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2021-12-31-accounts

THE BRITWELL TRUST (Registered Charity No. 289196)

ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

CONTENTS

Page
Annual Report of the Trustees 1 - 6
Report of the Independent Examiner 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 14
Schedule of Investments & Income 15 - 16

Page 1

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees of The Britwell Trust (“the trust” or “the charity”) present their report and financial statements for the year ended 31 December 2021. These have been prepared in accordance with the accounting policies set out in Note 1 and comply with the charity’s Trust Deed and applicable law. The comparatives are for the year ended 31 December 2020.

1. REFERENCE AND ADMINISTRATIVE DETAILS

UK Charity Registration Number: 289196 Registered Office: Britwell Priors, Longparish, Nr. Andover Hampshire SP11 6QR Trustees: Lady Rosemary Violet Tennant (Chairperson) Christopher Sebastian Tennant Independent Examiner: Christopher J Hawley FCA Rawlinson & Hunter LLP, Eighth Floor, 6 New Street Square, London EC4A 3AQ Accountants: Rawlinson & Hunter LLP Eighth Floor, 6 New Street Square, London EC4A 3AQ Investment Manager and Custodian: SG Kleinwort Hambros 8 St James’s Square, London SW1Y 4JU Principal Bankers: Bank of Scotland, London Chief Office (120103) 33 Old Broad Street, London BX2 1LB Solicitors: Boodle Hatfield LLP 240 Blackfriars Road, London SE1 8NW HM Revenue & Customs: HMRC Charities Self Assessment ref - 75743 75239 Repayment claims ref - EW20153

2. STRUCTURE, GOVERNANCE AND MANAGEMENT

The Britwell Trust was established by a Deed dated 23 March 1984 and is an unincorporated charitable trust bound by the proper law of England and Wales. The original settlor was the late Sir Anthony John Tennant.

The terms of the trust require income and capital to be applied for charitable purposes as the Trustees in their absolute discretion shall determine.

The management of the trust is conducted solely by the Trustees. The names of the Trustees who served throughout the year and continue to serve at the date of this report’s approval are:

The Trustees endeavour to expend the income towards the fulfilment of the objectives of the trust.

Page 2

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The Trustees have full discretion to utilise both the capital and income of the trust in pursuance of its charitable objectives.

The power to appoint new or additional trustees is now vested in Lady Rosemary Tennant, and thereafter in the trustees.

Trustees’ Responsibilities Statement

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Statement of Recommended Practice (Accounting by Charities) 2005, the charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In accordance with trust law, as the charity trustees, we certify that:

Internal Controls

The Trustees have overall responsibility for ensuring that the charity has appropriate systems of internal controls. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements follow best practice. They are also responsible for the charity safeguarding its assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

Page 3

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Induction and Training

The training of trustees is adopted on an informal basis. The Trustees are kept informed of their duties and obligations under the laws in addition to their proper conduct.

Related Party Transactions

Should the charity engage in a transaction with which one of the Trustees is connected, the conflicted Trustee will excuse themselves from the decision making process. Any related party transactions are disclosed notes to the Financial Statements.

3. OBJECTIVES AND ACTIVITIES

The objectives of the charity are to apply capital and income for such charitable purposes, charitable institutions or charitable foundations in such manner as the Trustees in their absolute discretion think fit.

Postal appeals are sent to the registered office of the charity for consideration of the Trustees.

Statement of Public Benefit

The Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the trust’s aims, activities and achievements in the areas of interest that the trust supports demonstrates the benefit to its beneficiaries and through them to the Public, that arise from those activities.

4. ACHIEVEMENT AND PERFORMANCE

Investments

The assets of the charity consist principally of investments and cash and these are collectively recorded on the Balance Sheet and supporting notes at their market value on that date. Any increase or decrease over the previous year’s market value on the restatement of these values is recorded in the Statement of Financial Activities. As at 31 December 2021, the value of the charity’s investments was £1,925,000 (2020 - £1,846,189).

The charity realised investment gains of £4,519 (2020 - £35,033 loss), and had unrealised gains of £134,872 (2020 - £87,127). The total net gains on investment assets for the year ended 31 December 2020 was £139,391 (2020 - £52,094).

The investment objectives of the trust are to preserve capital in real terms and provide sufficient income to meet the Trustees’ requirements. The portfolio is reviewed on a regular basis and reports produced by the investment manager so that any necessary steps can be taken to lessen the risks of the objectives not being met. The Trustees’ investment powers are unrestricted.

