## ## ||||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|Charitable|Trust| |---|---|---|---|---|---|---|---| |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| ## ##