THE CAMBRIDGE MALA YSIAN EDUCATION AND DEVELOPMENT TRUST Aniiual Repoi't and Financial Statements For the year ended 31 July 2021 (. 1410412022) Cambi'idge Mfilaysian Ci ducatioij and DevelTrpnient Trust THE CAMBRIDGE MALAYSIAN EDUCATION AND Dll VELOPMENT TRUST ANNUAL REPORT AND FINANCIAL STATIMENTS 2021 CONTCI NTS Page Ti'ustees, J'epThvt LegnI and adniiiiistratlvc detiS1$ Ti'ustees, respoiisibiiitles stateincnt Iiidcpcndetit Ruditor's i'eport Statemeiit of fltiAiieig1 activitle5 Balaiice 51ieet Cash floiv Statement Notes to tlie cash floiv 5tatein¢nt io Accountiiig policies Notes to tlje Ilnancial stateiiients 13 THE CAMBRIDGE MALAY.8IAN EI DUCATION AND DEVELOPMLI NT TRUST TRUSTEI ES, REPORT 2020-21 OBJECTS AND PURPOSES OF THE TRUS'I. Tlie Caiiibi'idge Malaysian Educatloll 1¢ lid Developiiienl Tru%t (CMLDf} il'as established by Trust Deed, dated 23 febiuaiy 2010, willi tlie folloiviiig Obje¢is'. to advance education foi- Ilie beiiefit of Ili¢ ctlizeJi.% of Malaysia, oilier ¢olliJtries of ilie Coii)iiioi)wcallli aiid sucli otjicr counti-ies liavinB lil￿S willi Malaysia as tli¢ Tiust¢¢s sce fll Itlie 'Countries'l by.. {al {b) developing aii(I lielpiiig to dei)loy pix)gi?mtn&% of 'dislaiice learniiig. in all subjects developjnenl of vocational aiid pruf¥ssional skills)., putting on caurscs, setninars, h#iDing prograinmcs, lecture% and otl)er edueati()nal events., (c) Idl providillg visiting fellow.%hips, scholaisliii)s, bursai-ies Aiid secondnienl% foi. study worldwide, Wlth particular eniphasis on Malaysia., edueaiing ill %iibject5 relating to 8usiaiJiable developnient aiid tlie pJ'otectiot], enliai)cement aiid J'eliabilitalion of th¢ environn)ent and proniotiiig 51udy aDd i-eseai'clj iii siicli subjects i)rovided tliat thc 115eful re8ull8 of stjcli study ai'e diss￿￿lnatcd to tlie public at lai-ge,- and sucli othcr ine#iis as the Tni8tees in dicii. absolute discielion sce fit. le) ifj io pi'ottiote sustaiiiable developnieni foi. tlie benefit of tlic citizens of Ihe Couiilrics by.. lal tlie prescrvation, Lonsavation and protection of tlie eRvii"onithei)i and tlie pnjdcnt use of iisources. and Ib) the promotion of siistaijiable nieans of acliieviiig ecunoinic byiowtli ani5 regenei2tion. io furtliei. foi. tlie benefit ofthe citizens of thc Countries such other piirposes as aiE cliaTitable uiidei. the laws of Englaiid artd Wales as the Ti'ustees in tl)cir abb'uliite di$ci'etion scc fit. In a¢¢ordallec with the TnLSt Dec￿ the Trustees In￿st usc the income and may llse tlie capital ofthe ch￿"Ity in promoting the Objects of tlie Charity. ORGANISATION AND fvIANAGEI MENT OF THF, TRUST l'he-l'l￿st is a cliai'ity iegi.%tei'ed with Ilie Chai'ity Collunission {Chai'ity Refercllce Nuiiiber 1136815). Tli¢ Trusl is goveined by its Trusiees. Thei-e is an Execulil'e Coinniiiiee. The folloiirtjig seri'ed diiriiin ?O?O-? I.. 'run Al￿]ad Saiii bin Abdul Haniid {Tiw%tee and Executive Ch8irnian)', Da¢o' Henry Bai'low {Ti'uslee and Depiity loint Executive Chaiimian). Profebsor Sii. Briaii Ilcap (Deputy Joiot Ex¢¢utive Chairnian, Chief Scientific Adviscr, ajid Ti'ustee)- Di. Anil Seal (Director); Mi" Jeremy Cdl'ver (Trustee). and Dr Nicholas Bi'aii8on ITirasuiErl. THE CAMBRIDGE MALAYSIAN DUCA TION AND DEVII LOPMENT TRUST TRUSTEES, REPORT 2020-21 ORGANISATION AND MANAGLMCI NT or THE TRUST {contillucdl Sadly. Tuii Ahinad Sarji died on 28 August 2021. TlieTiiistee% i)ay Iribttte 10 tlie enoiThous &%%i%taJice tliat Tuji Aliniad Sai ji Iiiovided 10 tlie Tr￿s1 as Tiii.%lee atid Joiiit Execiilive Cliaiinian sinee tlie iJicci)lion of Ilie In]sl iii February 2010. He also occupied kcy posilions in tlie Malay.siaii C.oiMii)oiiweaiili %tudics Cctilrc {MCSC) foi. over 20 yeais. Tli¢ Ti'ustee% i'ecord Ilieii. ai?i)i'ccialioi) foj. all Ilitt good ivoi-lc Tuii Aliijiad Sarji ha.% done iii i)I'oinotiiig Ilic uiiique LOIITiecli()ii beLilrCeJl Malaysia, tlie develnping CO1￿110￿weJ7t17 aiid C.41nbi'idge sigjiificaiit field.% of eiideavoiii-. I'lic TiustLes liave eslablislicd a Ilcjniineralion Cniiiinitlee io scttlc ilic Irinlliieration of offJcer5 (i.e. tlie Diirctoi. aiid TieasiiiErl, i¥itli tlit pyoviso iliat aiiy officei. wliosc reniuiieiulion is being disciisscd wtll nol be i)i'esenl for discu5510rt of that itetji of biisiness. The Reiniinei-alion CoiDlnitt¢c lias Ihe followin8 mcjnbcrship.. Tlie Execkilive Cliaii'inan. Tlic Dcputy Joini Executive Chairinen. The DireLIoi'; Tlie Ti'¢aslli¢i" and Mr Jereiiiy Caiver. Tlie admini%iration of tlie T￿st is coiidiicted fron) Ilie Iieadquarter.% of tlie Malaysixn CoTnmthnwedlili Studie% Centi"e IMCSCI, I l Madiiiglcy Road, Caiiibi'idge C.B3 OECT. Tlie adI￿1n1St1a1ive structure of tlie Trust IS shared willi tlie MCSC. Tlie Tiuslees expi'es% ilieii. gi'atitudc to tlie Trustee.% oft]ie MLSC for Ilieir willing eo-opei'atioii. Tlic TTUSI nJeeL% ilq 8liare of tlic Juiiiiing cosls of tlii.% joint adininibtrdtion. oldi -in of MCSC witli the Caiiibi'id e Mala -%iall bducatiot] and Dev¢lo inent Trll%i Iii vicw ofihe it)cirasiiigly Lluse relaiioii%liip bL%LweciJ Ilic aLLiviiie.