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B~Kleinwort Benson

CHK CHARITIES LIMITED

REPORTS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2014

Klelnwort Benson is the brand name of Kleinwort Benson Trustees limited. Kleinworl Benson is a company incorporated in England and Wales with company number 514879 and VAT number991229595. Registered Office 14 St. George Street London W1S 1FE. Telephone: +44 (O) 20 3207 7000 Telephone calls may be recorded.


CONTENTS

Page

Company information

Report of the Trustees 2-4

independent Auditor's Report 5-6

Statement of Financiai Activities 7

Baiance Sheet 8

Notes forming part of the Financiai Statements 9 - 18


COMPANY INFORMATIONFOR THE YEAR ENDED 31 JANUARY 2014

Constitution CHK Charities Limited is a company limited by guarantee and a registered charity

Charity Number 1050900

Company Number 03130170

Registered Office and

Address for Appeals

The Administrator, CHK Charities Limited

cia Kleinwort Benson Trustees Limited, 14 St George Street, London W1 S 1FE

Banker and Investment Manager Sarasin & Partners LLP, Juxon House, 100 St Paul's Churchyard, London EC4M 8BU

Banker Investec Bank (UK) Limited, 2 Gresham Street, London EC2V 7PQ

Solicitors Currey & Co, 21 Buckingham Gate, London SW1 E 6LS

Independent Auditors Reeves & Co LLP, 37 St Margaret's Street, Canterbury, Kent CT1 2TU

Website www.chkcharities.co.uk

Directors and Trustees

The directors of the charitable company ("the charity") are its Trustees for the purpose of charity law and throughout this report arereferred to interchangeably as directors or Trustees. As set out in the Articles of Association the chairman of the Trustees is electedby the Trustees by majority vote. One third of the Trustees retire by rotation at annual general meetings, and may, if willing to act,be reappointed. The members of the charity may by ordinary resolution appoint a person who is willing to act, to be a Trustee, eitherto fill a vacancy or as an additional Trustee.

The Trustees serving during the year and since the year end were:-

Mr D A E R Peake (Chairman)Mr D A AclandMrs S E AclandMrs K S LoydMrs C S Heber PercyMrs L H MorrisMrs S PeakeMrs J A S Prest

. Mr R Prest

Secretary and Administrator Kleinwort Benson Trustees Limited

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http://www.chkcharities.co.uk


REPORT OF THE TRUSTEESFOR THE YEAR ENDED 31 JANUARY 2014

The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 31January 2014.

Company information set out on page 1 forms part of this report. The financial statements comply with the current statutoryrequirements, the Memorandum and Articles of Association and the revised Statement of Recommended Practice 2005 -Accounting and Reporting by Charities.

Structure, Governance and Management

CHK Charities Limited was incorporated on 20th November 1995 as a private company, limited by guarantee and not having ashare capital, under a Memorandum of Association dated 17th November 1995.

The origin of the charity derives from the wish of Sir Cyril Kleinwort and his descendants, who constitute the members of thecompany, to devote some of their time and resources to charitable activities. The company's objectives are to promote andsupport, as the directors shall in their discretion decide, such charitable purposes and such charitable organisations as areexclusively charitable according to the law of England. It is, therefore, exclusively a grant-making charity, with no direct operatingactivity of its own.

The directors are elected by the members at a General Meeting in the usual way and one-third of their number come up for re-election each year.

Many of the present directors (or Trustees) serve on the board of other unrelated charities, and they bring to the Company aconsiderable knowledge of the charitable world in general and of the causes which the Company supports in particular.

The Board meets twice a year but this greatly understates the involvement of the Trustees. Consideration of appeals received isundertaken by small groups (never less than three people) of Trustees to whom power has been delegated by the Board tomake donations in specific fields up to individual amounts of £25,000. These groups of Trustees meet roughly bi-monthly, soappeals can be dealt with expeditiously, and their decisions are reviewed and ratified at the next subsequent board meeting.Furthermore, ad hoc, minuted meetings of the whole Board are convened as and when donations exceeding £25,000 have to beconsidered between regular Board meetings.

The Trustees keep themselves up to date with charity law, as it develops and insofar as it affects exclusively grant-makingcharities, and their involvement in and knowledge of the field of charitable activity supported by the Company, as well as theirexperience of other charities, means that they bring an informed eye to their work. The Trustees ensure that the Companybenefits from high-quality investment and legal advice.

