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|||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||
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|||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)|
##
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||||||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|
##