2022-07-31-accounts - The Michael Cohen Trust

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		2022	2021
		f000	f000
Philosophy	teaching	90.5	94.0
History teaching		116.0	78.0
Economics	teaching	110.0	109.0
General teaching support		20.0	20.0
Book grants	for less well offstudents	5.4	5.7
Total		341.9	306.7

		Notes	Unrestricted	Restricted	Endowment	Total	Total
			Funds	Funds	Funds	Funds 2022	Funds 2021
INCOME &ENDOWMENTS
Donations and legacies					1,334	1,334	1,480
Investment income Total Income			71 71	550 550	58,304 59,638	58,925 60,259	13,224 14,704
EXPENDITURE
Cost ofraising funds
Investment management	costs				54,623	54,623	49,672
Charitable activities
Promotion of education			27,659	321,850		349,509	312,807
Total Expenditure			27,659	321,850	54,623	404,132	362,479
Net expenditure before
investment gains I(losses)			(27,588)	(321,300)	5,015	(343,873)	(347,775)
Net investment gains			126	981	103,954	105,061	1,742,334
Net movement in funds before
transfer			(27,462)	(320,319)	108,969	(238,812)	1,394,559
Transfer between funds Net movement in funds		9&1D	3D,D53 2,591	310,8D3 (9,516)	~340,858 (231,887)	(238,812)	1,394,559
Fund Balances at 1 August 2021			10,429	550,412	8,578,856	9,139,697	7,745,138
Fund Balances at 31July 2022		9810	13,020	540,896	8,346,969	8,900,885	9,139,697

			Notes	2022	2021
FIXEDASSETS
Investment assets				8,954,698	9,044,823
CURRENT ASSETS
Debtors				1,334	1,480
Cash and deposits				322,862	205,921
				324,196	207,401
CREDITORS: amounts		falling due within one year		378,009	112,527
NET CURRENT	ASSETSI(LIABILITIES)			53,813	94,874
NET ASSETS				8,900,885	9,139,697
FUNDS OF THE	CHARITY
Endowment	Funds			8,346,969	8,578,856
Restricted Funds			10	540,896	550,412
Unrestricted	Funds		10	13,020	10,429
Total Funds				8,900,885	9,139,697


ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES	2022	2021
Restricted Funds
Grants to Exeter College to support teaching Book grants for Exeter College undergraduates	316,200 5,650	281,000 5,650
	321,850	286,650
Unrestricted Funds
Grants to Exeter College to support teaching	20,000	20,000
Support costs Governance Costs (see Note 11)	2,839 4,820	2,078 4,079
	27,659	26,157

a)	Investment Movements
	Market value ofinvestments	at	1 August 2021					9,044,823
	Additions							668,453
	Disposal proceeds Net investment gains including Market value ofinvestments		foreign exchange at 31July 2022	movements				(859,053) 100,475 8,954,698
	Historical cost ofinvestments		at 31July 2022					7,211,814
b)	Investment analysis
							2022	2021
					Held outside	Held in the	Total	Total
					the UK	UK f
	Equity investments (listed)				4,941,307	2,112,729	7,054,036	7,431,107.
	Alternative and other investments				1,295,313	605,349	1,900,662	1,613,716
					6,236,620	2,718,078	8,954,698	9,044,823
7	DEBTORS						2022 F	2021f
	Donations receivable						1,334	1,480
							1,334	1,480

	for the year ended 31	for the year ended 31	for the year ended 31	July 2022
11	GOVERNANCE COSTS				2022	2021
	Audit fee				4,820	4,079
	Total governance		costs		4,820	4,079
12	ANALYSIS	OF NET ASSETS BETWEEN FUNDS
	As at end	ofJuly	2022:	Investmen-	Net	2022 Total
					Current
					Liabilities
	General Fund			13,020		13,020
	Restricted	Funds		594,709	(53,813)	540,896
	Endowments			8,346,969		8,346,969
	Total			8,954,698	(53,813)	8,900,885
	As at end	ofJuly	2021:	Investmen-	Net	2021 Total
					Current
					Assets
	General Fund			10,429		10,429
	Restricted	Funds		455,538	94,874	550,412
	Endowments			8,578,856	-	8,578,856
	Total			9,044,823	94,874	9,139,697

13	RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS
	The Trust made a grant ofF341,850 (2021:8306,650) to the College. The grant to the College was outstanding at
	the year end. Professor Sir Richard Trainor and Dr Barnaby Taylor were both Trustees of the College during the period under review. The Trust has entered into a Revolving Credit Facility (RCF loan) of up to F2,590k with
	Exeter College, the sole beneficiary			ofthe Michael Cohen Trust. The RCF loan will be called as and when capital
	calls are made on the	related	investments held			by the Michael	Cohen Trust.	The return	on the RCF loan will be a
	combination of3.25%	interest	and	capital returns		on investments.
14	UNAPPLIED TOTAL	RETURN
				Michael		Michael	Sir Arthur	Michael		Michael	Total
				Cohen	Cohen Tuition		Benson	Cohen		Cohen	Endowment
				Philosophy		Fund	Philosophy	History		Economics	Funds
				Fund			Fund	Fellowship		Fellowship
	Opening Value ofthe Funds			1,813,044		755,604	771,631	2,588,470		2,650,107	8,578,856
	New Endowment							715		619	1,334
	Dividends and Interest			12,321		5,134	5,243	17,594		18,012	58,304
	Investment Management	Costs		(11,542)		(4,811)	(4,912)	(16,483)		(16,875)	(54,623)
	Investment Gains			21,982		9,155	9,349	31,361		32,107	103,954
	Less Original Gift			721,664		309,204	299,668	1,244,241		1,477,156	4,051,933
	Unapplied Total Return Transfer to Income	before		1,114,141		455,878	481,643	1,377,416		1,206,814	4,635,892
	Application oftotal return			72,105		30,053	(30,690	(102,775)		(105,233	340,856
	Unapplied total return	at 31July
	2022			1,042,036		425,825	450,953	1,274,641		1,101,581	4,295,036