|Reports||
|---|---|
|Referenceandadministrativeinformation|1|
|Chairman'sStatement|2|
|ReportoftheTrustees|4|
|Independentauditor'sreport|16|
|Financialstatements||
|Statementoffinancialactivities|21|
|Balancesheet|22|
|Principalaccountingpolicies|23|
|Notestothefinancialstatements|27|





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|Trustees|GCRobinBoothFCA(Chairman)|
|---|---|
||EdwardSBrunel-CohenFCA|
||AlunEvansBAFCAMBA|
||NicholasMartelBSc(Hons)MRICS|
||AnneO'HaganMAPGCE|
||DarraghO'SullivanBA(Hons)Law;Pg.Dip.LegalPractice,MBA|
||AnneDRobinsBScDipEdHDLS|
||DavidRWillettsBAFCA|
|HonoraryOfficeHolders|DavidCoughtrieDipArchRIBAFCILT|
||(ChairmanEmeritusandHonoraryFellow)|
||JolyonLarkman(ChairmanEmeritus)|
||ProfessorChrisAtkinCEngFREngFRAeSMA(cantab)PhD|
||(HonoraryFellow)|
||ProfessorDavidGuile(HonoraryFellow)|
||JohnHillier(HonoraryFellow)|
|OperationsDirectorand|KateWynne-EytonBFAFCA|
|Secretary||
|Registeredoffice|33QueenStreet|
||London|
||EC4R1AP|
|Auditor|BuzzacottLLP|
||130WoodStreet|
||London|
||EC2V6DL|
|Bankers|RoyalBankofScotlandplc|
||49Bishopsgate|
||London|
||EC2N3AS|
|Investmentmanagers|InvestedWealth&InvestmentManagementLtd|
||30GreshamStreet|
||London|
||EC2V7QN|
|Charityregistrationnumber|801986|
|Companyregistrationnumber|2419257|





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|£283,687(2020-£186,685)andcomprised:|||
|---|---|---|
||2021|2020|
||`£`|`£`|
|Grants|99,005|98,113|
|Researchcosts|86,724|10,380|
|Publicationcosts|1,900|4,495|
|Charitablesupportcosts|41,732|31,356|
|Governancecosts|54,326|42,341|





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|||Unrestricted|funds|
|---|---|---|---|
|||2021|2020|
||Notes|£|£|
|Incomefrom:||||
|Investments||162,983|156,724|
|Charitabledonations||2,000|—|
|Bankinterestreceivable||22|328|
|Totalincome||165,005|157,052|
|Expenditureon:||||
|Raisingfunds||44,727|41,517|
|Charitableactivities||||
|Advancementofcommercialeducation|1|283,687|186,685|
|Totalexpenditure||328,414|228,202|
|Netexpenditurebeforeinvestmentgains/(losses)||(163,409)|(71,150)|
|Netrealisedandunrealisedgains/(losses)oninvestments|8|829,904|(369,301)|
|Netincome(expenditure)andnetmovementinfunds||666,495|(440,451)|
|Reconciliationoffunds||||
|Balancesbroughtforwardat1October2020||6,763,997|7,204,448|
|Balancescarriedforwardat30September2021||7,430,492|6,763,997|





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|||2021|2021|2020|2020|
|---|---|---|---|---|---|
||Notes|£|£|£|£|
|Fixedassets||||||
|Investments|5||7,348,856||6,634,150|
|Currentassets||||||
|Debtors|6|3,833||4,048||
|Cashatbankandinhand||178,340||221,201||
|||182,173||225,249||
|Liabilities||||||
|Creditors:amountsfallingdue||||||
|withinoneyear|7|(100,537)||(95,402)||
|Netcurrentassets|||81,636||129,847|
|Totalnetassets|||7,430,492||6,763,997|
|ThefundsoftheTrust:||||||
|Unrestrictedfunds|8||7,430,492||6,763,997|