% of Ilie MCSC and Ihc CMEDT, iii 2017 tlie University of C21nbridge Financc Coniinittee, as dcfoeio regulatoi. of Ilie MCSC as an exempl ¢liarity, rccomrncnded that 8 foldin8-in of tlie two h'LlSt5 sliould lak¢ plaec. This i'ecomiiiendation wa5 unanimously appi.ova by d)e Tiiislees of botli Inists. On l August 2018, tiic MCSC Ti'uslees, togeihci" Ivitli tlie Univei'5ity, executed a Dccd of Anieiidineiit of tlie MCSC T7￿$t Deed to enable tlic asset5, Isabilities. fuiiclions and activitie% of MCSC lo be transfeired lo the CMEDT. Sonie iiiinoj. consequet]tial an)endment% of tlie CMEDT Trusi Deed wei'e executed by tlie CMIDT TiiJ5tecs oil tl)¢ san)e date. As at 31 Jllly 2021 Ilic folding-in lias not bcen cx¢¢uied 2¢ nd Ilie two trusts conli13ue to IEport Ilieir fiiianci21 results separately. To date, no transfer ofassels lia5 taken pla¢¢, and no decision lia5 bcell taken regardirtg wlien.%ucli a transfer tniglil occui.. The Accoiints of both trusis foi. 2020-21 liavc bccn prepared on ilie basis tliat, apai'l from ilie norinal iiitei'_ t￿$t tiansfers i'elating tu tlie agi'eed rtspcctive responsibilities of tlic two ti'usts foi. shared prograniines, the investments of MCSC continue to be shown as MCSL assets at 31 Jiily 2021. Reci'uilment indiiction a of Ti￿Slee5 All Tiustees liave Consid￿'able adiiiinisti'ative expeiieiice and knowledge of related governance pi'ocedures, in niost ¢ases liaving Jun or held SelllOI' positions in tsalionJl, eugh short- term bank aiid 5iniilaT deposilq. THE CAMBRIDCE MALAYSIAN EDUCATION AND DEVEI LOPMEI N'f i'RUST TRUSTEES, REI PORT 2020-21 ORGANISATION AND MANAGEMf4 NT OF THE I'RUST {eoiJliiiued) Ethical Inv Iment Polic Tlie TtLiStee% do Jiol liave ali eiliical iiivestineiit policy as sucli. If tliey readi tlie poiiit of beiiigF able io jllVC5t tlicii- funds, tliey will considcr tlie etliical investiment polieieq ofilie InallagciE of tlic individual fllnds coiicei-ned. ACTIVITIES AND DE4 VE4 LOPMENT8 OTr 'I'HL'I'RUST DURING THE YEI AR TO 31 JULY 2021 Covid-19 Thc iiiost significant irnpactof the covid-19 pandcimic has been ¢lieneed lot2ntel Ilie Flectoral Democracy ¢onfei'enccs suppoitcd by MCSC and CMF.DT in 2020 and 2021. Tlie reinaining i)i'ojeets siippuited by the trusts liave continued largcly iinaffe¢ted by the patjdetnic. liiconie of thc Tru$t Ii) i'cspojisc to a reque81 pllt by the Trust to tlie Malaysiaii Cjovernjiient in 2020. tlie Goveriiiiient of Malaysia agreed to Inake a(Idilii)nal contribiilions to the Tiusl of £likn a ycai. fai. tl?iee yeaiE froin 2020- 21. The ftrst of these conti'ibulions wa8 i"e¢eivLd by the Èi'usl in Febiijaiy 2021. Activitil'b of tlie Tru.st The cole I"¢mit is tu ddvan¢e educatsoll and siistainable developinenl foi. tlie benefit of citizens of MalAysia and. morc bi'oadly, willi the developing coiiiiti'ses of thc ConunoL)wealil) and bcyond. The Trnst's curi'ent prograiMine5 ai"e.' Affordable Education, prillcipally F.nglts11 langu*g¢ teacliing and aSK￿￿￿ent., Tlie Mitigation of Climale Cljange aiid Natiiial Disa5ter.%', Siislainable Developincnt und Sniai'l VillaK¢s; aiid Good Governance aiid Electoral DemocTa¢y in tlie Commonwealtli {and beyond). Diiritig 2020-21, all legal expeiisLS 11lCiiI'I'ed by MCSC aiid CMEDT weiE relatcd lo tlie AtToi'dable Edutalion piY)81?InAic aiid were all()cated to tliat progiainine iii tlie Accounts. 3.1 AFFORDABLE EDUCATION I nglisli Lallguage LeAI'niiig? Teac]Triiig aiid A$ses$ni¢iit Iluckgpoiiiid A key remit addi'e5%ed by CMF.DT land MCSC) since 2010 wa5 to help Malaysia Impl￿ve the piDficiency of ils peoples in the ERglisl) language. Accessihle Te.SliiiK Sysreiii (col.v slep) of Icai'jiing and a%se54ing fullltioiial Lnglisli. Aniong ils Core purposes, tlic sysletii lias been de5i¥iied tu enable i)iipils of varying ubTrlilies and fi'oin diffei'eiit backgrounds to iTnpi'ove tlieii. proficiency in Englisli Iljrougli a slep-by-slep proccss, willi tlie learjisjig n)alerial being an in￿gi￿1 pai'l of Ihe systein along witli tl)e assessineiils. Thc systein is calibratcd against CEFR standards. The pi'incipal expelidi￿iy on cols slep during 2020-21 lias beell caiyied by CMEDT. principally on tlic developiiient of Ilie system with a view to it% deployn)eiit in other couiitiies. willi Ilie i)aTti¢ulai' aii)J of pi'oinoling affordable education foi. disadvat]taged sector.% of siudellt poplllatioiis in the developing Comjnonwealtli #lid beyond. ￿lY eoniniercial deployineiit of ciilf .flep will be t1il￿Ugh # sei)ai'aie tljai'ilable coinpany Caiiibi-idge Education alld Dcvelopineiit Tiw%t. The Tru%lees liavc agiEed tliat CMEDT will not undertake fui'ihei. exi)endiwi'e on Ilie developnienl of ea/.f .flep btyoiid 31 Jiily 2021, 011 tl)e urtder8iandiiig Ilial sucli develoi)nient will in fU￿1'e beeoiiic Ihc I'C5ponsibilily of Cainbridgc Educatioii and D¢velopineiitTn]st alld its ivliolly-owned subsidiai'y Cals Step Liiiiited. THE CAMBRIDGE MALAYSIAN EDUCAT10Tr4 AND DEVEI LOPMI( NT TRUST TRUSTII ES, REPORT 2020-21 3.2 'fHE MII'ICAI'ION CLIMATL CHANCL AND NAI"URAL DISAS'I'LRS Daiiiitn VallL'yJ gild tlie Soutli Ei ast ASIA Ralaifoi'LSt Reseai'ch P&rtiiL'i'slilp l.SEARRP) As a consequeiice oftlie global i)aiideiMTC. botli T)unuin Valley iii Sabali and SCARRP. undei. tlie diiectiDIi of Dr Glell Reyiiold.