REGISTEREO CHARITY NUMBER 1111552
The CafflbridgeTrust
forNewThinking
inEconomics
THE CAMBRIDGE TRUST FOR
NEW THINKING IN ECONOMICS
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
TRUST INFORMATION
Founder
Professor T S Barker
Trustees
Professor T S Barker
Professor P Arestis
Mr R G Lewney
Mr D M FTaylor
Dr A Anger-Kraavi
Address
19A Covent Garden
Cambridge
CBI 2HT
Solicitors
Taylor Vinters
Merlin House
Milton Road
Cambridge
CB4 ODP
Auditors
Ensors Accountants LLP
1st Floor, Victory House
Vision Park
Chivers Way
Histon
Cambridge
CB24 9ZR
Bankers
HSSC
32 Market Hill
Cambridge
CB2 3HZ

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
CONTENTS
Page
Trustees, report
Independent auditor's report to the Trustees
Con501idated statement of financial activities
Consolidated balance sheet
io
Consolidated statement of cash flows
li
Notes to the financial statements
11-28

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
TRUSTEES, REPORT
FOR THE YEAR ENDED 30 JUNE 2022
The Trustees have pleasure in presenting their report and the financial statements for the year ended
30 June 2022. In preparing this report the Trustees have complied with the Charities Act 2011. the
Accounting and Reporting by Charities.. Statement of Recommended Practice published July 2014 a5
updated IFRS102 SORPI, applicable accounting standards and the Trust Deed dated 28 September
2005.
REFERENCE AND ADMINISTRATIVE INFORMATION
The Trust was founded in 2005 and is registered with the Charity Commission for England and Wales
under charity number 1111552.
The Trustees who served throughout the year, principal address and professional advisors are given
on the Trust information page.
STRucfuRE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is governed by its Trust Deed dated 28 September 2005.
Governing body
The governing body consists of the Trustee5. The power of appointing new Trustees is vested in the
Founder, Professor T S Barker.
Recrultment and training of Trustees
New Trustee5 may be appointed at any time, subject to the total number of Trustees not exceeding
seven. New Trustees do not undertake a formal induction process.
Organisational management
The Trustees are legally responsible for the overall management and control of the Trust and meet at
least twice a year.
Group structure and relationships
The Trust holds 51.22% of the issued share capital of Cambridge Econometrics Limited, a non-
charitable company, which in turn has trading subsidiaries whose activities and trading performance
are discussed below.
The Trustees are responsible for the efficient running of the Trust and for all aspects of policy and
strategy implementation.

THE CAMBRIDGE TRUST FOR NEWTHINKING IN ECONOMICS
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30JUNE 2022
Risk management
The Trustees are responsible for the management of the risks faced by the Trust. Risks are identified
and assessed throughout the year. The Trustees are satisfied that the major risks identified have been
adequately mitigated where necessary. The Trustees recogni5e that systems can only provide
reasonable but not absolute assurance that major risks have been adequately managed.
OBJECTIVES AND AcfiviTIES
Charitable obSect5
The Trust is established to advance education in the field of economics for the benefit of the public,
with particular regard to the following principles..
that economic behaviour is primarily social rather than individual,.
that economic behaviour is influenced by aesthetic and ethical values as well as economic
values,. and
that the pursuit of self-interest in economic behaviour can impact adversely on both
society and the environment.
The Trustee5 have given due consideration to Charity Commission published guidance on the
operation of the public benefit requirement.
Aims and intended impact
The Trust aims to educate the public in developing practices and policies that recognise and redress
the adverse effects that arise from a lack of awareness of the above principles.
Objectives, strategies to achieve the objectives and principal activities for the year
The Trust scheduled a a conference 'Economic policies for a post neoliberal world, to be held at
Downing College. Cambridge on 17th March 2020. This conference was postponed due to the
COVID19 Pandemic. The Trust plans to hold it's next conference 'Policies to tackle the cost of living
crisis, on 8th March 2023.
The principal activity of the Trust's trading subsidiary companies continued to be the provision of
economic consultancy and forecasting services.

