## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Total|Total| |---|---|---|---|---|---| |||||unrestricted|unrestricted| |||||funds|funds| |||||2022|2021| ||||Note||6| |Income from:|||||| |Donation
income
Investments|||2
3|1,325,000
154,112|25,000,000
82,170| |Total income||||1,479,112|25,082,170| |Expenditure
on:|||||| |Raising funds
Charitable
activities|||5
6|(41,349)
(4,206,807)|(58,515)
(5,023,677)| |Total expenditure||||(4,248,156)|(5,082,192)| |Net (expenditure)/Income||before gains and losses||(2,769,044)|19,999,978| |Net (losses)/gains|on investments||8|(3,667,342)|1,160,802| |Net (expenditure)/income||||(6,436,386)|21,160,780| |Other recognised|gains and losses:||||| |Gains/(losses)
on foreign exchange||||160,599|(10,816)| |Net movement
in funds||||(6,275,787)|21,149,964| |Total funds brought forward|||13|19,756,r$1|(1,393513)| |Total funds carried forward|||13|13,480,664|19,756,451| ## ## |Charity
number: 1091660|Charity
number: 1091660|Note|Note||2022|2021| |---|---|---|---|---|---|---| ||||||6|6| |Fixed assets||||||| |Investments|||8|20,600,567||30,099,526| |Current assets||||||| |Debtors|||9||17,155|22,906| |Cash at bank|||||88„365|8,476| |Total current assets|||||105,520|31,382| |Liabilities||||||| |Amounts
falling due within one year|||10|(3,574,392)||(4,954,179)| |Net current liabilities||||(3,468,872)||(4,922,797)| |Total assets less current liabilities||||17,131,695||25,176,729| |Amounts
falling due after|one year||11|(3,651,031)||(5,420,278)| |Total net assets|||14|13,480,664||19,756,451| |The Funds ofthe Trust:||||||| |Unrestricted
funds|||13|13,480,664||19,756,451| |The financial statements|were approved|by the trustees and authorised|for issue on||4~|and signed| |on their
ehalfby:||||||| |KER
s
g||||||| |Trustee||||||| ## ||||||Note|2022|2021| |---|---|---|---|---|---|---|---| |||||||8|| |Net cash (used in)/provided|by operating||activities||15|(6,338,972)|20,762,190| |Cash flows from investing|activities:||||||| |Dividends,
interest and rents from investments||||||158,463|60,664| |Proceeds from sale ofinvestments|||||8|49,158,178|92,609,600| |Purchase of investments|||||8|(44,283,110)|(117,923,825)| |Net cash from/(used
in) investing
activities||||||5,033,531|(25,253,561)| |Change in cash and cash|equivalents|in|the reporting|period||(1,305,441)|(4,491,371)| |Cash and cash equivalents|at the beginning||ofyear||16|1,559,037|6,102,846| |Movement
on revaluation
offoreign cash||||||109,335|(52,438)| |Cash and cash equivalents|at the end|of|year||16|362,931|1,559,037| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |2|Donation|Income||||||| |---|---|---|---|---|---|---|---|---| ||||||||2022|2021| ||||||||6|6| ||Donation|from founding|member|||||25,000,000| ||Gift aid||||||1,325,000|| ||||||||1,325,000|25,000,000| ||Donation|income was fully||unrestricted||in the current and prior year.||| |3|Investment
Income|||||||| ||||||||2022|2021| ||Dividends|and distributions|||||136,498|82,170| ||Deposit interest income||||||15,395|| ||Interest received from HMRC||||||2,219|| ||||||||154,112|82,170| ||Investment
income was fully unrestricted|||||in the current and prior year.||| |4|Net (expenditure)/income|||||||| ||||||||2022|2021| ||Net (expenditure)/income|||is stated after charging:||||| ||Auditors|remuneration|—audit||||22,800|14,200| ||Auditors|remuneration|—accountancy||and other services||4,056|1,800| ## ## |5|Expenditure|on Raising|Funds|Funds||| |---|---|---|---|---|---|---| ||||||2022|2021| |||||||6| ||Investment|management|fees||18,042|17,001| ||Commission|and other charges|||23,307|41,514| ||||||41,349|58,515| |6|Expenditure|on Charitable||activities||| ||||||2022|2021| ||||||6|6| ||Grants
Governance|costs:|||4,067,446|4,899,054| ||Audit and accountancy
fees
Trust administration