The Trustees have considered what risks the charity faces and believe these to be the risks of fraud or poor investmentperformance; adequate systems and advice are in place to mitigate these risks.

Objectives, Activities, Achievements and Public Benefit

The Company's broad objectives are set out in the previous section of this report.

As a grant-making charity, it seeks to provide support to a significant number of charitable entities working in the fields on whichit concentrates its activities. Included in this concentration are national or West Midlands charities working in countrysidematters, drug prevention, education, job creation, population control, deafness, blindness, cultural and conservation causes andthe provision of treatment and care for the disabled and handicapped.

The Trustees' current policy is to consider all written appeals received within the charity's broad guidelines, but only successfulapplications are notified of the Trustees' decision. In approved cases, the Trustees will provide assistance towards start-up orcapital costs and ongoing expenses. This may take the form of a conditionally renewable grant for say three to five yearsfollowing which support may be withdrawn to enable the resources to be devoted to other projects. Such grants are subject toannual progress reports and only released at the Trustees' discretion.

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Dividing the total amount given of £2,240,41 0.00 by the total number of causes supported (225) indicates an average sizedonation of just under £10,000, but the majority of the donations made fall between £3,000 and £5,000, reflecting the Trustees'policy of contributing to a large number of causes that fall within its target area.

Larger donations, such as the £100,000 to Fair Shares towards their work establishing Community based Time Banks inconjunction with the Barnwood Trust, £100,000 to Home-Start UK towards their core costs and reserves, £100,000 to The RoyalShakespeare Company towards their Live from Stratford Upon Avon project, £100,000 to Skill Force Development towards theirPrimary to Secondary, Zero Exclusion and Engagement Programmes, £100,000 to YMCA Cheltenham towards theirRedevelopment Project, £60,000 to the Margaret Pyke Trust made up of the final instalment of £30,000 towards theirInternational co-ordinator for Population & Sustainability Network Project and £30,000 towards their general work, £50,000 toThe Pace Centre towards phase one of their First Steps appeal (and a further £50,000 pledged), £50,000 to Into University (StClement & St James' Community Development Project) being the final instalment towards their programmes in North Kensingtonand Hammersmith and £50,000 to UN ICEF towards their Syria Appeal are the result of close knowledge of specific charities byone or more of our Trustees, often extending over many years.

Intermediate-sized donations, such as £38,000 to Prince's Trust towards their Enterprise progamme in Gloucestershire, £25,000to The Royal Agricultural Benevolent Institution towards their Emergency Appeal for Farmers, and £25,000 to Coram LifeEducation towards the running costs of their new centre are examples of continuing programmes that have been developed oversome time.

A loan of £100,000 was made to the City & Guilds Art School Property Trust, a charitable company, to help finance the fitting outof new studios and workshops. The loan bears interest and is repayable in four semi-annual instalments, starting on 1st March2013. During the year ended 31 January 2014, £50,000 had been repaid to the Charity.

2014 2013Number of appeals received 674 820Number outside guidelines 12(1.8%) 5(0.6%)Number of appeals considered 662 815Number of appeals supported 225 (34%) 209 (26%)

In non-specialist, grant-making trusts, it is not easy to elaborate a strategy or assess effectiveness. The Company aims to 'makea difference'; it does not support individuals or very small and narrowly specialised activities but, on the other hand, it tries toavoid 'bottomless pits' and unfocussed causes.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on publicbenefit when reviewing the charity's aims and objectives and in planning future activities.

Financial Review

The accounts cover all the activities of the charity and have been prepared on an accruals basis. They are presented in a formatthat reflects the split of funds between income (unrestricted) and capital (expendable endowment). The accounts show abalance of unspent unrestricted funds of £3, 114,589.75 compared with £3,141,832.68 in 2013.

The Charity's incoming resources, derived entirely from income from Stock Market and other investments and cash depositsincluding returned donations, totalled £2,783,961.60, just 0.3% lower than in the previous year. £2,240,410.00 was committed tocharitable donations compared with £2,156,460.00 in 2013. Governance expenses totalled £50,959.46 compared with£52,160.19 in 2013. Gross ad valorem investment management fees before VAT totalled £369,193.07 compared with£322,629.10 in 2013. Total investment management fees, including VAT, amounted to £443,031.68 compared with £387,154.92in 2013.

Under the Memorandum and Articles of Association, there are no restrictions on the charity's power to invest. The overallinvestment policy is to achieve long term capital growth in real terms, whilst providing a yield in excess of the UK equity market.The current strategy is for an exposure of approximately 14% to cash and fixed interest markets, 7% to property, 5% toalternative assets with the balance invested in equity markets, split evenly between UK and Global equities.