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||||2021|2020|
|---|---|---|---|---|
||||£|£|
|Grants:|||||
|ActionThroughEnterprise|||13,962|—|
|Ark(AbsoluteReturnforKids)|||—|24,038|
|EnablingEnterprise|||25,000|—|
|FutureFirst|||19,543|24,075|
|LAMDA|||-|25,000|
|PeterJonesFoundation|||20,000||
|TeambuildAssociation|||500||
|YoungEnterprise|||20,000|25,000|
||||99,005|98,113|
|Researchprojects:|||||
|PyeTaitConsulting|||86,724|10,380|
||||86,724|10,380|
|GrantsandResearch|||185,729|108,493|
|Publications|||||
|PublicationBreakingBarriers||||2,515|
|PublicationLessonsfromEmployerLedLearning||||1,980|
|PublicationPathwaystoSuccess|||1,900||
|ConveningandEvents|||||
|ResearchSymposium|||-|19|
|Supportandgovernancecosts(note2)|||96,058|71,898|
||||283,687|184,905|
||2021|2021|2020|2020|
||£|£|£|£|
|Grantsandresearchoutstandingasat1|||||
|October||51,078||44,223|
|Grantsandresearchofferedduringthe|||||
|year|99,005||98,113||
|Grantssubsequentlynottakenup|||||
|||99,005||98,113|
|||150,083||142,336|
|Grantsandresearchpaidintheyear||(85,578)||(91,258)|
|Grantsandresearchoutstandingasat30|||||
|September||64,505||51,078|





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||2021|2020|
|---|---|---|
||`£`|`£`|
|Supportcosts|41,732|31,337|
|Governancecosts:|||
|Auditor'sremuneration|10,710|10,738|
|Legalandprofessionalfees|22,365|16,189|
|Trustees'expenses|178|374|
|Othercosts|21,073|15,040|
||96,058|73,678|



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|Staffcosts<br>Staffcostsduringtheyearwereasfollows:|||
|---|---|---|
||2021|2020|
||`£`|`£`|
|Wagesandsalaries|39,727|44,229|
|Socialsecuritycosts|-|871|
|Pensioncosts|1,067|1,327|
||40,794|46,427|



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|4|Netexpenditureandnetmovementinfunds|||
|---|---|---|---|
||Thisisstatedaftercharging:|||
|||2021|2020|
|||`£`|`£`|
||Auditor'sremuneration|||
||Statutoryauditservices|9,000|10,738|
||Corporationtaxservices|1,710||
|||10,710|10,738|





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|Fixedassetsinvestments|||
|---|---|---|
||2020|2019|
||£|£|
|Marketvalueoflistedinvestmentsportfolioat1October|6,447,080|6,869,457|
|Additionsatcost|938,760|873,562|
|Disposalsatbookvalue(proceeds£1,146,932,realised|||
|gains£110,126)|(1,036,806)|(1,014,026)|
|Unrealisedgains/(losses)|719,245|(281,914)|
|Marketvalueoflistedinvestmentsportfolioat30September|7,068,279|6,447,080|
|Cashheldbyinvestmentmanagersforreinvestment|280,577|147,070|
|Cashinstruments|-|40,000|
||7,348,856|6,634,150|
|Analysedasfollows:|||
|Equities|5,057,042|4,200,341|
|Fixedinterest|1,162,476|1,300,690|
|Property|357,198|410,691|
|Alternatives|491,563|535,358|
|Cashandcashequivalents|280,577|187,070|
||7,348,856|6,634,150|
|Historicalcost|6,406,352|6,437,958|
|Investmentsthatrepresentedover5%ofthetotalportfoliowereas|||
|follows:|||
|iSharesFTSE 100ETF-(2021:nowbelow5%threshold)|346,375|627,513|
|UnitedKingdomGilt2.25%2023|653,675|683,738|
|VanguardFundsPlcS&P500UnitsETF|855,418|693,438|
|UnitedKingdomGilt1.75%2022—Nowbelow5%threshold|304,407|413,500|



## 

||2021|2020|
|---|---|---|
||£|£|
|Accruedinvestmentincome|2,269|2,394|
|Prepayments|1,564|1,654|
||3,833|4,048|



## 

||2021|2020|
|---|---|---|
||£|£|
|Grantspayable(note1)|64,505|51,078|
|Accruals|36,032|44,324|
||100,537|95,402|





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||||||Balanceat|
|---|---|---|---|---|---|
||Balanceat||||30|
||1October|||Net|September|
||2020|Income|Expenditure|Gains|2021|
||`£`|`£`|<br>`£`|`£`|<br>`£`|
|Generalfunds||||||
|Realised|6,575,203|165,005|(328,414)|110,659|6,522,453|
|Unrealised|188,794||-|719,245|908,039|
|Totalfunds|6,763,997|165,005|(328,414)|829,904|7,430,492|



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