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← The Michael Cohen Trust

2025-07-31-accounts

Charity Registration Number 1094275

The Michael Cohen Trust Annual Report and Financial Statements For the year ended 31 July 2025

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Charity Registration Number 1094275

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Reference and administrative Information

Trustees: Sir Ronald Cohen
Mr Mark Houghton-Berry
Sir Richard Trainor (Demitted 30 September 2024)
DrAndrew Roe (Appointed 1 October 2024)
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: PartnersCapitalLLP,London,UK

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Charity Registration Number 1094275

Report of the Trustees for the year ended 31 July 2025

The Trustees present their report along with the financial statements of the Michael Cohen Trust (the "Trust") for the year ended 31 July 2025. The financial statements 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 teaching 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:

Purpose of Grant 2025 2024
£000 £000
Philosophyteaching 86.7 96.2
History teaching 122.0 108.9
Economics teaching 125.1 98.8
General teaching support 15.0 20.0
Book grants for less well off students 5.2 5.0
Total 354.0 328.9

Achievements 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 £5,200 book grant (2024: £4,950) helped 104 first year undergraduates with a contribution towards their book costs.

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Charity Registration Number 1094275

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Financial Review

During the year to 31 July 2025, the Trust reported net income of £228,387 (2024: £410,974). Income of £65,054 (2024: £82,916) consists mainly of dividends from investments. Expenditure totalled £442,199 (2024: £405,478) and includes: £354,000 (2024: £328,850) grant to Exeter College to fund incurred expenditure, £80,897 investment management fees and £7,302 other administrative costs. The value of investments increased by £605,532 (2024: £733,536) reflecting the improvement in the financial markets.

The Trust's endowments are managed ona 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(e). As a result of this policy, £370,000 has been transferred to expendable reserves in the current year (2024: £361,352).

Investment policy and performance

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 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 7.3% (2024: 9.3%), measured as (investment income + investment gains)/opening value of investments. The material improvement in the past two years 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 strategic, business and operational risks including political, economic and other (such as inflation), which the Trust faces and confirm that 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 two years' worth of overhead expenditure. At 31st July 2025, the General Reserve amounted to £39,080 (2024: £27,105). The Trustees are therefore content with this level of reserves. ;

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Future Plans

The Trust will continue to invest the endowment according to its investment policies with the aim of producing the highest returns, so ensuring the continued 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 (updated on 8/12/2021) 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.

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Charity Registration Number 1094275

The Trustees are appointed by the 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 wishes to serve as a trustee. Other trustees are appointed under the terms of the trust deed to serve for a three 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 co-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 extensive experience and training as trustees. 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 that 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:

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position 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:

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Dr Andrew Roe
Trustee
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Date: 11 December 2025

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 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern 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 to 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 at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ;

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to 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 misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

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Independent Auditor's Report to the Trustees of the Michael Cohen Trust (cont'd)

Responsibilities 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 statements 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 statements that are free from material misstatement, whether due to fraud or error. !

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to 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 statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it 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 statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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.

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18 December 2025

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The Michael Cohen Trust Statement of Financial Activities For the year ended 31 July 2025

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Notes Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2025 2024
£ £ £ £ £
INCOME & ENDOWMENTS
Donations and legacies - - 600 600 1,059
Investment income 3 203 567 63,684 64,454 81,857
Total Income 203 567 64,284 65,054 82,916
EXPENDITURE
Cost of raising funds
Investment management costs 4 23,186 - 57,711 80,897 68,141
Charitable activities
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Promotion of education 5 22,302 339,000 - 361,302 337,337
Total Expenditure 45,488 339,000 57,711 442,199 405,478
Net income / (expenditure) before
investment gains / (losses) (45,285) (338,433) 6,573 (377,145) (322,562)
Net investment gains / (losses) 134,584 4,157 466,791 605,532 733,536
Net movement in funds before
transfer 89,299 (334,276) 473,364 228,387 410,974
Transfer between funds 9&10 32,589 337,411 (370,000) - -
Net movement in funds 121,888 3,135 103,364 228,387 410,974
Fund Balances at 1 August 2024 59,649 557,036 8,522,359 9,139,044 8,728,070
FundBalancesat31July2025 9&10 181,537 560,171 8,625,723 9,367,431 9,139,044

All activities are continuing. There are no recognised gains and losses in the year other than those reported above.

