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|**TRUSTEES AND**|PATRICIATHOMPSON CBE|
|---|---|
|**CUSTODIAN TRUSTEES**|KATHARINE WOODWARD|
||ROY COPUS<br>MA ACA|
|**ADDRESS**|HJLLSOOWNCOURT|
||I5TOTTERIDGECOMMON|
||LONDON|
||N20 8LR|
|**REGISTERED NUMBER**|Charity Number32680l|
|**AUDITORS**|RSM UK AUDIT LLP. Chartered Accountants., St. Olaf's Hall.|
||Church Road. Lerwick, Shetland ZEI 0FD.|
|**BANKERS**|BARCLAYS BANK PLC. I Churchill Place. London., EI45HP.|
||COUTTS & CO..440 Strand. London, WC2R 0OS|
|**STOCKBROKERS AND**|BARCLAYS BANK PLC,<br>I Churchill Place. London. EI45HP.|
|**CUSTODIANS OF TRUST ASSETS**|CANACCORDGENUITY WEALTH MANAGEMENT|
||4I Lothbury, London EC2R 7AE.|
||WALKER CRIPS INVESTMENT MANAGEMENT LIMITED|
||128 Queen Victoria Street. London EC4V4BJ.|
|**SOLICITORS**|SOLOMONTAYLOR & SHAW. 3 Coach House Yard. Hampstead High Street.|
||London NW3 IQI-.|





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|||**2023**|2022|
|---|---|---|---|
|||Unrestricted Funds|Unrestricted Funds|
||Notes|£|£|
|**INCOME FROM:**||||
|Investment|2|5.706.552|6.812.026|
|**Total income**||5.706.552|6.812.026|
|**EXPENDITURE ON:**||||
|**Charitable activities**||||
|Charitabledonations and grants|3|14,330.000)|(8.866.500)|
|Support and govemance costs|4|10,192|7.857)|
|**Total expenditure**||(14.340,192)|(8.874,357)|
|**NET INCOME / EXPENDITURE) AND NET**||||
|**MOVEMENT IN FUNDS BEFORE GAINS**||||
|**AND LOSSES ON INVESTMENTS**||(8.633.640)|(2.062,331)|
|Gains / (losses) on investments|5|(17.395.117)|(647,530)|
|**NET MOVEMENT IN FUNDS**||(26.028.757)|(2.709.861)|
|**RECONCILIATION OF FUNDS**||||
|Total funds brought forward|8|111.071,696|113.781.557|
|**TOTAL FUNDS CARRIED FORWARD**|8|85.042,939|111.071.696|





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|||**2023**|**2023**|2022|2022|
|---|---|---|---|---|---|
||Notes|£||£|£|
|**FIXED ASSETS**||||||
|Investments|_5_||82.215.634||116.583.456|
|**CURRENT ASSETS**||||||
|Debtons|6|315.252||281.703||
|Cash at bank||I8.881.762||5.457.560||
|**Total current assets**||19.197.014||5.739.263||
|**CURRENT LIABILITIES**||||||
|Creditors falling due within one year|7|16.,369.709)||01.251.023)||
|**NET CURRENT ASSETS / (LIABILITES)**|||2.827.305||(5.511.760)|
|**NET ASSETS**|||85.042,9.39||I I 1,071.696|
|**FUNDS OF THE CHARITY**||||||
|Unrestricted funds|8||85.042.939||I I 1.071.696|
|**TOTAL CHARITY FUNDS**|||85.042.939||I 11.071.696|
|Registered Charity in England and Wales Number 326801||||||
|The noteson pages 9to I4 form pant ofthese financial statements.||||||
|Ihefinancial statements were approved by theTrustees on 27th November 2023||||||
|and weresignedon theirbehalfby:||||||
|R.B. COPUS||||||
|Trustee||||||





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||**2023**|**2023**|2022|2022|
|---|---|---|---|---|
||£|£|£|£|
|**OPERATING ACTIVITIES**|||||
|Donations paid|(9,180.000)||(9,766.500)||
|Administration and govemancecosts|(10,192)||(7.857)||
|**Cash used in operating activities**||(9.190,192)||(9,774.,357)|
|**INVESTING ACTIVITIES**|||||
|Interest and similar income received|5,599.768||6.759.700||
|Property income received|41.921||94,990||
|Purchase ofinvestments|(16,353.519)||(6.105.457)||
|Disposal ofinvestments|33.326.224||||
|**Net cash provided by investing activities**||22.614,394||749.233|
|**CHANGE IN CASH AND CASH**|||||
|**EQUIVALENTS IN THE YEAR**||13.424.202||(9.,025.1240|
|**Cash and cash equivalents brought forward**||5,457.560||14,482.68-4|
|**CASH AND CASH EQUIVALENTS CARRIED FORWARD**||18.881.762||5,457.560|





