Charity Registration Number 1094275 The Michael Cohen Trust Annual Report and Financial Statements For the year ended 31 July 2024 Page 1
Charity Registration Number 1094275 Reference and administrative Information Trustees: Sir Ronald Cohen Mr Mark Houghton-Berry Sir Richard Trainor (Demitted 30 September 2024) Dr Andrew Roe (Appointed 1 October 20241 Dr Barnaby Taylor Address: Exeter College Oxford, UK, OX1 3DP Bankers: Barclays Bank PLC, Leicester, UK Multrees Investor Services Ltd, London, UK Auditors: Moore Kingston Smith LLP, Chartered Accountants, London, UK Investment Managers: Partners Capital LLP, London, UK Page 2
Charity Registration Number 1094275 Report of the Trustees for the year ended 31 July 2024 The Trustees present their report along with the financial statements of the Michael Cohen Trust {the "Trusl"} for the year ended 31 July 2024. The financial statemenls 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 Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice (published July 2014) including Update Bulletin 2. Objectives and activities for the public benefit The objects of the trust are the promotion of education at Exeter College {the 'College"} in the University of Oxford. The aims of the Trust are.. To support leaching at the College, particularly in the areas of Philosophy, History and Economics, and elsewhere where the need is greatest. To support the students of the College, particularly those on lower incomes, by the provision of book grants and other appropriate support. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, and in implementing and planning future activities. In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit- running a charity (PB2)'. Grant making policy In the formative years of the Trust, no surplus funds were available to support the College's objectives and activities. However the Trustees now believe that the Trust is sufficiently well established to enable grants to be made on an annual basis. The College makes applications to the Trust and the Trustees assess these taking 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 ose of Grant 2024 £000 96.2 108.9 98.8 20.0 2023 £000 97.5 112.6 Philosophy teaching History teaching Economics teaching General teaching support Book grants for less well off students Total 120.0 15.0 328.9 350.0 AGhievements and performance The benefits of the Trust's work are the funding of teaching posts at the College. The provision of funding enables the College to recruit academics in History, Philosophy and Economics of the highest calibre on a long-term basis. In addition, the provision of the £4,950 book grant (2023.. £4,900) helped 99 first year undergraduates with a contribution towards their book Gosts. Page 3
Charity Registration Number 1094275 Financial Review During the year to 31 July 2024, the Trust reported net income of £410,974 (2023.. £172,815 net expenditure). Income of £82,916 {2023= £186,039) consists mainly of dividends from investments. Expenditure totalled £405,478 (2023: £363,261) and includes.. £328,850 {2023- £350,000) grant to Exeter College to fund incurred expenditure, £68,141 investment management fees and £8,487 other administrative costs. The value of investments increased by £733,536 12023.. £4,407} reflecting the improvement in the financial markets. The Trust's endowments are managed on a total return basis with a spending rule established to identify the amounts available for possible distribution as grants- further details are set out in note 1 le). As a resull of this policy, £361,352 has been transferred to expendable reserves in the current year12023= £352,982). Investment policy and performance The Trustees oversee the Trust's investments which are managed by Partners Capital and include a significant exposure lo private equity. The major donors are content with this approach. The majority of the Trust's investments are of a long-term nature and do not pay dividends. During the year. the total return on the Trust's investments was 9.3% 12023.. 2.10/0}, measured as {investment income + investment gains)lopening value of investments. The material improvement in this year reflected recovery in financial markets. Considering the market conditions in general, the Trustees regard this performance as satisfactory. Risk management The Trustees have examined the major slrategic, business and operational risks including political, economic and other (such as inflation), which the Trust faces and confirm Ihat systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The Trustees review the vulnerability of the Trust's assets to changes in financial markets (which represents the dominant risk to the charity) on a frequent basis. Reserves policy The Trust does not incur significant administrative expenditure, and employs no staff. The Trustees plan that the General Reserve retained by the Trust shall be broadly capable of meeting Mo years, worth of overhead expenditure. At 31st July 2024, the General Reserve amounted to £27,105 (2023: £21,757). The Trustees are therefore content with this level of reserves. Future Plans The Trust will Gontinue to invest the endowment according to its investment policies with the aim of producing the highest returns, so ensuring the Gontinued ability to support the funding of academic posts at the College. structure, governance and management The Michael Cohen Trust is an unincorporated Trust, constituted under a Trust Deed dated 7 March 2001 {updaled on 8112120211 and is a registered charity (no 1094275). The objects of the Trust are the advancement of education at Exeter College in the University of Oxford. The Trust does not actively fundraise, but achieves its objectives through careful stewardship of its investments. Page 4