Page 4

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

ACHIEVEMENT AND PERFORMANCE (continued)

The trustees’ investment manager SG Kleinwort Hambros has in place an investment policy covering the following objectives:-

SG Kleinwort Hambros manage the trust investment portfolio and monitor performance against both ARC Balanced (40-60% equity risk) and ARC Steady Growth (60-80% equity risk).

The portfolio follows a GBP UK Balanced Growth strategy to generate a real return exceeding the rate of inflation, while accepting a relatively moderate level of risk similar to the long-run historical risks of investing in a blended portfolio of 40% bonds and 60% equities.

SG Kleinwort Hambros summary for the year was as follows:-

Over Q1 2021, the Trust’s Equity allocation were the main drivers of its positive performance, with weakness in Fixed Income as government bond yields rose over the quarter. While most equity funds delivered a positive return, Asia-ex Japan Equity and UK Equity (Hermes Asia ex-Japan Fund and Royal London UK Equity Fund) added the most value.

The Trust’s US Equity exposure was the main driver of returns over Q2 2021 (Loomis Sayles US Growth Equity Fund and Fidelity Index US). Fixed Income and Alternatives delivered small, positive gains overall. Within Alternatives, Gold was the main driver of positive returns (iShares Physical Gold ETF).

Over Q3 and Q4 2021, the Trust’s Equity allocation was the greatest contributor of positive performance, with Global Equity (Pictet Global Environmental Opportunities Fund) and US Equity (Loomis Sayles US Growth Equity Fund and Fidelity Index US) allocations being the strongest. The Fund’s Alternative Strategies exposure also delivered gains (Lyxor Sandler US Equity Fund, Lyxor Tiedeman Arbitrage Strategy and Tail Risk Protection Note (TRPN)). Over Q4 2021, Fixed Income (Lyxor FTSE Actuaries UK Gilts ETF) also positively contributed to the Trust’s performance.

The Trust’s total return performance over the period reported was c. +8.40%.

5. FINANCIAL REVIEW

Income & Expenditure

Total income for the year was £32,371 (2020 - £29,182). The income was generated solely from the trust’s investment portfolio, which was 10.9% up on 2020.

Total expenditure excluding grants made was £20,280 (2020 - £19,028). The main costs of the charity relate to investment management, accountancy and compliance.

Page 5

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL REVIEW (continued)

Charitable Activities

Total charity activities for the year was £50,830 (2020 - £50,430), with charitable grant expenditure of £44,500 to 25 organisations (2020 - £43,500 to 23 organisations). The charity met its objectives for some of the larger grants as follows:

A full list of the charitable grants and donations made during the year in pursuit of the Trustees’ objectives are listed under Note 3 of the financial statements.

Page 6

THE BRITWELL TRUST

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

FINANCIAL REVIEW (continued)

Reserves Policy

Income is generated principally from the investments held by the trust. The Trustees have no formal reserves policy and any undistributed income during the year is earmarked for direct charitable expenditure in the following year. In the event that the Unrestricted Fund has been fully exhausted, the Trustees are able to utilise the Expendable Endowment, as they see fit.

During the year ended 31 December 2021, the Trustees expended all of the income generated and transferred £33,009 from the Expendable Endowment Fund to clear the deficit position.

Total charity Unrestricted Fund income reserves at 31 December 2021 were £nil (2020 - £nil), with Expendable Endowment reserves of £2,038,111 (2020 - £1,931,729). Total reserves at 31 December 2021 were £2,038,111 (2020 - £1,931,729) with free reserves of £113,111 (2020 - £85,540).

Risk Management

A risk assessment has been undertaken which comprises:

This continuing process will identify risk areas to which the trust is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these financial statements.

6. PLANS FOR FUTURE PERIODS

The Trustees do not propose to deviate from the current objectives and activities of the trust as detailed in Part 3 of this report.

Approved on behalf of the Trustees:

20 June 2022

Lady Rosemary Tennant Chairperson

Page 7

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES

OF THE BRITWELL TRUST

FOR THE YEAR ENDED 31 DECEMBER 2021

I report to the charity trustees on my examination of the financial statements of the Britwell Trust (the charity) for the year ended 31 December 2021, which comprise the Statement of Financial Activities, Balance Sheet and the related notes.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Christopher J Hawley FCA Chartered Accountant & Independent Examiner Eighth Floor, 6 New Street Square, New Fetter Lane, London EC4A 3AQ