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The charity does not have a relationship with any other charity or organisation which might inhibit it from pursuing its owncharitable objectives.

The Trustees are satisfied with the financial position of the charity and confirm that they have adequate assets available to fulfiltheir obligations. There are no plans to alter the charity's activities next year.

It is the Trustees' intention to reserve a certain amount of income, partly to offset a possible fall in investment income, and toenable them to continue their policy of responding without delay to appeals for significant support where appropriate, the timingof which is unpredictable.

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees report' and the financial statements in accordance with applicable lawand regulations.

Company law requires the Trustees to prepare accounts for each financial year. Under that law the Trustees have elected toprepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United KingdomAccounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unlessthey are satisfied they give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of thecharitable company for that year. In preparing these accounts, the Trustees are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and estimates that are reasonable and prudent;

- prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitablecompany's transactions and disclose with reasonable accuracy at any time the financial position of the company and enablethem to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets ofthe charitable company and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.

Statement as to Disclosure of Information to Auditors

Each of the persons who are Trustees at the time when this report is approved has confirmed that:

- so far as each Trustee is aware, there is no relevant audit information of which the company's auditors are unaware; and

- each Trustee has taken all the steps that ought to have been taken as a Trustee, including making appropriate enquiries offellow Trustees and the company's auditors for that purpose, in order to be aware of any information needed by the company'sauditors in connection with preparing their report and to establish that the company's auditors are aware of that information.

The report of the Trustees has been prepared in accordance with the special provisions relating to small companies within part15 of the Companies Act 2006.

By order of the Trustees:

D A E R Peake (Chairman) Date

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INDEPENDENT AUDITOR'S REPORT

Independent Auditor's Report to the members of CHK Charities LimitedWe have audited the financial statements of CHK Charities Limited for the year ended 31st January 2014 which comprise theStatement of Financial Activities, the Balance Sheet and the related notes. The financial reporting framework that has been applied intheir preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective Apri12008) (United KingdomGenerally Accepted Accounting Practice applicable to Smaller Entities).

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the CompaniesAct 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we arerequired to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept orassume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our auditwork, for this report, or for the opinions we have formed.

Respective Responsibilities of Trustees and Auditor

As explained more fully in the Trustees' Responsibilities Statement set out on page 4, the Trustees (who are also directors of CHKCharities Limited for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfiedthat they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and InternationalStandards on Auditing (United Kingdom & Ireland). Those standards require us to comply with the Auditing Practices Board's (APB's)Ethical Standards for Auditors.

Scope of the Audit of the Financial Statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonableassurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes anassessment of: whether the accounting policies are appropriate to the charitable company's circumstances and have been consistentlyapplied and adequately disclosed; the reasonableness of significant accounting estimates made by the Trustees; and the overallpresentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustees' AnnualReport to identify material inconsistencies with the audited financial statements and to identify any information that is apparentlymaterially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If webecome aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on Financial Statements

In our opinion the financial statements:

- give a true and fair view of the state of the charitable company's affairs as at 31st January 2014 and of its incoming resources andapplication of resources, including its income and expenditure, for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to SmallerEntities; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Trustees' Annual Report for the financial year for which the financial statements are preparedis consistent with the financial statements.

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INDEPENDENT AUDITOR'S REPORT

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in ouropinion:

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visitedby us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of Trustees' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for audit; or

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantageof the small companies exemption in preparing the Trustees' Report.

Samantha Rouse FCCA (Senior Statutory Auditor)

For and on behalf of Reeves & Co LLP

Statutory Auditor

Chartered AccountantsCanterbury

Date fS OcldtJer {}._O( 4-

Reeves & Co LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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STATEMENT OF FINANCIAL ACTIVITIESFOR THE YEAR ENDED 31 JANUARY 2014

Note Unrestricted Expendable Total TotalFund Endowment 2014 2013£ £ £ £

Incoming Resources

Investment Income 6 2,783,961.60 2,783,961.60 2,794,776.29Liquidation Payment- Allianz Dresdner UK Smaller Companies Shares 363.75 363.75 11,258.26

Total Incoming Resources £2,783,961.60 £363.75 £2,784,325.35 £2,806,034.55

Resources Expended

Charitable Activities

Donations to Charitable Institutions 4 2,240,410.00 2,240,410.00 2,156,460.00Supporl Costs 3 75,600.00 75,600.00 75,600.00