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
FINANCIAL REVIEW AND RESULTS FOR THE YEAR
Results for the year
The Trust's trading subsidiary companies results show a profit after taxation of £107,660 12021
£92,887). The Trust had net expenditure of £69,20012021- £13,479).
Principal funding sources
The Trust's principal funding source is income from conferences. The Trust received £nil12021- £nill
of income from the conferences. The trading subsidiary made a donation of £24,58S12021 - £nill to
the Trust during the year.
INVESTMENT POLICY AND PERFORMANCE
The Trustees aim to maximise the total investment return as a means of earning revenue on funds
until they are required to meet the Trust's objectives. The Trustees have invested cash reserves in
bank dep051t accounts.
RESERVES POLICY
The Trust holds reserves in order to fund anticipated expenditure for the following year. The Trust has
uncommitted reserves available for current activities amountinB to £82.179 1202 1 - £69,9941. This
reserves policy doe5 not take into account the reserves held in the trading subsidiary.
The Trustees consider that this level of reserves is appropriate and adequate for the Trust.
PLANS FOR FUTURE YEARS
Looking forward, the Trustees will be 5eekir>g opportunities to achieve the stated objective to advance
education in the field of economics for the benefit of the public.
The Trust will continue to support occasional seminars and consider sponsorship requests as thev
arise.

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
TRUSTEES, REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
AUDITORS
The Trustees will consider the reappointment of the auditors, Ensor5 Accountants LLP, at the next
Trustees meeting.
STATEMENT OF TRUSTEES, RESPONSIBILITIES
Law applicable to Charities in England and Wales requires the Trustees to prepare financial statements
for each financial year which give a true and fair view of the Trust's activities and financial position at
the end of the year. Under that IBW the Trustee5 have elected to prepare the financial statements in
accordance with United Kingdom Generally Accepted Accounting Prattice (United Kingdom
Accounting Standards and applicable lawl. In preparing accounts giving a trus and fair view, the
Trustees should follow best practice and=
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP..
make judgements and estimates that are reasonable and prudent,.
state whether applicable accounting standard5 and statements of recommended practice
have been followed subject to any departures disclosed and explained in the accounts,. and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in operation.
The Trustees have overall responsiblity for ensuring that the charity and its trading subsidiary are
keeping proper proper accounting records that 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 hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Trustees on
and signed on their behalf by..
Professor T S Barker
Trustee

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CAMBRIDGE TRUST FOR NEW
THINKING IN ECONOMICS
Opinion
We have audited the financial statements of the Cambridge Trust for New Thinking in Economics (the
'ch3rity'l and its group for the year ended 30 June 2022 set out on Pages 9 to 28. 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..
give a true and fair view of the state of the charity's affairs as at 30 June 2022 and of its
incoming resources 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 IUKI IISAS IUKII 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
We have nothing to report in respect of the following matters in relation to which the ISA5 IUKI
require u5 to report to you where..
the trustees, Use of the going concern basi5 of accounting in the preparation of the financial
statements is not appropriate,. or
the trustees have not disclosed in the financial statements any identified material uncertainties
that may cast significant doubt about the charity's ability to continue to adopt the going concern
basis of accounting for a period of at least twelve months from the date when the financial
statements are aLJthorised for issue.

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
INDEPENDENT AUDITOR5, REPORT TO THE TRUSTEES OF THE CAMBRIDGE TRUST FOR NEW
THINKING IN ECONOMICS
Other information
The trustees are responsible for the other information. The other information comprises the
information included in the annual report, other than the financial statements and our auditorfs
report thereon. 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.
In connection wilh our audit of the financial statements, 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 audit or Othern￿lse appears to be materially
mi55tated. If we identify such material inconslStencie5 or apparent material misstatements, we are
required to determine whether there is a material misstatement in the financial statements or a
material misstatement of the other information. 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
In the light of the knowledge and understanding of the charity and its environment obtained in the
course of the audit. we have not identified material misstatements in the Trustees, Report.
We have nothing to report in respect of the following matters in relation to which the Charaties
(Accounts and Report51 Regulations 2008 require5 US to report to you if, in our opinion..
the information given in the trsutee's report is inconsistent in any material respect with the
financial statements-, or
sufficent accounting records have not been kept,. or
the financial statemenst are not in agreement with the accounting records,. or
we have not received all the information and explanations we require for Ouf audit.
Responsibilities of trustees
As explained more fully in the Trustees, Responsibilities Statement set out on page 4. 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 statement5 that are free from material misstatement, whether due to fraud
orerror.