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The Michael Cohen Trust Balance Sheet at 31 July 2025

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Notes 2025 2024
£ £
FIXED ASSETS
Investment assets 6 10,600,848 9,676,932
CURRENT ASSETS
Debtors 7 1,659 1,390
Cash and deposits 118,709 319,420
120,368 320,810
CREDITORS: amounts falling due within one year 8 1,353,785 858,698
NETCURRENTASSETS/ (LIABILITIES) (1,233,417) (537,888)
NETASSETS
—		 9,367,431 9,139,044
FUNDS OF THE CHARITY
Endowment Funds 9 8,625,723 8,522,359
Restricted Funds 10 560,171 557,036
Unrestricted Funds:
Designated funds 10 142,457 32,544
General funds 10 39,080 27,105
TotalFunds 9,367,431 9,139,044

The financial statements on pages 9 to 17 were approved and authorised for issue by the Trustees on 11 December 2025.

Dr Andrew Roe Trustee

The notes on pages 11 to 17 form part of these financial statements.

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Page 10

The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2025

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 Standard applicable in the UK and Republic of Ireland’ (FRS 102). As a registered charity, and public benefit entity, the financial statements have also been prepared in accordance with ‘The Statement of Recommended Practice applicable to 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 Statement of Financial Activities (SOFA). Items are recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

The Trustees have considered possible events or conditions that might cast significant doubt on the Trust'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 it 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 return and the performance of investment markets.

In the view of the Trustees, no assumptions concerning the future or estimations of uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

c) Investments

Listed investments are stated 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 accounted for on a due date basis.

d) Other financial instruments

i. 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. - fi. 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 future receipts or payment discounted at a market rate of interest.

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The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2025

e) Fund accounting

The General Fund is available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust.

Restricted Funds are subject to 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 return 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% of endowment values, subject to smoothing, will be made available each year for possible allocation as grants in furtherance of the purposes of the trust.

f) Donations & Legacies

Donations and Legacies received are credited either to Endowment, Restricted or General Funds depending on the 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 translated into sterling at the rate applicable at the balance sheet date. Foreign currency transactions during the year have been translated using the exchange rate 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 constructive 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 unrestricted 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 the Trust.

3 INVESTMENT INCOME 2025 2024
£ £
Unrestricted Funds - equity dividends 203 215
Restricted Funds - equity dividends 567 732
Endowment Funds - equity dividends 63,684 80,910
64,454 81,857

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The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2025

4 INVESTMENT MANAGEMENT COSTS 2025 2024
£ £
Investmentmanagementfees 80,897 68,141

During the year, £57,711 (2024: £54,179) of investment management costs were attributable to endowment funds. The balance relates to interest accruing on the Revolving Credit Facility from Exeter College.

5 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES 2025 2024
£ £
Restricted Funds
Grants to Exeter College to support teaching 333,800 303,900
Book grants for Exeter College undergraduates 5,200 4,950
339,000 308,850
Unrestricted Funds
Grants to Exeter College to support teaching
__		 15,000 20,000
Support costs 1,029 2,209
Governance Costs (see Note 11) 6,273 6,278
22,302 28,487

The Trustees have agreed that all support and governance costs should be met from unrestricted funds and so no allocation or charge is made to restricted funds for any support and governance related costs.

6 FIXED ASSET INVESTMENTS

a) Investment Movements £
Market value of investments at
1 August 2024		 9,676,932
Additions 2,152,896
Disposal proceeds (1,834,512)
Net investment gains including foreign exchange movements 605,532
Market value ofinvestments at 31 July 2025 10,600,848
Historicalcostofinvestmentsat31July2025 10,006,391

b) Investment analysis

b) Investment analysis
2025 2024
Held outside Held in the Total Total
the UK UK
£ £ £ £
Equity investments (listed) 3,239,593 3,080,082 6,319,675 6,072,749
Alternative and other investments 4,136,171 145,002 4,281,173 3,604,183
7,375,764 3,225,084 10,600,848 9,676,932
7 DEBTORS 2025 2024
£ £
Donations receivable 1,659 1,059
Prepayments and accrued income - 331
1,659 1,390

