Charity Registration Number 1094275 The Michael Cohen Trust Annual Report and Financial Statements For the year ended 31 July 2023 Page 1
Charity Registration Number 1094275 Reference and administrative Information Trustees: Sir Ronald Cohen Mr Mark Houghton-Berry Sir Richard Trainor Dr Bamaby Taylor Addr8$s: Exeter College Oxford OX1 3DP Bankers". B8rclay3 Bank PLC, Oxford Quilter Cheviol Ltd. Jersgy Auditors: Moore Kingston Smith LLP. Chartered Accountants, London InvgStm8nt Managers: Partners C8pitsI LLP, London Page 2
Charity Registration Number 1094275 Report of the Trustees for the year ended 31 July 2023 The Trustees piesenl their report along with the financial statemen15 of the Michael Cohèn Trust Ithe 'Trusl'l for the year ended 31 July 2023. The financial slalemenls have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and In compliance with MCT'S trust deed. the Char((ies Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice (published July 20141 including Update Bulletin 2. Objectives and a¢tivities for tho public bengfit The objects of the trust are the promotion of education al Exeter College Ilhe 'College"l in the University of Oxford. The aims of the trust are: To support teaching at the College, partScularfy in the areas of Philosophy. History and Economics. and elsewhere where the need is greatest. To support the students of the College. particu18rly those on lower incomes, by the provision of book grants and other appropriate support. The Trustees confirm that they have referred Its the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives. and in implernenling and planrbing future activities. In shaplng our objectives for the year and planning our 8clivilies, the Trusle8s have considered the Charity Commission's guidan on publK benefit. including the guidance 'public benefit= running a chaiity IPB21'. Grant making pollcy In the formative years of the Trust no surplus funds were available lo support the College's objectives and activities. However the Trustees now believe that the Trust is suificiently well established lo enable grants lo be made on an annual basis. The College makes applications to the Trust and the Trustees assess Ihese tsking into consideration the level of funds available and the needs of the College. The grants paid and provided in these accounts are as follows.. Pur se of Gran 2023 £000 97.5 112.6 120.0 15.0 2022 £000 90.5 116.0 110.0 20.0 Philosophy teachlng History teaching Economics leaching Gen&ral leachiJig sUPPOrt Book grants for less well off students Total 350.0 341.9 Achiev8mènts and perfomian¢o The benefits of the Trust's woth are the funding of teaching posts al the College. The prowsion of fundSng enables the College to recruit academics in History, Philosophy and Economics of the highest calibre on a long-lerm b851S. In addition. the provislon of the £4.900 book granl12022'. £5.6501 helped 98 first year undergraduates wtth o contribution towards their book costs. Page 3
Charity Registration Number 1094275 Flnanclal Review During the year to 31 July 2023. the Trust reported net costs of £172,81 S (2022.. £238,812). Income of £186,03912022'. £60.259) consists mainly of dividgnds from investments. Expendlture lolalled £363,261 12022.. £404.1321 and in¢ludes'. £350,000 12022.. £341,850) grant lo Exeter College to fund incurred expenditure. £5,584 investment management fees and £7,677 other adminislralive costs. The valug of investments increased by £4.407 {2022'. £105,061) refleeling the volatilily in the financial markets. The Trust's endowments are managed on a lolal return basis with a spending rule estsblished lo identify the amounts avallable for possible dlstribulion as grants- further details are sel out in note 1 lel. As a result of Ihls policy, £352,982 has been transferred lo expendable reserves in the current year12022-. £340.8561. Investment pollcy and performanc The Trustees oversee the Trust's investments which are managed by Partners Capital and include a significant exposure to private equity. The major donors are conlenl with this approach. The malority ot the Trust's investments are of a long-lerm nature and do not pay dividends. During the year the lolal return on the Irusl's investments was 2.1 %12022.