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CAMBRIDGE TRUST FOR NEW
THINKING IN ECONOMICS
Auditor's responsibilities for the audit of financial statements
We have been appointed as auditor under section 152 of the Charities Act 2011 and report in
accordance with regulation5 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 auditols report that includes our
opinion. Reasonable as5ur3nce is a high level of assurance, but is not 3 guarantee that an audit
conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
Irregularities, including fraud, are instances of non-compli3nce with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including fraud. The extent to which our procedLtres are capable of detecting
irregularities, including fraud, is detailed below.
In identifyin8 and assessing risks of material misstatement in respect of irregularities. including fraud,
the audit engagement team=
obtained an understanding of the nature of the industry and sector, including the legal and
regulatory framework that the company operates in and how the company are complying with
the legal and regulatory framework,.
inquired of management, and those charged with governance. about their own identification
and assessment of the risks of irregularities, including any known actual, suspected or alleged
instances of fraud,.
discussed matters about non-compliance with laws and regulations and how fraud might occur
including assessment of how and where the financial statements MBY be susceptible to fraud.
However, it is the primary responsibility of management, with the oversight of those charged with
governance, to ensure that the entity's operations are conducted in accordance with the provisions of
laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial Statements is located on the
Financial Reporting Council's website at: http.'l/www.frc.org.uk/auditorsresponsibilities. This
description forms part of our auditorfs report.

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE CAMBRIDGE TRUST FOR NEW
THINKING IN ECONOMICS
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the
Charaties (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we
might state to the 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 extent permitted by law, we do not accept or assume
responsibility to anyone other than the charity and the charity's trustees as a body, for our audit
work, for this report, or for the opinions we have formed.
Ensors Accountants LLP is eligible for appointment as auditor of the charity by virtue of its elibility for
appointment as auditor of a company under section 1212 of the Companie5 Act 2006.
Ensors Accountants LLP
Chartered Accountants
Statutory Auditor
1st Floor, Victory House
Vision Park
Chivers Way
Histon
Cambridge
CB24 9ZR
Date..

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
CONSOLIDATED STATEMENTOF FINANCALACTIVITIES
FOR THE YEAR ENDED 30JUNE 2022
Unrestrirted Restricted
Funds
Funds
2022
2022
Total
Funds
2022
Unrestrlrted Restricted
Funds
Funds
2021
2021
Total
Funds
2021
Noie
INCOME
Charitable activitie5
Other trading activities
81.385
81,385
4,036,111 4,036,111
3,674,128 3,674,128
Total income
81.385 4.036,111 4,117,496
3.674.128 3,674,128
EXPENDITURE
Cost5 of generating fund5
62,887
62,887
6,313 3.928,451 3,934,764
6,979
6,979
6,500 3.581,241 3,587.741
Other costs
Totsl expenditure
69,200 3,928,451 3,997,651
13,479 3,581,241 3,594.720
NET INCOME I IEXPENDITUREI
12,185
107,660
119.84S
113,4791
92,887
79.408
Other gainslllossesl
19
152,5171 152,5171
169,2961 169,2961
NET MOVEMENT IN FUNDS
12,185
55,143
67.328
113,4791
23,591
10.112
RECONCILIATION OF FUNDS
Fund balances at l July
69,994
850,795
920,789
83,473
827,204
910,677
FUND BALANCES AT 30 JUNE
82,179
905,938
988,117
69,994
850,795
920,789
All re5uIt5 relate to continuing operation5.