%, liave liad lo suspctid n)aiiy of tl)eir activities, pai'liciilarly the scienltfic work to ￿,111¢17 In iliis ¢onlexl, CMEDT'S continiiing siii)poi't io Daiium Valley, via SEARRP, has beert vital iii Undci-pii￿lng tlic loiig-teiTh inoiiitoi-ing aiid data collcctioii progranuncs cs5CJltial iii an cra of ¥lvb81 eiivii'oiuneiital cliaiige, iii i)ai%iciilai' the 5eniiiial conlributioiis Iliat SEARtiP aiid Daniit]i Valley inake lo tlie developiiienl of coji%eJvalioii and .%ustainability policy aiid besl-pi'acliee in Malay.%ia aiid, Ilii'ougli Malaysia, for the woi'ld. In 2020-21, plai1% liave beert laken forward for a Sabali-based 'SEARRP Atadeiny, 10 toniplemciit its ongoiiig i'c5cai'cli piogiMiiinicb. Infvnned by findiiigs frunTr 35 y¢ai"s of SEARRP scicncc, slcp5 liavL been takcn to lay tlie fouiidatioiis, fi'oin its Malaysian base, foT a IMLiliilevel aiid intemationally iiiii)orlant pi'ogi2iiitn¢ of envii'onincntal cdiieation. Ii'aining and capacity biiilding, with a stix>ng fociis on tcachci'_ tiainiiig, awairness-biiilding amortg eon)n)Iiniry le£1ders, si)e¢ialisi ¢oui-seg toi- eai'ly caiTei' scientists, ¢OLIS¢lTriltion aiid susl#inabiliiy niaiiagement in Il)e coipoiale glid public sectors in Malaysia. Links witli Cambridge iEIiiain illtegrul to future plan5. pailicularly IknDugii the work of Jllany Caillbridge- based acadejiiics wlio collaboi'ate ivitli SEAiUiP, notably Ilie Ceiili'e foi. Almospliei'ic Scieiice at Canibridge, cliaiiEd by Pi'ofe%%oi' Joliti Pyle. Ivlio is al.%0 cliair of Ilie SLARRP Board of Tiii8lee% oti ivliicli Data, Heniy Barlow, Ti'llstee of CMEDT, also s￿ve9. Aslin Netwovli of Cllmate Selenee And Technology (ANCST) and the Wliidoiv-to-C&mbrldge At UIIM The eslabli.%hment of tlie Asiall Netwoi'k on Clijnate Science and TeclJnolo8y, whicli, siiicc ils laiincli in 2013 under Ilic Icadcrsljip of Professoi. Loi'd {Julian) Hiint of Cliesteiton {a Trustce of CMEDT), togetlier with PIDfessor Joy PeiEii'a, wlio leads UI￿'S Soutl)-Last Asia Disa.%tei' Pievelltioji Initiative ISEADPIUI, haE ci-¢ated a flourjbliiiig inteindtional neiwoi'k wliicli lias fatililated tollaboratioii and ilie excliaiige of llifoillTratioii beiweeii woi'ld-class researchers on the s¢ientifJ¢ and te¢hllologi¢al aspe¢is ofclinjaie ¢hartge and cliinale driveii disa%te15 specific to Asian coiiditioiis. From its base at SEADPRI-UKM. witli Support fi'ojn world-class institutions in tlie Coniinonivealt]i atld beyotjd, ANCST cooj'dinatcs spccial lupic groups on key clinialc ycieiice and Iccliiiology topics, eiigaging and Inobilibiiig intsrc Iliaii 2,500 s¢ierttisL%, poli¢y-ii)dkLI's aiid pJ'ivaie-SLLiOI' Pi'dClllioii¢is iliix)iigl) ovci. 50 Ivijrkshups aiid assoLiitteJ evenis. 3.3 SUST,KIIYABLE DEIPELOPry.If4 Nl. AND SIIIART IIILLAGf4 S Uiidcr the dire¢lion of Sii. Bi'ian Heap, Truslee aiid Director of tlie li'llst's iconic progi2mmes oi) Biosciences for Fan))it)g it) Afi"i¢a IB4FA ) and Sii)ai'l Villages ISVI), CMEDT is njappiiig out, logetl)er Ivitli collaboTator5 tlii-oiigliout tlie woild, tlie iicxt stagc of its ciniiicntly bU¢¢¢S5ful initiativc oil Sii)art Villages, Ivhicli lias Iiad inipacts oil policy-lnakiiig aiid Sustaiiiable Developinent Goals al tlie higliest levels tliiDu¥liout tlie woj'ld. 'I'l)Lee pl￿jeCtS al'e besjig developed.. Smaj't Mlero-c¢oJioml¢ Zone$. Establishing smart micrtre¢onomics zones, most cortvcniently in l(ala5hola. Jliarkiialld, Indi4, in parlnei.511ip with a boLiuI Cnieipiise Loiiipany in Bangaloi'e involviiig 14 villages and 1.185 lioiiseholds {witli a population of 6.060), and iising appropi'iate teclinologies including inforinatioll techiiology. Tlie focus will be un liealth aiid iiutt.ilioii, enej'gy-ejiabled seivices foi. agi'iciiltuiE, includijig iiTigalioii u%iiig %olar powei.. iniprosriiig th'inking watei., i'efi'igeratioji alld sewin8 centi'es for wollieii- all iindcrp1t￿cd by e-cducatioll. iv THE CAMBRiDGE MALA Y.SIAN EDUCA'I'ION AND DEI VEI LOPMENT TRUST TRUSTEI ES, REI PORT 2020-2J Sjtillrt vill￿2£e5 Reseai-eli Ci'oup pi'ojeet$. Develt)i)iiig link% witli tlie Sniarl Villages Rcscai¢li lin)ui), led by Di. BciiiiL Joiies, to take f(>iward Ilic wol'l( of tlJi% 81'oiEp.'fiie Tntst5 ai %iii)i)orling a secoiid i)lia%e of ivoi'k on Sinai-l Village% Ilii'oiigli tlie Sjiiai'l Villages Re%eairli Gjoup led by Dr Beiiiie Joiics, iiiLludiiig Ilie followiiig projects.. SmaTt vlllagcs aTid energy develoi)iiicnt iii foul. niral coniii)Ullilies itt Tdnzanid. A pj'ojcct on l(Iw-ca.qt %iistdiiiablc Lol(1 sloie lecliiiology iii Ugaiid4' A project lo devclop tc¢linol()gy to reniove i)lastic pollutioii from i-iveTS in Iceiiya,. Developimcnt piy)jecls in six iiiral con)nJvnitics in Uganda, and in two tiii'al ¢ommiitiitits iii Lesotlio. and Tebts of a Inodelling tool toi. Iise in Ihire off-grid comnilllllties iii Malay%ia ajid Sornalilaiid. All tliese projects al'e examples of wlial api)roi)i'iate and affoilable technologies can lielp achieve on the ground for sustainable developnietlt. Foi'esiglit'l-i'ansitioii Teaiii. L£iiin¢liing a irasoned canipaign to hclp civil society to undersidnd and give social Icgitiniacy to poli¢ies whicl) go bcyolld a technociTrlic re5POll5e Ln deali]]g with prohlei]]s which Ihi-eateii liuniaii sustainability. 