- 1.8%). The sllghl improvement in this year reflecled recovery in financial markets post pandemlc. Considering the a(Jverse market conditions in general. the Trustees regard this perfomiance as satisfacw. Rlsk management The Trustees have examined the major strategic, business and operational iisks including political, economic and other {such as inflalionl, which the Trust faces and confirm that systems have been established lo enable regular reports lo be produced so that the necessary steps can be taken to lessen these risks. The Tru51ees review the vulnerability of the Trust's assets to changes in financial markets (which represents the dominant risk lo the charity) on a frequent basis. Reservas poll¢y The Trust does not incur significant administrative expenditure. and employs no staff. The Trustee5 plan that the Geneial Reserve retained by the Trust shall be broadly capable of meeting two years. worth of overhead expenditure. At 31st July 2023. the General Reserve amoLJnted lo £21,75712022: £13,020). The Trustees are therefore content wth this level of reseNes. Future Plans The Trust will continue to invest the endowment a¢cording lo ils investment policies with the alm of producing the highest returns, so ensuring the continued abillly lo support the funding of academic KM)sls at the College. StTucurg gov¢rnance and manag&m•nt The Michael Cohen Trust is an unincorporated trust, consb'tuted under a trust deed dated T March 2001 (updated on 8112120211 and is a registered charity Ino 10942751- The objects of the Trust are the advancement of education at Exeter College in the Univeislty of Oxford. The Trust does not actively fundraise. bul achieves its objectives through careful stewardship of its investments. Page 4
Charity Registration Number 1094275 The Trustees are appointed by Ihe Board of Trustees. The Trustees who have served during the year and since the year-end are set out above. The founding Trustee. Sir Ronald Cohen. is appointed for life, or for as long as he wshes lo serve as a trustee. Other trustees are appointed under the terms of the trust deed lo serve for a three year period and may be re-appointed. The Iruslees include al least one Fellow of Exeter College. The Trustees meet twice a year bul there are subgroups, which include specialist co-optees. which meet MO frequendy to discuss investrnenl policy and lo implement investment decisions. The Board of Trustees keeps the skill requirements of the Trustee body under review. Some of the Trustees are Iruslees of other, larger. charities and have extensive experience and training as Irustees. The Board recognises that it may be necessary lo provide fomial training for the Trustee5 and keeps this option under review. The day lo day administration of the Trust 18 managed by the Finance and Estates Bursar and the Deputy Bursar of the College. Trusteo$' responsibilities in relation to th8 finan¢ial statements The Trustees are responsible for preparing the annual report and financial 51alements in ac¢ordanc8 with applicable law and regulations. Ch8rity law requires the tTuslees to prepare financial slalemenls for each financial year irb accordance with United Kingd¢)m Generally Accepted Accounting Practices and appllcable law. including Financial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic ol Ireland IFRS 1021. Under Charity Law the Iruslees must not approve the financial slalements unless they are satisfied that they glve a true and fair view of the stale of affairs of the Trust and of its nel incoming or expendllure for that period. In pr8paring these financial statements, the Iruslees are required to.. select the most suitable accounting policies and then apply them consislently,. make judgements and accounting estimates that are reasonable and pnjdenl.. slate whether applicable 8ccounlin9 standards, including FRS 102. have been followed. subject to any material departures disclosed and explained in the financial stalemenls.. stale whether a Slalemenl of Recommended Practice ISORPI applies and has been followed, subject lo any material departures which are explained in the financial sialements- and prepare the financial slalements on the going concem basis unless it is inappropriate lo presume that the charity will continue lo operate. The Iruslees are responsible for keeping proper accounting records that are sufficient to show and explain thg chariws transactions and dSsclose with reasonable accuracy at any time the financial position ol the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and ensuring their proper application under charity law and hence for taking reasonable steps for the pVentIOn and detection of fraud and other irregularities. Approved bythe Tnjstees and signed on their behalf by.. j<//kn 4 frdt2k7tY Professor Sir Richard Trainor Trustee Dale.. ao 2 3 Page 5