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
TRUST AND CONSOLIDATED BALANCE SHEETS
FOR THE YEAR EAIDED 30 JUNE 2022
Group
2022
Group
2021
Trust
2022
Trust
2021
Note
rixed as5etg
Intangible assets
Tangible assets
Investment in trading subsidiary
406
81,248
io
li
99.073
108
99,073
81,654
108
Curfent asset5
Debtors
Cash at bank and in hand
12
2.083.340 2,586.490
674.069
881,395
25,365
90,127
72,936
2.757,409 3,467,885
115,492
72,936
Creditors.. 3mounts falling due within one
year
13
1971.2481 11,762,8791 133,3131
13.0501
Net current asset5
1.786,161 1,705,006
82.179
69,886
Total assets les5 tuttent liabilities
1,885,234 1,786,660
82.179
69,994
Creditors.. amounts falling due after mole
than one year
14
134.3361
143,7341
111,8731
Minority it)tere5ts
1862,7811 1810,2641
Total net asset5
988.117
920,789
82,179
69.994
Funds
Restricted funds
General unrestricted funds
19
20
905,938
82,179
850,795
69,994
82,179
69,994
Total funds
988,117
920,789
82.179
69,994
The notes at pages 12 to 28 forrn part of these fin3nci315tatements.
Approved by the Trustees on
and signed on their behalf by..
Professor T S 8èrker
io-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
STATEMENT OF CONSOLIDATED CASH FLOWS
FOR THE YEAR ENDED 30JUNE 2022
Group
2022
Group
2021
Note
Cash flows from operating activities:
Net cash provided by / (used inl operating activities
21
1160,7041
179,798
Cash flows from investing activities:
Purchase of property. plant and equipment
146,4311 121,2661
Net cash used in investing activities
146,4311 121,2661
Cash flows from financing activities:
Dividend paid to minority interests
(Profit) / loss on the sale of fixed assets
Hire purchase agreement payment5
146,8291
11911
15461
Net cash used in investing activities
11911 147,3751
Change in cash and cash equivalents in the year
1207,3261
111,157
Cash and cash equivalent5 at the beginning of the year
881,395
770,238
Cash and cash equivalents at the end of the year
674,069
881,395
li