Charity Registration Number 1094275 The Trustees are appointed by the Board of Trustees. The Trustees who have served during the year and sinGe the year-end are set out above. The founding Trustee, Sir Ronald Cohen, is appointed for life, or for as long as he wishes to serve as a trustee. Other Irustees are appoinled under the terms of the trust deed to serve for a Ihree year period and may be re-appointed. The trustees include at least one Fellow of Exeter College. The Trustees meet twice a year but there are subgroups, which include specialist Go-optees, which meet more frequently to discuss investment policy and to implement investment decisions. The Board of Trustees keeps the skill requirements of the Trustee body under review. Some of the Trustees are trustees of other, larger, charities and have exlensive experience and training as Iruslees. The Board recognises that it may be necessary to provide formal training for the Trustees and keeps this option under review. The day to day administration of the Trust is managed by the Finance and Estates Bursar and the Deputy Bursar of the College. Trustees, responsibilities in relation to the financial statements The Trustees are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. Charity law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practices and applicable law. including Financial Reporting Standard 102.. The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102). Under Charity Law the trustees must not approve the financial statements unless they are satisfied thal they give a true and fair view of the state of affairs of the Trust and of its net incoming or expenditure for that period. In preparing these financial statements, the trustees are required to: select the most suitable accounting policies and then apply them consistently- make judgements and accounting estimates that are rEasonable and prudent- slate whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in Ihe financial statements., state whether a Statement of Recommended Practice ISORPI applies and has been followed, subject to any material departures which are explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will Continue to operate. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charily's transactions and disclose with reasonable accuracy at any time the financial posilion of the charity and enable them to 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 prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by.. Dr Andrew Roe Trustee Date.. Page 5
Independent Auditor's Report to the Trustees of the Michael Cohen Trust Opinion We have audited the financial statements of the Michael Cohen Trust for the year ended 31 July 2024 which comprise the Slalernent of Financial Aclivilies, the Balance Sheet and notes lo the financial slalernenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law 2nd United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland. {United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial slatemenls.. give a true and fair view of the slate of the charity's affairs as at 31 July 2024 and of ils incoming resource5 and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK} {ISAs (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of al least twelve months from when the financial statements are aulhori5ed for issue. Oui responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections of thi5 report. Other information The other information comprises the information included in thè annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible lor the other information contained within the annual report. Our opinion on the financial slalemenls does not cover the other infomiation and, except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether there is a material misslatement in the financial statements themselves. If, based on the work we have performed, we conclude Ihal there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by ex¢eptlon We have nothing lo report in respect of the following mallers where the Charities A¢1 2011 requires us to report to you if, in our opinion- the information given in the Trustees, Annual Report 15 inconsistent in any material respects with the financial slatemenls., or the charity ha5 not kept adequate accounting records., or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Page 6