Independent Auditorfs Report to the Trustees of the Michael Cohen Trust Oplnlon We hav8 audlled the financial slalements of the Michael Cohen Trust for the year ended 31 July 2023 which cornprise the Statement of Financial Actwities, the Balance Sh8et and notes lo the financial 81atemen15, including significant accounling policies. The financial reporting framework that has been appli8d in their preparation is applicable law and United Kingdom Accounting Standards, Induding FRS 102 'The Financial Reporting Standard ApplKabb in tha UK and RepuNic ol Irela. (Uniled Kingdom Generally Accepted Accounting Practi¢el. In our opinion the financial statements.. give a true and fair view of the state ol the charity's affairs as at 31 July 2023 and of ils incomlng resources and appll¢alion of re50urc8s, for the year then ended.. have been properly prepared in accordance wth United Kingdorn Generally A¢cepted Accounfjng Po¢11., and have been prapar8d in accordallce with the reouiremenls of the Charities Act 2011. Basls for oplnlon We conducted our audlt In accordance with Intemational Standards on Auditing IUKI IISAS IUKII and appIab law. Our sponsibililies under those standards are further described in the Auditorf8 ResponslbS1its'es for the audit of the financial ststgm8nls section of our pOrt. We are independent of the charity in accordance with the elhlcal QuIrementS that are levanl to our 8udit ol the financial statements in the UK. in¢luding the FRC'S Ethical Standard. and we have fulfilled our other ethical re$pDn5ibilities in accordance with these reQuIrnents. We believe Ihat the audit evidence we have obtained 15 Sufficient and appropriate to Fvovide a basis for our opinion. Concluslon$ relatiwtg to goln9 Concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basis ol acc(yJntirKJ in the pr8paraiton ol U)e financial statements is appropriate. Based on the work we have performed, we have nol Identified any material uncertainties relating lo events or conditions that. Individualty collectively. may cast significant doubt on the charitys abifity lo continue as a going ¢oncem for 8 period ol at least ttvglve months from when the financiAI $tstem8nts are aulhori8ed for issue. Our restx)nsibilitie5 and the SponsIbl[lI18S of th9 trustees with re5P8Ct to golng concern 8r8 des¢rbed in the relevant se¢tK)ns of thi5 report. O¢h¢r Informatlon The other information comprises the inforrnatKJn included in the annual pOrt. other Ihan the finanGial statements and our auditorfs report theoTr. The trustees a responsible for the other information contained within th8 annual report. Our opinion on Ihe financial statement5 does not Cover the other infomialion and, except to the exl8nt othetwise explicitly $latsd in our report, we do Th)t express any form ol assurance nClS1On theon. Our responsibility is to read the other information and, in doing so. consKler wheth8r the other inforrnalion materially inconsistent wth the financ&918latemenls or our krledge oblainEd in the course of the audit or otherwise appear8 to be materially misslaled. 11 we idèntify such material inconsistencies or apparetTrl material mi$$tstements, we ar8 requi lo deterniine whether there is a matedal mrsststement in the financial statements themselves. If, based on the work we have pgrformed. we condude that there is a material misstalernent of this olher Infom)alion, we are required to report that facL We have nothing to pOrt in this regard. Matters on which we are requir¢d to report by exception We have nothing to teport in resp8¢1 of the following matters Whe the Charities Act 2011 requir85 US to port lo you if, in our oplnKJn'. the infomialon giv8n In the Tnjstees. Annual Report is inconsi$tent in any materKgl r8spects wth the financlal statements., or the charity has not kept adequat8 accounting recorijs., or the finan8{ slatements are not in agreernent with the accounbng cordS and returns., or W8 have not received am the inlomiation and explanations we quire for our audlt. Page 6
Independent Auditor's Report to the Trustees of the Michael Cohen Trust (cont'd) Responsibilltles of Irustees As explained more lully Sn the tnjstees, re5pon5ibililies statement Set out on p8ge S. the trustees ar8 responsible for the prgparallon of the financial statement5 and for being satisfied that they 9ive a true and fair view. and for such inlemal control as Ihtr trustees determine 15 nec8ssary to enable the prgpaTrllon of financi81 ¥latemenls that are free from maleri mi5Statem&nl, whether due to fraud or error. In preparing the financial Stalernenls, the trustees are resFonsible for assessing the charity's ability to continue as a going concem, dis¢k)sing. a5 applicable, matter5 r8121ed lo going concem and using the going concern basis of accounllng unks5 the trustees eilher intend to Ilquidate the ¢harily or to cease cperations. or have no realistic 8118rnative but lo do so. Auditors responsibilities for the audit of the