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
Accounting policies
1.1 Basis of preparation and assessment of going concern
The financial statements have been prepèred under the Charities Act 2011 on the historical cost
convention, in accordance with Accounting and Reporting by Charities.. Statement of Recommended
Practice applicable to charities preparing their account5 in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I january 20151- (Charities
SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
1021 and the Trust Deed dated 28 September 2005.
The trust constitutes a public benefit entity a5 defined by FRS 102.
The financial statements are prepared in sterling, which is the functional turrency of the Trust.
Monetary amounts in these financial statements are rounded to the nearest £.
The trustees believe that the group is well placed to manage its risks successfully. The trustees have a
reasonable expectation that the group has adequate resources to continue in operational existence
for the foreseeable future. Thu5 they continue to adopt the going concern basis of accounting in
preparing these financial statements.
1.2 Group financial statements
The financial statements consolidate those of the Trust and its 51.220A owned trading subsidiary
company, Cambridge Econometrics Limited and its 100% owned trading Subsidiary companies,
Cambridge Econometrics Hungary Kft, Cambridge Econometric5 Belgium BV8A and Cambridge
Econometrics Inc, on a line-by-line basis as set out in FRS 102. Cambridge Econometrics Limited is
private company limited by shares incorporated in England and Wales. The registered office is 19A
Covent Garden, Cambridge, CBI 2HT.
1.3 Income
Trading turnover represents the fair value of consideration received or receivable, exclusive of Value
Added Tax, in respect of the following three sources=
Project revenue is recorded using a percentage of Completion method, which results in deferred
revenue on the balance sheet when service5 are invoiced in advance of the revenue being earned and
accrued revenue on the balance sheet when revenue is earned prior to invoicing the customer. The
directors of the trading subsidiaries estimate the percentage of completion at the year end for each
project using the best available evidence. Profit is recognised on the same basi5 as revenue.
12-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30JUNE 2022
Accounting policies Icontinuedl
Subscription revenue is recognised over the period that the subscription cover5, which results in
deferred revenue on the balance sheet, because subscriptions are invoiced in advance of the revenue
being earned. Profst is recogni5ed on the same ba515 85 revenue.
Other revenue, such as consultancy and training, and resulting profit. is recognised when the service
15 performed.
Investment income is accounted for on a receivable basis.
Donations recelvable for the general purposes of the Trust are credited to unrestricted funds, on an
accruals basis. Conference income is recognised when the conference takes place.
1.4 Expenditure
Expenditure is accounted for on an accrua15 basis and is included in the Statement of Financial
Activities inclusive of any irrecoverable Value Added Tax.
Governance costs include those costs incurred in the governance of the Trust and the cost5 of
complying with constitutional and statutory requirements.
1.5 Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange
prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilitie5
that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting
end date. Gains and losses arising on translation are included in the Statement of Financial Activitie5.
1.6 Estimation technique5
In preparing the financial statements, management are required to make estimates and assumptions
that affect the reported amounts of assets and liabilities èt the balance sheet date and the reported
amount of revenues and expenses during the reporting period. The principal estimation technique
used by the troding subsidiary companies is in determining the percentage completion of a project.
1.7 Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently
measured at cost less accumulated amortisation and accumulated impairment losses.
Software
330A Straight line
13-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 30JUNE 2022
Accounting policies l¢ontinuedl
1.7 Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost.
Depreciation is calculated $0 as to write off the cost of an asset, less Its estimated residual value, over
the useful economic life of that asset as follows..
Leasehold property improvements
Computer equipment, software and website
Fixtures, fittings and equipment
15QA per annum straight line
20% per annum straight line
IOOA per annum straight line
1.8 Investments
Unlisted investments are stated at cost.
The Trust's investment in its trading subsidiary company consists of 9,030 ordinary A shares of £1
each. These share5 were acquired on 15 October 2005 from a capitalisation of reserves and are
consequently included at a cost of £nil.
1.9 Financial instruments
The Trust ha5 elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section
12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recogni5ed in the Trust's balance sheet when the Trust becomes party to
the contractual provisions of the instrument.
Financial assets 3n(S liabilities are offset, with the net amounts presented in the financial statements,
when there is a legally enforceable right to set off the recognised amounts and there is an intention
to settle on a net basis or to realise the a55et and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balance5, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method uNle55 the arrangement constitutes a financing transaction, where the
transaction is measured at the present value of the future receipts discounted at a market rate of
interest. Financial asset5 classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilitie5 and eqLJity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in
the assets of the trust after deducting all of its liabilities.
14-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 30 JUNE 2022
Accounting pollcies Icontinuedl
Basic financial liabilities
Basic financial liabi5ities, including creditors, bank loans, loans from fellow group companies and
preference shares that are classified as debt, are initially recognised at transaction price unless the
