## |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| ##