7 July 2022

Page 8

THE BRITWELL TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Expendable Total Total
Note Fund Endowment 2021 2020
£ £ £ £
Income and endowments from:
Investments 2 32,371 - 32,371 29,182
Total income and endowments 32,371 - 32,371 29,182
Expenditure on:
Charitable activities 3 50,830 - 50,830 50,430
Cost of raising funds 5 14,550 - 14,550 12,698
Total expenditure 65,380 - 65,380 63,128
Net (expenditure) before net
gains on investment assets (33,009) - (33,009) (33,946)
Net gains on investment assets 6 - 139,391 139,391 52,094
Net income/(expenditure) (33,009) 139,391 106,382 18,148
Transfers between funds 33,009 (33,009) - -
Net movement in funds - 106,382 106,382 18,148
Reconciliation of funds:
Total funds brought forward at 1 January 2021 - 1,931,729 1,931,729 1,913,581
Total funds carried forward
at 31 December 2021 £ - £2,038,111 £2,038,111 £1,931,729

There are no recognised gains or losses other than those included in the Statement of Financial Activities.

All income and expenditure derive from continuing activities.

The notes and schedule on pages 10 to 16 form part of these financial statements.

Page 9

THE BRITWELL TRUST

BALANCE SHEET

AT 31 DECEMBER 2021

Note 2021 2020
£ £ £ £
Fixed Assets
Investments at market value 6 1,925,000 1,846,189
Current Assets
Cash deposits held 7 122,191 94,210
Current Liabilities
Creditors:amounts falling due within one
year 8 (9,080) (8,670)
Net Current Assets 113,111 85,540
Total Net Assets £2,038,111 £1,931,729
Charity Funds
Expendable Endowment 2,038,111 1,931,729
Unrestricted Fund - -
Total Charity Funds £2,038,111 £1,931,729
The Financial Statements are hereby approved by the Trustees:
Lady Rosemary Tennant 20 June 2022
Christopher Tennant 20 June 2022

The notes and schedule on pages 10 to 16 form part of these financial statements.

Page 10

THE BRITWELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

Basis of accounting

These financial statements have been prepared on a going concern basis under the historical cost convention, modified to include the revaluation of investments. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (“Charities SORP FRS 102”) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The principal accounting policies adopted are as follows:-

The Trust has applied the provisions set out in Charites SORP FRS 102 and does not include a Statement of Cash Flows.

Fixed Asset Investments

Investments are included at closing mid-market value at the Balance Sheet date. Realised gains and losses on investments are recognised as they arise and any unrealised gain or loss on revaluation is taken to the Statement of Financial Activities. The determination of any gains and losses is calculated by reference to the market value of such assets at the beginning of the accounting period.

Income

All income is accounted for when the charity becomes entitled to the income, the amount can be measured reliably and it is probable that the income will be received. For legacies, entitlement is taken as the earlier of the date on which the estate is finalised or when a distribution is received from the estate.

Expenditure

All resources expended are recognised once there is a legal or constructive obligation to make a payment to a third party. Costs of raising funds comprise the investment management costs. Grant expenditure are grants payable to charitable entities and are recognised in accordance with when a commitment has been made.

Charitable activities

Charitable activities comprise grants and donations made during the year together with the recognition of certain commitments made by the Trustees, grant support costs and governance costs. Governance costs represent those costs of the strategic management of the charity and of complying with constitutional and statutory requirements.

Status of funds

The entire resources of the charity are unrestricted and the Trustees have complete discretion for their use in pursuance of its objectives. Expendable Endowment are unrestricted funds earmarked for investments to generate income for charitable activities.

Taxation

The charity is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was derived. The charity is able to reclaim any eligible UK income tax credits from investment income.

Page 11

THE BRITWELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

ACCOUNTING POLICIES (continued)

Going Concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the level of income and expenditure 12 months from authorising these financial statements. The anticipated income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

The Covid-19 pandemic has created significant operational and financial pressures. Having considered the contingency plans in place, the support to businesses announced by the UK Government and having reviewed updated cashflow forecasts, the trustees consider the adoption of the going concern basis in preparing these financial statements continues to be appropriate.

