2021-09-30-accounts

CONTENTS	Page
Legalandadministrativeinformation	2
Trustees'report	3-6
Independentauditor'sreport	7-8
Statementoffinancialactivities	10
Balancesheet	11
Statementofcashflows	12
Principalaccountingpolicies	13-16
Notestothefinancialstatements	17-25

Trustees	TheFourthViscountRothermere
	ViscountessRothermere
	MrVPWHannsworth
	MrGJHolbourn
Administrativeoffice	NorthcliffeHouse
	2DenyStreet
	London
	W85TT
Charitynumber	314125
Auditor	BuzzacottLLP
	130WoodStreet
	London
	EC2V6DL
Bankers	C.Hoare&Co.
	37FleetStreet
	London
	EC4P4DQ
InvestmentAdvisors	UBSWealthManagement
	5Broadgate
	London
	EC2M2QS
	CazenoveCapital
	31GreshamStreet
	London
	EC2V7QA
LegalAdvisors	Farrer&CoLLP
	66Lincoln'sInnFields
	London
	WC2A3LH
	BatesWells
	10QueenStreetPlace
	London
	EC4R1BE

		Unrestricted	Unrestricted	Permanent	Endowment
	Notes	General	Rothermere	Permanent
		Funds	Fellows	Endowment	Investment	Total	Total
			Funds	Fund	Fund	2021	2020
		£	£	£	£	£	£
Incomeandendowments
from:
Investments	2	1,147,719	34,043			1,181,762	1,172,14'
Totalincome		1,147,719	34,043			1,181,762	1,172,14
Expenditureon:
Charitableactivities	3	165,202	-		-	165,202	129,681
Expenditurerelatingto14 DunstanRoad	4	37,171				37,171	39,84
		202,373				202,373	169,521
Charitablegrantmaking
Grantspayable	5	501,025	-		-	501,025	393,411
Supportcostsofmaking
grants	6	120,609	-			120,609	104,25:
		621,634	-			621,634	497,66:
Totalexpenditure		824,007				824,007	667,19
Netincomebefore
investmentgainsandlosses		323,712	34,043			357,755	504,95:
Otherrecognisedgainsand
losses
Unrealisedgains/(losses)on
investments	8	-	171,664	19,921,552	113,891	20,207,107	(9,473,601
Realisedgainsoninvestments	8	-	325,751		90,486	416,237	22,70,
Foreignexchange(losses)			-		(7,295)	(7,295)	(36,527
Netincome/(expenditure)		323,712	531,458	19,921,552	197,082	20,973,804	(8,982,466
Balancesbroughtforwardat1
October2020		1,592,712	3,092,609	30,327,633	1,332,477	36,345,431	45,327,89'
Balancescarriedforwardat
30September2021(Note11)		1,916,424	3,624,067	50,249,185	1,529,559	57,319,235	36,345,43

		Unrestricted	Unrestricted	Permanent	Endowment
	Notes	General	Rothermere	Permanent		Total	Total
		Funds	Fellows	Endowment	Investment	2021	2020
			Funds	Fund	Fund
		£	£	£	£	£	£
Fixedassets
Tangiblefixedassets	7	692,120	-	-		692,120	703,960
Investments	8		3,492,805	50,249,185	1,530,352	55,272,342	34,648,488
		692,120	3,492,805	50,249,185	1,530,352	55,964,462	35,352,448
Currentassets
Debtors	9	36,451		-		36,451	28,328
Cashatbank		1,266,719	131,262		(793)	1,397,188	1,006,258
		1,303,170	131,262		(793)	1,433,639	1,034,586
Creditors:amountsfalling
duewithinoneyear	10	(78,866)				(78,866)	(41,603)
Netcurrentassets		1,224,304	131,262		(793)	1,354,773	992,983
Netassets		1,916,424	3,624,067	50,249,185	1,529,559	57,319,235	36,345,431
Funds	11	1,916,424	3,624,067	50,249,185	1,529,559	57,319,235	36,345,431

			30	30
			September	September
			2021	2020
			£	£
	Cashflowsfromoperatingactivities:
	Netcashusedinoperatingactivities	A	(790,323)	(662,583)
	Cashflowsfrominvestingactivities:
	Investmentincomeandinterestreceivable		1,181,762	1,172,149
	Purchaseofinvestments		(1,996,962)	(1,872,731)
	Proceedsfromthedisposalofinvestments		1,737,862	919,574
	Netcashprovidedbyinvestingactivities		922,662	218,992
	Changeincashandcashequivalentsintheyear		132,339	(443,591)
	Cashandcashequivalentsat1October		1,342,270	1,785,861
	Cashandcashequivalentsat30September	B	1,474,609	1,342,270
A	Reconciliationofnetmovementinfundstonetcashflowsfrom
	operatingactivities:
	Netmovementinfundsfortheyear		20,973,804	(8,982,466)
	Adjustmentsfor:
	Depreciationcharges		11,840	11,840
	(Gains)/lossesoninvestments		(20,623,344)	9,450,897
	Investmentincomeandinterestreceivable		(1,181,762)	(1,172,149)
	(Increase)/decreaseindebtors		(8,124)	26,089
	Increaseincreditors		37,263	3,206
	Netcashusedinoperatingactivities	A	(790,323)	(662,583)
B	Analysisofcashandcashequivalents
	Cashatbankandinhand		1,397,188	1,006,258
	Cashheldbyinvestmentmanagers		77,421	336,012
		B	1,474,609	1,342,270

Freeholdproperty(excludingland)	over50years
Computerequipment	over3years
Fixedassetitemscostingover£500arecapitalised.