3,4 GOOD GOVERNANCE ANI) F.LECTORAL DEMOCRACY IN THE COMM()NIVLAL'fH (AND BEI Y()ND) Foi. the past 18 years MCSC {with CMEDT sinrc its establisliinent) ljavc played ilie key role in establtsliiiig and Icadiiig ilie annual Catnbi'idge C(IMf¢renee pi-aviding a forutn iii whicli Chief Eleclion Cointnissioners uiid Il104e wlio Icad Eleetioii Maiiageinent Bodicb in tlie Commonwcaltli {and beyoiid) call mccl logeilier to excliangc infoiinalioti alld idcas about policy and pi7ctice in siipei'inietiding elections which are as free atid as fail. as cii'ciiiiistan¢es pci'mit. Tliis woi'k has also bcert taken foiward tlirough Tegional worksliups. T]ie anniial Caiiibi'i(Ige Conferen¢e has pix)ved a iillique initiative in tlii5 Vltal li¢l(I of endeavour. In 2020-21. Ilie foiun) has been kept alive by comniunicaiions between the EMBS, witli the &ctual Confcirnce in 2021 la5 in 2020} llnfortunately liavitig liad lo be cancelled because of Covid, and also tlirougli a series of viitual work%liops, or s¢iniiiais, to inaintaiji coiitllluity and sei've 8oJne of tlic puiposcs of tlie Conference in tliese challenging times. PUBLIC Bri NEFI TIIL above accoiints of the Tiust'% actiiwities an)ply deiiion511.ate tlie public benefit ai'ising froin eael) pYob4'amme. Affoi'dable ediicatloll, 5U5tainable developincnt, food seciii'ity. the miligation of cliinate ¢lian¥e and nattiral di%aslers. %ffi)I'dahle iiicdieinc anil liealilicare. and tlic IiYOllinlii)n nf elecloi?I deimocra¢y li) tile Coll)moiiivealtli and bcyolld. ￿'e self-evidently pl0￿￿￿￿e5 of gi.eat actual and poicntial benefit to tlie public. Thc T￿slee5 are salisfied tliat die activities of tlie Trust, as des¢i'ibed in tliis report 2tJd iji the accotnpanying accoiint%. al'e entii'cly foi. ¢liai'itable piirposcs and fully Ineet tlie -publi¢ benefjt. requiiEJI)eJit of t]ic Cliai'ities Act 2011. Tlie TTuslee5 ¢011111'iii ilial tliey liave rcfei'rcd to tlie guidance contained li) tlic Cl)ai'ity Coiiinii55ion's general guidance oil public benefit. THE CAMBIUDGE MALAYSIAN EI DUCATION AND DEI VEI LOPME¢ NT TRUST TRUSTEES, REPORT 2020-21 ru'i'uRL ou'fLOOI< Thc Trust coiiliniies to be viablc, ajid will contiiiue lo woi'k clo%ely ivitli MCSC. file po.%%ibility of soiiic roi'iii of iiier£eJ' Ivitli MCSC I'eniains foi. fuliiir coijsidei'alioii by Ilie Trustccs of ilie t%vo Ii'usts. Tlje tiiost sigiiificaiil iiiipacl of tlic covid-19 paiideJi)ic lias beeii tlje iieed to CLlneel Ilie Elecloj'al Detiioei'acy coiifcreiices sui)i)oi'ted by Ilic Trusl iii 2020 aiid 2021. Tljc i'ei)12ining pix)jccis supi)oi'led by Ilie ti￿St expe¢ted 10 coiititiue lai-gely unatTected by Ilie paiideiniL. rINANCIAL REVIEW Thc lolal iliLOlnC for tlic yeai. ended 31 July 2021 w2s £1,000,158 {2019-20.. £1,504,413). Tlic totdl expenditt]IE for tlie year ended 31 July 2021 was £1,587,716 (2019-20.. £1,187,OYOI. The nei e¥pendituit foi. the year ended 31 July 2021 was £587.558 (2019-20.. net incorne £317.323). The total assets less liabilities as at 31 July 2021 were £909,25112019-20.. £1,49C),$091. GOING CONCEI RN The TtV5tCC5 expect tlic Tiust 10 have adequalc resources to ¢Olltinue in opcratioiial cxistcjicc foi. at Icast one yeai.. from tlie date of sigiiing these finaiictal statemenls. The Malay.%ian Governmeni lias agired to coiiti'ibute % fu¥iliei' £lni a yeai. foi. Iliret yeai's to suppoi'l Ilie wol'l( of ilie trust. Tlie fij'st inslaliiicnr was i'cceivtd in Fcbi'u2ry 2021. Fiii'tliei. iiisialijienti i'eiiiatn to bc cvllfiiTncd. If thosc insialmentb 8Ye not I'¢c¢iv¢d, a mcrg¢Y witli MCSC is likcly to takc placc to 54fcgii81"d tl)e joint pro￿￿71)n)eS of the two trums. For the pi'eselll, theTrustlias total assets less liabilities of £909,251 as at 3 1 Jiily 202112020.. £1,496,809). In addition, the balanc£ cai'ried foiwai'd by tlie MCSC at 31 July 2021 (£1,214,713) is available to CMEDT followiiig the agiEement by Uie i'espective Trustees io permit tlje transfei. of asset.q. Apaii fi'oin tlie need to cancel tlic 2021 El￿10111 D¢ino¢i'a¢y ¢onf¢ren¢e, tlic iimpact of ¢ovid-19 on tl)¢ rcit)aining a¢iivities of tlie tl-ubt is iiol ¢xpeLted to be bigiiiifi¢aiTrl. A¢LiiidiiigFly. fur tlie Plebetit. tlie CMEDT Tiusiees LOlltiiiu¢ to adopt tlie goijig collcej￿ basis iii preparing tlie fjiiancial 5tatenienls. RFSERVES POLICY The assets of the Ti'llst al'e expendable and available generally foj. the piiiposes of the Trusl in a¢¢ordance Ivitli the Triisi Deed. These assets pi'ovided a suffi¢ient ciisliion to iinden)in tlie a¢iivilies ofthe Ti'ust Itj 2021-22. The u￿rs￿.1¢ttd irserves at 3 1 July 2021 wei'e £909,251 12020.. £1,496,809). Tlie re8ti'icled iE%eive.% at 31 Jiilv 2021 were £llil (2020.. £nill. vi THE CAMBRIDGE MALAYSIAN EDUCATION AND DEI Vli l.OPMENT TRUST TRUSTII Ei S, PORT 2020-2] RISI< MANACEMENT Tlje T￿slees h2ve exaniiiied tlie niajor slJMtegi¢, business and Op￿.￿tIonal i'isks wliich the I'nisi fa¢e8, ajid lo i)ut iii liaiid on a liiiicly basi8 any ncccs5ary #¢tioiis (niainly iii relation lo tlic scale of tl)e collaboraliv¢ activitiC5 of tlie Trii.qll to le%seiJ or avoid Ihein. be le%s tliaii curi'ciitly aiit1cip4￿d. Tliis risk niiiigaled by ielaiiiing sufficient i¢bLrves to Ineel cun'cjil A risk i"cgist¢i' has been prepared, and will be kepl under i"egular r¢view. The asse15 of tlie Tru.