2021-04-05-accounts

Trustees		Mr John Falconer	Mr John Falconer
		Professor William		Gould
		Dr Mallica Kumbera			Landrus
		Ms Catherine	Stephens
Charity number		283338
Registered	office	c/o Harwood	Hutton
		4 Devonshire	Street
		London
		W1W 5DT
Auditor		Harwood Hutton		Limited
		4 Devonshire	Street
		London
		W1W 5DT
Bankers		Coutts 8 Co
		440 Strand
		LONDON
		WC2R OQS
Investment	advisors	Cazenove Capital		Management
		1 London Wall Place
		London
		EC2Y 5AU

		Page
Trustees' report		1-5
Statement ofTrustees'	responsibilities
Independent auditor's	report	7- 10
Statement offinancial	activities
Balance sheet		12
Notes to the financial	statements	13-20

						Unrestricted	Unrestricted
						funds	funds
						2021	2020
					Notes
lauzffLoo;
Incoming resources			from charitable	activities			2,500
Investments						179,159	245,951
Total income						179,159	248,451
Cost ofgenerating			funds			22,525	24,451
Charitable activities						75,851	281,221
Total resources	expended					98,376	305,672
Net gains/(losses)		on investments			10	1,131,758	(1,207,597)
Net movement	in		funds			1,212,541	(1,264,818)
Fund balances	at 6April 2020					5,690,403	6,955,221
Fund balances	at		5April 2021			6,902,944	5,690,403

						2021	2021		2020
					Notes
Fixed assets
Tangible assets					11			506	1,005
Investments					12		6,607,414		5,535,454
							6,607,920		5,536,459
Current assets
Debtors					14	2,541		10,499
Cash at bank and		in	hand			302,079		156,868
						304,620		167,367
Creditors: amounts			falling	due within
one year					15	(9,596)		(13,423)
Net current assets								295,024	153,944
Total assets less		current liabilities					6,902,944		5,690,403
Income funds
ne	s
Designated funds					16	66,000
General unrestricted			funds			6,836,944		5,690,403
							6,902,944		5,690,403
							6,902,944		5,690,403
The financial	statements			were approved	by the	Trustees on ....W.,g.thvVl~
Prof WGo						Ms C Steph	s	OBE
Trustee						Trustee

	Accounting policies (Continued)	Accounting policies (Continued)	Accounting policies (Continued)
1.5	Resources expended
	(i) Cost ofgenerating funds The cost ofgenerating funds consists of investment management fees. The Trust's investments are managed by Cazenove Capital Management, largely by investment in the company's 'in house' funds.
	(ii) Charitable activities Grants payable are debited to the Statement offinancial activities when an undertaking to pay the grant
	during the financial year has been entered into.
	(iii) Governance costs These costs include those costs associated with meeting the constitutional and statutory requirements		of
	the trust and include the auditor and accountancy fees and costs linked to strategic management ofthe
	trust.
1.6	Tangible fixed assets
	Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation,	net of
	depreciation and any impairment losses.
	Depreciation is recognised so as to write off the cost or valuation ofassets less their residual values		over
	their useful lives on the following bases:
	Fixtures, fittings &equipment 25% reducing balance
	The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the carrying value ofthe asset, and is recognised in the statement offinancial activities.		sale
1.7	Fixed asset investments
	Fixed asset investments are initially measured at transaction price excluding transaction costs, and		are
	subsequently measured at fair value at each reporting date. Changes in fair value are recognised	in net
	income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8	Cash and cash equivalents
	Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term	liquid
	investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts		are
	shown within borrowings in current liabilities.
1.9	Financial instruments
	The company has elected to apply the provisions of Section 11 "Basic financial Instruments" to all	of its
	financial instruments.
	Financial instruments are recognised in the company's balance sheet when the company becomes party to
	the contractual provisions ofthe instrument.
	Basic financial assets
	Basic financial assets, which include debtors and cash and bank balances are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less
	any provision for impairment.