2.	Investmentincome	2021	2020
		£	£
	Dividends—quotedandlisted	1,147,406	1,132,211
	Dividends-fellowsportfolio	34,043	39,852
	Interestoncashdeposits	313	86
		1,181,762	1,172,149

Fellowshipgrants
Grantsandexpensesof£165,202weremadetosupportfourRothermere
Fellowsintheyear(2020:threeFellows).
	2021	2020
	£	£
Grants	161,066	123,366
Expenses	4,136	6,322
	165,202	129,688

hefollowingexpensesrelatetotheaccommodationprovidedby oundationfortheOxfordProfessorFellowship:	the
	2021	2020
	£	£
Overheadcosts	5,422	6,785
Repairsandmaintenance,includinggardencosts	10,431	10,461
Motorexpensesandinsuranceandtravelcosts	1,921	3,864
Managementfeesandothercosts	7,557	6,891
Depreciation	11,840	11,840
	37,171	39,841

Grantspayable
	2021	2020
	£	£
Grantspaidintheyear	453,715	378,410
Grantcommitments(note10)	47,310	15,000
	501,025	393,410
Grantspayablefortheyear
	£	£
Medicalresearch
Alzheimer'sResearch	10,000
DorsetandSomersetAirAmbulance	5,000
Julia'sHouseHospice		1,000
StBartholomews	15,000
WellbeingofWomen		5,000
	30,000	6,000
	£	£
Educational/Children'scharities
RoyalSocietyforBlindChildren	100,000
OxfordUniversityDevelopmentFund	30,000
SandroydSchool	26,310	26,310
StMary'sSchool	10,000
StPeter'sCollegeOxford	-	100,000
TheMagpieProject	3,000
UniversityofOxfordCharitableTrust	15,609	30,000
	184,919	156,310
	£	£
TheArts/Sport
CherubinMusicTrust		1,000
TheStourMusicFestivalLimited	5,000	5,000
	5,000	6,000

5.	Grantspayable(continued)	2021	2020
		£	£
	Othercharitabledonations
	BlandfordForumPCC	5,000
	ChalkeValleyHistoryFestival	10,206	(5,000)
	ChallockChurch	5,000
	DeepestBooks	41,500
	DukeUKTrust	14,700
	FairyWaterTrustLivingUplands	2,700
	FitzroyLodge	5,000
	GameAllianceLimited	-	10,000
	GreatDixter		5,000
	HandsUpFoundation	5,000
	Horatio'sGarden		5,000
	ImperialWarMuseumFoundation		15,000
	JournalistsCharity	1,000
	MailForceCharityCIO		150,000
	NorthcliffeCentenary	1,000
	PoliceArboretum	5,000
	RoyalBritishLegion		10,000
	StarsAppeal		100
	SummerFields	10,000
	TheCaringFamily	2,000
	TheDominicanCount	2,000
	TheHill112MF	4,000
	ThePlatinumJubileePageantLtd.	50,000
	UrbanSynergy	15,000	10,000
	WarMemorialTrust		10,000
	WildWaves	1,000
	WildlifeConservation Trust	100,000
	WorldHorseWelfare	1,000	5,000
	ZoologicalSocietyofLondon		10,000
		281,106	225,100
	TotalGrantsPayable	501,025	393,410

5.	Grantspayable(continued)		2021	2020
	SummaryofTotalGrantsPayable		£	£
	Medicalresearch		30,000	6,000
	Educational/Children'scharities		184,919	156,310
	TheArts/Sport		5,000	6,000
	Othercharitabledonations		281,106	225,100
			501,025	393,410
6.	Supportcosts		2021	2020
			£	£
	VPWHarmsworth'sfeesandexpensesasSecretary		43,558	44,811
	Professionalfees		19,789	20,952
	RothermereFellows—investmentportfoliofees		43,547	26,621
	Othercosts		515	(555)
	Governance—Auditfee		13,200	12,423
			120,609	104,252
7.	Tangiblefixedassets	Freehold	Computer
		Property	Equipment	Total
	Costorvaluation	£	£	£
	At1October2020	775,000	772	775,772
	At30September2021	775,000	772	775,772
	Depreciation
	At1October2020	71,040	772	71,812
	Chargefortheyear	11,840		11,840
	At30September2021	82,880	772	83,652
	NetBookValueat30September2021	692,120		692,120
	NetBookValueat30September2020	703,960		703,960