%t ar¢ sufficient nieet Ilie conunittncE]t5 Lulltnily eiivisaged fol. 2021-22. Approved and signed on belialf of tlie Tiu%tee8-. Date.. vii THE CAMBRIDGE MALAYSIAN CI DUCATION AND DEI VELOPMENT I'RUST LKGAL AND ADMINISTRATIVE DETAILS TRUSTEES Tlie Ti￿StecS foi. Ilic ycai. lu 31 July 2021 aiid to dale WeTe Ili¢ following-. Tun Alima(f Saiji birt Abdul 14ainid (deceased 211 Augiisl 20211 Dato, Hcnry Barluw Mi. Jei'eiiiy Cai-ver Professor Sii. Bi'iaii Hcap Profe%80r Loj'd Iluijt of Chesterloii Dato. Thoimas M L Lee Profe5SOL' Joliii l.onsdale lapi)oinied 22 Septeniber 2021) Profe550I" Di loy PcrciLJ (appointed 22 Septeii)ber 20211 TRE4ASURER Dr Nicholas Branson TRUST ADDRfi SS Tlie forlnal and irgisteiEd postal addrcss of the Tiu5t is.. Cainbi'idge M&laysiall Educmtion and DevelopJi)ent Tn]st clo Trinity College Cainbi'idge CB2 ITQ LEGAL STATUS The charity was esiablislied by a Deed of Trust dated 23 Febiuaiy 2010. Thc tiust is Irgislered with tlie Cl)Arity Comtnission, RefeiEnce Nuniber 1136815. BANK National Wesiminqtei. Bank PIC 23 Mai'ket Stitet Cambridge CB2 3PA AUDITOR Deloiire LLP Siatutoiy Auditor I StatToD Square Caiiibridge CBI 2GA Uniicd Kingdom REPORT Tliese fInan¢ial %li£ tements sliould be read iii conjunction witkn tlie trustees, at)nual report whicli is i)ubli8hed on the saine dale as tliese accounlq. THE CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOPMEI NT TRUST TRUSTII [4 S, RE.8PONSIBILITIES STATEMENT Tlie Iruslees aTe ie5poiisibl¢ foi. prei)ai'itig il)c Tjuslccs, Aiinual Repor¢ £iiid Ilie fiiiaiicjal slalejnents iii accoi'daiice witli ai)i)licablc law and Uiiiied Kiiigdoin AccouiilinE Staiidai'd5 fjJnilcd Kingdoin G¢nei?Ily Accepted Accountiiig PraLlicc), inclLidiiig fRS 102"Tlie Finartcial Rei)orlin&i Siandai'd applicable in Ilie UK and Republic uf Ii'cldIid" The law applicable lo cliaritie5 in ￿Ngland diid Walcs reqlliirs tlie Irustees to preparc fjllaiicial sta￿l￿e￿I8 fi)i' each rinancial ycar wliicli give a true and fail. view oftlie %iaie af affairs ofilic eljai'ily aiid oftlie incoimiiig Tesoiii-ces aiid applicalioll of resouire% of the cliai'ily foi. Ilial i)eriod. In i)i-ci)aring IIILse financial 8laleiiient%, tlie tiwstccs air J'equiieot tu.. selcct siiitable accoiiiiling policies And then apply Ihein consistcntly. observe Ilie inctliods and pi'iiiciples itl tlic CliJrilies SORP. Inake judgnienls and &%iiinates tlial air i'easonable and I)￿dent., state wlielhei. applicable accoulltlJ]gT siaiidaixÉs ljave been tollowed., and pi'epare tlie finatL¢ial slateiiients on thc going concall basis unless it is ittappi'opj'iatc to pi'esunie tliat the chaiity will contiiiue in business. The trustees are i'esponsible forkeeping prop￿. accoiintillg iECOI'ds that disc105e witli t'ea4onable aeclli'aey al any tin)e A¢t 2011, tlie Cljai'ity IAccounls alld Repoi"ts) Regulations 2008 and the pj'ovisioiis of tlie tiTrJ.%t deed. They are also rcsponbible for safegiiardit)g the asset5 of tlie cliarity and l)en¢e foi. taking I'easonablc st¢P5 foi. the preventiot) aiid deteclioi) of fraud and oiliei. inEBulariiies. liidepeiideiit auditoi s I'epoi't to tlie ti'ustees of Tlie Cambi'idge Malaysian Ei dueation and Developineijt Ti'ust Repoi't on thL' audit of the fiiiancial stAteiiieiJts Oplttlon oui.opinion tlic fjiiiincial slatcincnlb of Thc Canibridgc Malaysian Educatioi) and Developrnent TTUSt (Ilie'chai'ity,).. give a true aiid fail. view of tlie slate of tlie cliai'ily's affairs as al 31 July 2021 and of its iticoiiiing rcsouircs and application of irsoiirces foi. Ilie yeai. tlien ended. liave betn i)roperly i)i"epai'ed in accordance ivitli United Kingdoin Generally Accepted Accounting Practice. inLliidingT FiDLiideiit auditoi s rcpoi-t to tlie ti'ustees of The Cambiidge Malaysian Education aiid Developmeilt Trust (colltinued) I xILllt to ivliich the aiidlt ivas t()thsidcJ'ed cai)able of detectiiig ii'i-egulai'ities, iiicludiiJLI fi'aud (cuntinuedl We obiaiiicd ali uiidei.81aiidiiig of Ilic legal and i-egulaiory fraii)ewoi'k Iliai Uie eliarity opei?tes ill, alld idciilified Ihe key law8 aiid i'egulatinns Iliat.. h#d u dire¢t effeci on tlie deteiThinatioii of nialcrial aiiiounls and di5closiiie% in tlie fiiian¢ial statcnients. Mies¢ iiicliided Tni%t Deed, Cliariii¢s Act, Cliai'itie.% IAecount8 and RepoJ't51 Rcgulaliot]s 2008,. and do not liavc a dij'ect effect oil tlie ftnaiicial siateinents but ¢omplJance wilh wliich Ji)ay be fulld￿￿ental to tbe ¢hai'ity's ability to opet'ate oi. to avoid a niaiei'ial i)cn#lty. These in¢luded tlie Cliarily Coiniijission irgulalions. We discussed ainong ilie alldit engageniciit teaiii regai'ding tlie oppoi'lunities and ii)¢enlives tliat tnay cxisl wiiliin tlie organisatioii for fiaud and liow and wliere fraud Inight occur in Ilie fiiiaiicial %tateinenl5. As a irsuli af i)erfoiMiiiig tlic above. we idei)lified Ilie gi'eaie%t potential for fraud in thc following airas. and our )e¢ific pi'acedurcs pci'foi'nied to address it are de5ciibed bclow.. Coinpleteness vf i¢venue. We Iiave Jiiddc ellqiiiries fi'om nianagenieiil on donations due lo tlic cliarity and exaimined ilie bank details foT cvidertce i)fdonation8. We enquired if thcrc were any othei. gi?nt