financlal $tatom8nts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wlth regulation5 marle und8r section 154 of that Aei. Our objeeiive5 are to oblaln asOnable a$surance about whether the finan¢Kyl slalernent5 as a whole are free Itom rnalerial rnIS51alern8nt, whether due to fraud or error, and to issue an auditols report Ihat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conduGted in accordance ISAS IUKI will always delecl a material mis518tement when il exist5. Misstatements Gan arise from fraud or error and are considered material if, individually or in aggrogale, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. A5 part of an audit in accordanc8 With ISAS IUKI w8 8X8r¢i¥e Eyofesslonal iudgern8Tht and main(aln profession818cept1Srn throughout the audit. We also.. Identrfy and assess the risks of Tnalerial misstat&menl ol the financial stat8menls, whether due lo fraud or error, design and perform audSt procedures responsive to those risks, and obtsin audit evidence Ihat is suffi¢ienl and appropriate lo provide a basis for our oplnlon. The iisk of not deleclSng a material misstatement resulting from frdud is higher than for one resulting from error, as fraud may involve collusion. forgery, inteThtv)nal omis8iork%, misrepresentalion8, or the overrkle of intemal control. Obtain an understanding of internal control l0¥ant to the audit in order to design audit procedu$ that are appropriate in Ihe circumstances. but not for the purposes of expressing an ownion on th8 effedveness or the charills internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting 8slimaies and related disclosures made by the truste88. Corlude on the appropriatengss of the trustees, use of the goln9 concern basis of accounting and, based on Ihe aud evidence obtained, whether a material uncertainly exlsls related to ev8nts or conditions that rnay cast significant doubt on the charitys ability lo ¢onlinue as a going con¢em. If we conclud8 that a material uncertainly exists. we are requir8d to draw attentn in our auditorts report to the related disclosures in the financial statements or, if SUGh di5cbsures are inadequate, lo modify our opinion. Our conclusions a based on Ihe audit evidence oblaine<l up lo thg dale of our auditorfs report. However, luture events or condib"on$ mtycause th8 charily lo cease to continu8 as a golng concern. Evaluate the overall pSentat)n, structure and content of the flnandal ststements. indvding the disGlosures. and whether the financkql statements represent th8 Underfn0 transactions and events In a rnann8r tha¢ achleves fair preSentstn. We communicate with tho$8 charged with governance regarding. among other matters, the anned scop8 and timing of th8 audit and srgnifrcant audll findings. including any signrficant defiuenci8$ in internal control that we idenlfy during our audit. Page 7
Independent Auditor's Report to the Trustees of the Michael Cohen Trust (cont'd) Explanation ag to what extent the auditwas consldgrgd capab of detsctlng Irr*gulariti8s. Includlng froud Irregulariti88, inckjding fraud, ar8 instances of non-wmpliance witt) law5 and regujalions. We de&gn procedures In line swth our responsibilities, outlined above, to delect material misslaternents In resped of irregularities, includlng fraud. The extent to which our procedures are capable of detecting irregularitie5, including frauil is detailed b810w. The objective5 of our audrt in respect of fraud, are.. to identify and assess the ri5k5 of mèt8rial mis$latemenl of the financi81 $taternen15 due to fraud,. to obtain 5uffi¢ient appropriate audit evSdence regarding the assessed risks of material misstalernent due lo fraud, through desnInG and iMpMenng appropriat8 r88pons&s to those a5sess8d risks,. and lo respond appropriately to instances of fraud or suspected fraud identified dtsring the audit. However, the primary responbility for Ihe prevention and detection of fraud rests with both management an(J those charged with y)vernance of the charity. Our apFvo8ch was 8$ follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most $1gnif5cant are the Charities Act 2011. th8 Chahty SORP, and UK financial reporting standards as i8$ugd by Ihe Financial Reporting Council. We obtained an understanding of how th8 charity complies with the58 requlremenls by discusOn$ with management and Ihose chargad with governan¢8. W8 assessed the risk of m8terial misslalernent of th8 financial statements, including Ihe risk of material misstst8mgnl due lo fraud and how it rnighl OCGur, by holding discussions with managernent and those charged with govemance. We inquired of management and those Charged with govemance as to any known instances of non<oryliance