|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|





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|||Unrestricted|Unrestricted|Permanent|Endowment|||
|---|---|---|---|---|---|---|---|
||Notes|General|Rothermere|Permanent||||
|||Funds|Fellows|Endowment|<br>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<br>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|





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|||Unrestricted|Unrestricted|Permanent|Endowment|||
|---|---|---|---|---|---|---|---|
||Notes|General|Rothermere|Permanent||Total|Total|
|||Funds|Fellows|Endowment|<br>Investment|2021|2020|
||||Funds|Fund|Fund|||
|||£|£|£|£|£|£|
|Fixedassets||||||||
|Tangiblefixedassets|7|692,120|-|-||692,120|703,960|
|Investments|8||3,492,805|50,249,185|<br>1,530,352|55,272,342|34,648,488|
|||692,120|3,492,805|50,249,185|<br>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|<br>1,529,559|57,319,235|36,345,431|
|Funds|11|1,916,424|3,624,067|50,249,185|<br>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|





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



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|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 <br>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<br>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|





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|||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<br>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|





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|||Unrestricted|Unrestricted|<br>PermanentEndowment|<br>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|