Independent Auditor's Report to the Trustees of the Michael Cohen Trust {cont'd) Responslbilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial slalernents and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial stslements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations, or have no realistic alternative but to do so. Auditors responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalements. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misslatemenl of the financial statements. whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud m8y involve collusion. forgery, intentional omissions. misrepresenlalions, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the charity s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a malerial uncertainly exists, we are required to draw attention in our auditorfs report lo the related disclosure5 in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audilorfs report. However, future events or conditions may cause the charity to cease lo continue as a going concern. Evaluate the overall presentation. structure and content of the financial slalement5. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 7
Independent Auditor's Report to the Trustees of the Michael Cohen Trust (cont'd) Explanation as to what extent the audit was considarèd capable of detecting irregularltles, including fraud Irregularities, including fraud, are instances of nOnompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to delecl material misstatements in respect of irregularities. including fraud. The exlenl lo which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are., to identify and assess the risks of material misslatemenl of the financial slalements due to fraud., to obtain sufficient appropriate audit evidence regarding the assessed risks of material migslalement due lo fraud, through designing and implementing appropriate responses to those assessed risks- and to respond appropriately lo instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with govemance of the chartly. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charity complies with these requirement5 by discussions with management and those Gharged with governance. We assessed the risk of material misslalement of the financial slatemenls. including the risk of material misstalemenl due to fraud and how il might occur, by holding discussions with management and those charged with governance. We inquired of managemenl and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroboralive evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example, forgery or intentional misrepresentations. or through collusion. Use of our report This report is made solely lo the charity's trustees, as a body. in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might slate to Ihe charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law. we do not accept or assume responsibility lo any party other than the charity and charity's trustees as a body. for our audit work, for this report, or for the opinion we have formed. ocrt Moore Kingston Smith LLP Statutory auditor 9 Appold Street London, EC2A 2AP Dale.. 19 Dember 2024 Moore Kingston Smith LLP is eligible lo act as auditor in terms of Section 1212 of the Companies Act 2006. Page 8
The Michael Cohen Trust Statement of Financial Activities For the year ended 31 July 2024 Notes Unrestricted Restricted Endowment Funds Funds Funds Total Total Funds 2024 Funds 2023 INCOME & ENDOWMENTS Donations and legacies Investment income Total Income 1.059 80,910 81,969 1,059 81,857 82,916 1,378 184,661 186,039 215 215 732 732 EXPENDITURE Cost of raising funds Investment management costs Charitable activities Promotion of education 13,962 54,179 68,141 5,584 28.487 308,850 337,337 357,677 Total Expenditure 42,449 308.850 54,179 405,478 363,261 Net income I (expenditure) before investment gains I Ilossesl {42,234) (308,118) 27,790 1322,562) (177,222} Net investment gains l {losses) 56,377 6,070 671,089 733.536 4.407 Net movement in funds before transfer 14.143 1302,048) 698,879 410,974 {172,815) Transfer between funds Net movement in funds 9&10 31,836 45,979 329.516 27,468 (361,3521 337,527 410,974 (172,815) Fund Balances at 1 August 2023 13,670 529,568 8,184.832 8,728.070 8.900,885 Fund Balances at 31 July 2024 9&10 59,649 557,036 8,522,359 9,139,044 8,728,070 All activities are continuing. There are no recognised gains and losses in the year other than those reported above. Page 9
The Michael Cohen Trust Balance Sheet at 31 July 2024 Notes 2024 2023 FIXED ASSETS Investment assets 9,676,932 8,840,174 CURRENT ASSETS Debtors 1,390 319,420 320,810 15,076 213,527 228,603 Cash and deposits CREDITORS: amounts falling due within one year 858,698 340,707 NET CURRENT ASSETS I (LIABILITIES) 537,888 112,104 NET ASSETS 9.139,044 8,728,070 FUNDS OF THE CHARITY Endowment Funds 8,522,359 8,184,832 Restricted Funds 10 557,036 529,568 Unrestricted Funds: Designated funds General funds 32,544 (8,087) 21,757 io 27,105 Total Funds 9,139.044 8.728,070 The financial statements on pages 9 to 17 were approved and authorised for issue by the Trustees on 17 December 2024. Dr Andrew Roe Trustee The notes on pages 11 to 17 form part of these financial Statements. Page 10
