Charfty numbor: 1136115 CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOPMENT TRUST TRUSTEE8' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
CAMBRIDGE MALAY81AN EDUCATION AND DEVELOPMENT TRU8T copirEpif8 P896 R•for•nc• and Admlnl•trnllv• Detall• of th• Chavlty, It8 Tru•t••• and AdvlMr• TTU$t•M' R•port Tru•t•M' R••pon8lbllNl•s Stat•m•nt Ind•p•nd•nt Audltorn. R•port on th• Flnandal 8tat•m•nts 8-11 St•l•m•nt of Flnihel•l A¢tlvhl•• 12 B•lIn 8h••t 13 Statsrn•nt of C••h Flow• 14 Not•• l• th• Flnaneknl 8tht•m•nts 15.23
CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOPMENT TRUST REFERENCE AND ADMINI8TrATIVE DETAIL8 OF THE CHARITY, rr8 TRU8TEE8 AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 TfU8t••8 Profe860r John Lon8dale (resLqned 21 Septemb8r 2024) Profo8sor Dr Joy Perelra Dr Gordon Johnson (appolntod 22 S8pt8mber 2024) Dato, Hanry Barfow Mr Joromy CaNer Professor Lord Hunt of Ch68terton D8to' Thom88 M L Lee Charlty r•gl•l•r•d numb•r 1136815 Prfnclpal olfte• Trlnty College Cambrldge CB2 1TQ Dlrnctor Dr Anll Seal Tr•Mur•r Dr NlcholaB Bren80n Ind•p•nd•nt audltor Potfjrs ElVrthY & Mo)re Chart•rad Accounlants Sallsbury Hou stallon Road C8mbrfdg• C812LA Bankarn Naknol We8trnln8ter B•nk Pk 21 P•tty Cury Cambrldg CB2 3NE Page 1
CAMBRIDGE MALAYSIAN EOUCATION AND DEVELOPMENT TRUST TRU8TEE8' REPORT FOR THE YEAR ENDED 31 JULY 2024 08JECT8 ANO PURP08E8 OF THE TRUST The Cambrldge Malay3lan Educatlon arml Developmanl Tru8t {CMEDT) was e8tabll8hed by Trusl De¢d, daled 23 February 2010. Ihg followlng Objects: 1.110 adVce educatlon for the beneltt of lh8 cltlzens of MAlayala, other UntrIeS of the Commonweallh and such other counlrte8 havlng lknk8 wlth MAlas41a as ihè Trusleas sae fft (tho 'CountriO8'1 by: (a) educallry on the Improvamenl of 8t8nd8rds In educallonal Insiltullon8; (b) develOng end tlpIng lo deploy programme8 of 'dIStan 18amlng' In 8118ubJ8cls {IncludlrvJ programm¢8 felated lo the teathlng ol Eng118h a$ 8 forelgn language 8fKI Ihe developmgnl ol vocatlonal and profe881onal Bklllb); (c) puttlng on cour808, 8omlnar8. tr8knlng pmswammes, lectures and other educallonal ovents; (d) provldlng vlsltlng fellowghlp3, scholar8hips, bur8arie3 4ftd 8acondm•nt8 for 8tlY worldwlde, 1h partlc#Jlaf amphasls on MalayBIa; (e) edu¢ating in gubieGts ralatln9 to 8U8talnable development and the protoctton, •nhancement and rehabSlltallon of the envlronmont arrfl promotlng *udy and ras•arch In 8uch gubJ•d$ pmvldad that the u8efiA resullB of 8u¢h sludy are dlssamlnated to tho publlc at lar98; In 8uch other mean8 a8 Ihe Tru8tee8 in thelr ab8dut• d18crn11 886 fit. 1.2 to promot• 8U8laSnable dwelopment for lh• b•n•ttt of tho dtlz8n8 of Ihe Countrfes ty. (a) th• prnservallon, con8wvatlon and prolecllon ol th8 •nvlronmenl and the prudent of r•8our¢•8; (b) the prornotion of 8U8lalnabla m•an8 of achlovlng econom1¢ growth and r•ganerntlon. 1 A to lurthar for the benefft of the clllzens of the Counlrfe8 8uth other purpo8e8 gs •ro ¢haritsble undèr th• laws of England and Wales M th• Tw81008 In th•lf abaolule dl8crellon 8ee fit. In accAxdanco wlth the TNst Deed, th• Truite•s mu81 u0• tho Income and may us• th• c4pltal ol th• Charfty In promotlng tho Objoth of the Charity. ORGANISATION ANO MANAGEMENT OF THE TRUST Thé Tru8t18 a chadty reg1stsd wlth the Charity Cornrn188lon (Charlty Reference Number 1138815), Tho Tru8118 90Med by Its Tru8tO•8. Th•ré h an ExecuOv6 Commlttee. The kn1n9 sard durfng 202&24: Dalo, Henry Barfow [trt9• and ExKullv• Chalrman) Prof8880r John Lon8dale ITru8tee and Deputy ExecUve ChalmMn from 22 September 2021) Dr Anll Seal (Dlrgclor> Mr Jererny Carver (TnJ81••) Dr Nlchola8 Bran8on (frna8urer) The Tfu8te88 hava 88labll8hod a Romunerallon C(Thrnlttee to 3eltle Ihe rernunarallon of offlcer8 0.9. the Director and Treasurer). wlth the prov180 that any offiw wh08• remuner811on 18 b8lng dlscusjed wlll not be present for d18CU981on ol Item of buslne8s, The Remunarakn Commlttao has Ihe followlng mombef8hlp: Tha Exacutlvo Chalm)an The Doputy EXa(lIve Chalrman The Director The Tr•asurar Mr Jeremy Carver The a(Imln18traUon of the Trn8118 conductéd frorn the headquartwB of the Malayslan Commonwealth Sludl88 ctrO (MCSC). 11 Madlngley Road, Cambrfdge CB3 (EG. The administralrve strudure of the Twst Is shared wlth the MCSC. The Tfustees express thelr gra15trAe to th TNst06s of the MCSC for Iheir williw CO•operalk>n. The Tru81 meet8115 8hare of t runnlng c%J8ts of Ihls Irdnt admlnlstratl¢Jn. Page 2
CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOPMENT TRUST TRU8TEE8' REPORT (CONTINUED FOR THE YEAR ENDED 31 JULY 2024 In vlew of tho Incr888lngty dosa relatlonshlp botween the actlvllles ol lh8 MCSC and tha CMEDT. In 2017 the Unfverslty of Cambrklge FlnaThx CtJmmStte8, as da f8do regulator of the MGSC as an exempt tharfty, recommended that a loldlng-ln of the two tnJ8ts shoukl lake plac8. Thls recommendalion w88 unanlrnou61y approved by Ihe Tw81988 of both InAts, On 1 AugU8t 2018, tho MCSC Tw8tee8, togethèr wtlh the Unlverslty, 6x8culed a Deed of Amendfflent of thè MCSC Tst Dood to enab16 the assets, IlablllUe8. fvncllons and acti1169 of MCSC to bo trale9d lo lh• CMEDT. Some mlnor consequentlal amendrnents of the CMEDT Trust Deed were oXO(xrted by the CMEOT Trustee8 on th8 same dote. A8 8131 July 2024 the ftJldlng4n ha8 Ilot bn ex6cul•d and trNo tru818 continue to Mport thelr fin8nclal rn8uIis 8eparalely. To date. no Iransfer of 8888ts has 18ken plae4, and no ded8lon h88 been laken r8gardlry whan 8uch a tran8f6r mlghl occur. Thé manogemenl of the Trusts Is und8rt8ken on 8 unlfied b8818 wlth c08t8 Shared as approprlala. CMEDT makas a giant to MCSC. The Account• of t#)th tws18 lor 202&24 have been prnpared on th• bfi8ls thal. apart from the nornMI Intor-trust tran8fer8 rolatlng to lh8 8gr••d r¢$F1 ra8ponslblllt108 of the Iwo for shared programmes, any Inv081menl8 of MCSC are shtyn as MCSC asqet8 at 31 Juty 2024. Al Tru8tees havè eon8lder8ble admlnlatratlv6 6xparlenrA and knovAedge of r•t8ted govemanr wocedure8, In mo co868 havkng njn or held unlor po8llion8 naUonal, educatlon81. or buslness lnsll1n5. Somg Twstee8 are majcw Ilgurn61Tr International affalr8, and olher8 aro leadlng IIwrn8 from vAthln lh• Urdver8ty of Cambrldgo end 118 Colleges. It 18 tho polky of tho Tw•t Ihat all naw Truslaes Should rncelvo full minui•S of prevloug m68iing9 of Trusle88 and Ihelr Execut1 Cornrthe 95 wall a8 detalls of accounts and bLKJgots for at1¢98t three years prlor lo appolntmenl: Ihal they •hould rocelva a copy of h Tw3t Deed and any Nles and regulallonj made undor Il. and thal Ihey SI[d bo Ovon an Infornivdl brf•fing by thg pffic•rn and Invited to cont8Ct th8 Chatman of the Exacutlve Commlttaè for further and bottèr partlcular8 or for any rnatter8 arl6lng after poru81ng backgrcund papora. Furlhar Idontlfled tralnlng wu5remenl8 are m•t on an ad hoc bas18. Th• key m8n8gemenl personnol are tho membgrn of lh• EX01Ve Commlttee. The Trust doo$ not ha a$ts hald on a long48rn bJ8t8. T knw8tm•nt of fund•18 through $htyI-t¢mi bank and Slmllar deposlts. The TN8teeB do not have an •lhlrnl InveBlThnt PDIIW u 8uch. If Ihoy reach the polnl ol belng able to Invest thelr fundg. Ilw wlll rety on Iha ethlcal Inveslmenl poll¢l&8 of tho monagws of Ihe indivldual lund8 con¢wned. ACTMTIE8 AMD DEVELOPIIEKf8 OF THE TRUST DURING THE YEAR TO 31 JULY 2024 In¢om• of the Trust In r88ponse lo a reque8t pul by the Trust to tho Malayslan Governmrt In 2020. the Govemmont of Mawa agreed to mak• addltlonal contrlbulion8 lo the Twst 01 £1m a year for Ihf•• year8 from 202fy21, The firsl of these contrlbutlons was recelved by Iho Irusl In February 2021, and th• second on 6 June 2022. Tho Ihird contribution wa8 recoived 8horUy after thg y•ar4nd and18 recogni8ed In the present lknandal 8tatoments. Actfvftlos of th TNst The c4)re r•mlt18 to advance educatlon and sustslnobh dw¢lopment for Ihe b8nefft of dtlzens of Malaysla and, rnore broadly. of Ihe dev8lq)Ing countrlos of tha Commonw881th and beyThd. TrusY8 cuirerit programmes are". Affordable EdUtIon. prlnally Engllsh18r¥Juagg l•achlng and a88$MOnt Tho Mlllgatlon of Cllmata ChaNJa aThJ Natural Dlsaslar8 S(Inable Development arKI Smarl Wlage8 13cd Govemance and Elethl DenacY In the Commonwealih (and beyond) Page 3
CAMBRIDGÉ IAALAY8IAN EDUCATION DEVELOPMENTTRUST
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3.1 AFFORDLE EDUCATION
Engll•h L•nouag• L•arnlng, T•achlng and AMHom•nt
B•¢korour
A key rem51 addre85ed by CMEDT (and MCSC) slnce 2010 wa8 to help Malaysia Improve the prolldoncy of118
pw)188 In tho Engllah languaga.
c••8lbl• T•stlng 8y8t•m (eats si•p)
The Acce88lble Te8tlng System cats 8l•p. created by Ihe tru8t8, r•present8 an Innovallvg and unlqu• 8y8tem of
18amlng and aBBe88lng fvncllonal Engllsh. Among Its core purpo808. Ihe 8y8tem has be8n de8igrd to onabl•
pupils of vwying oblNtie8 and fr(m dlffotBnt backgrounds to Improve thoir proficltsncy In ErvJll8h through a ste
b8tep process, wlih the lewnlng materlal belng an Integr81 part af the syBt•m along wlth th• asse88ment8. The
Sy8tem 1$ c•llbraled 8galn81 CEFR 818ndard$.
Tro prfnclpal expendllLWa on 8t•p durfng 2023.24 IMS been Shared b8tween CMEDT and MCSC. In tho
maln on the development of the ty8hm wlth a vSew to It8 doplownenl In other countrlas, lth the partlculaf alm ol
pronwtlng affordable educallon for d168dvantagod clOT6 01 Bludent populattom In th• d•valoplng
Commonwealth and b0d. S•8 8180 Secllon 7.
3.2 THE MITIGATION OF CLIMATE CHANGE AND NATURAL DISASTERS
Danum Vall•y. ond th• south Ea•t A•la Ralnforn•t R•••arch Partn•r•hlp (SEARRP)
The llEnuIng 8UPPOrt by MCSC and CMEOT for D8num Valley, via SEARRP, has bean vllal In undorplnnlng
Iho long-lerm monttoTtng and data collacllon programmes esaentlal In an ora of global envlMmental change, In
p•llcular th8 seminal conlrt)utlon8 that SEARRP and Danum Valley make to th• dovelopmont of ¢onsoNalon
and 8u8taln8bllity poll¢y begtV8Ctlc• in M818ysiJ and, through Mawla, for th• worhl.
Llnks wlth CafflbTldge remaln Integral to fu1• plans, PfirtlculArfy Ihrough th• work of many Cambrfdgo4a8ed
acaden who collaborale wlth SEARRP, notably Ihe C•ntre for AIfflo8pherlG Sden¢e at Cambrfdge, chalred ty
Proles8or John PO6. who18 aleo ¢halr of th• SEARRP Board of TN81•08 on whk Dato, Henry 80w, TAte•
of CMEDT, also seNe•.