agreements made diuillg tlie yeai aiid Teviewcd ¢on'cspondenc¢. In coinmon with all audit$ Und￿ ISAS (UK), we are also i'equired to pei'forni spc¢ifi¢ piY)¢¢duirs to I'espoiid to the risk of JnJna¥cinenl overi'ide. Iii addirssing Ilic Tisk of fidud Illioiigh manageineiii overi'idc of eonli'ols, we tested tlie appi'oprialene85 ofjouinal eDlrie% and otlici. adjllstinenls. assessed wlieilier tlie jiidgemcnts inadc ill Inukiiig a¢¢ouiiting esiiihates al'e indicative ot'a px)teiitial bias,. and evaluated tlie bu5ines5 rationale of atty siyiilicai)t ti?ns2clions tliat ai'e unllgual or oulside tlie nojinal coui'se of busiiiess. In addiliotj lo Ihc above, our pi'ocedure5 to JrspoIid to tlic iisks idetilifjed included Ilie followiiig.. reviewing financial slatemcnt disclosui'es by testing to siipi)01-ling dociinicntdtivn to asscss compliance with provision5 of i-¢l¢vant laws and regiilalions described as liavillg a dii'ect effect on Ihe financial statements. p￿.fO￿ni1￿g allalytical pi'ocediii'es to idcotify any UDvsual oi. unexpected J'elationships that may indicate i'isks of mater&al Inisslalcii)ciit diic to fi'aiid., enqiiiTing of inana¥ttinent and in-house Icgal coiinsel eonceining actual and potential litigation and elainis, and it15tanc¢5 of non-compliance with laws alld irgulatiolls. ## **Independent auditor’s report to the trustees of The Cambridge Malaysian Education and Development Trust (continued)** ## **Report on other legal and regulatory requirements** ## **Matters on which we are required to report by exception** Under the Charities (Accounts and Reports) Regulations 2008 we are required to report in respect of the following matters if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. We have nothing to report in respect of these matters. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (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. ## **Deloitte LLP** Statutory Auditor Cambridge, United Kingdom 20 April 2022 Deloitte LLP is eligible for appointment as auditor for the charity by virtue of its eligibility for appointment as audit of a company under section 1212 of the Companies Act 2006. 6 CAMBRIDGE MALA YSIAN EI DUCAI'ION AND DEVELOPMENT TRUSI. STATIMEN'f oi," I,"INANCIAL ACTIVITLI S ri oi. tlie Year eiidcd 31 July 2021 Note Uni'estrl¢teil Unrtsti'icted TotJ)I lunds Total fuiids 2021 2020 INCOME f4ROM: Dniialtoiis Inve5tm¥nt iiicomc 1,000,000 158 1,5(K),000 4,413 TOI'AL INCOME 1,000,158 1,504,413 EXPENDITURE ON.. 1,587,716 1,187,090 TOTAL EXPENDITURE 1,587,716 1,187,090 NET (F_X'PF.NDI'I'URE)IIIYCOME FOR THE VEAR AYD NET ￿[OV￿.￿l￿N7' 01 F'UNDS 1587,558) 317,323 'I'OTAL FUNDS brollgbt foi'iYArd at l August 1.496.809 1,179,486 TOTAL FUNDS cari'lcd foi'iyai'd at 31 July 909,251 1,490,809 All results 2re derived from eoiitinuing aclivilies. Tliei'e are iio re¢ogiiised gain5 aiid losses for the currentorpiEeeding financial ycarotlierthan a8 %t&ted in the Stateinent of Financial ActTVltie5. Tlie uccounting policies and noles set vut ¢)i) puges I I to 15 foiTh parl of Ihcse fjiiartcial st2¢emenls. 'rHE CAMBIIIDC.E MALAYSIAN EDUCATION AND DEVELOPMENT TRUST BAI.ANCL.8HlI li" As #t 31 July 2021 Note 2021 2020 CURRF.NT ASSETS Ca81i at bank attd in liand 1,668.614 1,716.699 1,668,614 1,716,699 CRLDI'foRS: aniouiits falling duc ivitliin Olle yeai. 1759,3631 1219,890) NET CURRENT ASSETS 909.251 1,496.809 TOTAL ASSETS LESS CURRENT LIABILITIES 909,251 1,496,809 FUNDS Uni'csti'iclcd ￿ndS 909,251 1,496,809 The accoiinting policies and notes set OLIt oll pages I I to 15 foiTh pait of these financial statements. These finanLial statements iveir appi￿ved by ilie Iruslees on q AL Siwied on belialf of tlie tiustee5 THE CAMBRTDC.E MALAYSIAN DUCATION AND DEVELOPMII NT TRUST CASH tiLOW STATEMENT For the Year ended 31 July 2021 N(bte 2021 2020 N¢t egsh inllow fi'oin upei'aling activitles {48,0851 141,510 IDecrease)linci'ease Sn ca$li (48.0851 141,510 Reeoiiciliation of net tasli flow to moyeiiiellt ITL net funds 2021 2020 IDecrease)lin¢iEasc ill casli in the yeai" 148,085) 141,510 Cl)an8e in net funds itsultiiig fi.oin ctsh flows 148,085) 141,510 Net fui)ds at l August 202012019 1,716,699 1,575,189 Net fuiids ai 31 July 202112020 1,668,614 1,716,699 TIIE CAMBRIDGE MALA YSIAN EDUCATION AND DEI VCI LOPMENT TRUST Tr40'ri,:s TO THE CASH 14 LOW S'I'AI'LMlI.NT lior the Year ended 31 July 2U21 2021 2020 a. RE4 CONCILIATION or NET {F.XPENDI'I'URE)IINCOMINC RF.SOURCE.s 'ro NEI T CASH INliLOW fROM OPERATING AC'I'IVITIfi,.8 Net loiitgoing)liiicamiiig rcsoiii-ces De¢re&%e iii debioi's In¢reas¢Jlde¢reasel in creditoi 1587,558) 317,323 19,396 {195,2091 539,473 Net casli {ouiflowl/inflow froin operating activities 148,0851 141,510 b. ANALYSIS ofi NE4 T FUNDS Deci-ea5e in }'eAI' 2020 2021 Casli fund dep051t and at baiik 1,716,699 {48,085) 1,668,614 10 I'IIE CAMBRIDGE MALAYSIAh' EDUCATION AND DEVELOPMEI NT TRUST ACCOUNTING POLICIES Foi. tlie Yea). elided 31 .July 2021 The financial staleineiit5 liave been prepai'ed in accoiylaiice with the Strdieiiienlof Recojnjiiellded Pi'actice"A¢¢ountiiig by C.hai'ities" SORP 2019 i%%iied iii Jaiiuai'y 2019, 1.iJiallcial Repoi'liiig SiciDdard applicable iii tlie UK aiid Republic Of Iiiland {I.'RS 1021 aiid