||Page|
|---|---|
|Reportof the Trustees|tto2|
|IndependentExaminer's Report|3|
|StatementofFinancialActivities|4|
|Balance Sheet|5|
|Notesto theFinancial Statements|6 to11|
|Detailed StatementofFinancialActivities|t2|





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|||2fJ22|202r|
|---|---|---|---|
|||Unrestricted|Total|
|||funds|funds|
||Notes|C|f|
|INCOMEANDENDOWMENTSFROM||||
|Investmentincome|2|33,630|<br>32,rt6|
|EXPENDITUREON||||
|Raising funds|3|6,739|6,693|
|Charitableactivities|4|||
|Grants in furtherance ofthecharity's||||
|objects||22,OOO|22,500|
|Grant related supportcosts||7,495|7,426|
|Total||36,234|36,619|
|Netgains on investments||51,231|237,957|
|NETINCOME||48t627|227,454|
|RECONCILIATIONOFFUNDS||||
|Totalfundsbroughtforward||t,ol3,73o|786,276|
|TOTALFUNDSCARRIEDFORWARD||tto62t357|L,0L3,730|





|||2022|202r|
|---|---|---|---|
|||Unrestricted|Total|
|||funds|funds|
||Notes|E|t|
|FIXEDASSETS||||
|Investments|8|L,O33,166|ggg,127|
|CURRENTASSETS||||
|Cashatbank||30,768|<br>26,990|
|CREDITORS<br>Amountsfallingduewithinone year|9|(t,577)|(1,387)|
|NETCURRENT ASSETS||29,191|25,603|
|TOTAL ASSETSLESSCURRENT||||
|LIABILITIES||1,0,621357|7,A13,730|
|l{ETASSETS||1'o62F57|7,073,730|
|FUNDS|10|||
|Unrestricted funds||,0,62,357|1,013,730|
|TOTAL FUNDS||Lp62Fs7|1,013,730|






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|2.|INVESTMENT INCOME|||
|---|---|---|---|
|||2(J22<br>E|2021<br>I|
||Dividends|30,992|29,659|
||Interest|2,639|2,457|
|||33,63O<br>:|32,116<br>:|
|3|RAISINGFUNDS|||
||Investmentmanagementcosts|||
|||2022|2021|
|||E|E|
||Portfolio management|4,93O|4,389|
||Supportcosts|1,909|2,305|
|||6,739<br>:|6,693<br>:|



## 

|CHARITABLEACTIVITIESCOSTS||||||||
|---|---|---|---|---|---|---|---|
||||Grant|||||
|||fundingof||||||
|||activities|||Support|||
||Direct|(see note||costs (see||||
||Costs||s)||note6)||Totals|
||E||E||E||E|
|Grants in furtherance of the||||||||
|charity's objects|||22,OOO||||22,OOO|
|Grant related supportcosts|6,497||||998||7,495|
||6Ae7|:|22,OOO|:|998|:|29,495|
|GRANTSPAYABLE||||||||
||||||2tJ22||2021|
||||||E||t|
|Grants in furtherance of the charity's objects||||:|22,oOO|22,500<br>:||
|Thetotalgrantspaidtoinstitutions duringthe|yearwasas|||||||
|follows:||||||||
||||||zlJ22||2021|
||||||E||t|
|WigmoreHallTrust|||||1,O0O||7,000|
|The LeagueoftheHelpingHand||||2O,0OO|||14,000|
|Garsington OperaLimited|||||1,OO0||2,500|
|Norwood|||||||5,000|
|||||22,OOO|||22,500|



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|SUPPORTCOSTS|||||||
|---|---|---|---|---|---|---|
|||||Governance|||
||Management|Finance|||costs|Totals|
||E||E||E|E|
|Investment managementcosts|t,567||242|||1,809|
|Grant related supportcosts|||242||756|998|
||1,567|:|484||756|2,8O7<br>:|
|Support costs, included in the above, areas follows:|||||||
|Management|||||||
|||||2022||2021|
|||||Investment|||
|||||management||Total|
||||||costs|activities|
|Professional fees||||Etftl||E<br>2tO63|
|Finance|||||||
|||||2()22||2021|
|||Grant|||||
||Investment|related|||||
||management|support|||Total|Total|
||costs|costs||activities||activities|
||E||E||E|E|
|Bank charges|_42|:|242|:|484|484<br>:|
|Governancecosts|||||||
|||||2022||2021|
||||||Grant||
|||||related|||
|||||support||Total|
||||||costs<br>2|activities<br>f|
|Independent examinersfees|||||37a|366|
|Accountancy fees|||||374|366|
||||||756|732|