arrangement constitutes a financing transaction, where the debt instrument is measured at the
present value of the future payments discounted at a market rate of interest. Financial liabilities
classified as payable within one year are not amortised.
Debt instruments are subsequently cariied at amort15ed cost. using the effective interest rate
method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Amounts payable are classified as current liabilities if payment is
due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are
recognised initially at transaction price and subsequently measured at amortised cost using the
effective interest method.
1.10 Equity in5trument5
Equity instruments issued by the subsidiary companies are recorded at the proceeds received, net of
direct issue costs. Dividend5 payable on equity instruments are recognised as liabilitie5 once they are
no longer at the discretion of the company.
1.11 Derivatives
Derivatives are initially recognised at f3ir value at the date a derivative contract is entered into and
are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is
recognised in statement of financial activities immediately unless the derivative 15 designated and
effective as a hedging instrument, in which event the timing of the recognition in statement of
financial activitie5 depends on the nature of the hedge relationship.
A derivative with a posltive fair value is recognised as a financial asset, whereas a derivative with
negative fair value is recognised a5 a financial liability.
1.12 Taxation
The tax expense represents the SL¢m of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable income for the year. Taxable income differs from net
income ès reported in the Statement of Financial Activities because it excludes items of income or
expense that are taxable or deductible in other years and it further excludes items that are never
taxable or deductible. The1iability for current tax is cal¢ul3ted using tax rates that have been enacted
or substantively enacted by the reporting end date.
15-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED}
FOR THE YEAR ENDED 30JUNE 2022
Accounting policies l¢ontinuedl
Deferred tax
Deferred taxatlDn in the trading subsidiary, Cambridge Econometrics Ltd. 15 recognised in respect of
all timing differences that have originated but not reversed at the balance sheet date where
transactions or events have occurred at that date that will result in an obligation to pay more, or a
right to pay less or to receive more tax, with the following exceptions-.
Provision is made for tax on gains arising from the revaluation land similar fair value
adjustments) of fixed a5set5, and gains on disposal of fixed a55et5 that have been rolled over
into replacement assets, only to the extent that. at the balance sheet dète, there is a binding
agreement to dispose of the assets concerned. However, no provision is made where, on the
basis of all available evidence at the balance Sheet date, it is more likely than not that the
taxable gain will be rolled over Into replacement assets and charged to tax only where the
replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is
more likely than not that there will be suitable taxable income from which the futUTe reversal
of the underlying timing difference5 can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply
in the years in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
1.13 Employee benefits
The costs of short-term employee benefits of the subsidiaries, employees are recognised as a liability
and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed
assets.
The cost of any unused holiday entitlement is recogni5ed in the period in which the employee's
service5 are received.
Termination benefits are recognised immediately as an expense when the companies are
demonstrably committed to terminate the employment of an employee or to provide termination
benefits.
1.14 Leases
Leases are classified as finance leases. in the trading subsidiary, Cambridge Econometrics Limited.
company's accounts, whenever the terms of the lease transfer substantially all the risks and rewards
of ownership to the lessees. All other leases are classified a5 operating lease5.
16-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
Accounting policies Icontinuedl
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the
date of inception ènd the present value of the minimum lease payments. The related liability 15
included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting
of capital and interest elements. The interest is charged to the profit and loss account so as to
produce a constant periodic rate of interest on the remaining balance of the liabilitv.
Rentals payable under operating leases, including any lease incentives received, are charged to
income on a straight line basis over the term of the relevant lease except where another more
5VStematic basis is more representative of the time pattern in which economic benefits from ihe
lease asset are consumed.
1.15 Pensions
The trading subsidiary, Cambridge Econometrics Limited, operates a defined contribution pension
scheme for executive directors and makes contributions to individual employees, personal pension
plans. The assets of these schemes are held separately from those of the company in independentlv
administered funds. The annual contributions payable are charged to the statement of financial
activities. There is no liability other than for payment of these contributions.
1.16 Fund accounting
Restricted funds represent the proportion of the trading subsidiarie5 funds attributable to the Trust.
General unrestricted funds represent funds that are expendable at the discretion of the Trustees in
the furtherante of the objects of the Trust. Such funds may be held in ordei to finance both working
capital and capital investment.
17-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTE5 TO THE FINANCIAL STATEMENTS {CONTINUEDI
FOR THE YEAR ENDED 30 JUNE 2022
Income from tradin8 subsidiaries activities
The Trust owns 51.22% of the issued share capital of Cambridge Econometrics Limited (company
number 019168251. Its trading results for the year, as extracted from its audited accounts are
summarised below. The SLJbsidiary entities provide economic consultancy and forecasting services.
The Trust's own results for the year are disclosed to distinguish them from the group results in the
Consolidated Statement of Financial Activities.