tlie Cli7￿ rilie% Aci 2011. Tlie i)artic￿lar accouniiiig i)olieie.q adopted by Ilie INslee% are desci.ibed below. Geiiei-al infoi'm#tl(bn 9nd basis of accouiitin¥ Tljc Caiiibi-idge MalaysiJii F.ducalion and Dcvclopineiii Tru81 is a charilable li'usl. The fiiiaiicial 5tatcnienLs liave beet) i)repdi-ed lli)dei' Ihe liisioriLdl ¢osl LoIiveIilioii. Coliig t(bticL'rii Tlic TTuslees exi)ecL tlie 1'1'ust to liave adtqualc i'esoiiir&% lo colltiniic in operaiional exi.stencc foi. al least tlie next Lwelve Dinn¢lis, fix)In Ilie dale of sigiiiiig illebe financial siatcinenls. The Malay%ian Guvci-rtiiienl lia% agi'ccd to conlribiite a fuitlier £1 In a year foi. tliire yeaTS lo siippvit tlie work of the tiiist. I'hc fii'st insialinent was received iii Febrn￿y 2021. Furihei. iiibtali)ienls ¥eiiiaiii to be COllfiLiiied. If tliose inslaljijents are t)ol irceived. ¥ ineL-gei' with MCSC is lil(ely to take place to safeguai'd Ilje joiiil i)i'ogi?Innie5 of the two li'usts. Oil l August 2018. the MCSC TrLT51ees, io&ieilJei' willi the Ut]iversity. executed a Deed of knieiidnieiit of tlie MCSC Trust Deed ta enable Ilie assets. liabiliti¢s, functions aiid aclivilie5 of MCSC. to be li'ansferiEd to tlic CMEDT. To dafe, no Iransfei. of assets lias takeii place, and no decision has beeii lakeii reg4u.ding when su¢h a [rat)sf￿. Iniglil occur. CMEDT aiid MCSC. contitille to Ai)ai'l fi'oin tlie need lo canccl tlic 2021 Llectoral DcinocTacy conferen¢e, the inipdcl of covid-19 on tlic i-einainirtg activitlcb of Ilie trust is iiot eXpeL￿d ta be sigiiificani. Tlie Tii151ecs air confident tliat Ilic ¢liai'ily lias adequate fiiiid% aiid resources to Lontinue opei?ling for tlie loreseeable ftittii'c. being al least 12 Inoiiilis fix>in Ilic date of gigning Ilicsc finat]cial slaieinertts and is wcll plaLed lo manage its biisiiies5 risks 5u¢c¢ssfully. For this r¢ason. they ¢orttiniic to adopt tlie going concern basis in pi'epai'itjg Ilic fijiancial $tatcincnt5. Fund &ceounting The ¢hariiy mainiaills.. Geiiei'al uiiiesliicledfiijjd Genei?l unre%ts'icled fut]ds I'epj'esent ii)¢oane which is expendable at the Ilis¢retiort of tile l¥ustees in the fUrth￿'ance of the objects ol'the charity. fuiids may be held oidei. lo finaiice botii ivorking Capiial and capital investiiient. Resli'ic¢edJiiiids Reslricled fut]d5 represeni income received wliicli was given by donors with the condition of being for a specific purpose. All iii¢oine is recogniscd in tlie 5tateEneni of financial activities wlien tlie Conditions fol. irccipt liave been coniplied wilh. 1)￿)1￿[10J1$ Donalians and all otlier re¢eip18 are i'epor￿d gi￿5% and the related fundraising costs are icpoited in oilierexpenditui'c. Investment incoxne is aLLoiinted foj. when receivable. Chai.ItAbl¢ exyeiiditure Chai'itablc expenditUlE includcs all expenditure diirctly related to tlic object5 of the ¢hai'ity atjd pi'incipally coinprises dic fullowiiig.. SElI)POIt and dcvelopn)ent of Malaysiaii Educatio Suppoit foi. reseaTch rclat¢d to tlie purposes of Ibe Tiwst. THI CAMBRIDGE MALAYSIAN EDUCATIOIN AND DEI VELOPMENT TRUST ACCOUNTI]YG POLICIES ri or tlie Year elided 31 .July 2021 liovei'noiicc costs ciove1n￿lcc eosls eoiiii)I'ise all ¢OSls involvillg dic piiblie accounl&biliiy of tlie ¢liai'ily ai)d ils coiiii)liaiice witli rcgululion aild good i)racticc. These ¢o.%i.g iiiclude costs related lo tlie %tftttitoiy audit #lid legal fees. Suppoit ¢osis ¢oii)pi'ise adniillislration costs of tli¢ Trusi Inole 3). Gi'ant i)olicy Gran18 payable aiE payments made to tliird parties in fui'tlierallce of tlic cliariiable objeelives of tlie Ti'ust. Single or iulit-year gratils are accouiited loi- wlieii eill)er tlie IEeipieJit lia5 a i'easoiiable expectatiuii tliat ilicy will i'eceive a gj'ajit and Ilie Ii-u%tees l)avc axircd lo pay Ilie ¥i-dni wiilioiiL cthiidiliall, Ol. tlic J'ccipieiil lias a iea%nrtable expcctaliot) Iliat tliey WTII i-eceive a gi'dttt and any cotidttion dlla¢liirtg to tlie giant is outside Ilie coiiliDI of Ilie'fiust. Pcll51011S All eligible staff are Ineinbcrs ofr. the Univer51ty ofcambi'idge's Cortti'ibutory Peiision Scheine ICPS) to wliicl) tli¢ Ti'ust conlributcs. As tlie Ti-u51 is ui)able to ideiitify ils sliai'c of tlic uiiilerlyiiis a.ssets ai)d liabilities of tlie CPS oii a rea%oiiable ai)d collsislejil ba%is, it aecounls as if the CPS W￿￿ a der￿cd coiiti'ibiilion %clienie, so that the eosl is equal to Ilie total of contributions i)ayable in the yeaL-. Financial insti'uimcnts The cliai'ity ojily Iiave fiiiathcial 2ssets and financial liabilities of a kind tli8t qualify as basic financial ill%tnJinents. Basic finaiicial iiistiiiment5 are iniiially recogiiiscd al ti?n5actioD value #nd subsequeiiily ineasured at Ilicir settlcment valuc. Tradt and oiliei. debtoi's al'c i'ecognised at tlic seltlenienl aniount diie afteL- any trad¢ discount offej'ed. Prepayinenis aye valued ai tlie anioutil pi'ep&id net of ally tiade discoutits duc. Casli at bank diid ca%h in liaiid includes casli and shoit terim liiglily liquid inveslnienls witli a shoi'l imdlui'ity oftliire inoiiihs oi. less fi'oin tlie dale of acquisition ai. opcning of Ilie dcposit 01. 5iinilai' acetsunl. CJ'editi)r.% aiid pi'ovi5ionb are I'eeogni.