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 nOn￿ompliance 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 De￿mber 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