expenses
Legal and secretarial fees
Consulting
fees||||39,572
83,518
1,271
15,000|20,550
82,257
6,816
15,000| ||||||4,208,807|5,023,677| |7|Staff costs|||||| ||||||2022|2021| ||||||8|6| ||Wages and salaries
Social security||||72,000
2,779|71,000
3,362| ||||||74,779|74,362| ## ## ## |Investments|Investments|Investments|Investments|Investments|||| |---|---|---|---|---|---|---|---| |The portfolio
is structured
to provide a wide range of diversification
produce a balance of income and capital growth
in accordance
with|||||to protect the Trust's
benchmarks
agreed with||assets,
and to
the investment| |manager.|||||||| |||||||2022|2021| |||||||6|5| |Market value brought
forward
Additions
Disposal proceeds
Net realised
(loss)/gain
on disposals
Exchange gain||and revaluations|||28,548,965
44,283,110
(49,158,178)
(3,687,342)
319,446||2,032,281
117,923,825
(92,609,600)
1,160,802
41,657| |Market value carried forward
Cash under management|(excluding cash)|||||20,326,001
274„566|28,548,965
1,550,551| |Market value carried forward||||||20,600,567|30,099,526| |Historical cost carried forward||||||21,365,765|28,145,216| |Investments
comprise:|||||||| |Fixed income securities (Listed)
Funds
Equities (Listed)
Private equity
FXforwards
Cash||||||3,061,548
6,836,676
10,427,708
69
274,566|2,520,626
9,009,179
16,503,546
5,543
410,071
1,550,561| |||||||20,600,567|30,099,526| |||Holding|2022|| |---|---|---|---|---| ||||5|| |Bundesrepub
ETF Ishares
ETFSPDE
JFK Capital|Deutschfand
Stoxx600 Uits
Blomberg Barclays
alternative
SICAV|3,025,000
34,269
35,000
5,156|2,747,945
1,270,924
2,887,880
5,875,535|14%
6%
14%
29%| ## |9|Debtors||||| |---|---|---|---|---|---| |||||2022|2021| |||||6|| ||Prepayments
and accrued income|||17,155|22,906| |10|Creditors: amounts||falling due within one year||| |||||2022|2021| |||||F|| ||Grants payable|(see|note 12)|3,278,852|4,932,398| ||Accruais|||27,358|21,781| ||Financial
instruments|||268,182|| |||||3,574,392|4,954,179| ||Financial instruments||represent the fair value movement|on foreign exchange contracts,|| |11|Creditors: amounts||falling due after one year||| |||||2022|2021| ||||||6| ||Grants payable|(see|note 12)|3,651,031|5,420,278| |12|Grants payable||||| |||||2022|2021| ||||||6| ||Amounts
due:||||| ||Within one year
After one year|||3,278,852
3,651,031|4,932,398
5,420,278| |||||6,929,883|10,352,676| ||Balance at 1 January 2022
Grants awarded
in the year
Grants paid
in the year|||10,352,676
4,067,446
(7,490,239)|9,524,815
4,899,054
(4,071,193)| ||Balance at 31 December 2022|||6,929,883|10,352,676| ## ## |Movement
ofGrants
in the year:||||| |---|---|---|---|---| ||Balance bfwd|Amount|Amount|Balance cfwd| ||1January|awards dr|paid In the|31December| ||2022|adjusted
in year|year|2022| |Action Against
Hunger
Addenbrooke's
Charitable
Trust
Alzheimer's
Research
UK
Action Aid Somalia
Anne Robson Trust
British Racing School
David Shepherd
Wildlife Foundation
Ethiopiaid
Goodwill
Caravan
Hope for the Young Ltd.
Horatio's
Garden
International
Rescue Committee - UK
Kings Global Health Partnerships/King'
s|857,950
1,000,000
40,000
50,000|435,000
369,593
150,000
10,000
242,000
30,000
30,000
150,000|(435,000)
(831,760)
(1,000,000)
(50,000)
(10,000)
(242,000)
(25,000)
(40,000)
(30,000)
(25,000)
(150,000)|26,190
369,593
100,000
5,000
25,000| |College
Lund University
Littlelifts
Mary's Meals
Medair
Medecins Sans Frontieres
Bentiu Secondary|25,000|300,000
25,000
60,000
50,000|(25,000)
(25,000)
(60,000)
(50,000)|300,000| |Healthcare,
South Sudan
Medecins Sans Frontieres
Kule and Tierkidi|200,000||(100,000)|100,000| |Refugee Camp, Ethiopia
Medecins Sans Frontieres
Maban Doro|200,000||(100,000)|100,000| |Refugee Camp, South Sudan
Medecins Sans Frontieres
Mother and Child|200,000||(100,000)|100,000| |Hospital,
Taiz Houban,