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2024 1 ACCOUNTING POLICIES a) Basis of preparation and assessment of going concern The charity's financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular 'FRS 102= The Financial Reporting Slandard applicable in the UK and Republic of Ireland, IFRS 1021. As a registered charity, and public benefit entity, the financial statements have also been prepared in accordance with 'The Statement of Recommended Practice applicable lo charities preparing their financial statements in accordance with FRS 102 {The Charities SORP {FRS 102)) including Update Bulletin 2. The financial statements have been prepared on a going concern basis and have been prepared under the historical cost convention except for the measurement of investments and certain financial assets and liabilities at fair value with movements in value reported within the Stalement of Financial Activities ISOFAI. Items are recognised at cost or transaction value unless othemise stated in the relevant notes to these accounts. The Truslees have considered possible events or conditions that might cast significant doubt on the Tmst's ability to continue as a going concern. The Trustees have assessed these risks, which confirm the Trust will have sufficient liquidity to operate for at least the next twelve months from the date of approval of these financial statements. The Trust therefore continues to adopt the going concern basis in preparing its financial statements. b) Accounting judgements and estimation uncertainty In preparing financial statements il is necessary to make certain judgements. estimates and assumptions that affect the amounts recognised in the financial statements. The most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of investment retum and the performan of investment markets. In the view of the Trustees, no as5umplions concerning the future or estimations of uncertainty affecting assets and liabilities al the balance sheet dale are likely to result in a material adjustmenl lo their carrying amounts in the next fin8ncial year. c) Investments Listed investments are staled at market value. Unquoted investments are valued based on information provided by the fund manager. Realised and unrealised gains and losses arising on the investments are credited or charged to the Statement of Financial Activities in the period they arise. All investment income is aGcounted for on a due date basis. d) Other flnancial instruments l. Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less. ii. Debtors and creditors Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected fulure receipts or payment discounted at a market rate of interest. Page 11
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2024 el Fund accounting The General Fund is available for use at the discretion of the Trustees in furtherance of Ihe general objectives of the Trust. Restricted Funds are subject lo specific restrictions imposed by donors. The Philosophy Endowment Fund and the History Fellowship Fund are accounted for as permanent endowments, and the Economics Fellowship Fund is accounted for as expendable endowment. These funds are set up to fund fellowships in their respective subjects. The major donors have agreed that these endowment funds will be invested on a total returr) basis and that an annual spending rule be established to identify the amounts available for distribution as grants. The Trustees have agreed that a sum equivalent to 4.0 /0 of endowment values, subject to smoothing. will be made available each year for possible allocation as grants in furtherance of the purposes of the Irust. fj Donations & Legacies Donations and Legacies received are credited either lo Endowment, Restricted or General Funds depending on Ihe wishes of the donor. Voluntary income is accounted for when the College has entitlement to the funds, the amount can be reliably quantified and there is reasonable probability of its ultimate receipt. g) Foreign exchange Assets denominated in foreign currencies are Iranslaled into sterling at the rate applicable at the balance sheet date. Foreign currency transactions during the year have been translated using the exchange rale in operation at the date of transaction. h) Expenditure Expenditure is accounted for on an accruals basis. A liability and related expenditure is recognised when a legal or conslruclive obligation commits the Trust to expenditure that will probably require settlement. the amount of which can be reliably measured or estimated. Cost of raising funds comprise costs relating to the investment portfolio. All expenditure including support costs and governance costs are allocated to the applicable expenditure categories in the Statement of Financial Activities (the SOFA}. These costs are low and have been charged directly to unreslricled funds. i) Grants Grants are included in resources expended when they have been approved by the Trustees and this has been communicated to the beneficiary. 2 TRUSTEES REMUNERATION The Trustees neither received nor waived any emoluments during the period. No Trustee was reimbursed for any expenses incurred whilst acting on behalf of Ihe Trust. 3 INVESTMENT INCOME 2024 2023 Unrestricted Funds - equity dividends Restricted Funds - equity dividends Endowment Funds- equity dividends 215 732 80,910 285 1,688 182,688 81,857 184.661 Page 12
