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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|
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|||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|
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||||
|---|---|---|
|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|
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||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|