A•laTr N•twork of CMmat• sclen •nd T•chnology IANCST) and th• Wlndow4o¢ambrfdg• at UKM
Tho establl8hm8nt of Ihe A8lan Netw cIrn8 Sd•nce and Tethnokjgy. Mthl¢h, SIn Its launch kn 2013
under tha leadorshlp of PrOfer Lord (Jullan) Hunt of Che81orton (a Tru8tea of CMEDT). together wlth
Prnfe88Of Joy Perelra (now 8180 a TNstee of CMEDTI, who load8 UKM'8 South-Ea81 ABla Disaster PrevontEon
Inltlallve (SEADPRI), ha8 croalod a flourA8hlng Internallonal network vthlch facllltaled lIal)l and the
thange of Infonnath)n betn worfd
CAMBRIDGE MALAYSIAN EDUCATION Atr4D DÉVELOPMENT TRUST TRUSTEE8' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 MdayBla and Somallland. 3A GOOD ¢30VERPIANCE AND ELECTORAL DEMOCRACY IN THE COMMONWEALTH (AND 8EYOND) For thg past 20 ar8 MCSC, togothor wllh CIJEOT slnca Its e8tab118hm8nt, havo played the key role In 8stabll8hlng and 18adlr¥J an annual Cambrfdge Conlef•nc8 provldkng a forum In whid) Chl¢f Eleclbn Commlssloners and th08e who load Eleclion Managemont Bodi8s In ts Commonwealth {and boyond) ¢8n meet togelhor to 8xch8ng8 Infomatlon aNI Idea8 alxxrt poltcy and praeAlcè In 8UPOrtntendlrvJ éléctlons whlch are a8 free and as fair as drcumstan& pmll. Durlng 202&24, rnaelrys of Elecllon C¢Jmffllsgk)ner8 waro able lo r88um8 In person. A meellng h•kl In Maurtllu8 beknen 2>25 Aprfl 24, and a 88cond meeting in Cambrldge In July 2024. A prfndpal themo of the80 medngs was the effedl of aoclal medig on elecOon8. PUBUC BENEFIT The above accoun18 of the Tru6V8 vIlla3 ampty demon8trat8 the publlc benefli 8rl3lng from each Kmgramme. Affordable oducakni, 8UBt8lnable development, food 86¢urlty. Ihe mlllgauon of dlrnate chan90 and naIaL dl8a6ter•, and thg promokn of eloctoral democracy In the Commonwo•lth and b•yond, are 8ell•vklenlly progrnrnmes of gr•al actual and Wonllal benofit io Ihe publ1¢. Tho Trugt888 8r8 Mti8fied th8t th• 8d1v1tl of lh• Trust, oj d•8¢rfbed In Ihl8 raport and In the accomp8nyiNJ accounts, ere enUr•ly for charftsbl• purpose8 and fully m8Ot lh8 'publSc benofll. requlromènl of Ch8rit188 A¢t 2011. The Tru8tee8 conffirni that IW have referred to the guldanca conleln8d In the Chavlty Comml83lon'8 general guldance on publk benefiL FUTURE OUTLOOK The Trust contlThJeb to be vlabb, •fid wlll contnu• to work ck)8ely MCSC. The polIty of N)rne form of m•ry•r wlth MCSC remaln8 f¢r lulurn ¢on•lder8tlon by th• Twstegs of Iho two InMI8. FINANCIAL REVIEW The total Ino)m• for the ye•r endgd 31 July 2024 wa8 £1,007,912 (2022-23: £35265). The tolal eynth1Uro for Iha year ended 31 July 2024 was £834,842 (2022-23: £1,089,606). The net 8urpluJ for the year ended 31 July 21)24 wa6 £173,070 (2022-23: n8t dellclt of £1,034,351). Tha total 888els less Ilabllllles as 8131 July 2024 wére £253.7e5 (2022-23.. £80.e95). GOIIIG CONCERN The Tru81'8 ¢horftabl8 adthe8 wern reduced durlng 202&24 lo enwre thal axpendliure dld not exceed tho re8(xwcas avallabb. A further £1rn from Ihe malan Government was rocelved on 18 AugU812023 and18 8h¢yn In the pr888nt aCCnIS. A furthar appllcatlon for aupport Irom the Malayylan Govemm6nt18 In hand. A slgnlficant CINrILjlIon from tha Cambrklg8 Edulxllon and Develotxntsni TNSt18 anltdpatad 88 a resull of the succe1 sale by Its wrd company CAT8 Step Lttl of ihe produci CATS development CMEDT and MCSC have wpported ftjr many yoarb. CMEDT Can ther¢fore b8 wn8ld8red a8 a golrva conwn. Thereafter, the Tru81'8 conllnuafjon. and alao the ntINatIon of MCSC, r6maln$ an open question under constant revlow by its Execullvo Gommiiloe arml officern. For the pr&8en( the Trust has iot81 assets Ioss Ilabllltss of £253.765 48 at 31 Juty 2024 (2022-23: £80.695>. The Trustees monltor the aVaIla re8ourc89 c108dy and con81der whlch programmes may bost benefit from ¢urrent funds. Tru8te•s do not c¢fflmlt ber th•ir avallaNo re8ourLw8 and curtail athltle8 to 8Uit the available Pago 5
CAMBRIDGE MALAYSIAN EOUCATION AND DEVELOPMENT TRUST TRUSTEES. REPORT (CONTINUED) FOR ThE YEAR ENDED 31 JULY 2024 fund8. RESERVES POUCY All Iho fund8 of tho Twst 8r• Invested, and th¢ InMme Is fully deployed for the PUFPO885 of th• Tfust. Any unsp1 Income In any year M)uld bo h8ld 8g8lnAI eypendltum In futurè yaars In tha hop8 of avokllng major 8wlng8 In th• level of 8Ctlvlll88 of the Trust frorn y8gr to year. The Tru81 does not have a op8clfic pollcy for what level ol rnseN88118hould hold. It15 thè currenl pollcy of th• Tru8teeB Ihat thg Trust 8houkl #pend moro Its Irwme, thor•by roduclTrJ th• lavel ol Its Th• unrestrlctod funds at 31 Juty 2024 were £253,765 (2022-23: £80,695). RISK MANAGEIAENT Th? TfUBt0•8 hav8 examlned tho major 81r8toglc, bu8lne88 and op8rallonal rl8ks vthlch the Trust faces. and are sallslled tha( wlth the regular reports they recalve at meotlrva8, able lo 888es8 these ri8k8 and to put In hand on a Ilmaly bg81g any MSs&ry acllons (malnly in relatlon lo Ihe 8cal• of tho c£Jllabor8Uve xOvltJe8 of tho Trust) l0108••n or avold Ihem. Tho P81 rf8k 1$ Ih8t In¢om• ffoffl donor4, In partlcular tho Mala18n GrnMent. rnh1 tum oul to be1886 Ihan wrrantly antldpaled. Th18 rf8k18 MI818d by rolalnlThJ 8ufficlenl re8erv08 kn mo•t ¢Uff•nl cornmltm•n¢s. A rfsk regl•t•r ha• b••n prepored, wll b• k•pl undor regular revlow. Approved by order of the membor8 of ts board of T5 and slgned on Ihelr bohalf by. Dr Gord¢n John Dots: I S 2025 Page 6