Page 2021 2020
£ £
2. INVESTMENT INCOME
Income from UK quoted equities 16,671 16,599
Income from foreign quoted equities 12,866 10,058
Income from foreign quoted unit trusts (interest) 2,834 3,269
32,371 29,926
Less:overstated income from UK quoted equities in prior year - (744)
Total investment income 8/16 £ 32,371 £ 29,182
3. CHARITABLE ACTIVITIES
Analysis of charitable grants made:
Chelsea Physic Garden 5,000 -
St George's Hospital 5,000 5,000
National Gallery Trust (George Beaumont Group) 2,500 2,500
Alzheimer's Research UK 2,000 1,000
Hampshire Medical Fund 2,000 1,000
Help Musicians (Musicians Benevolent Fund) 2,000 2,000
Royal Academy of Arts 2,000 2,000
St Nicholas’ Church, Longparish PCC 2,000 2,000
The Passage 2,000 2,000
The Salisbury & South Wiltshire Museum 2,000 -
Tommy’s 2,000 -
University of Southampton (Cancer Centre Imunology) 2,000 2,000
Whitchurch Silk Mill Trust 2,000 1,000
Battersea Dogs & Cats Home 1,000 -
Canine Partners 1,000 1,000
Combat Stress 1,000 1,000
Countess of Brecknock Hospice Trust 1,000 1,000
Countryside Alliance Foundation 1,000 1,000
Gurkha Welfare Trust 1,000 1,000
King Edward VII's Hospital 1,000 1,000

Page 12

THE BRITWELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page 2021 2020
CHARITABLE ACTIVITIES (continued) £ £
McNicol Ballet Collective 1,000 1,000
National Horseracing Museum 1,000 1,000
Racing Welfare 1,000 1,000
St James' Church, Woodcott 1,000 1,000
Wardour Chapel Trust 1,000 1,000
Glyndebourne Productions Limited - 10,000
Newbury Festival Society Ltd - 2,000
Total charitable grants made 44,500 43,500
Support costs (note 4) 12 600 600
Governance costs (note 4) 12 5,730 6,330
Total charitable activities 8 £ 50,830 £ 50,430
4. GOVERNANCE AND SUPPORT COSTS
Support costs:
Secretarial administration (note 3) 12 £ 600 £ 600
Governance costs:
Accountancy fees
- 2021 accounts 4,260 -
- 2020 accounts 270 3,990
- administration/compliance - 1,230
- 2019 accounts (underprovision) - 210
Total accountancy fees 4,530 5,430
Independent examination fees
- 2021 accounts 1,200 -
- 2020 accounts - 1,080
- 2019 accounts (overprovision) - (180)
Total governance costs(note 3) 12 £ 5,730 £ 6,330

Page 13

THE BRITWELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page 2021 2020
5. COST OF RAISING FUNDS £ £
Investment management fees 14,550 12,698
Total cost of raising funds 8 £ 14,550 £ 12,698
6. FIXED ASSET INVESTMENTS
Investments at market value comprise:
Quoted investments within the United Kingdom 608,885 605,520
Quoted investments outside the United Kingdom 1,316,115 1,240,669
Total investment assets 16 £1,925,000 £1,846,189
See pages 15 - 16 for a complete list of the charity investments.
Quoted investments
Market value at 1 January 2021 1,846,189 1,825,866
Additions at book cost 519,881 409,246
Sale proceeds (580,461) (441,017)
Net realised gains/(losses) on disposals 16 4,519 (35,033)
Net unrealised gains on revaluation 16 134,872 87,127
Market value at 31 December 2021 9 £1,925,000 £1,846,189
Historical cost at 31 December 2021 £1,604,147 £1,580,137
Net gains on investment assets
Net realised gains/(losses) on disposals 4,519 (35,033)
Net unrealised gains/(losses) on revaluation 134,872 87,127
Total net (losses)/gains on investment assets 8 £ 139,391 £ 52,094
7. CASH DEPOSITS HELD
Bank of Scotland - current account 27,874 15,614
Kleinwort Hambros
-
capital account		 88,312 73,381
-
income account		 6,005 5,215
9 £ 122,191 £ 94,210

Page 14

THE BRITWELL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Page Page 2021 2020
£ £
8. CREDITORS - amounts falling due within one year
Accountancy fees 4,260 3,990
Investment management fees 3,620 3,000
Independent examiner fees 1,200 1,080
Administration fees - 600
9
£		 9,080 £ 8,670
Balance at Balance at
1 January Gains/ Fund 31 December
2021 Income Expenditure (losses) Transfers
2021
9. FUND RECONCILIATION £ £ £ £ £ £
Unrestricted Funds - 32,371 (65,380) - 33,009 -
Expendable endowment 1,931,729 - - 139,391 (33,009)
2,038,111
Total Funds £1,931,729 £ 32,371 £ (65,380)
£		 139,391 £ - £2,038,111

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Expendable Total Total
Unrestricted Endowment 2021 2020
£ £ £ £
Investments - 1,925,000 1,925,000 1,846,189
Cash - 122,191 122,191 94,210
Creditors - (9,080) (9,080) (8,670)
Total Funds £ - £2,038,111 £2,038,111 £1,931,729

11. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS

No trustee received any remuneration or expenses during the year ended 31 December 2021.