2,316,010.00 2,316,010.00 2,232,060.00

Investment Management Fee 443,031.68 443,031.68 387,154.92Governance Costs 3 50,945.04 14.42 50,959.46 52,160.19

Total Resources Expended £2,809,986.72 £14.42 £2,810,001.14 £2,671,375.11

Net Resources for the Year (£26,025.12) £349.33 (£25,675.79) £134,659.44

(Loss) r Gain on Investments 5Realised (1,357.12) 2,399,933.27 2,398,576.15 1,185,654.56Unrealised 139.31 2,911,266.42 2,911 AaS. 73 8,026,730.87

(1,217.81) 5,311,199.69 5,309,981.88 9,212,385.43Loss on Currency

Realised (9,539.47)

(9,539.47)

Net Movement in Funds in the Year (£27,242.93) £5,311,549.02 £5,284,306.09 £9,337,505.40

Funds

At 31 January 2013 3,141,832.68 83,826,452.89 86,968,285.57 77,630,780.17Net Movement of Resources in the Year (27,242.93) 5,311,549.02 5,284,306 09 9,337,505.40

At 31 January 2014 £3,114,589.75 £89,138,001.91 £92,252,591.66 £86,968,285.57

The statement of financial activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing activities.

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BALANCE SHEETFOR THE YEAR ENDED 31 JANUARY 2014

Note£

2014£ £

2013£

Fixed AssetsInvestments 5 89,138,001.91 83,826,452.89

3,279,708.57 3,215,686.58

106,288.31 142,229.9050,000.00 100,000.00

3,435,996.88 3,457,916.48

321,407.13 316,083,80

3,114,589.75 3,141,832,68

£92,252,591,66 £86,968,285,57

Current AssetsCash at Bank

Debtorsloan to City & Guilds ArI School Property Trust

7

Current Liabilities

Creditors, amounts falling due within one year 8

Net Current Assets

Assets less Current Liabilities

Capital Fund

Expendable Endowmenls 9 89,138,001.91 83,826,452.89

Income FundUnrestricted Fund 10 3,114,589,75 3,141,832.68

£92,252,591.66 £86,968,285.57

These accounts have been prepared in accordance with the special provisions relating lo small companies within parI15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effectiveApriI2008),

The financial statements were approved by the Trustees on

Signed on behalf of the TrusteesD A E R Peake

(Chairman)

Registration number: 03130170

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NOTES TO THE ACCOUNTSFOR THE YEAR ENDED 31 JANUARY 2014

Accounting Policies

These financial statements have been prepared in accordance with the particular accounting policies describedbelow.

Accounting Convention

Under the historical cost convention modified to reflect asset investment at market value and in accordance withSORP 2005 "Accounting and Reporting by Charities", the Companies Act 2006 and other applicable AccountingStandards.

Basis of Accounting- Income resourcesAll incoming resources are included in the Statement of financial activities when the charity is legally entitled to theincome and the amount can be quantified with reasonable accuracy.

Income tax recoverable in relation to investment income is recognised at the time investment income is receivable.

- Resources expendedAll expenditure is accounted for on an accruals basis and has been included under expense categories thataggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities theyhave been allocated on a basis consistent with the use of the resources.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional,such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject toconditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Fund AccountingIncome funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance ofthe general objectives of the charity and which have not been designated for other purposes.

Capital funds comprise expendable endowments, whereby there is no requirement to spend the capital unless, oruntil the Charity Trustees decide to do so. This fund is invested to produce unrestricted income which can be spentin accordance with the charitable objectives.

Investment income, gains and losses are allocated to the appropriate fund.

InvestmentsInvestments held will be ineluded in the financial statements at mid-market value at the balance sheet date.Investments inelude cash held for investment purposes. Income shall be applied soley towards the promotion of thecharity's objects.

Realised Gains and LossesAll gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses oninvestments are calculated as the difference between the sale proceeds and opening market value (or purchasedate if later). Unrealised gains and losses are calculated as the difference between the market value at the year endand the opening market value (or purchase date if later). Realised and unrealised gains are separated in theStatement of Financial Activities.

Foreign CurrenciesMonetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchangeruling at the balance sheet date. Transactions in foreign currencies are recorded using the rate of exchange rulingat the date of the transaction. Exchange gains and losses arising on transactions in the year are recognised in theStatement of Financial Activities.