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The Michael Cohen Trust . Notes to the Financial Statements for the year ended 31 July 2025

8 CREDITORS: amounts falling due within one CREDITORS: amounts falling due within one year 2025 2024
£ £
Revolving Credit Facility (see Note 13) 922,867 467,162
Grants payable 354,000 328,850
Other creditors and accruals 76,918 62,686
1,353,785 858,698
9 ENDOWMENT FUNDS
Current year: At 31 July New Net Income/ Net Applied At 31 July
2024 Endowment (Expenditu- Investment total return 2025
re) gain/(loss)
Permanent Endowment:
The Michael Cohen
Philosophy Fellowship 1,800,183 - 1,261 98,626 (78,197) 1,821,873
The Sir Arthur Benson
Philosophy Fellowship 766,108 - 536 41,959 (33,280) 775,323
The Michael Cohen
History Fellowship 2,572,464 300 1,803 140,891 (111,640) 2,603,818
The Michael Cohen
Tuition Fund 750,195 - 527 41,087 (32,589) 759,220
Total Permanent Endowment 5,888,950 300 4,127 322,563 (255,706) 5,960,234
Expendable Endowment:
The Michael Cohen
Economics Fellowship 2,633,409 300 1,846 144,228 (114,294) 2,665,489
Total Endowment 8,522,359 600 5,973 466,791 (370,000) 8,625,723
Prior year: At 1 August New Net Income/ Net Applied At 31 July
2023 Endowment (Expenditu- Investment total return 2024
re) gain/(loss)
Permanent Endowment:
The Michael Cohen
Philosophy Fellowship 1,729,086 - 5,646 141,839 (76,388) 1,800,183
The Sir Arthur Benson
Philosophy Fellowship 735,887 - 2,403 60,329 (32,511) 766,108
The Michael Cohen
History Fellowship 2,470,344 540 8,069 202,522 (109,011) 2,572,464
The Michael Cohen
Tuition Fund 720,602 _ 2,353 59,076 (31,836) 750,195
Total Permanent Endowment 5,655,919 540 18,471 463,766 (249,746) 5,888,950
Expendable Endowment:
The Michael Cohen
Economics Fellowship 2,528,913 519 8,260 207,323 (111,606) 2,633,409
TotalEndowment 8,184,832 1,059 26,731 671,089 (361,352) 8,522,359

The Michael Cohen Philosophy Fellowship

This permanent endowment fund was provided by Sir Ronald Cohen to 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 education at the College. The Applied Total Return is credited to the General Fund.

The Sir Arthur Benson Philosophy Fellowship

This permanent endowment fund was provided by Mr Mark Houghton-Berry as an addition to The Michael Cohen Philosophy Fund. The Applied Total Return is credited to a restricted income fund shown in Note 10.

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The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2025

The Michael Cohen History Fellowship

This permanent endowment fund was provided by Sir Ronald Cohen to contribute towards a History Fellowship at the College. The Applied Total Return is credited to a restricted income fund shown in Note 10.

The Michael Cohen Economics Fellowship

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 restricted income fund shown in Note 10.