Sub5idaries Subsidiaries
2022
2021
Trust
2022
Trust
2021
Turnover
Cost of sales
4,034.679
3,657.442
12,859,318) 12,784,006)
81,385
156,8001
Gross profit
Administrative expenses
Other Expenses
Other income
Gift Aid donation
1,175,361
11,060,026)
18331
1,432
873,436
1729,6591
16251
16,686
24,585
Gross income
Charitable activities
Governance costs
115,934
159,838
24,585
16,0871
16,3131
16,9791
16,5001
115,934
18,2741
159,838
166,9511
12,185
113,4791
Tax on profit on ordinary activities
Retained incomellloss)
107,660
92,887
12,185
113,4791
Income from charitable activities
2022
2021
Conference income
Donations
81,385
81,385
18-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
Analysis of total expenditure
Direct
Costs
Staff
Costs
Deprec-
iation
Other
Costs
Total
Charitable activities
Governance costs
56,800
108
5,979
6,313
62,887
6,313
Total for Trust
56.800
108
12,292
69,200
Trading costs of subsidiaries
Trading taxation
213,944
2,645.194
29,238
1,031.801
8,274
3,920.177
8,274
Total for group
270,744
2,645.194
29,346
1,052,367
3,997,651
Auditor's remuneration
2022
2021
Auditor'5 remuneration- group accounts
Auditor's remuneration- subsidiaries
2,000
14,400
2,000
12,000
16,400
14,000
Net income /(expenditurel for the year
2022
2021
This is stated after charging..
Operating leases
Depreciation
135,468
29,346
75,628
34,343
164,814
109,971
19-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
Particulars of employees
2022
Number
2021
Number
Cost of sales
Administration
50
46
56
53
The aggregate payroll costs of the above were..
2022
2021
Wages and salaries
Social security costs
Pension costs
2,395,498
472,463
319,212
2.092,215
250,195
244,041
3,187,173
2,586,451
The Trustees did not receive any remuneration or other benefits during the year 12021 - £nill for
their role as Trustees. Professor T S Barker, Mr R G Lewney and Dr A Anger-Kraavi were employees
of the trading subsidiary during the year.. the Trust has no employees of its own. During the year
none of the Trustees were reimbursed for expenses12021- £nill.
The number of staff, considered to be Key Management, whose emoluments (salary plus taxable
benefits excluding pension contributions) exceeded £60,000 within the group was as follows..
Emoluments exceeding
2022
Number
2021
Number
É60,000- £69,999
£70,000- £79,999
£80,000- £89,999
£90,000- £99,999
Pension contributions on behalf of the above staff amounted to £67,46412021- £66,464).
The number of the above senior staff to whom retirement benefits are accruing under defined
contribution schemes wès 512021- 51.
20-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
Taxation
As a registered charity, the Trust is exempt from taxation of income and gains falling within Section
505 of the Income and Corporation Taxes Act 1988 or Section 256 of the Taxation of Chargeable
Gains Act 1992.
The taxation charge is wholly attributable to the trading subsidiaries.
2022
2021
Analysis of charge in the year
Corporation tax
8,274
66.951
8,274
66,951
Intangible fixed assets
Group
Trust
Software
Total
Software
Total
Cost
At l July 2021
Addition5
Disposals
2,150
2,150
At 30 June 2022
2,150
2,150
Depreciation
At l July 2021
Charge
Disposals
1,744
406
1,744
406
At 30 June 2022
2,150
2,150
Net book value
At 30 June 2022
At 30 June 2021
406
406
21-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
io
Tangible fixed assets
Group
Plant
and
machinery
Trust
Plant
and
machinery
Leasehold
property
improvements
Total
Total
Cost
At ljuly 2021
Additions
Disposals
59.879
17,057
346,724
30,331
19571
406,603
47,388
19571
728
728
At 30 June 2022
76,936
376.098
453,034
728
728
Depreciation
At l July 2021
Charge
Disposals
42,602
7,585
282,753
21,355
13341
325,355
28,940
13341
620
108
620
108
At 30June 2022
50,187
303.774
353,961
728
728
Net book value
At 30June 2022
26,749
72,324
99,073
At 30June 2021
17,277
63,971
81,248
108
108
li
Investments
The results of Cambridge Econometrics Limited and its subsidiaries, are summarised in note 2. At 30
June 2022 the trading subsidiary's assets, liabilities and reserves were as follow5..
2022
2021
Assets
2,740,990
3,476,495
1972,2711 11,815,436)
Capital and reserves
1,768,719
1,661,059
22-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
12
Debtors
Group
2022
Group
2021
Trust
2022
Trust
2021
Trade debtors
Other debtors
Corporation tax recoverable
Prepayments
Accrued income
Deferred tax asset
1,108,200
45,095
649,552
34.622
39,145
128,102
1,735,069
25.365
89,700
820,448
19,897
2,083.340
2,586,490
25.365
13
Credltors: amounts falling due within one year
Group
2022
Group
2021
Trust
2022
Trust
2021
Bank loans and overdraft
Trade creditors
Other tax and Social security
Accruals
Deferred income
Other creditors
111,619
124,223
546,941
145,864
42,601
111,194
168.499
1,090.037
362,727
30,422
26,830
6,483
3,050
971,248
1,762,879
33.313
3,050
14
Creditors: amounts falling due after more than one year
Group
2022
Group
2021
Trust
2022
Trust
2021
Bank loans and overdrafts
34,336
43,734
34,336
43,734
The bank loan is secured by a fixed and floating charge over the assets of the UK company.
-23-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
15
Pensions
The trading subsidiaries contribute to individual employees, personal pension plans. The assets of
the schemes are held separately from those of the companies in independently administered fund5.
The trading subsidiaries have no potent131 liability other than for the payment of these
commitments.
At the balance sheet date, £15,96712021- £13,353) of pension contributions were outstandinE.
2022
2021
Contributions payable by the trading subsidiaries for the year
319,212
244,041
319,212
244,041
16
Commitments under operating leases
At 30 June 2022 the group had aggregate annual commitments under non-cancellable opefating
leases a5 follow5..
Group
2022
Group
2021
Trust
2022
Trust
2021
Within one year
Between two and five years
In over five years
89,867
218,750
75,628
257,129
308,617
332,757
17
Related party transactions
During the year the group paid rent of £65,650 12021 £65,650) to Cambridge Econometrics
Investment Fund of which Professor T S Barker, Mr R G Lewney, Mr B C Gardiner, Mr A J Barker,
Miss R A Beaven, Mr H B Pollitt. Mr D M F Taylor and Mr P T Summerton are trustees and
beneficiaries.
During the year Dr A Anger-Kraavi provided consultancy services to the group for £6,313 12021
£6.5001. At the year end the trust owed Dr A Anger-Kraavi £nil12021- £nill.
-24-