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2 Information regarding Trustees and Employees

No payments were made to the trustees during the year, and the charity had no employees. No trustee liabilityinsurance has been purchased, and is not envisaged to be purchased.

3 Support and Governance Costs Grant Making Governance 2014 2013£ £ £ £

Kleinwort Benson Trustees Limited Fee 75,600.00 32,400.00 108,000.00 108,000.00Independent Audtor's Fees 5,400.00 5,400.00 5,400.00Companies House Fee 13.00 1300 13.00Jordans Limited - Nameguard Service 90.00 90.00 90.00Bank Transfer Fees 290.00 290.00 100.00Website 368.34 368.34 468.08Association of Charitable Foundations 3,245.00 3,245.00 2,440.00American & Global Depository Receipt Fees 657.23 657.23 1,139.33Threadneedle Property Fund Admin Expenses 8,481.47 8,481.47 10,077.47Partners Group Global Shares Redemption Expenses 14.42 14.42 32.31

Total Support Costs £75,600.00 £50,959.46 £126,559.46 £127,760.19

Kleinwort Benson Trustees Limited fee is split between grant making and governance on the basis of time spent.

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4 Unrestricted Fund 2014 2013

Donations to charitable institutions £ £

ARTISTIC CAUSES - 18 Donations

ROYAL SHAKESPEARE COMPANY 100,000.00CLONTER FARM MUSIC TRUST 20,000.00CHIPPING NORTON THEATRE TRUST 10,000.00NATIONAL PORTRAIT GAllERY 10,000.00ROSE BRUFORD COllEGE OF THEATRE & PERFORMANCE 10,000.00ROYAl BAllET SCHOOL 10,000.00NORDOFF-ROBBINS MUSIC THERAPY 8,000.00NATIONAL YOUTH CHOIR (GREAT BRITAIN) lTD 7,000.00GLOUCESTER THREE CHOIRS FESTIVAL ASSOCIATION 5,000.00OLD VIC THEATRE TRUST 5,000.00ROYAL ACADEMY OF ARTS 5,000.00ACADEMY OF ANCIENT MUSIC 5,000.00ROSES THEA TRE 5,000.00TWO MOORS FESTIVAL 5,000.00ROYAL ACADEMY OF DRAMATIC ART 5,000.00TEWKESBURY ABBEY SCHOLA CANTORUM CHORAL SCHOLARSHIP FUND 3,750.00MOTION HOUSE 3,000.00YOUNG MUSICIANS SYMPHONY ORCHESTRA 3,000.00

219,750,00 132,750,00

CONSERVATION/PRESERVATION - 5 Donations

CAMPAIGN TO PROTECT RURAL ENGLAND 20,000.00WINCHESTER CHATHEDRAl 20,000.00CHAPTER GLOUCESTER CATHEDRAL 10,000.00WWF-UK 10,000.00CHURCH OF THE HOLY CROSS, AVENING 4,000.00

64,000,00 32,000,00

COUNTRYSIDE MA HERS AND ANIMAL WELFARE AND DISEASE· 7 Donations

ROYAL AGRICULTURAL BENEVOLENT INSTITUTION 25,000.00COUNTRYSIDE LEARNING 10,000.00CAMPAIGN TO PROTECT RURAL ENGLAND 5,000.00FUTURE TREES TRUST 5,000.00lEAF (LINKING ENVIRONMENT & FARMING) 4,000.00

GARDEN ORGANIC 3,000.00HEYTHROP HUNT CHARITABLE TRUST 1,000.00

53,000,00 79,000,00

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2014 2013Donations to charitable institutions continued £ £

DISABLED/HANDICAPPED TREATMENT AND CARE - 30 Donations

PACE CENTRE 50,000 00HEADWAY EAST LONDON 20,000.00CANINE PARTNERS 10,000.00DOGS FOR THE DISABLED 10,000.00FOOTSTEPS FOUNDATION 10,000.00THOMAS MORLEY TRUST 10,000.00ALZHEIMER'S SOCIETY 5,000 00AVON RIDING CENTRE 5,000.00BRITISH SCHOOL OF OSTEOPATHY 5,000.00BRITISH WHEELCHAIR SPORTS FOUNDATION 5,000.00CEREBRAL PALSY (CP) SPORT 5,000 00CHILD BRAIN INJURY TRUST 5,000.00HOP SKIP & JUMP COTSWOLD 5,000.00IAH CHARITY COMPANY (INDEPENDENCE AT HOME) 5,000.00MENINGITIS TRUST 5,000.00MOTABILITY 5,000.00MUSIC IN HOSPITALS 5,000.00RIDING FOR THE DISABLED ASSOCIATION 5,000 00SALTER'S HILL 5,000.00SHINE 5,000.00SPECIAL EFFECT 5,000.00STARLIGHT CHILDREN'S FOUNDATION 5,000.00STROUD COURT COMMUNITY TRUST 5,000.00VITALISE 5,000.00BRIDEWELL ORGANIC CENTRE AND GARDENS 3,000.00JUST DIFFERENT 3,000.00PHAB 3,000.00THEODORA CHILDREN'S TRUST 3,000.00YOUNG & FREE 3,000.00SPRING CENTRE TRUST FUND 2,000.00