Incoming	re	sources from charitable	activities
				Unrestricted	Unrestricted
				funds	funds
				2021	2020
					E
Donations Fee waived	from Simon Digby memorial by Ecobiz		charity		1,000 1,500
					2,500
Investments
				Unrestricted	Unrestricted
				funds	funds
				2021	2020
Income from		listed investments		179,114	245,764
Interest receivable				45	187
				179,159	245,951

			Unrestricted	Unrestricted
			funds	funds
			2021	2020
			E	F
	Investment	management	22,525	24,451
			22,525	24,451
6	Charitable	activities

6	Charitable a	ctivities
				Grant	Depreciation	Other	Total	Total
				funding	f	costs E	2021	2020
	Grant funding	of activities (see note 7)		30,966			30966	231 944
	Share ofsupport costs (see note 8)				168	40,217	40,385	44,777
	Share ofgovernance 8)		costs (see note			4,500	4,500	4,500
				30,966	168	44,717	75,851	281,221
	Analysis by	fund
	Unrestricted	funds		30,966	168	44,717	75,851
				30,966	168	44,717	75,851
	For the year	ended	5April 2020
	Unrestricted	funds		231,944	365	48,912		281,221
				231,944	365	48,912		281,221
7	Grants payable
							2021f	2020 E
	Scholarships	and grants
	Individuals						30,966	231,944

Supportcosts
				2021	2020
Secretary's fees				30,000	14,600
Freelance administrator	fees			1,200	2,800
Environmental audit review costs					1,500
HR consultancy				1,200
Printing and stationery				517	139
Website and ITcosts				94	13,469
Meetings, travel and subsistence				3,603	9,637
Sundry expenses				386	1,115
Bank charges				906	590
Telephone and broadband				1,980	562
Loss of disposal offixed	assets			331
Depreciation and impairment		oftangible	fixed assets	168	365
				40,385	44,777

Unrestricted	Unrestricted
funds	funds
2021	2020
f.	F
1,131,758	(1,207,597)

11	Tangible fixed assets
			Fixtures, fittings	&equipment
	Cost
	At 6April 2020			5,570
	Disposals			(4,374)
	At 5April 2021			1,196
	Depreciation and impairment
	At 6April 2020			4,566
	Depreciation charged	in the year		168
	Eliminated in respect ofdisposals			(4,044)
	At 5April 2021			690
	Carrying amount At 5April 2021			506
	At 5April 2020			1,005
12	Fixed asset investments
				Listed
			investments
				f
	Cost or valuation
	At 6April 2020			5,535,454
	Additions			2,982,881
	Valuation changes			1,131,758
	Disposals			(3,042,679)
	At 5April 2021			6,607,414
	Carrying amount At 05April 2021			6,607,414
	At 05April 2020			5,535,454

12	Fixed asset investments				(Continued)
				2021 E	2020f
	Investments at fair value	comprise:
	Managed Portfolio at Market Value			3,985,443	3,290,362
	Multi-Assets Funds			1,062,565
	Bond Fund - Cazenove	investment	Fund	489,012	754,914
	Hedge Funds 8 Portfolio	Fund		84,191	357,946
	Property			621,847	754,714
	Other			364,356	377,518
				6,607,414	5,535,454

13	Financial	instruments	instruments					2021	2020
	Carrying amount Debt instruments		offinancial assets measured at amortised				cost	2,541	10,499
	Equity instruments		measured			at market	value	6,607,414	5,535,454
	Carrying Measured	amount offinancial at amortised cost				liabilities		9,596	13,423
14	Debtors
								2021	2020
	Amounts	falling	due	within		one year:
	Other debtors							2,541	10,499
15	Creditors:	amounts		falling	due within		one year
								2021	2020
									E
	Accruals							9,596	13,423

				Balance at	Transfers	Balance at
			6	April 2020	f	5April 2021 f.
From	general	fund			66,000	66,000
					66,000	66,000