10 RESTRICTED AND UNRESTRICTED FUNDS

Restricted Funds At 31 July Net Income/ Net Transfers Grants At 31 July
(current year): 2024 (Expenditure) Investment between 2025
gain/(loss) funds
The Michael Cohen
Philosophy Fellowship 139,921 - - 78,197 (71,700) 146,418
The Sir Arthur Benson
Philosophy Fellowship 96,081 ~ - 33,280 (15,000) 114,361
The Michael Cohen
History Fellowship 88,329 - - 111,640 (122,000) 77,969
The Michael Cohen
Economics Fellowship 156,806 - - 114,294 (125,100) 146,000
Book Grants Scheme 75,899 567 4,157 - (5,200) 75,423
Total Restricted Funds 557,036 567 4,157 337,411 (339,000) 560,171
Restricted Funds At1 August Net Income/ Net Transfers Grants At 31 July
(prioryear): 2023 (Expenditure) Investment
gain/(loss)		 between
funds		 2024
The Michael Cohen
Philosophy Fellowship 144,733 - - 76,388 (81,200) 139,921
The Sir Arthur Benson
Philosophy Fellowship 78,570 - - 32,511 (15,000) 96,081
The Michael Cohen
History Fellowship 88,218 - - 109,011 (108,900) 88,329
The Michael Cohen
Economics Fellowship 144,000 - - 111,606 (98,800) 156,806
Book Grants Scheme 74,047 732 6,070 - (4,950) 75,899
Total Restricted Funds 529,568 732 6,070 329,516 (308,850) 557,036
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 juniormembers ofthe College.
Unrestricted Funds
(currentyear):		 At 31 July
2024
~~		 Net Income/
(Expenditure)		 Net
Investment		 Transfers
between		 Grants At31 July
2025
gain/(loss) funds
Designated funds 32,544 (23,186) 133,099 - - 142,457
General funds
TotalUnrestrictedFunds		 27,105
59,649		 (7,099)
(30,285)		 1,485
734,584		 32,589
32,509		 (15,000)
(15,000)		 39,080
187,537

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 of the College.

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_ The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2025.

Unrestricted Funds At 1 Net Income/ Net Transfers Grants At 31 July
(prioryear): August (Expenditure) nvestment between
2023
.		 gain/(loss) funds
Designated funds (8,087) (13,962) 54,593 - - 32,544
General funds
TotalUnrestrictedFunds		 21,757
“43,670		 (8,272)
(22,234)		 1,784
56,377		 31,836
31,836		 (20,000)
(20,000)		 27,105
59,649"

The general unrestricted funds represent accumulated income from the Trust's activities 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 2025 2024
£ £
Audit fee 6,273 6,278
Total governance costs : 6,273 6,278
12 ANALYSIS OF NETASSETS BETWEEN FUNDS
As at end ofJuly 2025: Investments Net 2025 Total
Current -
Liabilities
General Fund 181,537 - 181,537
Restricted Funds 1,793,588 (1,233,417) 560,171
Endowments 8,625,723 - 8,625,723
Total 10,600,848 (1,233,417) 9,367,431
As at end ofJuly2024: Investments Net 2024 Total
Current
Liabilities
General Fund 59,649 - 59,649
Restricted Funds 1,094,924 (537,888) 557,036
Endowments 8,522,359 - 8,522,359
Total 9,676,932 (537,888) 9,139,044

13 RELATED PARTY TRANSACTIONS

The Trust made a grant of £354,000 (2024: £328,850) to the College, all of which remained outstanding at the year end. 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 agregate $4.74m or £3.6m) with Exeter College (the sole beneficiary of the Michael Cohen Trust) in order to invest in selected Apax funds. 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 3.25% interest and a portion of any capital returns on the underlying Apax investments.

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The Michael Cohen Trust Notes to the Financial Statements for the year ended 31 July 2025

14 UNAPPLIED TOTAL RETURN

Michael Michael SirArthur Michael Michael Total
Cohen Cohen Tuition Benson Cohen Cohen Endowment
Philosophy Fund Philosophy History Economics Funds
Fund Fund Fellowship Fellowship
Opening Value ofthe Funds 1,800,183 750,195 766,108 2,572,464 2,633,409 8,522,359
New Endowment - - - 300 300 600
Dividends and Interest 13,451 5,606 5,724 19,224 19,679 63,684
Investment Management Costs (12,190) (5,079) (5,188) (17,421) (17,833) (57,711)
Investment Gains 98,626 41,087 41,959 140,891 144,228 466,791
Less Original Gift
Unapplied Total Return before		 (721,664) (309,204) (299,668) (1,245,821) (1,478,613) (4,054,970)
Transfer to Income 1,178,406 482,605 508,935 1,469,637 1,301,170 4,940,753
Application oftotal return
Unapplied total return at 31 July		 (78,197) (32,589) (33,280) (111,640) (114,294) (370,000)
2025 1,100,209 450,016 475,655 1,357,997 1,186,876 4,570,753

15 COMMITMENTS

The Trust had total commitments of £1,725,977 at 31 July 2025 (2024: £1,868,709) in respect of uncalled private equity investments.

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