2021-03-31-accounts

Trustees		Mr J P May
		Mr J M Hulse
		Mr N QAbell
Charity number		286838
Principal address		27 Widney Road
		Knowle
		Solihull
		West Midlands
		B939DX
Auditor		Burgis &, Bullock
		23-25 Waterloo	Place
		Warwick Street
		Leamington Spa
		Warwickshire
		CV32 SLA
Bankers		Handelsbanken
		Kings House
		Elm Court
		Arden Street
		Stratford Upon	Avan
		CV37 6PA
Solicitors		Wright Hassall	LLP
		Olympus Avenue
		Leamington Spa
		Warwickshire
		CV34 6BF
Investment	advisors	EFG Harris Allday
		33Great Charles Street
		Birmingham
		B33JN

			Page
Trustees' report			1-4
Statement of	trustees'	responsibilities
Independent	auditor's	report
Statement of	financial	activities	10
Balance sheet
Statement of	cash flows		12
Notes to the financial		statements	13-22

							2021	2020
						Notes	f	f
Fixed assets
Investment		properties				10	3,787,000	3,022,000
Investments						11	29,695,446	24,340,319
							33,482,446	27,362,319
Current assets
Debtors							105,326	35,657
Cash at bank			and in	hand			921,427	1,057,134
							1,026,753	1,092,791
Creditors:	amounts			falling due within
one year						14	(1,003,456)	(974,455)
Net current		assets					23,297	118,336
Total assets		less current			liabilities		33,505,743	27,480,655
Creditors:	amounts			falling due after
more than	one year					15	(1,487,541)	(1,586,184)
Net assets							32,018,202	25,894,471
Income funds
Unrestricted			funds				32,018,202	25,894,471
							32,018,202	25,894,471
The fi	ial		statements		were approved	by the	Trustees on ....(.....&'............"~L
MrJ P ay							J M Hulse
Truste

			2021	2020
		Notes	E
Cash flows from operating	activities
Cash absorbed by operations		17	(1,444,562)	(1,200,288)
Investing activities
Purchase ofinvestment property			(200,368)
Purchase ofother investments			(5,080,662)	(4,814,638)
Proceeds on disposal ofother
investments			5,471,338	4,814,637
Investment income received			1,118,547	1,187,984
Net cash generated from	investing
activities			1,308,855	1,187,983
Net cash used in financing	activities
Net decrease in cash and	cash equivalents		(135,707)	(12,305)
Cash and cash equivalents	at beginning	ofyear	1,057,134	1,069,439
Cash and cash equivalents	at end ofyear		921,427	1,057,134

			2021	2020
			f	f
	Rental income		255,718	264,872
	Dividends	and interest from listed investments	862,559	922,549
	Interest receivable		270	563
			1,118,547	1,187,984
4	Cost:of raising funds
			2021	2020
			f	f
	Investment	management	22,851	21,075
			22,851	21,075

		Other costs	Grants	Total	Total
			payable	2021	2020
		f		f	f.
Grant funding	ofactivities (see note 6)		1,252,883	1,252,883	257,649
Governance	costs	29,518		29,518	27,772
		29,518	1,252,883	1,282,401	285,421

	2021	2020
	f	f
Grants to:
Newcastle University	25,000	25,000
C.E.I.F	715,023
University of Reading	25,000
Harper Adams	25,000	25,000
Studley College	30,000	30,000
Hartpury College	250,000
Nuffield Farming Scholarship	30,000
Other Grants &f25,000	161,685	177,649
	1,252,883	257,649

Grants	payable		(Continued)
			2021
			f
Grants	committed	as at 01April 2020	2,507,079
Grants	paid in year		(1,356,900)
New grants commited			1,252,883
Grant	commitment	as at 31March 2021	2,403,062

				2021	2020
				Number	Number
Total
Net gains/(losses)		on investments
				2021	2020
				f	E
Revaluation	ofinvestments			5,213,707	(2,204,758)
Gain/(loss)	on sale	ofinvestments		532,096	23,858
Revaluation	ofinvestment		properties	564,632
				6,310,435	(2,180,900)

				2021
				f
Fair value
At 1April	2020			3,022,000
Additions	through	external	acquisition	200,368
Net gains	or losses	through	fair value adjustments	564,632
At 31March 2021				3,787,000

	Listed	Unlisted	Cash in	Total
	investments	investments	portfolio
	f	f
Cost or valuation
At 1April 2020	23,749,884	4,500	585,935	24,340,319
Additions	5,080,662			5,080,662
Valuation changes	5,213,707			5,213,707
Cash movement			(478,217)	(478,217)
Disposals	(4,461,025)			(4,461,025)
At 31March 2021	29,583,228	4,500	107,718	29,695,446
Carrying amount
At 31March 2021	29,583,228	4,500	107,718	29,695,446
At 31March 2020	23,749,884	4,500	585,935	24,340,319

12	Financial	instruments				2021	2020
						f	f
	Carrying	amount offinancial	assets
	instruments measured at fair value through				profit or loss	29,583,228	23,754,384
	Carrying	amount offinancial	liabilities
	Measured	at fair value through	profit	Qi' loss
	-Other financial liabilities					2,403,061	2,517,078
13	Debtors
						2021	2020
	Amounts	falling due within one year:				f	f
	Other debtors					50,326	8,324
	Prepayments and accrued income					40,000	7,333
						90,326	15,657
						2021	2020
	Amounts	falling due after more than		one year:		f	f
	Prepayments and accrued income					15,000	20,000
	Total debtors					105,326	35,657

14	Creditors: amounts	falling due within one year
				2021	2020
			Notes	f
	Other taxation			8,223	10,467
	Deferred income		16	52,028	22,490
	Trade creditors			15,170	360
	Other creditors			915,521	920,895
	Accruals			12,514	20,243
				1,003,456	974,455
15	Creditors: amounts	falling due after more than one year
				2021	2020
				f	f
	Other creditors			1,487,541	1,586,184

						2021	2020
							f
Arising	from	rental	income	invoiced	in
advance						52,028	22,490

17	Cash generated from operations							2021	2020
								f	f
	Surplus/(deficit) for	the year						6,123,730	(1,299,412)
	Adjustments for:
	Investment income	recognised	in statement			offinancial	activities	(1,118,547)	(1,187,984)
	Gain on disposal of	investments						(532,096)	(23,858)
	Fair value gains and	losses on investment			properties			(564,632)
	Fair value gains and	losses on investments						(5,213,707)	2,204,758
	Movements in working capital:
	(Increase)/decrease	in debtors						(69,669)	39,387
	(Decrease) in creditors							(99,179)	(888,504)
	Increase/(decrease)	in deferred		income				29,538	(44,675)
	Cash absorbed by operations							(1,444,562)	(1,200,288)
18	Analysis ofchanges	in net: funds
	The charitable trust	had no debt		during the		year.