or suspected non-compliance with laws and regulations. Based on this understanding. we designed Specific appropriate audit procedures to identify Instan$ of non-compliance with laws and regvlatbns. ThKs included making etNuiries of management and those chargecl with govemance and obtaining additional corroborative 8vidence as required. There are inherent limitstKJns Sn the audit procedu$ described above. We a less likely to become aware of instance5 or non-cornplianee with laws and regulations that arè not closely related lo events and transa¢lions flected in Ihe financial statemÈnls. Aso. the risk of mt detecting a rnaterial rnisslatement due to fraud is higher than the risk of nol dele¢tlng one sulling from error. as fraud may involve deliberats wncealment by, for example, forgery or int8ntional rnL8repsentalion8. or through collvsion. Use ofour report Thi$ report is made so181y to the charity'5 trustees, as a body. in accordance with Chapter 3 01 Part 8 of the CharFtSes Act 2011. Our audit work has been und8rtaken so that we might stat8 to thg ¢haritls trustees those matters we are required to $tsle lo Ihern in an auditorfs report and for no other purpose. To the fullest 8Ktent permilled by law, w8 do not a¢p1 or assume responsibilty lo any pariy other than the ¢harity and charitys tNst8es as a body, for our audit worl for Ihis report, or for the opinion we have fortned. Moore Klngs¢on Srnith LLP Statutory auditor 9 Apwld Street London, EC2A 2AP Date.. 21 Do¢èmber 2023 Moore 9510 Smith LLP is eligible to 8Ct as auditor In temis of Section 1212 01 the Companies Act 2006. Page 8
The Michael Cohen Trust Statement of Financial Activlties For the year ended 31 July 2023 Notes Unrestrlcted Restricted Endowment Funds Funds Funds Total Funds 2023 Total Funds 2022 INCOME & ENDOWMENTS Donations and legacies Investment Income Total Income 1,378 182,688 184.066 1,378 184,661 186,039 1,334 58.925 60,259 285 285 1,688 1,688 EXPENDITURE Cost of raising funds Investment management costs Charltable activities Prornotion of educallon 348 5.236 5,584 54,623 22,677 335.000 357.677 349,509 Total Expenditure 23,025 335,000 5,236 363,261 4Q4,132 Net income I lexpenditurel bofore Investment galn$ I {lse$l 122.7401 1333,3121 178.830 1177,2221 1343.8731 Not investment gains I Ilossesl Net movement In funds before transfvr 7,719 12.015 4,407 105.061 130.4591 1333,2011 190,845 1172,8151 1238.8121 Transfer belween funds Net movement In funds 9&10 31,109 650 321,873 111.3281 352,982 1162,137) 1172.815} 1238,8121 Fund Balances at 1 August 2022 13.020 0,896 8,346.969 8,0,885 9,139.697 Fund Balances at 31 July 2023 9&10 13.670 529,568 8,184.832 8.728,070 8,900,885 All activities a continuing. There are no recognised gains and losses in th¢ year other than those reported above. Pagè 9
The Michael Cohen Trust Balance Sheet at 31 July 2023 Note$ 2023 2022 FIXED ASSETS Investment assets 8,840.174 8.954,698 CURRENT ASSETS Debtors 15.076 213.527 228,603 1.334 322,862 324.196 Cash and deposits CREDITORS: amounts falling due within ong year 340.707 378.009 NET CURRENT ASSETS I (LIABILITIES) 112.104 53,813 NET ASSETS 8,728,070 8.900,BB5 FUNDS OF THE CHARITY Endowrnent Funds 8.184.832 8,346,969 Reslricled Funds 10 529.568 540.896 Unrestricted Funds.. Designated funds General funds 18,087) 21,757 10 13.020 Total Funds 8,728,070 8.900,885 The linancial ststements on pages 9 10 17 were approved and aulhoiised for issue by the trustees on 20 December 2023. Professor Sir Richard Trainor Trustee The notes on pages 1110 17 fomi part of these financial statements. Page 10
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2023 1 ACCOUNTING POLICIES al 8asls of preparatlon and assessmènt of going concèrn The charity's financial statements have been prepared in accordan with United Kingdom Accounlitvj Standards, in particular 'FRS 102.. The Financial Reporting Slandar(l applicable in the UK and Republic of Ireland, IFRS 1021. As a giStered charity, and public benefit entity, the financial statements have a150 been prepared in accordan with 'The Statement of Recommended Pr8¢tice applicable to ¢h8rilies preparing thelr finanii81 statements in accordance with FRS 102 (The Charities SORP IFRS 10211 induding Update Bulletin 2. Tha financial slatements have bn prepad on a going concern basis and have been wepared under (ho historical cosl convention expt for the rneasurement of investments and certain financial assets and liabilitie5 at fair value with movements in value reported wfthin the Slalement of Financlal Activities ISOFAI. Items are recognised al cost or transaction value unless oth8rwise staled in the relevant notes to these accounts. In1Sght