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|**2**|**INVESTMENT INCOME**|**2023**|2022|
|---|---|---|---|
|||£|£|
||Interest recei_ved_ on cash deposits|400.256|23.137|
||Income from quoted fixed interest securities & preference shares|_5._134,477|6,738.889|
||Equity dividends|94,788||
||Operating net lease rentals and other property income|77.031|50.000|
|||5.706.552|6.812.026|
|**3**|**CHARITABLE DONATIONS AND GRANTS**|**202.3**|2022|
|||£|£|
||Ambitious about Autism|150.000|150.000|
||BAFTA|100.000|100.000|
||Beyond Autism|33.000|25.000|
||B: Music|5.000||
||Break - Changing Young Lives|50.000|50.000|
||British Film<br>Institute|60.000||
||British HorseSociety|20.000||
||British Thoroughbred Retraining Centre||50.000|
||CambridgeWomen's Aid|50.000|50.000|
||Cardboard Citizens||30.000|
||Carers in Hertfordshire|33.000|30.000|
||Cambridge Children's Hospital / Addenbrooke's CharitableTrust|7.500.000||
||Centrepoint|100.000|100.000|
||Challington Primary School||10.000|
||ChickenshedTheatreTrust||50.000|
||Chipping Campden MusicFestival|5.000|5.000|
||Deborah Rogers Foundation|25.000|15.000|
||Devon Freewheelers||10.000|
||Donmar WarehouseProjects|100.000|100.000|
||DroghedaMemorial Fund|1.000||
||East Anglia's Children's Hospices|300.000|300.000|
||East Anglian Air Ambulance|10.000|1.000|
||Erdington Foodbank|5.000|_5.000_|
||lare Share|50.000|50.000|
||Felix Project||50,000|
||Forward Trust|100.000|100.000|
||Friends of the National Horseracing Museum||500.000|
||Great Ormond Street Hospital Children's Charity|180,000|200.000|
||GreenhouseSports|100.000|100.000|
||Headway: the Brain Injury Association|50.000|50.000|
||Hearing Dogs for DeafPeople|25.000|25.000|
||Hospice Charity Partnership||5.000|
||Injured Jockeys Fund|100.000|100.000|
||Kidney Research UK||500.000|
||Lily MaeFoundation|5.000||
||London Air Ambulance||20.000|
||London Symphony Orchestra|20.000|20.000|
||Longborough Festival Opera|10,000|10.000|
||LoveBurt Oak|10,000|15.000|
||Macmillan Cancer Support|300.000|300.000|
||MagicBreakfast|25.000||
||Mind|50.000|I00.000|
||MultipleSclerosis Society|100.000|100.000|
||My Wish Charity|8.000||
||National Gallery|300.000|300.000|
||Carried forward|9,980.000|3.626.000|





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|**3**|**CHARITABLE DONATIONS AND GRANTS (CONTINUED)**|**2023**|2022|
|---|---|---|---|
|||£|£|
||From page I0|9.980.000|3.626.000|
||National Horseracing Museum||5.000|
||National LiteracyTrust||50.000|
||National Opera Studio|5.000||
||National Youth Orchestra||100.000|
||North London Hospice|50.000|50.000|
||Our Special Friends (2 grants in 2023)|1.500|500|
||Outward BoundTrust (2 grants in 2023)|122.500|100.000|
||Oxford Philharmonic Orchestra Trust|30.000|20.000|
||Oxford Playhouse<br>Trust|50.000|15,000|
||Papyrus Prevention ofYoung Suicide|25.000||
||Parkinson's UK|10.000||
||The Passage|100.000|100,000|
||Pathway Project||_5.000_|
||Powerto Inspire||5.000|
||Pret FoundationTrust||50.000|
||Primary ShakespeareCompany|50.000|50.000|
||Queen'sClub Foundation|10.000|10.000|
||Racing Welfare(2 grants in 2022)|100.000|120.000|
||Retraining of Racehorses|10.000||
||Ridingfor the Disabled Association||50.000|
||Rose PatersonTrust||10.000|
||Royal Academy ofMusic (2 grants in 2022)|320.000|500,000|
||Royal Albert Hall|500.000|1.000,000|
||Royal Ballet School|300.000|300.000|
||Royal Foundation|500.000|500.000|
||Royal National Theatre (2 grants in 2022and 2023)|600.000|503.000|
||Royal Opera House Covent Garden Foundation||105.000|
||Royal Osteoporosis Society||50.000|
||Royal Society of Medicine||200,000|
||Royal VeterinaryCollege|25.000|25.000|
||St. Andrew's Primary School||50.000|
||St. Bartholomew's Heritage Appeal|250.000||
||St. John's CollegeOxford|250,000|250.000|
||St. Mary's Church, Cheveley|1.000|500|
||Scene and Heard|50,000|50.000|
||Smart Works||10.000|
||Snow Sports Foundation|50.000|50.000|
||Spinal Injuries Association|50.000||
||Sports AidTrust|200.000|200.000|
||Suffolk Horse Society|5.000|_5.000_|
||Tender|50.000|50.000|
||Tennis First||20.000|
||Theatre Royal Bury St Edmunds|25.000||
||Iruants Foundation||15.000|
||University College London Hospitals Charity|500.000|_50.000_|
||University Hospitals Birmingham Charity|10.000||
||Urology Foundation (2grants in 2022)||303.500|
||Victoria and Albert Museum||100.000|
||War Child||3.000|
||Wellbeing of Women|100.000|100.000|
||Witton LodgeCommunity Association||5.000|
||WorkingChance||50.000|
||World Horse Welfare||5.000|
|||1-4,3.30,000|8.866.500|
||I|||