Yemen
Medecins sans Frontieres - Pakistan
Flood|200,000||(100,000)|100,000| |Response
Medecins Sans Frontieres
Rohingya,||100,000|(100,000)|| |Bangladesh
Mercy Ships UK
Murray Edwards
College
Newmarket
Charitable
Foundation
Riding for the Disabled Association - RDA
RVC Veterinary
Research
Dr Debbie Guest
Royal Veterinary
College
Safehands
Southern
Thailand
Elephant
Foundation
Spinal injuries association
Stroke Association
Suffolk Horse Society
The Brooke Hospital forAnimals
LTD
The Fortune Centre of Riding Therapy
The Prince's Trust
The Soulsby Foundation
The Virtual Doctors
United
Kingdom for UNHCR
University
ofCambridge - Afriica Project|200,000
70,000
70,000
30,000
248,816
115,265
762,446
75,000|150,000
277,354
30,860
10,000
20,000
25,000
25,000
145,000
60,000
97,639|(100,000)
(35,000)
(35,000)
(50,000)
(10,000)
(10,000)
(20,000)
(57,633)
(351,800)
(25,000)
(60,000)
(97,639)|100,000
35,000
35,000
100,000
20,000
248,816
277,354
30,860
57,632
25,000
410,646
25,000
145,000
50,000| |(CAPREx)
University
ofCambridge - Dept. OfSurgery|2,600,000
189,292||(1,000,000)|1,600,000
189,292| |Balance cffwd|7,133,769|2,792,446|(5,350,832)|4,575,383| ## ## ## ## ## |Movement ofGrants||in|the ye|ar|(c|ontin|ued)|||| |---|---|---|---|---|---|---|---|---|---|---| ||||||||Balance bfwd|Amount|Amount|Balance cfwd| ||||||||1January|awardedl|paid in the|31 December| ||||||||2022|adjusted
in year|year|2022| |Balance b/fwd from previous||||page|||7,133,769|2,792,446|(5,350,832)|4,575,383| |University
ofCambridge||"The Alborada||||||||| |Professorship"|||||||2,261,000||(584,000)|1,577,000| |University
ofCambridge||Stem cell Prof||||||||| |Tony Green|||||||240,000||(120,000)|120,000| |University
ofSuffolk - paid|||by Barclays|||||||| |account||||||||1,250,000|(1,250,000)|| |University
ofSurrey "Alborada Trust|||||Well|||||| |Foal Study"|||||||17,907||(17,907)|| |Wavertree
Trust|||||||60,000|||50,000| |We Are Hope Church||||||||25,000|(7,500)|17,500| |Wolfson College Cambridge|||||||640,000||(160,000)|480,000| |Total|||||||10,352,676|4,067,446|(7,490,239)|6,929,883| |Grant movement
in|the||prior|year||||||| ||||||||Balance bfwd|Amount|Amount|Balance cfwd| ||||||||1January|awardedi|paid in the|31December| ||||||||2021|adjusted
in year|year|2021| |Addenbrooke's
Charitable|||Trust|||||948,060|(90,110)|857,950| |Alzheimer's
Research|UK||||||2,000,000||(1,000,000)|1,000,000| |Action Aid Rohingya||||||||100,000|(100,000)|| |Action Aid UK - Cyclone||Idai|||||120,000||(120,000)|| |Action Against
Hunger|(Uganda,|||Haiti and||||||| |Afghanistan)||||||||427,800|(427,800)|| |ActionAid
UK Supporter||Payments|||(Tigray|||||| |conflict Ethiopia)||||||||150,000|(150,000)|| |Anne Robson Trust||||||||40,000|(40,000)|| |The British Racing School||||||||10,000|(10,000)|| |David Shepherd
Wildlife||Foundation||||||232,500|(232,500)|| |Goodwill Caravan||||||||40,000||40,000| |Great Ormond Street|||||||200,000|(200,000)||| |Horatio's Garden|||||||75,000||(25,000)|50,000| |Karen Hilltribes
Trust||||||||25,000|(25,000)|| |Kings Global Health Partnerships/King'||||||s||||| |College
Medecins Sans Frontieres|||Shatila||||50,000||(25,000)|25,000| |Refugee Camp
Medecins Sans Frontieres|||Maban|Doro||||85,855|(85,855)|| |Refugee Camp, South Sudan
Medecins Sans Frontieres
Rohingya,||||||||285,855|(85,855)|200,000| |Bangladesh||||||||285,855|(85,855)|200,000| |Total|||||||2,445,000|2,430,925|(2,502,975)|2,372,950| ## ## |Grant movement
in the prior year (cont|inued)|||| |---|---|---|---|---| ||Balance bfwd|Amount|Amount|Balance cfwd| ||1 January|awardedi|paid in the|31 December| ||2021|adjusted
in year|year|2021| |Balance b/fwd from previous
page
Medecins Sans Frontieres
Bentiu|2,445,000|2,430,925|(2,502,975)|2,372,950| |Secondary
Healthcare,
South Sudan