8.	Investments	2021	2020
		£	£
	UKEquities
	Marketvalueat1October2020	30,327,633	39,983,733
	Unrealisedgain/(loss)onrevaluationat30September2021	19,921,552	(9,656,100)
	Marketvalueat30September2021	50,249,185	30,327,633
	Historiccostat16April1956	50,000	50,000
	FellowsFund
	Marketvalueat1October2020	3,984,845	2,826,485
	Additionsatcost	1,996,962	1,872,731
	Disposalsatopeningmarketvalue(proceeds:£1,737,863,realised	(1,321,626)	(896,870)
	gains:£416,237)
	Unrealisedgains	285,555	182,499
	Marketvalueat30September2021	4,945,736	3,984,845
	Cashheldbyinvestmentmanager	77,421	336,010
		5,023,157	4,320,855
	Representedby:
	RothermereFellowsunrestrictedfund	3,492,805	2,988,172
	RothermereEndowmentinvestmentfund	1,530,352	1,332,683
		5,023,157	4,320,855
	Historiccost	4,145,519	3,469,078
	Totalinvestmentsatmarketvalueat30September2021	55,272,342	34,648,488
	Materialinvestmentsinindividualentitiesheldat30September2021:
	4,687,424(2020:4,687,424)DailyMailandGeneralTrustplc12.5 penceperAOrdinaryNon-Votingshares	50,249,185	30,327,633

9.	Debtors	2021	2020
		£	£
	Prepaymentsandaccruedincome	36,451	28,328
10.	Creditors	2021	2020
		£	£
	Amountsfallingduewithinoneyear:
	Grantcommitments	47,310	15,000
	Accrualsanddeferredincome	31,556	26,603
		78,866	41,603

	2021	2020
	£	£
Unrealisedgainsincludedabove:
Ontangiblefixedassets	675,820	687,660
Oninvestments	51,076,823	31,129,410
Totalunrealisedgainsat30September2021	51,752,643	31,817,070
Reconciliationofmovementsinunrealisedgains
Unrealisedgainsat1October2020	31,817,070	41,012,505
Add:Netgain/(loss)arisingonrevaluationsduringtheyear	20,207,107	(9,473,601)
Less:depreciationchargedtotheunrestrictedgeneralfund	(11,840)	(11,840)
Add:movementsinrespectofdisposalsintheyear	(259,694)	290,006
Totalunrealisedgainsat30September2021	51,752,643	31,817,070

		Unrestricted	Unrestricted		PermanentEndowment
	Notes	General	Rothermere	Permanent	Investment	Total
		Funds	Fellows	Endowment	Fund	2020
			Funds	Fund
		£	£	£	£	£
Incomeandendowmentsfrom:
Investments	2	1,132,297	39,852			1,172,149
Totalincome		1,132,297	39,852			1,172,149
Expenditureon:
Charitableactivities	3	129,688				129,688
Expenditurerelatingto14 DunstanRoad	4	39,841				39,841
		169,529				169,529
Charitablegrantmaking
Grantspayable	5	393,410				393,410
Supportcostsofmakinggrants	6	104,252				104,252
		497,662				497,662
Totalexpenditure		667,191				667,191
Netincomebeforeinvestment
gainsandlosses		465,106	39,852			504,958
Otherrecognisedgainsandlosses
Unrealisedgains/(losses)on
investments	8		79,938	(9,656,100)	102,561	(9,473,601)
Realisedgainsoninvestments	8		21,944		760	22,704
Foreignexchangelosses					(36,527)	(36,527)
Netincome/(expenditure)		465,106	141,734	(9,656,100)	66,794	(8,982,466)
Balancesbroughtforwardat1
October2019		1,127,606	2,950,875	39,983,733	1,265,683	45,327,897
Balancescarriedforwardat30
September2020		1,592,712	3,092,609	30,327,633	1,332,477	36,345,431

		Unrestricted	Unrestricted	PermanentEndowment	PermanentEndowment
	Notes	General		Rothermere	Permanent		Total
		Funds	FellowsFunds		Endowment	Investment	2020
					Fund	Fund
		£		£	£	£	£
Fixedassets
Tangiblefixedassets	7	703,960		-			703,960
Investments	8			2,988,172	30,327,633	1,332,683	34,648,488
		703,960		2,988,172	30,327,633	1,332,683	35,352,448
Currentassets
Debtors	9	28,323		5			28,328
Cashatbank		902,032		104,432		(206)	1,006,258
		930,355		104,437		(206)	1,034,586
Creditors:amountsfalling
duewithinoneyear	10	(41,603)		-			(41,603)
Netcurrentassets		888,752		104,437		(206)	992,983
Netassets		1,592,712		3,092,609	30,327,633	1,332,477	36,345,431
Funds	11	1,592,712		3,092,609	30,327,633	1,332,477	36,345,431