## **THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 JUNE 2022**_ 

|**18**<br>**Analysis of total funds**<br>**Analysis by type of asset and liability**<br>Tangible fixed assets<br>Net current assets<br>Creditors falling due after more than one year<br>Minority interests<br>**Analysis by type of asset and liability**<br>Intangible fixed assets<br>Tangible fixed assets<br>Net current assets<br>Creditors falling due after more than one year<br>Provision for liabilities<br>Minority interests<br>**19**<br>**Movement in restricted funds**<br>**Balance at**<br>**1 July**<br>**2021**<br>**Income**<br>**£**<br>**£**<br>Non-charitable trading<br>funds<br>850,795<br>4,036,111|**Unrestricted**<br>**Funds**<br>**2022**<br>**£**<br>82,179<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**2022**<br>**2022**<br>**£**<br>**£**<br>99,073<br>99,073<br>1,703,982<br>1,786,161<br>(34,336)<br>(34,336)<br>(862,781)<br>(862,781)|
|---|---|
||82,179<br>**Unrestricted**<br>**Funds**<br>**2021**<br>**£**<br>108<br>69,886<br>905,938<br>988,117<br>**Restricted**<br>**Total**<br>**Funds**<br>**Funds**<br>**2021**<br>**2021**<br>**£**<br>**£**<br>406<br>406<br>81,140<br>81,248<br>1,635,120<br>1,705,006<br>(43,734)<br>(43,734)<br>(11,873)<br>(11,873)<br>(810,264)<br>(810,264)|
||<br> <br> <br>69,994<br>**Expenditure**<br>**£**<br>(3,928,451)<br>850,795<br>920,789<br>**Balance at**<br>**Other**<br>**30June**<br>**movements**<br>**2022**<br>**£**<br>**£**<br>(52,517)<br>905,938|





THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
19
Movement in restricted funds {cont'dl
Other movements
Minority
interests
Transfers
Total
Profit share of minority interests
Dividend paid to minority interests
152,5171
152,5171
152,5171
152,5171
Balance at
l July
2020
Balance at
30 June
Other
Expenditure movements
Income
2021
Non-charitèble trading
funds
827.204
3,674,128
13,581,241)
169,2961
850,795
Other rnovements
Minority
interest5
Transfers
Total
Profit share of minority interests
Dividend paid to minority interests
122,4671
146,8291
122.4671
146,8291
169,2961
169.2961
-26-

THE CAMBRIDGE TRUST FOR NEW THINKING IN ECONOMICS
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE YEAR ENDED 30 JUNE 2022
20
Movements in unrestrirted funds
Balance at
l July
2021
Balance at
30 June
2022
Other
Expenditure movements
Intome
General unrestricted funds
69.994
81,385
169,2001
82,179
Balance at
l July
2020
Balance at
30June
2021
Other
Expenditure movements
Income
General unrestricted funds
83.473
113,4791
69,994
21
Reconciliation of net income l {expenditurel to net cash flow from operating artivities
Group
2022
Group
2021
Net movement ir) funds
67,328
10.112
Adjustment for..
Depreciation charges
IProfitl 1105$ on the sale of fixed asset5
Profit attributable to minority interests
Dividend paid to minority interests
Tradin8 taxation
Copier maintenance charges
29,012
191
52,517
34,354
22,467
46,829
66,951
546
8,274
Ilncreasel / decrease in debtors
Increase I Idecreasel in creditors
Tax paid
503, 150
1801.0291
120,1471
38.156
15,461
155,0781
Net cash used in operating activities
1160,7041
179,798
-27-