CAMBRIDGE MALAY81AN EOUCATION AND DEVELOPhlENT TRUST STATEMENT OF TRU8TEES' RESPOMSIBILITIE8 FOR THE YEAR ENDED 31 JULY 2024 The TnJ8te88 aro rasponslble for preparkng Ihè TN8le85' Report and Ihe fflnancl81 statements In aCrdanCe vlth appNca? law and Unltod Klngdom Accounllng Standards (Unlted Klngdom Gon¢rally Att8Ptad Ac(x)untlng Pracllcol. The law appllcabl8 lo charllle8 In Engl*)d & Wales requlfe8 the Trustees lo pr8poro flnanclal 8tat8ment8 for each financial whlch giv• a truo ar falr view of Ihe State of 8ff8ir8 of the Cherfty 8nd of Its Ir4eomlng rasourL¥S and appllcalitin of r880wc68, InduLlng It8 tncomo and expendltur6, lor that p8rlod. In w•parlng those finandal 8tstsffl0n the Tru8toes are requlred to: select 8uttable accountlng pollde8 and then apply them consi¥tenty. observe th8 melhods and pl1ThpIeS ol tho Chariti88 SORP (FRS 102): moke lud9ments and occounllng 8stlmate8 that are rea80noble and pent. 8lat8 whether appllcabla UK Aeex)unllTrJ Standards (FRS 102) have bwn lollowod, 8ubJ6ci to any m8térf8l d8partur88 d18cIo8od and oxplalned In the ffinandal 8tai8m8nts; prepare Ihe flnanclal 8tat•ments on the golng coM basls unltss #18 Inapproprfato lo pr•8ume Ihal Charfty ¢tInue In bu61ne38. The Tw$t3 are re8ponlbkn frjr keeplng adequat¢ a¢countlng r8cord8 that are Suffldent to show and 8yplain th? Charltys Iransactlon8 and d18cIo80 With raa8onab18 8c¢uracy at any tlmo tho Ilnanclol poslllon of the Ch8rlty and •nablo thorn to 8n8ure that the fflnanclal statement8 comply wSth thg Charflles Act 2011, Ihe Chartty (ACcnts and R•port8) Regulallon8 21XJ8 and the pTh18Eon8 of the TnJ81 dgod. Thgy fire al80 rnsponBlble for 8afegu8rdln9 8$69ts of lh• Ch8dty and h•nco ts tskln9 reasonabla 8t•pg for Ihe preventsn and d•teclton of Iraud and other Irregularllles. Aow0d by ordèr of th• m•mb•r8 01 the board of Tru8ta•g and •1gnad on tt8 hhall by: Dr Gordon John•on Tru•t•• Dale; IS 2oiS Pago 7
CAMBRIDGE MALAY8IPX EDUCATION AND DEVELOPMENT TRUST INOEPENDENT AUDrroR8' REPORT TQ THE MEMBERS OF CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOPMENT TRUST OPINION We have audfted Iho financial slatemonts of CambTldg8 Malay3lan Educatlon and D&velopment Trust (tho 'charlty) for Ihe year ¢ndgd 31 July 2024 whlch cornpr18e Iho Statement of Flnanclal Acllvltle8, tho Balance Sheei, Ihe Stsl8m8nl of Cash Flow8 and Ihe rnlated nots8, indudlng a Summary of 919nffi¢xnt Bc¢ountlng polido8. The finandal reFKrtn9 frarrowork thai has been applled In thelr preparallon18 appllcable law and Unlled Kln•lcMn ATr11ng Standard8, IrKludlng Flnan¢lal Reporung Slandaftl 102 The Flnandal Roportlng Standard appllcable In the UK and Republlc of Ifeland, (Unlted Klngdorn Genefally Acc8Pt•d Accwnlkng Prnctlc•). Th• flnandal statemants havo been prepared In 8cwd8nce 1h Accountlng and Reportlng by Charltl88 préparfng thelr accoun18 in accordance vAlh the Flnanclal R•Wlng Slandard8 appli¢%ble In Ihe UK and Rewbllc of Ireland (FRS 102) in prefere to thé AccounllThJ and R8portlrJ by Ch8rllie8'. Slatemant ol R•commonded Prnctlc knu8d on 1 Aprll 2ry)5 whlch ts relerrod to In Iha axtant r8gLdatlon8 bul ha8 bean wlthdrawn. Th18 ha8 be done In order for tho wx)unt• to pwovldo a tnie and falr thi In Kmrdanco wtth tho Generdy A•PIed A¢¢ounting PrnGt1 effecifv• for pOrtIng pe0d8 begknnlng on or after 1 January 2015. In wr oplnlon th• ffinandal st8tsm•nt•: glve a In and lalr vlew of the of lh• dwrfvs affalrs a8 at 31 July 2024 8nd of Incomlng r880urw and applIlE0n of re8our¢•s for thè year then entsd; hwo beèn properly prepared In ac¢Ndanca wlth Unltsd Klngdom Gen¢Mlly Apt¢d Accounllng Pract1. and havg b6•n prepared In accordanca wlth th• requirements of th? Ch8rf1108 knt 2011. 8A818 FOR OPINII>N We fx)nduot¢d our audll In accordanGo wlih Inlamatkjnal 81andards on Audltlng (UK) (ISAS (VK)) and appllcable law. Our re8pon8lbllltl88 under Ihose sland8rd8 aro furlher de8crfb8d In Ihe AudrtQl6' We8pon81blllllo5 for Ihe audll of Ihe fingncl81818tsffthts 8•Ctlon of our report. We we Independenl of Ihe charbty In a¢an£ with the ethlcal roquhmonts thal are rnl•vant to our audlt of ffnancknl statemenls In tho Unlted Kkngdom. Indudlng Ihg Fln8nclal R•portkng Coundl's Ethlcal Starmlard, and we h8va fullllled our olher ethlcal res81b11}Ile3 1 acrdarm wlth those requlrement8. We belleve thal the 8udlt •vldonce we have oblainad 18 suffldenl and appTopriale lo pwo¥ide a b8th for ¢r oplnlt)n. CONCLU810NS RELATING TO GOING CONCERN In audNlng tho finondal 818temanls, we ha concludad that Ihe Tru8te•g' U88 01 the Ing conG8m b8818 of gccountkvJ In th• pmpar8tlon of Ihe Ilnanclal 8tslements18 ap)prid1•. Bad on tho work we have perfomed, w6 have not Idendlled Bny rn8terfal un(%rtalntle8 rqlofjng to evon18 or ndlttrJns Ihat, Indlvldually or llectiVely. may rAsI 8ignlfiG8nt doubt on the tharftys abilty k) Con• as a golng ¢oncem for a parlod ol at least twelve monlh8 from when tho finandal staloments are aullKrfsed for I$su9. Cr responslbllltlas and the rnsponslblllllos 01 th• Tru81888 wlth respe to gokng concam aro dos¢rfbed In tho rnlev8nt sectlong of thls report. P3g8 8
CAMBRIDGE MALAYSIAN EDUCATION AND OEVELOPMENT TRU8T INDEPENDEr AUDfTORV REPORT TO THE MEM8ER3 OF CAMBRIDGE MALAYSIAN EDUCATION AND DEVELoPmEr TRLIST (CONTINUED) OTHER INFORMATION Tho thr Infomalon compr1888 the Infonnatlon Indudad In the Anmjal Report olher th the fin8ncl81 8latgrn8n18 and our Audltors. Rewl Ihèroon. The Trn8tae8 are responslble for tha 0th8r Infommllon contaln¢d tha Annual Rewl. Our oplnlon on Ihe llnanclal 61?tements does not cover the other Infornalk)n and, except to Ihe extent otheThvl8e •xpllcltly slated In our report, we do not oxpr¢88 any fonTr of 888uranca conduslon thereon. Our rg8ponslblllty 18 to road the olher Inforniatlon and. In th)ing 80, conslder whelhor the olher infomwtton18 materfalty Inn818tenl *ith Iho Ilnanclal 8tatemenl8 or our knowledg? obtalned In Iho cour8e of th• dlt, or otheThv18e appear8 to bo malerfally rnlsstaled. If IdtIfy such materlal Inconslthncles or apparent rnaterfal ml88tatements. wé ar• requlred to dotomilne whelher thls gfv8s rlse ID a m8tadal mlsstatement In tha financial ¥tslement8 them8elv88.11, based on thé work we havo porfomied, wa condude that there18 a materfal MI15t•Mont of th18 other Inforrnation. requlred lo report that fact. We ha nothlng lo report In th18 r•gwd. MAThER8 ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION Wé have nothlng to rnport In respect of th• followlng matter8 wharn the Charftle8 {AcoxDnts a1 Report•) Rogulatlon8 2(M)8 r8qulres us io raport to w)u ff, In our oplnlon: Ihe lrformatlon gfvon In the Tru8ts08' Rèport 19 Incon•l8l•nt kn any maierfal mp•cl wlth the finandal 8tatemenl8; or suffid8nt accountlng re¢th have nol boan kept., or the finandal 8lat•mont8 not In agreemont wlth tho accounllng reco5 and raium8; or we h8v• not r•¢8lv•d all the Infomiation and explanatlom w• r•qulfe for our wdtt. RE8PON8IBILITIE8 OF TrU8TEE8 A8 explaSned more fully In the TW81¢, Rg8pon8lbllltles Stalomenl. TfU8ta88 are rgsponsible for th• preparallon of the fflnanclal 8tst8ments whtth glve a true and lair thi, arKI for such internal control as lh• Tru8tee8 determi 1$ n8c888ary to enaue Ihe preparation of financlal Statements Ih&t are free from matenal rn188laiemenl, whOlh¢r due to fraud or error. In preparfng tho finandal 8tatements. the Tru8iee8 are re8ponslblo f+y a8s880lng the charfty8 abluty to c(mtlnue golng Conrn, dlscloslng, as appllcable. matter8 rn18led io golng concem and u8lng Ihe golng concam b861s of 8co)untlng wless the Tntstees ellhw Intend lo Ilquldalo Iho cknority or to C88se opgratlon8, or have reall8U¢ alternave bul to do 80. Page 9