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2024 4 INVESTMENT MANAGEMENT COSTS 2024 2023 Investment management fees 68,141 5,584 During the year, £54,17912023'. £5,236) of investment management costs were attrrbutable to endowment funds. 5 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES 2024 2023 Restrlcted Funds Grants to Exeter College to support teaching Book grants for Exeter College undergraduates 303,900 4.950 308.850 330,100 4,900 335,000 Unrestricted Funds Grants to Exeler College to support teaching Support costs Governance Costs (see Note 11} 20,000 2.209 6,278 28,487 15,000 2,213 5.464 22.677 The Trustees have agreed that all support and governance costs should be met from unrestricted funds and so no allocation or charge is made lo restricted funds for any support and govemance related costs. 6 FIXED ASSET INVESTMENTS a} Investment Movements Market value of investments at 1 August 2023 Additions Disposal proceeds Net investment gains including foreign exchange movements Market value of investments at 31 July 2024 8,840,174 1,073,923 1970,7011 733,536 9.676,932 Historical cost of investments at 31 July 2024 8.580,241 b) Investment analysis 2024 Total 2023 Total Held outside Held In the the UK UK Equity investments {lisled) Arternative and other investments 3.588.887 2,483,862 6,072.749 5,595,914 3.322.414 281,769 3,604.183 3,244,260 6,911.301 2.765,631 9.676,932 8,840.174 7 DEBTORS 2024 2023 Donations receivable Prepayments and accrued income 1.059 331 1,390 1,378 13.698 15,076 Page 13
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2024 8 CREDITORS: amounts falling due within one year 2024 2023 Revolving Credit Facility (see Note 13) Grants payable Olher creditors and accruals 467,162 328,850 62.686 858,698 233.309 87,500 19,898 340,707 9 ENDOWMENT FUNDS Current year: At 31 July 2023 New Endowment Nèt Incomol Net IExpenditu- Invèstment rèl gainl(loss) Applled total At 31 July return 2024 Permanent Endowment: The Michael Cohen Philosophy Fellowship The Sir Arthur Benson Philosophy Fellowship The Michael Cohen History Fellowship The Michael Cohen Tuition Fund Total Permanent Endowment 1,729,086 5,646 141,839 176,3881 1,800,183 735,887 2,403 6Q,329 132,511} 766.108 2,470,344 540 8,069 202,522 {109,011) 2.572,464 720,602 5,655,919 2.353 18.471 59,076 463,766 31.836 750,195 1249,746) 5.888,950 540 Expendable Endowment.. The Michael Cohen Economics Fellowship Total Endowrnent 2,528,913 8.184.832 519 8,260 207,323 1111.6061 2,633,409 (361,352) 8,522.359 1,059 26,731 671,089 Prior year: At 1 August 2022 New Endowment Net Incomel IExpendilu- Net Investment gainl{lossl Applied totsl At 31 July return 2023 Permanent Endowment: The Michael Cohen Philosophy Fellowship The Sir Arthur Benson Philosophy Fellowship The Michael Cohen History Fellowship The Michael Cohen Tuition Fund Total Permanent Endowment 1,763.700 37,489 2.539 174,6421 1.729.086 750,621 15,955 1,080 131,769} 735,887 2.518.882 740 53,557 3,626 (106.461} 2,470,344 735,029 5,768,232 15.624 122,625 1,058 8,303 31,109 720,602 1243,981} 5,655.919 740 Expendable Endowment: The Michael Cohen Economics Fellowship Total Endowment 2,578.737 8,346,969 638 54,827 177,452 3.712 12,015 (109,0011 2.528,913 {352,982) 8,184.832 1.378 The Michael Cohen Philosophy Fellowship This permanent endowment fund was provided by Sir Ronald Cohen lo contribute towards a Philosophy Fellowship at the College. The Applied Total Return is credited to a restricted income fund shown in Note 10. The Michael Cohen Tuition Fund This permanent endowment fund was provided by Sir Ronald Cohen to support educalion at the College. The Applied Total Return is credited to the General Fund. The Sir Arthur Benson Philosophy Fellowship This permanent endowment fund wa5 provided by Mr Mark Houghton-Berry as an addition lo The Michael Cohen Philosophy Fund. The Applied Total Return is credited to a restricted income fund shown in Note 10. Page 14
