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2021-05-09-accounts

Page
Legal and Administrative Information
Trustees' report 2-5
Independent
examiner's		 report
Statement offinancial
activities
Statement offinancial
position
Statement ofcash flows
Notes to the accounts 10-18
Schedule of investments and income 19-26

Trustees Mr lan Paterson Mr lan Paterson
Mr Bruce Newbigging
Rathbone Trust Company Limited
Charity number 801590
Registered office /Address for appeals 8 Finsbury Circus
London
EC2M 7AZ
Independent examiner Mr David Matkins
Bourner Bullock Chartered Accountants
Sovereign House
212-224 Shaftesbury Avenue
London
WC2H 8HQ
Solicitors Rathbone Trust Legal Services
8 Finsbury Circus
London
EC2M 7AZ
Investment advisors Rathbone Investment Management Limited
8 Finsbury Circus
London
EC2M 7AZ

Value at Sales Realised Net Unrealised Value
Probate Proceeds Profit/(Loss) Loss on Remaining
on Disposal Valuation
16/18 Holly Hill 600,000 743,172 143,172
Hampstead
Pictures and bronzes 349,250 624,830 306,729 (19,700) 11,449
Books 3,600 3,440 (160)

2021 2020
Notes
Income
Investments 34,927 35,982
Royalties 125 51
Total income 35,052 36,033
Expenditure
Charitable
activities		 160,453 186,234
Net expenditure before investment (losses)lgains (125,401) (150,201)
Net gain/(loss) on investments 10 193,037 (52,610)
Net movement in funds 67,636 (202,811)
Fund balances at 10 May 2020 1,302,035 1,504,846
Fund balances at 9 IIay 2021 1,369,671 1,302,035

2021 2020
Notes f
Fixed assets
Investments 1,374,682 1,311,501
Current assets
Debtors 12 384 48,116
Cash at bank and in hand 21,305 9,897
21,689 58,013
Creditors: amounts falling due within 13
one year (26,700) (67,479)
Net current liabilities (5,011) (9,466)
Total assets less current liabilities 1,369,671 1,302,035
Income funds
Unrestricted funds 1,369,671 1,302,035
1,369,671 1,302,035

2021 2020
Notes
Cash flows from operating activities
Cash absorbed
by operations		 15 (160,148) (185,551)
Investing activities
Purchase of investments (100,167) (18,334)
Proceeds on disposal of investments 172,701 224,515
Dividends and interest received from investments 36,386 36,678
Net cash
activiTies		 generated
from		 investing 108,920 242,859
Net (decrease)/increase in cash and cash
equivalents (51,228) 57,308
Cash and cash equivalents at beginning ofyear 77,943 20,635
Cash and cash equivalents at end of 16
year 26,715 77,943

3 Investments Investments
2021 2020
Income from listed investments 23,369 23,948
Foreign income 4,049 4,564
Interest on fixed income 7,868 5,844
REIT 1,100 1,072
Other foreign income 1,632
Accrued interest receivable (1,459) (696)
Irrecoverable tax (398)
ERI 16
34,927 35,982
4 Royalties
2021 2020
F
Royalties 125 51
5 Charitable activities
2021 2020
F
Grant funding ofactivites (see note 6) 126,939 152,165
Share ofsupport costs (see note 7) 15,413 15,821
Share ofgovernance costs (see note 7) 18,101 18,248
160,453 186,234
8 Grants payable
2021 2020
E
Arts 50,500 58,526
Education 1,439 15,439
Individuals 1,000 4,700
Literature 17,500 14,000
Music 44,500 40,000
Muse ums 1,000
Theatre 11,000 18,500
125,939 152,165
Grants to individuals 1,000
126,939 152,165

7 Support costs Support Governance 2021 2020 Basis of
costs costs allocation
f
investment
management		 costs 6,614 6,614 7,022
Trustees'
management		 fees 16,341 16,341 16,341 Governance
Independent
examiner's		 fee 1,740 1,740 1,500 Governance
Trustees' expenses (see note 13) 38 Governance
Bank charges 20 20 40 Governance
Sundry expenses 329 Governance
Administration
of grants		 8,799 8,799 8,799
15,413 18,101 33,514 34,069

Net gains/ (losses)
on investments
2021 2020
Unrealised gains/(losses) 207,531 (26,588)
Loss on sale of investments (14,494) (26,022)
193,037 (52,610)