CAPABRIDGE MALAY81AN EDUCATION AND DEVELOPMENT TRUST INDEPENDENT AUDITORS. REPQRT TO THE MEMBERS OF CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOPMENT TRUST (CONTINUED) AUDITORS, RE81>ONSIBILmES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appolnted a8 8udlt¢r undw 8eCtlon 144 01 th8 Chartlkns Act 2011 wd rnport In ac¢ordance vAth the Act and relevanl r8gulallon8 made or havlng 6ffacl thereunder. r obJocllve8 are to oblain reasonab a88urarKe atKt the fin8nci818tatsmeThts as a whol• arn Iree from malorfal mi88tatom8nt, Mlwther due lo fraud or •rror. and io Is¥u• an Audltors. Rgport thai Indudos our oplnlon. Reasonable assur8nce18 a hfgh lèvel ol a&8urance, but 58 r1 a guaranhe thal an audlt conducted In aCCance wlih ISAS (UK) wlll aayS deteGt a materfal ml88t8t8menl when It oxI8t8. Mlsst8t¢ments can 8fl8è from fraud or effor arKI are c¢Jn81d8red materio111, Indlvklualy or In the aggregate. they (x>uld rnawnably be expected to Inffue• the economlc dac181on8 of u88rn laken on th b16 of llnandal stalem8nt8. IrregtharllloB, Includlng fi?ud, ar• IMtanc•i of non•¢omplSarK¥ wllh laws and regulallon$. We deslgn proc•dur•• Ilne our r•8pon8tt)1151188. outllnod abova, to detecl matsrfal mlsstatemen16 In r8sp8ct of Irrngularill88. Indud1J fraud. Th• Kionl to lileh our procadure8 are capable of d¢lecllng lffagularltl88, Includlng frwd dotslled below: Our approaeh to Identyng and a888881ng the rlsk8 01 matarfal 06tatIm•nt In rnepect of Irragularftlo8. InUdIng fraud and non compllwKo vAlh laws and rggulatlon¥. wa• •8 follows: th• gngegement perfner enlured that the enga9gmont t•8m collectlvety had the approwlate ¢ompetsnc•, (pabllltles and 8kllb to Idenufy or rec4)gnlsé norKompllan¢e wlth appllcable18ws and regulallons; we IdentIfi the law8 end re9&0n$ appllcable to Ihe chwity throuth d18CU8s1on8 wllh tru8teo8 and managemanl, and fr<Jm our krWI¢{lgV of thafity law and oxp8rfonca,' wa Iocueed on 8paclfic law4 and regulallons whl¢h w• wnslder•d may have a dlrect mal•rfal •ffoct on the flnand818lataments or lh8 oparallong of the charlty, Sn¢ludlng tha Charbtle8 Act 2011; In addltlon, wa c4)n81dered prow8ion8 of othér law8 and r¢gulatSon8 whlch do nol havè a dlrect offecl on tho flnand81818t•menl8 but c(Ynpll•n¢• 1h thlch mlght be fvndament81 lo the charftY8 abllty lo opora16 Qr to avold matgrfgl p8n8ltl•8; and vm asso88ed tha extent of compliance wllh tho labV6 and regulailon8 Idenllfied abov• through rnaklrYJ onqulrfe8 ol management and ravlewlng the mlnut88 of In18tees' w8llng8. We a88e8s6d lh8 8U8¢•PtSbility ol th• ch8rfty8 IlnarKI81 slat8ments to malorlal mlsstaieThnC Indudtry obtalnlng an understsndln9 of how fraud mlght occur, by. maklng enqulrf88 of monagement as to vthern they conBlder¢d thor8 vias 8U8COPtiblllty to fraud, thelr knol8dg8 of aclual, 8U8p8cled and a118ged lrnud; and conslderfng th• Intomal control8 In plac8 ty mIats rlsks of fraud and nOn•MplI8nca wlth laws r•gul8tion8. To addre86 Ihe rknk of fraud thrOph management bla8 and overrlde ol cffitrol8, perfomied anamlcal prowlures to Idendfy any uN8ual or tmoxpeclgd relatEon8hlp8; we deslgngd procdura8 to Idenilfy unexpeded and urw8ual Journal entr*8 and perfonned to1 to confirm Iha valtdity of 8uch postlngs; and we evaluated the 88sumptlon8 and Judgements used by management thIn 81gnlll&qnt 8wxwJntlng 8stlmate8 and as3858ed whether the8e indicated ovplence of managemenl blas. Page 10
CAMBRIDGE MALAY81AN EDUCATION AND DEVELOPMENT TRUST INDEPENDENT AUDfTORS' REPORT TO THE MEMBERS OF CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOPMENT TRUST (CONTINUED) In response to the rfsk of IrregularllleB and Mn<ornpllance laws and regulalion8. w• d•sOgned procadures whlth induded, but wor• nol limlt8d to: agreelro Ilnanclal staternont d18dosure8 to Underfng 8uppuUnp documentallon; reading Ihe minules of trtIng$ of thosè chafged wlth govemance; enqulrfng of managom8nt as to adual and pa1[al Iltl9allor) and dekn8: and rev1thn9 any coffespondenco wlth Mlavanl ragulators Such ag tho Charfty Comm18810n. Thera are Inherent ltrnltallonj In ¢Jur audl PTo¢•dur•s d88crfbed above. Tho more removod that law8 and regLlatknM are frorn financlal tran88cllon8, th01888 Ilkely It18 Ihat would becomé aware ol rft compllance. Audin9 sland8rd8 8180 Ilmlt the audll procedures requlred to Identity non compllance wlth law8 and regulallon$ to gnqulry ol Iho dlroctors and other manag¢m•nt and the Irffjpectlon of rogulatory and legal correspondenco, If Material mloslat•rn•nt8 Ihat arl8• to Iraud be haer to d¢te6t than Iho80 that atlsa from error a• 11 may Involve dellberale cmc4alm8nt or lIU01(l. A further de8crfptbn ol our respons1111$S for tho audlt of the Ilnanc18J 818lèm8nt8 18 loe4t8d on the Flnan(al Reporllng Councll'6 web811e at: onslbll Th18 deBcdptlon fom18 part of Audllorn, Report. OTHER MATTER8 . COMPARATIVE8 Ttr Ilnandal 8t8tements of the charfty warn unaudbted for the year ended 31 July 2023 as Iho charlty wa8 ollglble for KlIt exoffyuon. A¢Mrdlngly, tha comparatlvo Infomiatton ha8 not been Bub]e¢t to audlt. U8E OF OUR REPORT Th18 r•port 18 madg 8olely to Ihg ¢harfiY8 tru8te88. a8 a body, In accordance wlth Parl 4 01 Ihe Char11105 (AccouTht8 and Reports) Reoulattons 2008, Our audlt work has baan und8rtak8n 80 Ihat we mlghl st8t8 10 tha chaTItrfB trustees those mattaTS we are requlred to 8tate to them In an Audllorn. Roporl and for no other purpose. To tho fulle81 exlent permSttgd by18w. do ftot 8ce*pi or a86ume responslblllty lo anyone othw than the charfty fdnd Its trusle06, a body, for ¢ur audtt worf(, INS reporL or ts lh• oonbns w• hav• formed. P•t•rn Elworthy & MIr• Chartered A¢untants Stalutory Audilorn Sallsbury Housa Stafjon Road Cambrklgé CB12LA Dat•: Peters Elworthy & Moorn arn ellglbla to act as audltor8 In tarms of 80Ctlon 1212 of the Companies Act 2006. Page11
CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOPMENT TRU8T STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 JULY 2024 Unaudlted Total lunds 2023 Unr••trlctad fund• 2024 Total fund 2024 INCOME FROPII: Don8tlon8 IntereBI r•¢8fv8bl• 1.000.000 7,912 1.OlXI.QOO 7.912 32,000 3,255 TOTAL INCOME 1.007.912 1.007812 35255 EXPENDrruRE ON: Charlt8bl• 8ctfvllle8 8¥842 834 1.069,606 TOTAL EXPENDITURE 834,842 834842 1,069,808 NEf MOVEMENTIN FUNDS 173,070 1n,070 (1,034,351) RECONCILIATIOII OF FUNDS: Tot81 lund8 brouohl foffird Net movement In fund8 80.895 173,070 80,695 173,070 1,115,046 {1,034.351} TOTAL FUNDS CARRIED FORWARD 253,765 263,765 80,695 Th8 Slat8menl ol Flnandal ktlvlY•s Indudes all oaln6 and108888 rwnl8od In tha year. Tho nolos OTr pag•8 16 to 23 fom part 01 Iho80 lInGi81 8tataments. Page 12
CAMBRIDGE MALAYSIA14 EDUCATION AND DEVELOPhlENT TRUST BALANCE SHEET AS AT 31 JULY 2024 Unaudknl 2023 2024 CURRENT A88ET8 Deblo Cash at bank and In hd 10 14,302 263,863 2,917 84,707 278,165 87,624 Cr•dllor8: amount8 famlng due vthhln one year 124NOO) (6,929) NET CURREiif A88Ef8 253,765 80.695 TOTAL NET ASSErs 253,766 80.695 CHARrrY FUND8 Urwe8trkled fvndo 253,765 80,695 TOTAL FUN08 253,765 80,695 Th• finan&818t8t•m•fits wèr8 approvad and authorl8od for188ua by the TruBteo8 and iignod ¢n tholr b8h8lf by. Dr Ggrdon Johmon Tru•t•• Date: IS 2&ZS not•8 on pages 15 to 23 fcmi part of Ihe80 finandal 8latemgnts. Page 13
CAMBRIDGE mY81Am EDUCATION AND DEVELOPMENT TRUST 8TATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 Unaudlted 2023 2024 Not• CASH FLOW8 FROM OPERATING AC7NITIE8 Net eAsh provlded byllu8•d Sn) operatlng actlvltl88 12 171.244 (1,138,230) CA8H FLOWS FROM INVESTING ACTIVITIE8 Inlar•st from InvoBtments 7.912 3,255 NEf CA8H PROVIDED BY INVE8TING ACTIVITIE8 7,912 4255 CHANGE IN CASH ATr4D CASH EQUNALEMT8 IN THE YEAR Cash and 8qulv8lènts at the begknnln9 of th• ytsr 179.156 (1,IX9751 84,707 1,219.682 CASH AND CASH EQUIVALENT8 AT The ÉND OF ThE YEAR 13 263.863 84.707 Th• not•8 on pag88 15 10 23 fofm part ¢f th•8• fiTrond818tatemenl8 P8ge 14
CA&IBRIDGE MALAYSIAN EDUCATION AND DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 GENERAL INFORPAAnoM The Cambridg8 Mala1&n Education and Development Tru8t 1$ a chariiablè trust reglalared wllh thé Charity Commi88bn In England and Wale8. Tho fln8nclal 8tai8monts hava been prapar8d undor the hIstl¢al eA)st o)nveniion. ACCOUIfflNG POLICIE8 2.1 BA818 OF PREPARATION OF FINANCIAL 8TATEMENTS Th8 flnanclal 8tatom•nts hav8 boon proparod In ac4xJftl8nca wlth th• Chorftle8 SORP (FRS 102) - ActntI and Reportlng by Ch8rttle8: $18t•mgnt of Racommandad Practlce appll(ble to ¢harftle8 preparfng th6lr account8 In accordanca wlth tho Flnan(48l Reportlng Standard appllcable In the UK and Repubk ol I10nd (FRS 102) (effecilve 1 January 2019), the Flnan(aal Reportlng Starard applcable In tho UK and Republlc of Iroland (FRS 102) and Iho Charhles Act 2011. The Ilnandal $tatemenl8 have bmn Pf•pwod to glve a arwj falf vlew ond hav• dopart•d from th• Charftlo8 (A¢(nts and Repts) Reguladons 2008 only to the •xi8nt requlrod to provklè a Yrn• and fv41f viow. Th18 departurn ha8 involved follo Ihe Chgrf1183 SORP (FRS 102) publlshed In October 2019 rnthgr Ihan the Accn11n9 and Reportlng by Charftlos: Slatament of Recommended Pracllca effectlve from 1 2005 whlch ha8 slnce been withdrawn. Cambfldg8 Malalall Educaiion and Dweloprnenl Tru8t meet8 lh• daflnltlon ol a publlc b•neAt enlty undgr FRS 102. A$ts 8nd Ilablllll•8 are Inlllalty Mcognl88d at h18t0Cal cost or trara¢ll0n value unla•8 oth•Thvl•o &lated In tho relevant acc4unllng poNGy. No nwlarlal accounlkng 08tlm8tss orj198rnents ara used In the preparaiion of the a¢couni•. 2,2 GOING CONCERN Th• TrusY$ fknritabl• actlvllie8 reduc•d dwlng 2023-24 lo en8ure thal expendlturo thd not ceed the r¢8ourco9 avallabl•. A further £1m from the Malaysian Government W88 recelved on 18 Augusl 2023 and l8 Sho In Ihe pr•8•nt aco)unts. A further appll¢olon for Support from the MolayBSan Government18 In hand. A 81gnlficanl ntrIbUtIOn frorn tho Comldge Edu¢8tlon and Dov•lopment Trust18 anlicipaled a8 result of Iho successful 8818 by Its Whol1oWned company CAT8 Step Ltd of thè woduct CATS wh)8• development CMEDT and MCSC havo supwled for niany r8. The Tru8tw8 arn thereforn (x)nfidenl that the Twust ha8 adaquata lund$ and r880UWG•S to contlnu operating at 188SI twelve rnonlh8 from Ihe dale of slgnlng these ftnanclal 8latem8nls and is wo11 placed to m8nage Ils buslness rfsk8 succa$sfvlly. For thls rna80n, thoy ¢ontlnu• Io 8dopt Ihg golng onc6m ba818 In preparlng the financlal 81atemenlB. 2.3 INCOME All Income Is rèccgnlsed once TN81 ha8 arrtltlemenl lo the Inmme, It18 probable that tho Income wlll bo recalved and the amount of Inconw rac41vable w be me88ured r8li8bly. Donallons aNI all olh¢r rec•Spts ar• rnported 9ro88 and Ihe rnlaled fundralslng c08ts aro reportlng In 0th8r oxpendlture. Investment Income is a¢¢4)unted for when r8celvabkn. Paga 15
CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOPMEpif TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EMOED 31 JULY 2024 ACCOUNTINO POUCIES (COPlllNUED) 2.4 EXPENDMIRE Expendllure Is recognlsed on¢e there Is a legal or constructlve obllgallon10 transfer 0)noMIC benefit to a thlwd party, 5t18 pwobable that a transfer cf oGonomlc bpn8fit8 will be wulred In 8ettlem8nl and the arn1nt ol Ihe obllgellon can ba measured réllably. Expendllure Is d86slfied by athlty. Th• costg of oath actiwty Ére mado w) of the lolal of dlrect CO818 and 8har•d ¢0915. Indudlno 8UPPOrt co8t• Involved In undertaklng e8¢h acl]vlty. Dlre¢l costs athlbutable to a slngla actfvity ar¢ allocaled direcliy lo that actlvlty. 8har6d c08ts whlth contrlbute to mor8 actlvlty and support c¢yst8 lthlch are not attrlbutsbla to a 81ftglo acllvlty arn applOned between tho¥0 oclvlt188 on a ba8ls consl8tent wlth Iho ol re8oufce6. Expendltum on charftablo adlvlll8818 Incurred on dkecily undortaklThJ lh• aclMtlo$ whlch furth•r th• TnJ$Y8 oblgCtlve4 a8 Wo11 a8 any a&wclated aupport costs. Govemance ¢08t• cornprfie all ¢08ts Invofving the publk a¢wunt8bMlty ol th8 Trust arKI 118 comp118nce wlth rngulallon and good prnctI. Th cogt8 Indudo c0818 rdatod to tho statutory audlt and legal fve8. supp costs are co8t6 for the admlnl$traUon ol ¢harftable actlvMe8. Staff Mst8 aro allocated b•tw4M support and gmmance costs. SuppJrt C08ts are alloraled to ¢h8dtablo a¢tlvlU¢$ In proporkn to tho dlrect costs of Ih080 actlvlllos aB th18 b13 i¥ d8em•d 1¢ b• conslgt•nl wllh rnsource Qrnnls poyable are payments mado lo thtrd parllo8 In furfhorarKa of tho charftable actlvlll88 of th8 Trust. SlnLl8 cr mullksar grants are accounted fof when élthor tho r8¢8lplont ha8 a reasonable oxpo¢t•tSon that thgy (1¥? a grant and th¢ tru$teo8 have 8greod to pay the grant wlthout c¢)ndltlon, or Wh the re¢lplgnt has a re480n8blo expectaOn that Ihay wll rerkn a grant and any ¢)nthtlon attachlng to th• grant18 outslde Iha control al TfU8t, Gr1• payable aro chary•d In the year whén thè offer18 mode exixpt In t8• ca8es where Ihe offer 18 (Thdltionel, grants belng rewi18¢d as expendlturo yth the condltlon8 8ttacNng arn fulfllled. Grants offered 8ubloct to c1th)n6 *thlch have nct boon met at tho year end are noled 88 8 cornmllmenl, bul nol accrued 88 •XP8ndllure. Where grants ha been w8rded by MCSC the rel8vanl sharv of thè award Is recoqnSsed by CMEDT •s a granl to MCSC 86 part of Its commlttmnl to Jolntly fund actlvltl83 MCSC. 2J DEBTORS Tr8de and other deblorB ara fecogn188d al gettlemenl amount aftor any irado dlscAJunt offered. Prep8ym8nl8 are v8knèd at the amount prepald not of any lrnde dlscount8 due. 2.6 CASH AT BANK AND IN HA14D Cash al bank and In hand Includ88 caBh and 8hort4em hlghly Ilqthd Invastmenls wllh a short MaIrIty of IIKee month8 orloss from the date of acqulthlon or openlng of Ihe deposlt or Slmllar aci)ount. Pagè 16
CAMBRIDGE MALAYSIAN EDUCATION AND OEVELOPMENT TRUST NOTES TO THÉ FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIE8 (CONTINUEO 17 LIABIUTIE8 AND PROVISIONS Uabllltlas are recognlsed when there Is an obllgatlon al the Balanra Sheet de as a result ol a pa81 event, St18 probable that a transfer of economlc b8n&llt will bo r¢qulred In 80ttlement, and Ihe amounl ol Ihe 6etd8menl can be estlmated rtllably. U•blllll¢$ are regnIs•d at the amount thal the Chgrity antldpal•s11 I11 poy to 8etil8 Iho debt or th• amount11 ha8 recolved 83 advanced patrThants for Ihe go(NJ8 or 8eNi¢•B li must wld•. 2,8 PEN810NS All ellglble staff are mombara of UnlverJlty of Cambrldg8'8 Conlritwlory Penslon Sd)eme {CPS) to whlch tho Trust contrlbute8. As the Tru8t18 unabl• to identify It8 share of the undeng a¥sats and 118bllltle8 of th8 CPS on a rna80nabl• and con818lent b9818, It ac¢4unts a$ If lh• CPS were a defi[d contrW)ution scheme. eo thel Ihe M8119 equal to total ol (x)ntrfbutlon8 pble In year. 2.9 FUPID ACCOUNTING General lurrtls arn unr•8trEded f(mds whlch aro 8VAllabk for u8• at the dl8cr6tk)n of th• Tru$t•88 In ILNtherance of th• genernl obJ6ctlva8 ol tha Chartty and thch have not bofjn do87gnatod for olher rpo888, INCQME FROM DONATIONS Unaudltad Tolal funds 2023 Unr••lrfct•d fvnd• 2024 Tot•1 fundg 2024 Dr A Saal C8frt)rldge Edwllon and D6v8lopment TnJ&t Malay8lan Mlnl8try of Educatlon 22,000 10,000 1,OCQ,000 1,000.000 1,IJOO.000 1.000,000 000 Poge 17
CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOPAIENT TRUST NOTE8 TO THE FINANCIAL STATEMENVJ FOR THE YEAR ENDEO 31 JULY 2024 ANALY818 OF EXPEMDilliRE BY ACTIVITIES Actlvltle• Grnnt ynd•rtak•n fvndlng of dlr•¢tly athltleB 2024 2024 Ungudlied Total funds 2023 8upport CO8t• 2024 Total funds 2024 Engllgh Language Cllmale Change EleGtoral D8mocr8Gy Promotion & Educat1( 10.000 504,396 52,282 132,350 13,452 13,387 11,720 646,748 65.734 65,421 887.850 58,310 3,197 120,449 52.034 46,221 TOTAL 2024 107,255 55e,678 170,909 8¥842 1.069.806 TOTAL 2023 103,351 790,691 175,584 i.oe9.808 ANfvLY818 OF SUPPORT CO8T8 Unaudltad Tolal nd8 2023 Tolal fvnds 2024 Staff co818 TdeplKTh, stage and cotyle Rent and rnt88 Admln18tratlve 8UPPOrt Offi(x• gxpen6es Property ry)$18 Travel Bank (*w•s 96,959 107.359 2.253 8,920 17,781 4,847 23,279 2,851 8,072 19,842 9,437 10,689 9,018 172 7,890 170,909 176,564 Page 18
CAMBRIDGE laALAYSIAN EDUCATION AND DEVELOPMENTTRUST NOTE8 TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 JULY 2024 ANALY818 OF ORANTS Unaudlted Total Grant• to Grant• to In•titutlon• Indlvldual• 2024 nds 2Q24 2023 ErKJll8h languago Clknale ¢hange 494,396 62.282 10,000 $04396 4282 741,952 48,739 $46,678 10,000 556.678 79),691 TOTAL 2023 790.691 790,691 The Ch8rlty has mad8 Iho followlng matfjrfal gr8nl6 lo In8lltulbn8 duAng tho year: Unaudltad 2023 2024 NAME OF INSTITUTION Th• Malay8ian Comm(xM•allh sdIes Coniro In Cambrfdgo CAT8 Slep Llmltod South East Asla Ralnforost Researth Portngrthlp SwaTr88a UrVers1fy {8UPPOrt lor Danum Valloy) 300,000 194,396 20,000 32282 400,000 341,952 23.n9 $46,678 790,691 AUDITOR8. REMUNERATION Unaudhed 2023 2024 Fees peyable to the Charfty8 audltor in raspt ofr. Audll of finBn(aal 8talemer Ind8p8ndent examlnallon ol lln8nclal 81alements 14,400 6,600 Pgge 19