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2024 The Michael Cohen History Fellowship This permanent endowment fund was provided by Sir Ronald Cohen lo contribute towards a History Fellowship al the College. The Applied Total Return is credited to a restricted income fund shown in Note 10. The.Mi¢hael Cohen Economics Fellowshlp This expendable endowment fund was provided by Sir Ronald Cohen in 2008 to contribute towards an Economics Fellowship at the College. The Applied Total Return is credited to a restricled income fund shown in Note 10. 10 RESTRICTED AND UNRESTRICTED FUNDS Restricted Funds (current year): At 31 July 2023 Net In¢omel Net {Expenditurel Investment gainlllossl Transfers between funds Grants At 31 July 2024 The Michael Cohen Philosophy Fellowship The Sir Arthur Benson Philosophy Fellowship The Michael Cohen History Fellowship The Michael Cohen Economics Fellowship 144,733 76.388 {81,200) 139,921 78,570 32,511 (15,0001 96,081 88,218 109,011 {108.9001 88.329 144,000 111,606 198,800) 156.806 Book Grants Scheme 74,047 732 6,070 14,950} {308,850) 75,899 Total Restricted Funds 529,568 732 6,070 329,516 557.036 Restricted Funds (prior year): At 1 August Net Incomel Net 2022 {Expenditurel Investmant gainlllossl Tran$fer$ between funds Grants At 31 July 2023 The Michael Cohen Philosophy Fellowship The Sir Arthur Benson Philosophy Fellowship The Michael Cohen History Fellowship The Michael Cohen Economics Fellowship 152,591 74,642 182.5001 144,733 61,801 31,769 {15,000) 78,570 94,357 106,461 {112,600} 88,218 154,999 109.001 (120,0001 144,000 Book Grants Scheme 77,148 1.688 111 14.900) 74,047 Total Restricted Funds 540,896 1,688 321,873 {335,000) 529,568 Book grants scheme The Exeter College Junior Common Room donated funds on the condition that they should be spent only on projects connected with the artistic life of the College. and in particular, the funds are to be made available for a Book Grants Scheme for junior members ofthe College. Unrestricted Funds {current yearl: At 31 July Net IncomÈl Net Transfers 2023 IExp8nditurel Investment between gainlllossl funds 54.593 1.784 56,377 Grants At 31 July 2024 Designated funds General funds Total Unrestricted Funds 18,087) 21,757 13.670 (13.962} 8.272 (22,2341 32,544 27,105 59.649 31,836 31.836 20,000 {20,000) Page 15
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2024 Unrestricted Funds (prior year}: At1 August 2022 Net Incom81 Net Transfers (Expendlturel Investment between gainllloss) funds 17,739) 20 17,7191 Grants At 31 July 2023 Designated funds General funds Total Unrestricted Funds {3481 7,392 7,7401 18,087} 21,757 13,670 13,020 13,020 31,109 31,109 15,000 115,0001 The general unrestricted funds represent accumulated income from the Trust's aclivities that are available for the general purpose of the Trust. The designated funds represent accumulated funds in relation to the Revolving Credit Facility from Exeter College. 11 GOVERNANCE COSTS 2024 2023 Audit fee Total governance ¢osts 6.278 6.278 5,464 5,464 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS As at end of July 2024: Investments Net Current Liabilities 2024 Total General Fund Reslricled Funds Endowments Total 59.649 1,094.924 8,522,359 9,676,932 59,649 557,036 8,522,359 (537.888} 9,139,044 (537,888} As at end of July 2023.. Investments Net Current Liabilities 2023 Total General Fund Reslricled Funds Endowments Total 13,670 641,672 8,184,832 8.840.174 13.670 529,568 8.184,832 1112,104) 8.728.070 1112.104) 13 RELATED PARTY TRANSACTIONS The Trust made a granl of £328,850 {2023-. £350.0001 to the College. £328.850 {2023.' £87,500) of the grant to the College was oulslanding at the year end. Professor Sir Richard Trainor. Dr Andrew Roe and Dr Barnaby Taylor were also Trustees of the College during the period under review. The Trust has entered into three Revolving Credit Facilities (RCF loans) of up to $1.58m each (in agregale $4.74m or £3.69m} with Exeter College (the sole beneficiary of the Michael Cohen Trust} in order to invest in selected Apax fund5. The RCF loans will be called as and when capital calls are made on the related investments held by the Michael Cohen Trust. The College's return on the RCF loans will be a combination of 3.25Q/o interest and a portion of any capital returns on the underlying Apax investments. Page 16
The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2024 14 UNAPPLIED TOTAL RETURN Michael Cohen Philosophy Fund Michael Cohen Tuition Fund SirArthur Michael Ml¢hael Benson Cohen Cohen Philosophy Hlstory Economl¢s Fund Fellowship Fellowship 735,887 2,470,344 2,528,913 8,184,832 540 519 1,059 7,274 24,422 25,001 80,910 14,871) 116.3531 116,7411 (54,1791 60.329 202.522 207.323 671,089 Total Endowment Funds Opening Value of the Funds New Endowment Dividends and Interest Investment Management Costs Investment Gains 1,729,086 720,602 17,091 (11,4451 141,839 7,122 {4,769) 59.076 Less Original Gift Unapplied Total Return before Transfer to Income Application of total return Unapplied total return at 31 July 2024 {721,6641 1309,2041 1299,6681 {1,245,521) {1,478,313} {4,054,3701 1,154,907 76,388 472,827 31,836 498,951 32,511 1,435,954 1,266,702 4,829,341 109,011 111,606 361.3521 1,078,519 440,991 466,440 1,326,943 1,155,096 4,467,989 15 COMMITMENTS The Trust had total commitments of £1,868.709 at 31 July 2024 {2023= £1,586.3201 in respect of uncalled private equity investments. Page 17