of the adverse mork$t conditions experienc8d during the year, tho Trustees have assessed whether Ihe use of the going concern basi8 remains appropriate and have consid8red possible events or conditions Ihat mighl cast signifjcant doubt on the Tnjsvs 8bility to continue as a going concern. The Trustee5 have assessed Ihesa risks, which confirm the Trust will have sufficlent liquidity lo operate for at leasl the next e4Ve months from Ihe date of approval ol these financial statements. The Trust therefore continues to adopt the going concern basis in preparing its financial statements. bl Accountlng ludgèments and estimation uncertalnty In prepariro financL41 slalernents it is neees58ry to make certain judgements, eslimales and a$surnptions that affect the amounts recognised In the financial slaiements. The most significant areas of uncertainly that affect th8 carrying value of assets held by the charity a the level of investment return and the performance ol invgstmenl markets. In the view of the Trustees, no assumptions concerning the future or estimations of uncertainty affèeling assets and liabllitles at the balance sheet date 8Te likely to result in 8 material adiuslment to their carryir¥J amounts in thtr next financial year. c} Inv•stments Listed investments 8Te stated at market Value. Unquoted investments are valued based ()n inlomialion provided by the fund manager. Realised and unrealised galns and losses arising on the Investments are credited or charged lo the Slalernenl of Financtal Activities in the period they arise. All Investment income is 8c¢ounted for on a due date basis. dl Other financ5al Instruments Cash and cash 8qui¥alents Cash and cash equivalents Include cash at banks and In hand and short tem deposits with a maturity date of three rnonths or less. 11. Debtors and cr•dltors Debtors and ¢redilors receivable or payable within one year of the reporting date are caled al their transaction pricè. Debiors and credltors ihal are receivable or payable in more than one year and nol subject to a rnarket rate ol interest are measured al the present value ol the expected futur8 receipts or payment discounted at a market rate ol interest. Page 11
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2023 el Fund accounting The General Fund is available for use at discretion of the Trusteès in lurtherance of the gener81 objectives of the Trust. Restricted Funds are 8ubject to speafic restrictions Thnposed by donors. The Philosophy Endowment Fund and the History Fdlowship Fund are accounted for as parmanenl endowments. and the E¢onomic5 Fellowship Fund is accounted for as expendable endowmant. These funds are set up lo fund fdlowships in thelr respective subjects. The major donors h8ve agreed that these endowment funds will be invested on a tr)tal return ba51s and that an annual spending rule be established to identlfy the amounts available for distribution as grants. The Trust8e5 h8ve agreed that a sum equivalent to 4.0% of endowment values. subiect lo smoothing. will be made availae eh year for possible allocation as grants in furtherance of th8 purposes of the trust. f) Oonatlons & Legacies Donations and Legacies received are credited •ither to Endowment, Restrde<l or General Funds dependlng on the wrshes of the donor. Voluntary income is accounted for when the Colleg8 has enlitlemenl to the funds. the amount can be reliably quantified and there is reasonable probability of its ultimate reipt. gl Forelgn 8xehang9 Assets denominated in foreign currenctes Are translated into sterling at the r*e applicable at the balance Sheet dale. Foreign ¢urrency transactSon$ during year have been tr8nslaled using the exchan9e rate in operation at the dale ol transactn. h) Expendlturè Expenditure is accounted for on an accruals basis. A1¢8bilily and related eXKIl1Vre Is Teccgnised when a leg81 or conslrucllve obllgalion commits the Trust lo expenditure that will probably require setuement. the amount of which can be reliably measured or estimated. Cost of raising funds comprlsè costs relating to the Investment portfolio. All expenditure including support costs and governanca c0515 are allocated to the 8pplicable expendSture categories in the Statement of Financial Activities (the SOFA). These costs ar8 low and have been charged directly to unrestrkted funds. l) Grant$ Grants are Included in resources eKpended when they have been approved by the Tnjstees and this has been communicated to the benefidary. 2 TRUSTEES REMUNERATION Th6 Trustees neither reIVed nor waived any emoluments during the period. No Trustee was reimbursed for any expenses incurred whilst acting on behalf of thg Trust. 3 INVESTMENT INCOME 2023 2022 Unrestricted Funds - equity dNidends Restricted Funds- equity dividends Endowment Funds- equity dividends 285 1.fj88 182,688 71 550 58.304 184.661 58,925 Page 12