%ed wlieic the cliai'ity has a preEen¢ obligaiiuii reslllling fix)in a past evellt tliatwill probably Irsuli in tlle ti'an.%fei' of fiinds tu a tliii'd paity and tlic ainount due to settle tlie obligalioiJ can bc illeasiii'ed oi" cstimated reliably. Ci'editOlE are nunmally re¢ogtJised ai their settlement ainount after allowii)g foi. aiiy ti'adc discoullls due. Crltleal 8¢COUlltlng Jlldgenienls and key soui'ce5 of esti￿ation uTheertalnty In tlie application of ti)e Cliarity'5 attourtting policies, wliich al'e described on pages I l and 12, tile Trustees are required to niake judgeiiienls, estimates alld assuniptiot)s aEx)ul the carrying ainounls of a%5e15 and liabililies that are not Iradily appai'eiit fioni other sourccs. The esliinates and &%sotiated assumptioiis al'e based on hisiorical experience and oiliei. factors that ale considered to be iElevallt. ActUSLI resulis n)ay differ froji) tliese csliinates. Tlie ¢siiinales and undcrlying assuini)tions al'e Irviewed on ali oiigoiiig basis. Revi%ion8 to accounting e51iiiiate8 are reeognised in Uie period in which Ilie cstiinaie 1.% i'evised if Ilic rcvision affe¢is only that period, oi. in Llie period of tli¢ revision aiid fuiuiT peri(Kis if thc iEvi5ion affects botlj ClliTCtit and futuie pci'iod5. bcyond Ilie accountillg poli¢i&g listed above. 12 THE CAMBRIDC.E MALAYSIAN IDUCA TION AND DEVELOPMENT TRUST NOTE.S TO T&IE filNANCIAL STATEMENTS For the Year elided 31 Jul}, 2021 INFORMATIC)N RLGARDING F.MI)LOYLES AND'I'RUS'I'EI Ei 8 2021 2020 AV￿.age Jillinber of eIiii)loyees dui'ing tlie year being Ihe full tiiiie equivalent for p￿.( liinc slafl Toral Irjnuneration eosls IC)(),035 168,839 Thc kcy matMgementpersoniiel air the iijtmbers of Ilie Executive Cojnmillee, as set out oji pagc l of this TCPOlt. The Dii'eclor ￿ld Ti'easuirr al'e tlie ojily inciiibers wlio J'eceive i'eiiiunei'alion fi'oiii Ilie Tiusl. IicJi)Ulleration is appiDved by Ihe Executive Cojjlliiittce after coiisideriiig Ilie i-ecoiiiimetydatioii% of the Remui)eialion Coiiiiiiitlee. In.%etiltiig Ilie level% of ieiiiuneration, the Reiiiunej'atioi) Coiwiiittee has regai'd ¢0 ¢oiMparable pay level8 in the Univeisity ol Caiiibi'idge. Tlie total rcjnunei'atioii liiicliiding pension ¢onti'ibutions and en1ploy￿ s national insuiancel of key managenient pei3onnel of tlie cliai'ity foi. Ilic ycai. cnded 31 July 2021 wa* £92,90712019-20 £92,923). No ti￿Stee irecived any iriiiuiiei'atioji fi-ojt) the trust during Ihe year {2019-20 nil). No ti'llstee irecivcd Jrimbiirseinent of ii•velling e.Kpense%12019-20 iiill. Tlieie was l eiiipluyee (2019-20.. I) with ctnolumcnts in tlie i•iige £7(P£80k. No oilier en)ployee liad ejiiolutiicnls giratcr tl)an £60k12019-20.' nil). Aiialysis of staff c05t5 2021 2020 Salarie5 and Mrages Pension costs Nl cost5 Apprenticesliip la 137,574 12,753 15,082 626 139,519 11,873 16,836 Total 166.035 168.839 DONAI'IOIYS 2021 2020 Malaysian Millistry of Education 1,000,000 1.500.000 The illcome for the years cndcd 31 July 2021 aiid 31 July 2020 was all u]￿StrICted. 13 THE CAMBRIDGI MALAYSIAN EDUCATION AND DEVELOPMENT TRUST NOTCI S TO THE FINANCIAL STA TEMEf4TS Foi. tlie Yeai- ended 31 July 2021 CHAII11'ABLE ACTIVITIES 2021 2020 Uni'estrieted Uijj'esti'lcted Direct eo$ts Pix)rti()lian'. rnain prujells Gi'ant to MCSC 880,362 500,000 944,047 1,380,362 944.047 Support cost$ Relit and rale Pjopcrly costs 3,929 13,235 155.158 8,417 6R5 1,642 3,540 157,955 Office expen8es Travel 'I'elcplionc. Pobtage and courieiE Legal fees Bai)k chai'ges GOV￿1￿a￿te costs (note 41 773 1,901 25,621 845 21,840 22,697 207,354 243,043 1,587,716 1,187,090 DuTing tl)e year ended 31 July 2021 a giznt of £51)0.000 (2020 £nil) was payable lo MCSC as sljown abovc. GOVERNANCE COSTS 2021 2020 Unieslricted Unrestrl¢tÈd Auditol S IEiniiiieration- f¢c Pityable to tlie Tjust's auditor Ti'easuiEI' 11.820 10.877 10,956 10,884 22.697 21.840 TAXATION Cainbridge Malay5Èan Edu¢alion attd Dcvclopnicnt Trusl ss a registei'ed ¢liai'ity atjd is exejiipl fi'oin lax on incoine aiid Lapitsl &TJliiS fdllinK wiiliin Chaptei. 3 of Part Il to tlic Coi-pvi#tion Tax Acl 2010 01. Sectioti 256 of Ilie Taxalioii of Capital GaTrns Act 1992 10 thc cxlcjit that they aiE applied to it% clJarilable ubj¢¢¢ivLS. No tax c112rges I￿v¢ ai'isen in Ilie Cliar¥tdblL Ti'usl. 14 THE CAIIIBRIDGE MALAYSIAN EDUCATION AND DL4 LOPMII NT TRUST NOTEI S TO THE IIINANCIAL STATEMENTS Foi. tlie Ye#i' ettded 31 Jiily 2021 CRIDJTORS,. AMOUNTS fiAJ.T.ING DUF. WITHIN ONF. YF.AR 2021 2020 Ti'ade ci'editoi Acci-uals 14,215 544,3D7 2nO,841 71,087 11,007 137,796 759.363 219.890 The iiileJ'_Irust ci'editoi. compL'iSeS amounts owed to Tlie Malaysiat) Coinn)onwealth Sttidic5 C¢iiti¢ i Cainbi'idge. REI.ATE.D PARTY TIIAN.SAcfioN8 Soime t1115tees liave ¢108e tie% ivitli tlie uiiiver.sity of Caiiibtidge and its Colleges, and some of Ilie officers and Ii'ii5tees al'e also officci3 or Iru5tec5 of tlie MCSC Ivitli wlii¢lTr tlie woi'k of Ilie Irusi is Closely associated. T1)￿e i'clatcd illterests al'e incliided iii Ilie iegislei- of declaied iiiteie5t% of trii%ie&% aiid officer.% wliicli 1% updated at leasl i)nce 2 year. There were Jii) related party Iransaclioii it] tlic ycai. ended 31 Jiily 2021 {2020'. lionel.