Listed Chattels Cash in Total
investments portfolio
K E
Cost or valuation
At 9 May 2020 1,203,992 39,463 68,046 1,311,501
Additions 59,208 59,208
Realised loss (14,494) (14,494)
Unrealised gain 207,531 207,531
Cash available to invest (62,636) (62,636)
Disposals (126,428) (126,428)
At 9 May 2021 1,329,809 39,463 5,410 1,374,682
Investment Investment Units Market Value %ofTotal Market %ofTotal Market
Value
Blackrock Throgmorton 12,000 105,840 7.95%
Ishares Pic S8P 500 Shares 3,000 89,838 6.75%
Findlay Park Funds PicAmedcan Sterling 700 88,795 6,67%
2021 2020
F
Listed investments 1,329,809 1,203,992
Chattels 39,463 39,463
Cash
in		 investment portfolio 5,410 68,046
1,374,682 1,311,501
Historic cost of investments 808,810 843,228
12 Debtors: Amounts falling due within one year
2021 2020
Investment receivables 46,273
Prepayments and accrued income 384 1,843
384 48,116

13 Creditors: amounts falling due within one year
2021 2020
Accruals 26,700 26,520
Unsettled investment Purchases 40,959
26,700 67,479

travel, postage and ph otocopying expense s
incurred
in connection
with		 the Trust.
2021 2020
F E
Mrs Josephine Batterham
Lord Armstrong of llminster
The Right Honourable Alexander Ruthven Earl of Gowrie
Mr lan Paterson 38
38

15 Cash generated
from		 Cash generated
from		 operations operations operations 2021f 2020
E
Surplus/(deficit)
for the		 year 67,636 (202,811)
Adjustments
for:
Investment
income recognised		 in statement offinancial activities (34,927) (35,982)
Loss on disposal of investments 14,494 26,022
Fair value gains and losses on investments (207,531) 26,588
Movements
in working		 capital:
(Increase)/decrease in debtors 512
Increase
in creditors		 180 120
Cash absorbed
by		 operations (160,148) (185,551)
Cash and cash equivalents
2021 2020
F
Cash at bank and
in		 hand 21,305 9,897
Cash available to invest 5,410 68,046
26,715 77,943
17 Donations
approved		 during the year
2021 2020
F
To Institutions:
Academy
ofAncient		 Music 3,000 2,500
Agenda
Poetry		 7,500 5,000
Apollo Music Projects 2,000 2,000
Armonico
Consort		 2,000
Art Fund 1,500 1,500
Bach Soloists 1,000
Bampton Classical Opera 1,000
Birmingham
Hippodrome		 Theatre Trust 5,000
Buxton International Festival 3,000
Cardboard
Citizens		 5,000
City 8 Guilds London Art School 5,000 5,000
Classical Opera 3,000
Creative Youth Network 5,000 5,000
Crisis UK 3,000
De Morgan
Foundation		 1,000 500
De La Warr Pavillion 1,000
Druk Padma
Karpo School		 1,000 1,000
Dulwich
Picture Gallery		 3,000 3,000
Carried forward 34,000 44,500

17 Donations
approved		 during the year during the year during the year during the year (Continued)
Brought forward 34,000 44,500
Engage 5,000
Ex Cathedra
Ltd		 3,500
Greville Press 2,500
Halle Concerts 3,000
Headway
East London		 2,000
Institute of Contemporary Arts 2,000
Iris Theatre 1,000
Jane Austen's
House Museum		 1,000
Kids Out 1,000
La Nuova Musica 10,000 3,500
Linarol Consort 2,000
Live Music Now 1,000
Llanfyllin
Music Festival		 6,000 3,000
London Bach Society 2,500
London Sinfonietta 3,000
London
Symphony
Orchestra		 8,500
Longborough
Festival		 Orchastra 5,000
Monteverdi
Choir and		 Orchestra 2,500
National
Youth Orchestra		 2,500 2,500
National
Youth Theatre		 5,000
Office of Public Works - Derek Hill Prize 439 439
Opera
North
Limited		 2,000 2,000
Organisation
for New		 Music &Sou nd 2,500
Philharmonia
Chorus		 2,500
Royal Academy
ofArts		 12,500 3,000
Royal Academy of Music 2,500
Royal College of Music 2,500 2,500
Royal Drawing School 6,000 6,000
Royal Northern
College of Music		 2,500 2,500
Southwark
Cathedral		 Developmen 3,000
Spitalfields
Music		 2,000
Stephen Spender Trust 5,000
Arvon Foundation
Limited		 3,000
Bach Choir 2,500
British School at Rome 12,526
Dartington
Hall Trust		 3,000
Lennox Berkeley Society 1,000 1,000
London Magazine 10,000 5,000
Nigel Moores Family 3,000
West Dean College ofArts 3,000 3,000
Wolfson College 5,000 5,000
125,939 147,465

17 Donations
approved		 during the year (Continued)
To Individuals:
Ingio Batterharn 500
Lucia Pearla 1,000
Michael
Horovitz		 3,000
Students
by Music Study		 1,200
1,000 4,700
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