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2023 4 INVESTMENT MANAGEMENT COSTS 2023 2022 Investmant management fees 5,584 54,623 During the year, £5,23612022'. £54,623) of inv$strnenl management costs were 8ttribulable lo endowment funds. 5 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES 2023 2022 Restrlcted Funds Grants lo Exeter College to suH)ort leaching Bwk grants for Exeter College undergraduates 330,1CM) 4,900 335,000 316.200 5,650 321.850 Unrestrlcted Funds Grants to Exeter College to support leachiThJ Support costs Govemance Costs15ee Note 111 15,000 2,213 5.464 22.677 20,000 2,839 4,820 27,659 The Trustees have agreed that all support and governance costs should be mel from unrestricted funds and so no allo¢8lK>n or charge is made to restricted funds lor any support and govemance related costs. 6 FIXED ASSET INVESTMENTS al Investmgnt Movoments Market value of investments at 1 Augusl 2022 Additions Disposal proceeds Net investment gains including foreign exchange mov8ments Maiket value of nStM•nts ot 31 July 2023 8,954,698 1.669,964 11.788,8951 4,407 .840.174 Histor5cal cost ot investments at 31 July 2023 8.330,776 b} Inv•stment analys5s 2023 Total 2022 Total Held out61da H¢ld In the the UK UK Equily investments Ili5tedl Altemative and other investments 3,471.986 2,123,928 5.595.914 7,054,036 2,788,217 456,043 3,244,260 1.900,662 6,260,203 2,579,971 8,840,174 8,954.698 7 DEBTORS 2023 2022 Donations receivabl8 Prepayments and accrued income 1.378 13.698 15.076 1.334 Page 13
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2023 8 CREDITORS: amounts falllng due withln on& ar 2023 2022 Revolving Credit Facility Isge Note 131 Grants payable Other creditors accruals 233,309 87,500 19,898 340,707 341,850 36,159 378,009 9 ENDOWMENT FUNDS Current year: New Net Incom01 Nèt Applied At 31 July Endowment IExpeJWitU" Investment tatal return 2023 r¢) galnl{lossl August 2022 Pemianent Endowment.. The Mlchael Cohen Philosophy Fellowshlp The Sir Arthur Bènso Philosophy Fellowship The Michael Cohèn History Fellowship The Michael Cohen Tuition Fund Totsl Permanent Endowment 1,763.700 37.489 2.539 174,6421 1,729.086 750,621 15,955 1,080 {31.7691 735,887 2,518,882 740 53.557 3,626 {106,4811 2.470,344 735,029 5,768832 15,624 122.625 1,058 8,303 31,109 720,602 1243,9811 5,655,919 740 Expendable Endowm&nt: The Michael Cohen Economics Fellowshlp Total Endowment 2,578.737 8,346,969 636 54.827 177.452 3,712 12.015 1109.0011 2,528,913 1352.982 8,184,832 1,378 Prlor year. New Net Incomel Net Appllèd At 31 July EndowTrent IExpenditiJ- Investment total r¢tum 2022 r81 ga5nllloss) August 2021 Pemianent Endowment: The Michael Cohen Philosophy Fellowship The Sir Arthur Benson Philosophy Fellowship The Michael Cohen History Fellowship The Michael Cohen Tuition Fund Total Pemianant Endowment 1.813.044 779 21,982 172.1051 1,763,7CX) 771,631 331 9.349 130,6901 750.621 2.588.470 715 1,111 31,361 1102.7751 2,518,882 755,604 5,928,749 323 9,155 71.847 30.053 735.029 1235,623) 5,768,232 715 Expendable Endowment: The Michael Cohen Ecommics Fellowship Total Endowment 2,650,107 8,578,856 619 1,137 3,681 32,107 103,954 1105.2331 2,578.737 340,856 8,346,969 1.334 Th8 Mlchael Cohen Phllosophy Fellowshlp This permanent endtswmenl fund was provided by Sir Ronald Cohen lo contribute towards a Philosophy F8llow5hip al the College. The Applied Total Return is credited to a rastricted incon fund shown in Note 10. The Mlchael Cohan Tuition Fund This permanent endowment fund was provided by Sir Ronald Cohen to support education at the College. The Applied Total Retum is credited lo the Gener81 Fund. The Slr Arthur Benson Philosophy Fellowship This pemianent endowment fund was provided by Mr Mark Houghlon.Berry as an 8ddilKn to The Ml¢haef Cohen Phllosophy Fund. The Applled Total Return is credlted to a restricted income fund shown in Note 10. Page 14