CAMBRIDGE MALAYSIAN EOUCATION AND DEVELOPMENT TRUST NOTEB TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 STAFF COSTS UnaLKlrted 2023 2l124 Wag88 and salaii88 S(Kaal 8e¢urlty costs P6n8lon co818 Apprnnllcashlp kvy 85,186 7.570 4,116 85.993 9.242 11,710 414 96J59 107.359 The averagg nun>er of pern$ •mployed by tho Charlty durlng tho wa8 as lolltrws: Uneudlled 2023 No. 2024 No. employees The key management par8onnol are lh• mamb8r8 of th• Executive Commltt80, a8 sat out on pag8 3 of Ihl8 f8POrt. Tho Dlracior and Trea8urer are the only membor8 who recelve remuneratlon from the TN$t. Remuneratlon 18 approved by Ihe ExeoutS¥8 Cornmlttee after ¢onslderfng Ihe recommendgllon6 of the Remunerallon Commlttee. In $attlnp Ihe levels ol remun•Tatlon, tho Remunor8tlon Commltteo have rogard to eryrable pay levels In tho Unlversty of Carnbrfdgo. The number of fAnpbsffje8 Y?• •mployo0 b•nofl18 pald by both MCSC and CMEDT {•xdudlng amployer penolon co8t8) excood8d £eo,000 In total wa8; Unwdited 2023 2024 In Iha bwd £80,LMJ1- £70.000 In the band £80,LK11- £90,000 Durfng the year, a termlnalion P8yTnent amounling to £50,000. of vthich £18,445 w46 8tatutory redundanGy pay and £31,555 was nonvcontr8CtU81. wa8 pakl lo a lomigr omployee of th8 Tru81. Tha twmin8tlon arose due io a r8stru¢turing of the Tru81'8 &ffAlr8. Half of Itts w8$ pakl by Iho Trust and Is In0ded In w8g88 and s818rles; lh8 Other half was pald by the Tr& 8181er ch8rlty, The Malaystsn Commonwealth Stuola8 Centro In Cambrldg8. No leimlrwtlon payTn6nts were unpald at the yparvefKI. TRU8TEE8' REMUNERATION AND EXPENSES As stated ¢x pag8 3. th8 key m8n8gement personnel are mémb8r8 of the execullve committee compr18e8 Ihe Ifuslees, the Director and the TreaBurer, Th8 total pald to Key Management Per8OMal ty MCSC and CMEDT was £84.087 (2023: £98,292). Indudlng 8ocSal 8ecudty costs and penslon co8t8. Thase ¢osts were apportloned beM8n CMEDT and MCSC. th•r¢fore thg not dmrge to CMEDT was £40,960 (2023: £50.350>. Page 20
CAMBRIDGE hlALAYSIAN EDUCATION AND DEVELOPMENTTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 TRUSTEES, REMUNERATION AND EXPENSES (CONTINUED) Durfng tho year. no Tru8tee8 iecelv8d any remuneration Of other benèfits12023 - £NIL>. Durlng the >wr ended 31 July 2024, no Trustee oxpenses hwe beon Ififfed (2023 - £NIL). TAXATION Cambrklgè Malayslan Edu¢8llon and 08vek)pm8nl T116 8 raglstered ¢hartty and bs exempt Irom tax on Income and c8pllAI galn8 falllng wlthln Chaptér 3 01 Part11 to the Corporallon Tax Act 2010 or Sectlon 266 of Iha Taxatlon of Capltal Galns Acl 1992 to the extent that Ihey are applled lo It6 charitable obJgclSvo8. No t8x thargoa have arl8en in th Chorflabl• Tru8L 10. DEBTORS Unaudl 2023 2024 Amounts OW by Malay81•n Commonwealth StyJdl•8 Centre In Cambrfdg• Pr•payTrents 8,109 6,193 2.917 14,302 2.917 11. CREDITOR8; AMOUNTS FALUNG DUE wmiiN ONE YEAR Unaudlled 2023 2024 Othw cffjdltor8 Accwal8 Grant ¢ommitrn•nl6 329 14AOO 10000 24.400 6.929 Page 21
CAMBRIDGE MALAYSIAN EDUCATION AND DEVELOrtIENTTrU8T NOTE8 TO THE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31 JiILY 2024 13rnnl ¢ommltm•nts r•conclllatlon UnaudSt•d 2023 2024 Granl comrnllmant a8 at 1 Auwst 2023 Grant commltrnont8 Grants pald 566.678 790,691 1666.¢781 (790,891) Granl comrnllm•nt as at 31 July 2024 1QmO 12. RECONCILIATION OF NEf MOVEMENT IN FUND8 TO NEf CA8H FLOW FROM OPERAnNG ACTivmE8 Unoudlled 2023 2024 Not IncA)mo1(expendllur•) for the perlod Psy Statement of FlnaKlal 173.070 (1,034,351) ADJU8TMeNT8 FOR: Inlere8t from Inve81ments InLYea8e In d•blors Increa8el(dern) In credltors 17,912) (11.395) 17N71 (3.255) (2,917) 197,707) NET CASH PROVIDED BYI(U8ED IN) OPERATING ACTMTIE8 171,244 (1.138,230) 1& MALY818 OF CA8H AND CASH EQUIVALENT8 Unaudltod 2023 2024 Cash al bank 283,863 84,707 Page 22
CAMBRIDGE MALAYSIAM EDUCATION AND DEVELOPMÉNT TRUST NOTE8 TO THE FINANCIAL STATEMENT8 FOR THE YEAR EIIDED 31 JULY 2024 14. ANALY818 OF CHANGES IN NET DEBT Uftaudll•d Al 1 Augu81 2023 Ca•h flow• At 31 July 2024 Cast at bank 84,707 179,156 263,863 1& PENSION COMMrrMENT8 The Chorlty op•rate3 u dellnod contiibutlon p•n8lon 8theme. The a888ts ol th• $choma ara hold 8eparately from those of th8 Charlty In an Ind8P0ndontly admlnl8tered fvnd. The ponslon cost charge reprn88nts contrlbutlons payable by Iho Charfty to the fund and amounted to £4.116 {2023: £11,710). No balanc8 wa8 payable to tho lund at tho balanco 8heel date (2023". £nll). 11. RELATED PARTY TRANSACTION8 tnJ8teoB have do80 t1 wllh the Unlver81ty ol Cafflbrfdg8 and it$ Collegos and oom? of Iho offlc8r6 and tru8lee8 w• al80 offlcar8 or truslo08 of th• MCSC wllh whlch Ihe work of tha trust Is clo88ly S8oda. 88 88t oul In tho Trusl888' report on paw 3. These relat¢d Int6r08ts are Includ•d In t regl8ler of d¢cl8red Interost8 cf ¢)fflcorn and trujtees whlth18 updated at lea8t onco a ygar. Durlng the yoar, the tru81 pald £300.000 (2023: £400,000) lo MCSC a8 a grant. The total valu• of $harad cos16 botrloen MCSC and CMEDT durfng th8 wa8 £980,218 (2023.. £883.381) and the balance due m MCSC ai tho year erKI w&8 £8.109 (2023.. £2,917 b•Jance duo from MCSC). Ourtng Iho ar, MCSC advancod £42,000 (2022-23: £24.400) towards the 8xpen8e8 Inujrred by Ihe Dlrector on travelB lo Ira, 50% 01 the80 costs belng sub88quenlty clalmed from CMEDT. DurfNJ t1 year, £360.000 of fvndlng w88 glven lo Cambrfdge Educatl¢J) ond Developm1 Trust f¢r t CATS Stap woject (£180,000 of thls was r8charged to MCSC) <2023: £560,000 glven of whlch £140,(KKI wa8 fechargod). A grant of £104.564 wa8 glvon to SEARRP, ol wfil¢h Henry Bathv Is a tru8t8e (£52282 of th18 wa8 fecharged to MCSC) (2023: £97,477 glven and £48,738 recharged to MCSC>. Wher• a Iru8tee Is al80 a dtrectsf or trustao of a granlee. tho truileg does nol take part In tts fundlng dedBk>n. In 2023124 no th)naUons wem made to tho Tnjst from 8fthw Tru8t888 or koy ffl8nagamenL Durfng prfor ar, Dr Anll Seal dor•at8d £17,600 to the Tru81. Includlng gfft akl, the lolal donthn was £22,C¥JO. No restrfctkJnB wore placed on INB donailon. Ourfrrfj th8 prior ar, CMEDT conldbuied £72,IM towards lh8 refurblshffn1 $19 ol spac8 h a property In Now Delhl to be usod as a base for acbvlt1¢8 In Ind1& ty the Trust. No costs were Spent In 202¥24. Durfng tho Ihe Tw8te•s of CMEOT aweed wlth the Truslees of Ihe HS 88rfow Trust (a Tnjsl w one trustee In mMOn) Ihal Ihey woukl laka over th8 grant fimding for 8n Indlan student aludn9 at BPP Ur4vers5ty. There wor• rn 0th8r rélatod party trensactlons th tho ar oThled 31 July 2024 (2023: H8). Page 23