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2021-04-05-accounts

Page
Legal and administrative
information
Trustees'
report		 2 —14
Independent
auditors'		 report 15-16
Statement offinancial activities 17
Balance sheet 18
Cash flow statement 19
Notes to cash flow statement 20
Notes to the financial statements 21-29

Charity registration number 1118913
Trustees SirMartin Sorrell (Chairman)
Cristiana Falcone, Lady Sorrell (CEO)
M.R.A. Sorrell
R.A. Sorrell
J.E.H. Sorrell
Principal office 19Wilton Row,
London,
SWIX7NS
Auditors Purcells,
Statutory Auditors,
Chartered
Accountants,
4 Quex Road,
London,
NW6 4PJ
Bankers HSBC Private Bank (UK) Limited,
78 St.James's Street,
London,
SWIA IJB
UBS Wealth Management
5Broadgate
London
EC2M 2QS
Citbank
153East 53's Street
Floor 24
New York
NY 10022
Solicitors Wrigleys LLP,
19Cookridge Street,
Leeds,
LS23AG
UK

Unrestricted Endowment 2021 2020
Fund Fund Total Total
Note
Incoming resources
Incoming resources from
generated funds:
Voluntary
income
Investment
income		 3 548 356 548356 3291787
Total incoming resources 548,356 548,356 3,291,787
Resources expended
Charitable
activity:
Grants payable 4 ( 1,093,804) ( 1,093,804) (2,625,647)
Governance
costs		 4 ~8640 ~8640 ~IO 736
Total resources expended ( 1,102,444) ( 1,102,444) ( 2,636,383)
15/et incoming/(outgoing)resources
before other recognised gains and losses (554,088) (554,088) (655,404)
Other recognised
gains and losses
Unrealised
gain/ (loss) on revaluation
oflisted investments		 24 658 140 24 658 140 ~21 098782
Net movement
in funds		 (554,088) 24,658,140 24,104,052 (20,443,378)
Funds brought
forward		 813589 26487102 27 30069! 47744 069
Funds carried forward 259,501 51,145,242 51,404,743 27,300,691

Unrestricted
~56		 Endowment
Fund		 2021
Total		 2020
Total
Note
FIXEDASSETS
Investments 5 64,439 51,145,242 51,209,681 26,551,541
CURRENT ASSETS
Sundry debtors
Cash at bank 262,342 262,342 807,790
262,342 262,342 807,790
CREDITORS: amounts falling due
Within one year 6 ( 47,280) ( 47,280) ( 38,640)
Net current assets/(liabilities) 215,062 215,602 769,150
Total assets less current liabilities 279,501 51,145,242 51,424,743 27,320,691
CREDITORS: amounts falling due
after more than one year 7 ( 20,000) ( 20,000) ( 20,000)
Net assets/(Iiabilines) 259,501 51,145,242 51,404,743 27,300,691
FUNDS
General unrestricted
income fund		 259,501 259,501 813,589
Expendable
endowment		 fund 51145242 51 145 242 26457162
259,501 51,145,242 51,404,743 27,300,691

2021 2020
Total Total
Notes
Cash flow from operating activities: A
Cash generated
from operations		 ( 1,093,804) ( 2,676,183)
Net cash provided by (used in) operating ( 1,093,804) ( 2,676,183)
activities
Cash flows from investing activities:
Interest received 762 6,226
Dividends
received		 547,594 3,285,561
Net cash provided
by (used in) investing		 548,356 3,291,787
activities
Change in cash and cash equivalent in the (545,448) 651,604
reporting
period
Cash and cash equivalents at the beginning of 807,790 192,186
the reporting
period
Cash and cash equivalents at the end ofthe
reporting
period		 262,342 807,790

2021 2021 2020
Total Total
Net income for the reporting period
(as per the statement offinancial activities) 24,104,052 (20,443,378)
Adjustments
for:
Interest received ( 762) (
6,226)
Dividends
from investments		 ( 547,594) (3,285,562)
Unrealised
(gain)/ loss on revaluation		 oflisted investments (24,658,149) 21,098,782
Decrease in debtors
Decrease in creditors 8,640 ( 39,800)
Net cash provided by (used in) operating activities ( 1,093,804) (2,676,183)