There were no transactions with any connected persons to report for the year ended 31 December 2021.

THE BRITWELL TRUST

Schedule of Investments and Income Year ended 31st December 2021

Holding Market Value Additions Disposals Profit Unrealised Holding Market Value Gross UK/Foreign
01/01/2021 01/01/2021 Cost Proceeds (Loss) profit 31/12/2021 31/12/2021 Income Tax
£
£
£		 £
£		 £ £
£
Artemis Fund Managers
Income I Inc 12,246 921 5,155
13,167		 344
Baillie Gifford Overseas Limited
Japanese B GBP Dis 10,066
123,213		 9,955 273 (3,713) 9,275
109,818		 649
Blackrock (Luxembourg) S.A.
Continental European Flexible D4rf GBP 2,563
82,016		 53,844 82,245 2,516 10,343 1,753
66,474
Fil Investment Services(Uk)limited
Institutional Emerging Markets W Acc Nav 32,762
69,390		 497 584 32,762
70,471		 497
Fil Investment Services(Uk)ltd
Index US P Inc Nav 80,000
190,272		 61,855 1,736 38,596 54,723
168,749		 2,096
Hermes Investment Fund
Asia Ex Japan Equity F Inc Nav 35,599
78,556		 4,803 35,599
83,359		 1,427
Invesco Management Sa
Bond Z GBP Qd Dis 11,510
130,194		 (3,846) 11,510
126,348		 2,638
Ishares Physical Metals Plc
I Shares Physical Gold Etc GBP 6,063
164,200		 10,821 64,667 (5,904) (3,664) 3,863
100,786
Ishares Plc
Ishares FTSE 250 Fund 4,664
91,338		 18,591 13,122 5,578
123,051		 2,428
J O Hambro Capital Management Umbrella
Continental European A Fd GBP 78,971 5,736 14,783
84,707
Loomis Sayles YS GR
EQ-S A GBP 859
149,243		 72,482 727 14,896 446
92,384
Lyxor Asset Mgmt (Ireland) Ltd
Tiedemann Arbitrage Strategy I Acc Nav 484
58,107		 1,994 55,818 (4,283) 1,994
Lyxor Investment Strategies Plc
Epsilon Global Trend I GBP Instl 353
52,204		 (1,948) 353
50,256
Lyxor Newcits Irl Plc
Sandler US Equity Si GBP Acc 616
67,730		 936 1,332 616
69,998		 936

THE BRITWELL TRUST

Schedule of Investments and Income
Year ended 31st December 2021
Holding Market Value
Additions
Disposals
01/01/2021
01/01/2021
Cost
Proceeds
£
£
£
Lyxor Newcits Irl Plc
Tiedemann Arbitrage Strategy Si GBP
55,817
M&G Investment Managment Ltd
Charifund Income Units
8,258
113,347
Multi Units Luxembourg
Lyxor Etf S+p 500-B(Usd)
957
26,702
27,614
Multi Units Luxembourg
Lyxor Ftse Actri UK Gilts 05y Dr GBP
2,020
36,555
39,670
36,496
Multi Units Luxembourg
Lyxor Ftse Actuaries UK Gilts Dr Ucits
1,212
180,611
58,464
134,349
Multi Units Luxembourg
Lyxor Core Morn UK Nt Dr Ucits Etf GBP
56,760
Pictet Asset Management (Europe) Sa
Environmental Megatrend Sel I Dy Gbp Nav
98,055
Royal London Unit Trust Managers
UK Equity Income Z Inc
105,892
111,928
36,500
57,575
Sg Issuer
0% Eln Gtd Snr Nts 30/07/2026 GBP100
39,500
Threadneedle Investments Funds
UK Equity Income Zni Inc Nav
89,666
120,583
13,032
33,222
TOTAL:
1,846,189
575,698
636,278		 Profit
Unrealised
Holding Market Value
(Loss)
profit
31/12/2021
31/12/2021
£
£
£
4,899
598
60,716
15,165
8,258
128,512
912
(59)
(310)
2,247
39,360
(2,264)
(4,523)
700
97,939
4,519
5,759
61,279
12,085
341
110,140
1,998
13,681
86,471
106,532
39,500
39,500
4,584
16,477
78,045
121,454
4,519
134,872
1,925,000		 Gross
UK/Foreign
Income
Tax
£
£
6,110
283
2,984
2,362
3,235
4,388
32,371