The Michael Cohen Trust Notes to the Financial Statements for the year end6d 31 July 2023 The Michael Cohen Hlstory Fellowshlp This permanent endowment fund was provided by Sir Ronald Cohen lo conlrtbute towards a History Fellowship at the College. Th8 Applied Total Return is credited to 8 re5tri¢led income fund shown in Note 10. The Mlchael Cohen E¢onomlcs F•llow5h5p Thi8 expendable endowment fund was provKJed by Sir Ronald Cohen in 2008 to eontribule towards an Econornr Felkjwship 8t the College. The Applied Total Retum is credited to a r8stri¢ted income fund sh(w4n in Note 10. 10 RESTRICTED AND UNRESTRICTED FUNDS Restrlct•d Funds.. Net Incomel Net Transfers August IExp¢ndlturel Invastmèrbt between 2022 galnlllossl funds Grants At 31 July 2023 The Mieha81 Cohen Philosophy Fellowship The Sir Arthur Bèn$on Phr1050phy Fellowship The mhael Cohen Htory Fellowship The Mi¢h8el Cohen Economw Fellowshlp Book Grants Schem 152,591 74.642 182.5001 144.733 61,801 31.769 115,0001 78,570 94,357 106,461 1112,6001 88.218 154.999 109.001 1120,0001 144,orx) 14,9001 335,000 77.148 1,688 111 74,047 Total Rè$trlctgd Funds 540,89 1.688 111 321,873 529,$68 Rastrlctgd Funds {prlor year).. At1 Net Incom81 Transfers Au9USt (Expendlturel Investment beon 2021 gainlllossl funds Grants At 31 July 2022 The Michagl Cohen Philosophy Fellowship The Sir Arthur Benson Philosophy Fellowship The Michael Cohen History Fellowship The Michael Cohen Economics Fellowship Book Grants Scheme 151.488 72,105 171,0(X)1 152,591 50.611 30,690 119.5001 61.801 107,582 102.775 1116.0(K)I 94,357 159,766 105.233 1110.0001 154.999 15,3501 80,967 550 981 77,148 Total Restrlct•d Funds $50,412 $50 981 310,803 321,850 540,B96 Book grants scheme The Exeter College Junior Common Room donate(J funds on the condltion that they should be spent only on projects connected with the artistic life gf the College, and Sn particular, the funds arè to be made available for a Book Gr8nts Scheme for junior rnembers of the CdlÉge. Unrestrleted Funds: At1 Net IDGomel Net TransfgTS August (Éxpendlturel Investm•nt between 2022 galnlllos$l funds (7,7391 20 7.719 Grants At 31 July 2023 Designated funds General funds Tolal Unrestrlctéd Fund$ 13481 7,392 7,740 16,0871 21,757 13.670 13,020 13,020 31.109 31,109 15.(X)O 15,000 Page 15
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2023 UnrÈstrided Funds Iprhor yearl: Net Incomel Net Transfèrs August IExpendi¢urel Investment bètween 2021 galnllloss) funds Grants At 31 July 2022 Designated funds General funds Total Unrestrlct•d Funds 10,429 10,429 7.588 17,5881 126 126 30,053 30,053 20,000 20,000 13,020 13,020 The general unrestricted funds represent accumulated income from the Trust's a¢tivilies thal are availabl8 for the gener81 purpose of the Trust. The designated fund5 represent accumulated funds in relation lo thè Revolving Credit Fa¢ility from Exeter College. 11 GOVERNANCE COSTS 2023 2022 Audrt fee Total governane• costs 5.464 5,464 4,820 4,820 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS As at end of July 2023: Investments Nèt Current Liabilities 2023 Total General Fund Re5trided Funds Endowments Total 13.670 641,672 8,184,832 8,840,174 13.670 1112.1041 529.568 8,184,832 8,728,070 112.104 As at end of July 2022: Investments Net Current Assots 2022 Total General Fund Restrlcted Funds Endowments Total 13,020 594,709 8.346,969 8,954,698 13.020 153,8131 540,896 8,346.969 8,900,885 153.813 13 RELATED PARTY TRANSACTIONS The Trust made a grant of £350.000 12022.. £341.8501 lo the College. £87,500 12022.. £Nill of th8 grant to the College was outstanding at the year end. Professor Sir Richard Trainor and Dr Barnaby Tas4or were both Trustees of thè College durin9 the rIOd under review. The Trust has entered into two Revolving Credit Facilities IRCF loans) of up to $1.58m each lin a9regate $3.16m or £2.45ml with Exeter College Ithe sole bgneficiary ol th$ Michael Cohen Trust) in order to invest in selected Apax funds. The RCF loans will be called as aThJ when capital calls are made on th& related investments held by the mhael Cohen TrLJSt. The College's retum on the RCF loans will be a combination of 3.25% interèst and a portion of any capital returns on the underfying Ap8x investments. Page 16
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2023 14 UNAPPLIED TOTAL RETURN Michael ohen Phi105ophy Fund 1,763,70QI Michael Cohen Tubtion Fund Sir Arthur Mlchael Mtcha81 Benson Cohrn Cohen Phllosophy Hl$tory Economlcs Fund Fellowship Fellow5hlp 750.621 2.518,882 2,578,737 8,346.969 740 638 1,378 55,137 56,445 182,688 11,5801 11.6181 15,2361 3,626 3,712 12.015 Total Endtswm¢nt Funds Opening Value of the Funds New Endowment Dividends and Int8resl Inveslrnent Management Costs InSImnt Gain$ 735,029 38,595 11,1061 2.539 16.085 14611 1.058 16,426 1471) 1,080 Less Orig5nal Glft Unapplied Total Return before Transfer to Incomo Application of lolal reium Unapplied total return at 31 July 2023 721,664 309.204 299.668 1,244,241 1,477,156 4.051,933 1.082.064 74,642 442.507 31,109 467,988 1,332,564 1,160,758 4,485,881 31.769 106,461 109,001 352,982 1.007.422 411,398 436.219 1,226,103 1,051,757 4,132.899 15 COMMITMENTS The Trust had total CL*mmStments of £1.586.320 at 31 July 202312022.. £1,509.1711 in spe of uncalled prwale equity investments. Page 17