property		PLC			19,342	10,374
2,355	The Unite Group PLC					26,152	4,174
3,500	Impax Asset Management			Group		51,520	482
15,400	IP Group PLC					19,065	11,596
1,250	FDM Group Holdings	PLC				15,900	13,031
10,000	Hydrogenome Capital	Growth				11,950	10,000
9,000	Schroder BSCSocial	Impact				9,405	9,000
7,216	Vodafone Group PLC					8,101	10,096
	Carried Forward					618,278	349,897

nvestmen	ts (continued)
					Market	Cost
					Value
						K
	Brought forward				618,278	349,897
	Overseas Investment	Grade Bonds
1,800	Lombard Odier funds				18,285	18,773
150	Mirova funds				14,846	15,119
	Overseas Unit Trust
6,592	Brown Advisory Funds				131,014	22,364
600	Legg Mason Global Funds				98,880	72,591
	UK Unit Trust
12,000	Harmony Energy Income Trust				11,940	12,000
8,600	Stewart Investors				37,820	17,272
1,000	BMO Investment Funds				15,730	13,050
14,000	Digital 9 Infrastructure	PLC			15,932	14,000
8,250	Baillie Gifford 8 Co LTD				31,251	23,521
19,000	Fund Partners Limited				45,800	22,343
4,353	Impax Environmental	Markets PLC			23,811	3,269
15,000	Janus Henderson Investments				87,435	37,785
12,000	Foresight Sustainable				11,520	12,000
7,265	Greencoat UK Wind PLC				10,215	7,265
731	Robecosam Smart Energy				40,130	10,750
59	Robeco Capital Growth Funds				31,900	29,616
220	Schroder Investment	Management			35,556	25,507
15,306	Octopus Renewables	Infrastructure		Trust	16,959	15,422
	Overseas Equities
12,222	Renewables Infrastructure				16,426	12,393
36	ASML Holdings NV				21,360	23,214
700	Assa Abloy				15,766	12,974
430	Infineon Technologies	AG			14,678	14,649
13,000	Liontrust Investments	Ltd			45,572	24,316
46	Rockwool Int SA				14,851	12,926
600	Vestas Wind Systems				13,546	17,684
8,673	Impax Funds IRE PLC				21,074	7,758
2,600	Stewart Investors				22,267	8,592
	UK Unit Trust Property Funds
23,548	Mayfair Capital Investment		Management		21,832	20,400
	Total				1,504,674	877,450

stments	disposed of during the year		were as foll	ows:
Holding					Cost	Proceeds	Profit/(Loss)
					R	E
23,000	Epworth Funds				23,377	29,148	5,771
17,000	Menhaden Res Eficiency		PLC		17,000	18,079	1,079
7,210	Fund Partners Ltd				8,478	16,562	8,084
27 1,400	Jackson Financial Inc KBI Asset Management				538 15,117	532 53,032	(6) 37,915
2,200	BMO Inv Funds				28,710	35,794	7,084
7,000	Stewart Investors				22,993	54,550	31,557
7,000	Impax Asset Management		Group		6,262	16,772	10,510
10,000	Foresight Solar Fund Ltd				9,990	10,201	211
14,000	Liontrust Investments Ltd				10,582	11,960	1,378
1,632	Sage Group Pic				3,559	12,697	9,138
	RCB Charities Aid				6,900	7,832	932
	Jackson Finance —cash	fraction				9	9
	Total				153,506	267,168	113,662
stments	purchased during the year	were as follows:
Holding							Cost
4,000 Mustard Seed Property			Ltd				4,000
	46 Rockwool Int SA						12,926
700 Assa Abloy							12,974
17,000 Deutsche Bahn Finance							19,755
150 Legg Mason Global Funds							20,375
14,000 Digital 9 Infrastructure							14,000
10,000 Hydrogenone Capital		Growth					10,000
1,800 Lombard Odier Funds							18,773
150 Mirova Funds							15,119
	36 ASML Holdings INV						23,214
600 Vestas Wind Systems							17,684
	59 Robeco Capital Growth		Funds				29,616
12,000 Harmony Energy Income Trust PLC							12,000
12,000 Foresight Sustainable			Forestry				12,000
7,800 RCB Bonds PLC							7,800
430 Infineon Technologies			AG				14,649
	Home Reit PLC						8,055
	Octopus Renewable	Infrastructure		Trust			3,423
	Schroder Investment	Mgmt					56
	Legg Mason Global Funds						430
	Stewart Investors						259
	Fund Partners						163
	Jackson Financial Inc						538
	Liontrust Investments	Ltd					254
	Total						258,063

14.	Debtors
				2021	2020
	Other debtors			526	558
15.	Investments
				2021	2020
					F
	Short-term	deposits		21,142	28,401
16.	Creditors:	amounts	falling due within one year
				2021	2020
					E
	Accruals and deferred		income	3,300	3,404

Analysis ofc	haritable	funds
Unrestricted	funds
		At				At
		1 January 20			Gains and 31 December
		21	Income	Expenditure	losses	2021
					E	E
General funds		1,332,941	20,448	(39,751)	214,991	1,528,629
		At				At
		1 January 20			Gains and 31 December
		20	Income	Expenditure	losses	2020
			E		F
General funds		1,176,875	18,885	(34,023)	171,204	1,332,941

Analysis of net as	sets between funds
		Unrestricted	Total Funds
		Funds	2021
		'E
Investments		1,504,674	1,504,674
Current assets		27,255	27,255
Creditors less than	1 year	(3,300)	(3,300)
Net assets		1,528,629	1,528,629
		Unrestricted	Total Funds
		Funds	2020
		E
Investments		1,298,788	1,298,788
Current assets		37,557	37,557
Creditors less than	1 year	(3,404)	(3,404)
Net assets		1,332,941	1,332,941