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.
StTuc*urg* 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 p￿VentIOn 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 appI￿ab￿ 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$pDn5ibilities in accordance with these reQuI￿rnents. We believe Ihat the audit evidence we have obtained 15
Sufficient and appropriate to Fvovide a basis for our opinion.
Concluslon$ 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 the￿oTr. 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 ￿nC￿lS1On the￿on.
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 kr￿ledge 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 finan￿8{ 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 profession818cept￿1Srn
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.
Cor￿lude 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 attent￿n 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 p￿Sentat￿)n, structure and content of the flnandal ststements. indvding the disGlosures. and
whether the financkql statements represent th8 Underf￿n0 transactions and events In a rnann8r tha¢ achleves fair
preSentst￿n.
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
$taternen15 due to fraud,. to obtain 5uffi¢ient appropriate audit evSdence regarding the assessed risks of material misstalernent
due lo fraud, through des￿nInG and iMp￿Men￿ng appropriat8 r88pons&s to those a5sess8d risks,. and lo respond
appropriately to instances of fraud or suspected fraud identified dtsring the audit. However, the primary respon￿bility for Ihe
prevention and detection of fraud rests with both management an(J those charged with y)vernance of the charity.
Our apFvo8ch was 8$ 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 discus￿On$ 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 rnL8rep￿sentalion8.
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 {l￿se$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 b￿n prepa￿d on a going concern basis and have been wepared under (ho
historical cosl convention ex￿pt 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 ca￿led 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 availa￿e e￿h
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 re￿ipt.
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 transact￿n.
h) Expendlturè
Expenditure is accounted for on an accruals basis. A1¢8bilily and related eX￿￿KIl1Vre 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 re￿IVed 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 ￿n￿StM•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 8ddilK*n 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$on
Phr1050phy Fellowship
The m￿hael Cohen
H￿tory Fellowship
The Mi¢h8el Cohen
Economw Fellowshlp
Book Grants Schem
152,591
74.642
182.5001 144.733
61,801
31.769
115,0001
78,570
94,357
106,461
1112,6001
88.218
154.999
109.001
1120,0001 144,orx)
14,9001
335,000
77.148
1,688
111
74,047
Total Rè$trlctgd Funds
540,89
1.688
111
321,873
529,$68
Rastrlctgd Funds
{prlor year)..
At1
Net Incom81
Transfers
Au9USt (Expendlturel Investment be￿o￿n
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 m￿hael 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$tory
Economlcs
Fund
Fellowship Fellow5hlp
750.621 2.518,882 2,578,737 8,346.969
740
638
1,378
55,137
56,445
182,688
11,5801
11.6181
15,2361
3,626
3,712
12.015
Total
Endtswm¢nt
Funds
Opening Value of the Funds
New Endowment
Dividends and Int8resl
Inveslrnent Management Costs
In￿SIm￿nt Gain$
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