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|**4**|**SUPPORT AND GOVERNANCE COSTS**|**2023**|2022|
|---|---|---|---|
|||£|£|
||Support costs|192|12|
||Govemance costs - audit fee|10.000|7.845|
|||10.192|7.857|



|5|**FIXED ASSET INVESTMENTS**|**FIXED ASSET INVESTMENTS**|Freehold|Quoted|Cash|Total|
|---|---|---|---|---|---|---|
||||properties|investments|deposils|investments|
||||£|£|£|£|
||Market value at Ist February 2022||575.000|111,963.841|4.044.615|116.583.456|
||Additions atcost|||16.353.519||16.353.519|
||Disposal proceeds||(212.415)|(29.069.164»|(4,044,615)|(33.326.224»|
||Gains / (losses) in|theyear|37.445|(17,432.562)||(17.395.117)|
||**Market value at 31st .January 2023**||400.000|81.815.634||82.215.634|
||Historical cost at|1st February 2022|2.248.125|95.254.022|4.014.61_5_|101.546.,762|
||**Historical cost at **|**31st .January 2023**|1.454.662|88.194.042||89.618.704|



|Al investments are in theUK, and the|valuation of the properties has been carried out by theTrustees after taking advice from a|valuation of the properties has been carried out by theTrustees after taking advice from a|
|---|---|---|
|Chartered Surveyor (Andrew Oliver BSMRICS) whose last formal valuation was asat 31 January 2020. Quoted investments at the|||
|year end and at theprior year end were|represented entirely by fixed|incomesecurities and preference shares apart from £3,282.542|
|(2022: £245.241) invested in equities.|At 31st January 2023, thefollowing investments represented more than 5% oftotal investments:||
|||£|
|Aviva8,375%% Preference Shares||7.553.419|
|Aviva8.75% Preference Shares||7.809.092|
|Barclays 5,875% bonds||4.353.225|
|Barclays 7.25% bonds||5.145.519|
|Lloyds Banking Group 9.25% Preference Shares||1-4.817.177|
|Nationwide 10.25%CCDS||22,109.364|
|Natwest 9% Preference Shares||4.620.153|






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|**7**|**CREDITORS FALLING DUE WITHIN**|**202.3**|2022|
|---|---|---|---|
||**ONE YEAR**|£|£|
||Rents and other property income received in advance|16,209|48.092|
||Donations pledged but not yet paid at ycar end|16.3-45.000|11,195.000|
||Accruals|7.000|7 .000|
||VAT payable|1.500|931|
|||I6,369.709|11.251.023|



|**8**|**FUNDS**||**2023**|2022|
|---|---|---|---|---|
||||£|£|
||Unrestricted|funds brought forward|111.071 .696|113.781.557|
||Net increase|(decrease) for the ycar|(26.028.757|(2,709.861)|
||Unrestricted|funds carried forward|85.042.939|111,071.696|



|**9**|**FINANCIAL INSTRUMENTS**|**2023**|2022|
|---|---|---|---|
|||£|£|
||**Financial assets at fair value**|||
||Quoted investments|81.815.634|111.963.841|
||**Financial assets that are debt instruments**|||
||**measured at amortised cost**|||
||Cash deposits included in investments||4.044.615|
||Accrued income receivable|309.120|281.350|
||Balanceduc from stockbroker|2.337|353|
||Other receivables|3.795||
|||315.252|4.326.318|
||**Financial liabilities**|||
||**measured at amortised cost**|||
||Donations pledged but not yet paid at year end|16.345.000|11,195.000|
||Other creditors|7.000|7.000|
|||16.352.000|11.202.000|





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|||**202.3**|2022|
|---|---|---|---|
|||£|£|
|Receivable|within oneyear|50.000|50.000|
|Receivable|later than oneyearand not later than fiveyears|175.000|200.000|
|Receivable|in fiveyears or more||25.000|
|||225.000|275.000|