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||**Pages**|**Pages**|
|---|---|---|
|Directors, officers and advisers|1||
|Directors’ report|2 -|6|
|Auditors’report|7 -|10|
|Statement of financial activities|11||
|Income and expenditure account|12||
|Balance sheet|13||
|Notes to the financial statements|14 -|19|
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|**Directors**|Ms Deborah Hollister|(Chairman)|
|---|---|---|
|**and Trustees**|H R AAnderson||
||D T A Boyle|(Resigned 27 September 2023)|
||RAD Cowlin||
||Mrs Deborah Reed||
||B Salmon||
||Ms Moira Usher||
|**Secretary**|Mrs Verity Barclay||
|**Registered Office**|820 The Crescent||
||Colchester Business Park||
||Colchester||
||Essex||
||C04 9YQ||
|**Registered Number**|Company 00183411||
||Charity
310038||
|**Auditors**|SB Audit LLP||
||820 The Crescent||
||Colchester Business Park||
||Colchester||
||Essex||
||C049YQ||
|**Bankers**|CAF Bank Ltd||
||25 Kings Hill Avenue||
||Kings Hill||
||West Mailing||
||Kent ME19 4JQ||
|**Solicitors**|Birkett Long LLP||
||Faviell House||
||1 Coval Wells||
||Chelmsford||
||Essex||
||CM1 1WZ||
|**Investment Advisers**|Investec Wealth and Investment Limited||
||30 Gresham Street||
||London||
||EC2V 7QN||
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|Beaumont School|£1,046|
|---|---|
|BOSP (Brighter Opportunities for Special|£10,145|
|People)||
|Frozen Light|£3,000|
|Happy Hill|£4,322|
|IPSEA|£10,000|
|Market Field Farm|£15,000|
|PLOT CIC|£4,533|
|Shine|£2,500|
|SNAP|£2,000|
|Southend Mencap|£3,500|
|St Ivo Academy (Astrea)|£15,180|
|Tracks Autism|£8,424|
||**£79,650**|
|Capital Grants included the following:||
|---|---|
|Castledon School|£85,143|
|Centre School (Astrea Academy)|£100,000|
|Clare School|£115,000|
|Colnbrook School|£120,000|
|Thomas Wolsey School|£128,400|
||**£548,543**|
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|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
||**Notes**|**funds**|**funds**|
|||**2023**|**2022**|
|||**£**|**£**|
|**Income**||||
|Income from investments||**99,339**|66,616|
|**Total income**||**99,339**|66,616|
|**Expenditure**||||
|Grants payable in furtherance of the Charity’s objects|8|**720,570**|188,453|
|Cost of grant making|9|**4,712**|3,979|
|Management and administration costs|10|**60,249**|68,398|
|**Total expenditure**||**785,531**|260,830|
|Net realised and unrealised investment (losses)/gains||**(710,730)**|374,922|
|**Net movement in funds**|3|**(1,396,922)**|180,708|
|**Total funds brought forward at 1 April 2022**||**5,595,409**|5,414,701|
|**Total funds carried forward at 31 March 2023**||**4,198,487**|5,595,409|
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||**Note**|||
|---|---|---|---|
|||**2023**|**2022**|
|||**£**|**£**|
|**Gross income**||**99,339**|66,616|
|**Total expenditure**||**785,531**|260,830|
|**Net expenditure before fixed asset disposal**||**(686,192)**|(194,214)|
|**Realised (loss)/profit on sale of investments**||**(17,250)**|83,576|
|**Net expenditure for the financial year**|3|**£(703,442)**|£(110,638)|
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||**Notes**|||
|---|---|---|---|
|||**2023**|**2022**|
|||£|£|
|**Fixed assets**||||
|Investment properties|4|**103,500**|103,500|
|Other investments|5|**4,330,669**|5,483,649|
|||**4,434,169**|5,587,149|
|**Current assets**||||
|Debtors|6|**526**|526|
|Cash at bank and in hand||**392,910**|329,781|
|||**393,436**|330,307|
|**Creditors: amounts falling due**||||
|**within one year**|7|**(629,118)**|(322,047)|
|**Net current assets**||**(235,682)**|8,260|
|**Total net assets**||**£4,198,487**|£5,595,409|
|**Funds**||||
|Unrestricted funds - includes revaluation reserve of||||
|£1,248,753 (2022 : £ 2,097,205)|11|**£4,198,487**|£5,595,409|
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|||**2023**|**2022**|
|---|---|---|---|
|||£|£|
||Auditors’ remuneration: in respect of audit services|**5,107**|4,563|
|**4**|**FIXED ASSETS - INVESTMENT PROPERTIES**|||
||**Investment**|
|---|---|
||**property**|
||£|
|**Cost or valuation**||
|At 1 April 2022|**103,500**|
|Valuation at 31 March 2023|**103,500**|
|**Net book values**||
|At 31 March 2023|**103,500**|
|At 31 March 2022|**£ 103,500**|
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||**2023**|**2022**|
|---|---|---|
||£|£|
|Listed investments:|||
|Market value at 1 April|**5,483,649**|5,119,312|
|Additions|-|702,680|
|Disposals|**(459,500)**|(629,689)|
|Net unrealised investment (losses)/gains|**(693,480)**|291,346|
|Market value of listed investments at 31 March|**£4,330,669**|£5,483,649|
|Historical cost at 31 March|**£3,178,166**|£3,482,694|
||**2023**|**2022**|
||£|£|
|Listed investments at market value consist of the following:|||
|**International equities**|||
|Herald Investment Trust|**490,523**|529,932|
|Scottish Mortgage Investment Trust|**689,626**|1,041,903|
|Witan InvestmentTrust|-|459,500|
|Fundsmith|**1,268,550**|1,244,790|
|HG Capital|**465,962**|592,209|
|Blackrock World Mining Trust|**465,624**|517,824|
|**Property**|||
|The Charities Property Fund|**950,384**|1,097,491|
||**£4,330,669**|£5,483,649|
|**DEBTORS**|||
||**2023**|**2022**|
|Prepayments|**£526**|£526|
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||**2023**|**2022**|
|---|---|---|
||£|£|
|Other creditors|**449,118**|142,047|
|Government grants|**180,000**|180,000|
||**£629,118**|£322,047|
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||**2023**|**2022**|
|---|---|---|
|Consultancy and travel expenses in relation|||
|to grants payable|**£4,712**|£3,979|
|**MANAGEMENT AND ADMINISTRATION COSTS**|||
||**2023**|**2022**|
||£|£|
|Legal and professional fees and related claims|**58,440**|66,826|
|Bank charges and interest|**100**|110|
|Office costs|**1,709**|1,462|
||**£60,249**|£ 68,398|
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|||**1 April**|
**Other**|**31 March**|
|---|---|---|---|---|
|||**2022**|**movements**|
**2023**|
|Other reserves|**£ **|**5,595,409 **|**£(1,396,922)**|**£4,198,487**|
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||**2023**|**2022**|
|---|---|---|
|**Financial assets**|||
|Financial assets measured at fair value|**£4,330,669**|£5,483,649|
||**2023**|**2022**|
|**Financial liabilities**|||
|Financial liabilities measured at amortised cost|**£629,118**|£322,047|