2021 2020
2. VOLUNTARY INCOME
Donation
Gift in kind
3. INVESTMENT INCOME
Dividends
receivable		 547,594 3,285,561
Interest receivable 762 6266
548,356 3,291,787
4. RESOURCES EXPENDED
Grants to 2021 2020
institutions Governance Total Total
Costs directly allocated
to activities
Charitable
distributions		 (note 4.1) 1,090,308 1,090,308 2,629,934
Audit and accountancy 8,640 8,640 8,840
Management
fees
Bank charges 128
General expenses
Exchange (gains)/losses		 3 485 3 485 1,896
~4415
1,093,804 8,640 1,102,444 2,636,383

4.I RESOURCES EXPENDED (continued) RESOURCES EXPENDED (continued)
2020
Charitable
distributions
Grants for the advancement ofeducation
Association
Civil Guiadi		 4,891
Broom Abbey School 50,000
Corporation
of King's College		 School 10,000
Fideuram
intesa Sanpaolo Montebello		 5,279
Friends ofMontessori 12,229
Imperial War Museum 50,000
lnternews 22,368
Karnataka jesuit Educational Society 5,000
Maccabi GB 2,000
Pembroke
College Cambridge		 25,000
St Paul's School Development Campaign 10,000
The Carnegie
Hall Society		 149,120
The Kusasa Project UK 10,000
The Paley Media Centre 74,560
TUFTS University 37,280
The Queen's Commonwealth Trust 50,000
The Royal Foundation 50,025
Trinity
Hall Development		 25,000
Winchester
College Campaign		 50,000

Grants for the advancement ofinter-religious
dialogue
and understanding
Community
Security Trust		 10,000
StBalthicks Foundation 8,l53
18,153 35,265
Other Grants
UBSUK Donor Advised Foundation
1,090,308 2,629,934

FIXEDASSET INVESTMENTS
2021 2020
8
UK listed investments
Market value at beginning ofyear 26,487,102 47,650,323
Market value ofdonated investments
Gain/ (Loss) on revaluation 24688 149 ~21998782
Market value at end ofyear 51,145,242 26,487,102
Programme
related investment
Equity interest		 64439 64439
51,209,681 26,551,541
ew York benefit corporation, MpowerD Inc.
2021 2020
6. CREDITORS: amounts falling due
within one year
Grants payable 30,000 30,000
Other creditors 8,640
Accruals 8640 8 640
47,280 38,640
7, CREDITORS: amounts falling due
after more than one year
Grants payable 20,000 60,000
9. MOVEMENT IN FUNDS MOVEMENT IN FUNDS
Net
movement At
At 6.4.20 in funds 5.4.21
g f.
Unrestricted Fund 813,589 (554,088) 259,501
Endowment Fund 26,487,102 24,658,140 51,145,242
TOTAL FUNDS 27,300,691 24~104052 51~404,743
Net movement
in funds, included		 in the above are as follows:
Incoming Resources Gains Move
resources expended losses in funds
Unrestricted Fund 548,356 (1,102,444) (554,088)
Endowment Fund 24,658,140 24,658,140
TOTAL FUNDS 5~48 356 (1,1~02 444) 24,6~58 140 24,1~04052

Comparatives
for movement		 Comparatives
for movement		 in funds
Net
movement At
At 6.4.19 in funds 5.4.20
Unrestricted Fund 158,185 655,404 813,589
Endowment Fund 47,585,884 (21,098,782) 26,487,102
TOTAL FUNDS 47~744,069 (20~443,378 27 300,69 2
Incoming Resources Gains/ Move
resources expended losses in funds
Unrestricted Fund 3,291,787 (2,636,383) 65,404
Endowment Fund - (21,098,782) (21,098,782)
TOTAL FUND S 3,291,787 (2,636,383) (21,098,782) (20,443,378)
Net
movement At
At 6.4.19 in funds 5.4.21
Unrestricted Fund 158,185 101,316 259,501
Endowment Fund 47,585,884 3,559,358 51,145,242
TOTAL FUNDS 47~744 069 3~660674 51~404743

funds, includ ed in the above are as follows:
Incoming Resources Gains Move
resources expended losses in funds
Unrestricted Fund 3,840,143 (3,738,828) 101,315
Endowment Fund 3,559,358 3,559.358
TOTAL FUNDS 3,8~40 143 (3,738,828) 3.559.358 3,660,673