217,000.00 194,500.00

CARE OF THE ELDERLY - 3 Donations

AGE CONCERN OXFORDSHIRE CITY & COUNTY 7,000.00AGE CONCERN SANDWELL 5,000.00BATH INSTITUTE OF MEDICAL ENGINEERING LTD 5,000.00

17,000.00 54,000.00

DRUG PREVENTION & TREATMENT -7 Donations

GLOUCESTERSHIRE LIFE EDUCATION CENTRE 10,000.00NELSON TRUST 7,000.00AQUARIUS 5,000.00HOPE UK 5,000.00LEY COMMUNITY 5,000.00LIFE EDUCATION CENTRES - MIDLANDS 5,000.00TOWER HAMLETS MISSION 5,000.00

42,000.00 10,000.00

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EDUCATION - 33 Donations

ST CLEMENT & ST JAMES' COMMUNITY DEVELOPMENT PROJECT 50,000.00SUTTON TRUST 24,000.00COTSWOLD SCHOOL 20,000.00CREDIT ACTION 20,000.00NATIONAL STAR COLLEGE 20,00000ARKWRIGHT SCHOLARSHIPS 10,000.00IDEAS FOUNDATION 10,000.00PATE'S GRAMMAR SCHOOL CHELTENHAM 10,000.00ROYAL OPERA HOUSE FOUNDATION 10,000.00SCHOOL HOME SUPPORT 10,000.00UNIVERSITY OF CAPE TOWN TRUST 10,000.00SCHOOL FOR SOCIAL ENTREPRENEURS 8,000.00GREENPOWER INSPIRING ENGINEERS 7,000.00ARCH (ASSISTED READING FOR CHILDREN IN OXFORDSHIRE) 5,000.00CAMPAIGN FOR DRAWING 5,000.00DITCHLEY FOUNDATION 5,000.00ENGINEERING DEVELOPMENT TRUST (EDT) 5,000.00INSTITUTE OF ECONOMIC AFFAIRS 5,000.00IRONBRIDGE GORGE MUSEUM 5,000.00ON COURSE FOUNDATION 5,000.00OXFORD HUB 5,000.00PRINCIPLES IN FINANCE 5,000.00ROYAL INSTITUTION OF GREAT BRITAIN 5,000.00SPORT 4 LIFE 5,000.00TRELOAR TRUST 5,000.00UNIVERSITY OF OXFORD BOTANIC GARDEN 5,000.002020 EDUCATION 3,000.00EARTH TRUST 3,000.00ROYAL NATIONAL CHILDREN'S FOUNDATION 3,000.00ROYAL SCHOOL OF NEEDLEWORK 3.000.00CITY UNIVERSITY LONDON 1,550.00BRITISH MUSEUM DEVELOPMENT TRUST 1,500.00GARSINGTON OPERA LTO 1,000.00

290,050.00 278,810.00

EMPLOYMENT AND JOB CREATION - 9 Donations

FAIR SHARES 100,000.00PRINCE'S YOUTH BUSINESS TRUST 38,000.00PLUNKETT FOUNDATION 10,000.00MOUNTAIN TRAINING TRUST 5.550.00PATHWAY WORKSHOP 5,000.00REACH VOLUNTEERING 5,000.00ST LOYE'S FOUNDATION 5,000.00BASE 33 3,000.00SPITALFIELDS CRYPT TRUST 2,500.00

174,050.00 289,000.00

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GENERAL WELFARE AND SOCIAL PROBLEMS - 27 Donations