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|FIXEDASSETINVESTMENTS||
|---|---|
||Listed|
||investments|
||E|
|MARKET VALUE||
|At6thApril2027|988,127|
|Additions|34,256|
|Disposals|(42,a94)|
|Revaluations|53,677|
|At5thApril2022|1,O33,166|
|NET BOOK VALUE||
|AtsthApril2022|1,033,166|
|At5thApril2027|988,127|
|Investmentassetsare representedby||
|UK|48L,752|
|Overseas|55L,4L4|
||1,033,166|



## 

|||2lJ22|2021|
|---|---|---|---|
|||C|f|
|Other creditors||1,577<br>:|7,397|
|MOVEMENTINFUNDS||||
|||Net||
|||movement|At|
||At6/4/2t|infunds|s/4/22|
||E|E|E|
|Unrestricted funds||||
|Incomefund|8,319|4,135|L2,453|
|CapitalFund|L,OO5,4L2|44,492|LtO49,9O4|
||l,ol3,73o|487627|1,062,357|
|TOTALFUNDS|'-toL3,730|48.t627|L,O62,357|



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|Net movement in funds, included|in theaboveareasfollo|ws:|||
|---|---|---|---|---|
||Incoming|Resources|Gainsand|Movement|
||resources<br>EE|expended|losses<br>E|infunds<br>E|
|Unrestricted funds<br>Incomefund<br>CapitalFund|33,630<br>-|(29,495)<br>(6,739)|51,23L|4,135<br>44,492|
||33,63O|(36,234)|51,231|48,627|
|TOTALFUNDS|33,630|(36,234)|5'-,231|48,627<br>:|



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|Gomparativesformovementinfund|s|||
|---|---|---|---|
|||Net||
|||movement|At|
||At 6/4/20|infunds|s/4/2t|
||E|E|E|
|Unrestricted funds||||
|Incomefund|6,L28|2,r90|8,319|
|CapitalFund|780,r48|225,264|L,0o5,41,2|
||786,276|227,454|r,0t3,730|
|TOTALFUNDS|?81,2?l|227,454<br>:|1,013,730|



|Comparative net movement in f|unds,include|dintheabov|e areasfollows:|e areasfollows:||
|---|---|---|---|---|---|
|||Incoming<br>resources<br>EEE|ResourcesGainsand<br> expendedlosses||Movement<br>infunds<br>E|
|Unrestricted funds||||||
|Incomefund||32,t76|(29,926)||2,LgO|
|CapitalFund|||(6,693)|231,957|225,264|
|||32,rt6|(36,619)|23t,957|227,454|
|TOTALFUNDS|:|32,LL6|(36,619)|23I,957|227,454|



## 

|||Net||
|---|---|---|---|
|||movement|At|
||At 6/4/20|in funds|s/4/22|
||E|E|E|
|Unrestricted funds||||
|Incomefund|6,r28|6,325|t2,453|
|CapitalFund|780,r48|269,756|L,049,904|
||786,276|276,087|t,062,357|
|TOTALFUNDS|786,276|276,08L|I,062,357|



|<br>theabove areasfollows:||||,|
|---|---|---|---|---|
||Incoming|Resources|Gains and|Movement|
||resources|expended|losses|infunds|
||E|E|E|E|
|Unrestricted funds|||||
|Incomefund<br>CapitalFund|65,746|(59,42L)<br>(L3,432)|,i149|6,325<br>,a!::|
||65,746|(72,853)|,i11"|,!,ou|
|TOTALFUNDS|65,746<br>:|(72,853)|283,188<br>:|,l:!31|





## 



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||2022|2027|
|---|---|---|
||E|f|
|INCOMEANDENDOWMENTS|||
|Investmentincome|||
|Dividends<br>Interest|30,992<br>2,638|29,659<br>2,457|
||33,630|32,L16|
|Total incomingresources|33,630|32,LL6|
|EXPENDITURE|||
|Investmentmanagementcosts|||
|Portfolio management|4,93O|4,388|
|Charitableactivities|||
|LaytonsFees|t,567|2,063|
|Investecfees|4,93O|4,389|
|Grantstoinstitutions|22,OOO|22,5O0|
||28,497|29,952|
|Support costs|||
|Management|||
|Professional fees|1,567|2,063|
|Finance|||
|Bank charges|484|484|
|Governancecosts|||
|Independent examinersfees|378|366|
|Accountancyfees|374|366|
||756|732|
|Totalresources expended|36,234|36,619|
|Netexpenditurebefore gainsand<br>losses|(2,604)|(4,503)|
|Realisedrecognised gains andlosses|||
|Realisedgains/(losses)onfixedasset|||
|investments|(2,446)||
|Netexpenditure|(5,05O)|(4,503)|