Medecins Sans Frontieres
Kule and||300,000|(100,000)|200,000| |Tierkidi Refugee Camp, Ethiopia
Medecins Sans Frontieres
Mother and||300,000|(100,000)|200,000| |Child Hospital, Taiz Houban,
Yemen
Medecins Sans Frontieres
Earthquake||300,000|(100,000)|200,000| |response
Haiti
Medical Detection Dogs
Mercy Ships UK
Murray Edwards College
Multiple Sclerosis Society
Priscilla Bacon Norfolk Hospice Care Ltd
The Queen Elizabeth Scholarship
Trust|105,000
100,000|100,000
10,000
105,000
100,000|(100,000)
(10,000)
(35,000)
(35,000)
(100,000)
(100,000)|70,000
70,000| |Ltd
Riding for the Disabled Association-||9,400|(9,400)|| |RDA
RVC Veterinary
Research
Dr Debbie||30,000||30,000| |Guest
Stroke Association
The Brooke Hospital
for Animals
LTD
The Princes Trust
The Racing Foundation
The Soulsby Foundation
University
ofCambridge-
Dept. Of|299,756
145,673
100,000|115,265
1,070,557
10,000|(50,940)
(308,111)
(145,673)
(10,000)
(25,000)|248,816
115,265
762,446
75,000| |Surgery
University
ofCambridge - Africa Project
University
ofCambridge
"The Alborada|189,292
2,600,000|||189,292
2,600,000| |Professorship"
University
ofCambridge
Stem cell Prof|2,261,000|||2,261,000| |Tony Green
University
ofCambridge
Prof James|240,000|||240,000| |Wood
University
ofSurrey "Alborada Trust Well|100,000||(100,000)|| |Foal Study"
Wavertree
Trust
Wolfson College Cambridge|69,094
70,000
800,000|17,907|(69,094)
(10,000)
(160,000)|17,907
60,000
640,000| |Total|9,524,815|4,899,054|(4„071,193)|10,352,676| ## |13|Funds|||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| ||||At 1January|||||Incoming||Outgoing||At 31| |||||||2022||resources||Resources|Gains/(losses)|December 2022| ||||||||E||E|E|E|E| ||Unrestricted
Funds|||19,758,451||||1,479,112||(4,248,155)|(35Q5 743)|1348Q 554| ||||At 1 January|||||Incoming||Outgoing|Gains/(losses)|At 31| |||||||2021||resources||Resources||December 2021| ||||||||E||E|E|E|E| ||Unrestricted
Funds|||(1,393,513)||||25,082,170||(5,082,192)|1,149,986|19,756,451| |14|Analysis ofnet assets||between||||Funds|||||| ||||||||||||2022|2021| ||||||||||||Unrestricted|Unrestricted| ||||||||||||E|E| ||Investments||||||||||20,600,567|30,099,526| ||Net current
liabilities||||||||||(3,468,872)|(4,922,797)| ||Liabilities due in more than one|||||year|||||(3,651,031)|(5,420,278)| ||||||||||||13,480,664|19,756,451| |15|Reconciliation
ofnet (expenditure)/income||||||||to net cash|flow from||| ||operating
activities|||||||||||| ||||||||||||2022|2021| ||||||||||||E|E| ||Net (expenditure)/income|||for||the reporting|||period||(6,436,386)|21,160,780| ||Adjustments
for:|||||||||||| ||Losses/(gains)
on investments
Dividends,
interest and rents from
Decrease
in debtors
(Decrease)/increase
in creditors||||||investments||||3,687,342
(154,112)
1,400
(3,417,218)|(1,160,802)
(82,170)
7,487
836,895| ||Net cash (used in/)provided||||by||operating||activities||(6,338,972)|20,762,190| |16|Analysis ofcash and||cash||equivalents|||||||| ||||||||||||2022|2021| ||||||||||||E|E| ||Cash at bank and in hand
Cash held by investment|||manager|||||||88,365
274,566|8,476
1,550,561| ||||||||||||362,931|1,559,037| ## ## ## ## ## ||||||||At 31| |---|---|---|---|---|---|---|---| |||||At 1January||Foreign|December| |||||2022|Cash flows|Exchange|2022| |||||F|E||E| |Cash at|bank and|in hand||8,476|79,889||88,365| |Cash held
in investments||||1,550,561|(1,385,330)|109,335|274,566| |||||1,559,037|(1,305441)|109,335|362,931| |Financial|instruments||||||| |||||||2022|2021| ||||||||F| |Financial|assets held at fair value through||profit and loss|||20,328,001|28,548,965| |Financial|assets held at amortised cost|||||451,296|1,580,543| |Financial|liabilities|held at amortised cost||||(6,957,241)|(10,374,457)| |Financial|liabilities|held at fair value through||profit and loss||(268,182)|| ##