HOME-START UK 100,000.00YMCA - CHELTENHAM 100,000.00UNICEF 50,000.00ANCHOR HOUSE 10,000.00CARERS GLOUCESTERSHIRE 10.000.00CHURCH URBAN FUND 5,000.00CITY YEAR UK 5,000.00COUNTY AIR AMBULANCE TRUST 5,000.00FAMllY HAVEN 5,000.00FURNITURE RE-USE NETWORK 5,000.00GARAGE ART GROUP 5,000 00GURKHA WELFARE TRUST 5,000.00HOME START - STROUD & DURSLEY 5,000.00IN KIND DIRECT 5,000.00MENTORING PLUS LIMITED 5,000.00RARER CANCERS FOUNDATION 5,000.00REFUGEE & MIGRANT CENTRE 5,000.00REFUGEE RESOURCE 5,000.00SAIL 4 GROUP 5,000 00SAFELINE WARWICK 5,000.00SAMARITANS 5,00000YMCA - WOLVERHAMPTON 5,000.00BRIGHT FUTURES 3,000.00DOROTHY PARKES CENTRE 3,000.00HOME-START SOUTHERN OXFORDSHIRE 2,000 00HOPE'S CHILDREN & YOUNG PEOPLES SUPPORT SERVICES 2,000.00ST BARNABAS FAMILY CENTRE 2,000.00

367,000.00 109,500.00

HOMELESS/HOUSING - 11 Donations

CRISIS UK 15,000.00SHELTER 10,000.00LIFE 2009 6,500.00BIRMINGHAM CITY MISSION 5,000.00CHURCH HOUSING TRUST 5,000.00CIRENCESTER HOUSING FOR YOUNG PEOPLE 5,000.00CRISIS CENTRE MINISTRIES 5,000.00MISSING PEOPLE S,ODO 00QUAKER SOCIAL ACTION 5,000.00ST BASIL'S 5,000.00ST GEORGES HOUSE WOLVERHAMPTON 5,00000

71,500.00 36,500.00

HOSPICES - 2 Donations

HELEN & DOUGLAS HOUSE 10,000.00ST CHRISTOPHER'S HOSPICE 7,500.00

17,500.00 22,000.00

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Donations to charitable institutions continued2014

£2013

£

MISCELLANEOUS - la Donations

CHARITIES AID FOUNDATION

POLICE REHABILITATION TRUST

JUVENILE DIABETES RESEARCH FOUNDATIONFARESHARE

BRITISH RED CROSS SOCIETYCLIC SARGENT

ROYAL NATIONAL LIFEBOAT INSTITUTIONSOFA PROJECT

FIRST AID NURSING YEOMANRY (PRINCESS ROYAL'S VOLUNTEER CORPS) (FANY(PRVC))FISHING FOR HEROES

105,000.00

15,000.0010,000.00

10.000.005,000.00

5,000.005,000.005,000.00

2,500.002,500.00

165,000.00 143,000.00

HOSPITAL/NURSING HOME BUILDING AND EQUIPMENT -1 Donation

SANDWElL & WEST BIRMINGHAM HOSPITALS 3,000.00

3,000.00 110,000.00

CRIME PREVENTION - 2 Donations

GlOUCESTERSHIRE CRIMESTOPPERS 10,000.00NEHEMIAH PROJECT 5,000.00

15,000.00 29,000.00

REPRODUCTIVE HEAL THCARE CONtROL - 3 Donations

MARGARET PYKE TRUST £60,000.00TUSK TRUST £10,560.00PLAN UK £10,000.00

80,560.00 80,900.00

BLINDNESS - 9 Donations

ACTION FOR BLIND PEOPLE 5,000.00CALIBRE AUDIO LIBRARY 5,000.00EXTANT 5,000.00FIGHT FOR SIGHT 5,000.00SENSE 5,000.00SIGHT SAVERS INTERNATIONAL 5,000.00WARWICKSHIRE ASSOCIATION FOR THE BLIND 5,000.00FRIENDS OF PRIESTLEY SMITH SCHOOL 3,000.00BRITISH WIRELESS FOR THE BLIND FUND 2,000.00

40,000.00 72,000.00

DEAFNESS - 5 Donations

MARY HARE FOUNDATION 15,000.00SEASHELL TRUST 10,000.00SPEECH, LANGUAGE & HEARING CENTRE 5,000.00DEAF BLIND UK 5,000.00EAR FOUNDATION 5,000.00

40,000.00 122,000.00

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Donations to charitable institutions continued