|HEDULE OFI<br>RTHE YEAR|]{VESTMENTS<br>ENDEDsTHAPRIL 2022||||||||
|---|---|---|---|---|---|---|---|---|
|||Market||||||Market|
|||value at<br>06.04.21|Adjustment<br>Market Value|Additions<br>in the Year|Disposals<br>in the Year|Profit/(Loss)<br>on Disposal|Revaluation<br>in the Year|Valueat<br>(J5.04.22|
|26,000<br>L9,750<br>12,000<br>1,400<br>11,300<br>4,350|AberdeenStdFundMgASIEuropeEx UKInc<br>Apax Global AlphaOrd<br>Aviva8.75oloCumIrrPref€1<br>BHP(Billiton) OrdUSDO.5<br>Blackrock FmLtdEuropean DynamicFd Acc<br>Centrica Ordf0.061728395|2,436.0O<br>26,754.00<br>37,624.00<br>18,780.00<br>28,949.OO||32.86 1.50|(2,479.07)|43.O7|754.OO<br>3,209.00<br>(1,320.00)<br>12,558.00<br>(1,920.50)|27,5O8.O0<br>40,833.O0<br>17,46O.0O<br>4t,5O7.OO<br>30,941.OO|
|1,100<br>t,t73<br>7,350|CRHOrd€0.32<br>Diageo Ord€0.028 101/108<br>FundsmithEquityiInstlAcc<br>(Accumulations in year)|36,790.00<br>35,269.00<br>47,246.OO||78.63|||(4,013.00)<br>11,402.00<br>3,998.37|32,777.OO<br>46,671.OO<br>45,363.O0|
|t,250|GlaxoSmithKlibe Ord 25p|15,971,00|||||5,324.00|21,295.O0|
|21,355<br>L2,400|GreencoatUKWind Ord €0.01<br>Henderson Janus European FocusIAcc<br>(Accumulations in year)|27,676.00<br>35,402.00||665.77|||5,542.00<br>661.29|33,218.O0<br>36,729.OO|
|20,000|HICLInfrestructureOrd|33.060.00|||||2,860.00|35,920.O0|
|600<br>2,100<br>33|ImperialBrandsOrd10p<br>IsharesIiMSCIQltyDivCUnits<br>Jackson Financial|8,934.00<br>60,739.00||649.a4|(es7.37)|207.53|764.O0<br>8,785.00|9,698.O0<br>69,524.O0|
||(DemergerfromPrudential01.09.2021)||||||||
|38,488.536<br>1,150|JPMorganUSEquity IncomeK<br>.lupiterGlobal Dynamic BondD|49,829.00<br>11,903,00|||||8,613.00<br>(7se.00)|s8,442.OO<br>lt,t44.oo|
|15,000|Lloyds Banking Group9.250loNon. Cum.Irred.Pref|23,243.O0|||||75.00|23,318.0O|
|2t,664|Lloyds Banking GroupOrdf0.10|9,266.O0|||||765.00|1O,O31.OO|
|1,330|M&GOrd €0.05|2,744.0O|||(2,667.97)|(116.03)|||
|4,400<br>8,000<br>6,100|MarksandSpencer Ordf0.25<br>MonksInvestment TrustOrdf0.05<br>Murray Investment TrustOrdf0.25|6,707.O0<br>109,680.00<br>73,O78.O0|||||251.00<br>(19,680.00)<br>4,819.00|6,958.OO<br>9O,0OO.OO<br>77,897.OO|
|1,375|Pearson Ord €0.25|10,597.00|||(10,049.68)|(s47.32')|||
|1,330<br>t,746|PrudentialOrd[0.05p<br>Shell"8" €0.07|20,638.00<br>23,845.00|||||(5,559.00)<br>14,032.00|15,O7gt.OO<br>37,877.OO|
|77,5O0|SkylineUmbrella FortemCapitalProg Growth AccFd|20,265.00|||||159.00|2lJ,424.OO|
|20,000|Royal LondonUtm Sterling CreditInstIncZ|28,640.00|||||(1,700.00)|26,94O.O0|
|12,000|Schroder OrientalOrd€0.01|33,600.00|||||(s30.00)|32,67O.OO|
|2,000|SSEOrd €0.50|29,155.00|||||6,775.00|35,930.O0|
|1.400|South32NPV|2.208.00|||(2,630.47)|422.47|||
|2,000|Smithand NephewOrdEO.72222|27,195.00|||||(2,s40.00)|24,655.O0|
|3,163|TateandLyle Ord E0.25|24,2t9.0O|||(27,763.41)|(2.4ss.ss)|||
|3,000|Tesco Ordf0.05|6,839.00|||||r,404.00|8,243,0O|
|750|Unilever Ord€0.031111|30,163.00|||||(3,643.00)|26,52O.OO|
|16,000<br>1,125|Utilico Emerging Markets Ord €0.01<br> Wood Group(lohn)Oft80.042857L|31,600.00<br>3,003.00|||||4,240.00<br>(7,249.00)|35,840.OO<br>1,754.OO|
|||988,127.00||34,255.64|(40,447.97)(2,445.87)||53,677.16|1,033,166.00|