MEDICAL CARE AND RESEARCH - 6 Donations

ARTHRITIS RESEARCH UK

CITY OF lONDON MIGRAINE CLINIC

GlOUCESTERSHIRE ARTHRITIS TRUSTKING EDWARD VII HOSPITAL

MIGRAINE ACTION ASSOCIATION

SPORT AIDING MEDICAL RESEARCH FOR KIDS

YOUTH CARE - 37 Donations

SKILL FORCE DEVELOPMENTCORAM LIFE EDUCATION

ARMY CADET FORCE ASSOCIATION

BRITISH ASSOCIATION FOR ADOPTION & FOSTERINGJAMES HOPKINS TRUSTKINGWOOD

NATIONAL PLAYING FIELDS ASSOCIATIONPRINCE'S TRUST

BE YOUR BEST FOUNDATION

DOOR YOUTH PROJECT

ELLEN MACARTHUR CANCER TRUSTSPURGEONS

BEANSTAlK

BLACKBIRD lEYS COMMUNITY DEVELOPMENT INITIATIVECAMP HORIZONCOVENTRY CARERS' CENTRE

CREATIVE YOUTH NETWORK

GET CONNECTEDHAPPY DAYS

HONEYPOT CHARITYINFOBUZZ

NATIONAL YOUTH ADVOCACY SERVICEOUTWARD BOUND TRUSTSICK CHILDREN'S TRUSTTAll SHIPS YOUTH TRUST

TRINITY SAILING TRUSTUPRISING

WHO CARES TRUST

YOUNG GLOUCESTERSHIREYOUTH & PHilANTHROPY INITIATIVEYOUTH NET UKRALEIGH INTERNATIONAL

SKIDZ: THE WYCOMBE MOTOR PROJECT LIMITEDBISHOP CREIGHTON HOUSE SEITLEMENTCCHF ALLABOUTKIDSOXFORD YOUTH WORKS

PARTNERSHIP FOR CHILDREN

Total

No grants were made for the direct benefit of individuals

2014

E

10,000.00

5,000.00

5,000.005,000.00

5,000.005,000.00

35,000.00

100,000.0025,000.00

10,000.00

10,000.0010,000.0010,000.00

10,000.0010,000.00

8,000 00

7,000.007,000.00

7,000.00

5,000.00

5,000.005,000.00

5,000.00

5,000.005,000.00

5,000.005,000.00

5,000.00

5,000.005,000.005,000.00

5,000.005,000.00

5,000.005,000.005,000.00

5.000.005,000.00

4,000.004,000.00

3,000.003,000.00

3,000.003,00000

329,000.00

E2,240,410.00

2013

E

5,00Q,00

356,500.00

E2,156,460.00

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5 Investments listed on a recognised Stock Exchange 2014 2013

£ £

Market Value Brought Forward 83,439,758.00 73,413,740.00

Purchases 35,908,529.91 37,986,544.69Disposals (37,964,499.60) (37,173,262.12)

81,383,788.31 74,227,022.57

Realised Gain 2,399,933.27 1,186,331.04Unrealised Gain 2,911,26642 8,026,404.39

Market Value - UK Investments 86,694,988.00 83,439,758.00

Cash on Deposit Account (including currency) 2,443,013.91 386,694.89

Total Investments £89,138,001.91 £83,826,452.89

6 Investment Income 2014 2013£ £

Income from Investments 2,774,849.26 2,789,559.41Bank Interest 9,112.34 5,216.88

£2,783,961.60 £2,794,776.29

7 Debtors 2014 2013

£ £

Accrued Interest 79,368.56 109,488.39HMRC Tax Repayments 26,919.75 32,741.51

£106,288.31 £142,229.90

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8 Creditors, amounts falling due within one year 2014 2013£ £

Kleinwort Benson Trustees Limited Fees 108,000.00 107,999.99Sarasin Investment Management Fees (04) 114,762.13 100,243.81Independent Auditor's Fee 5,400.00 5,400.00Association of Charitable Foundations 3,245.00 2,440.00Committed Donations 90,000.00 100,000.00

£321,407.13 £316,083.80

9 Expendable Endowments Movement inFunds

Balance Gains and Balance

31 January 2013 Transfers 31 January 2014

£83,826,452.89 5,311,549.02 £89,138,001.91

Income is available for general purposes. The expendable endowment is represented mainly by investments listedon a recognised Stock Exchange.

10 Unrestricted Funds

The income funds of the charity will be designated by the trustees towards charities and charitable activities, as setout in the Trustees Report attached to these accounts. Unrestricted funds are represented by the net current assetsof the charity.

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