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|||Page|
|---|---|---|
|Legal and Administrative|Information||
|Trustees' Report||3-19|
|Independent
Auditors'|Report|20-23|
|Statement
of Financial|Activities|24|
|Balance Sheet||25|
|Statement of Cash Flows||26|
|Notes to the Financial Statements||27-40|
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||Note|Unrestricted|Restricted|2022|2021|
|---|---|---|---|---|---|
|||fundf|fund
f.|total
f.|total|
|Income from:||||||
|Donations
and legacies||409,483|33,492,923|33,902,406|42,370,712|
|Trading
activities||135,064||135,064|245,613|
|Investments||59,521||59,521|56,195|
|Total Income||604,068|33,492,923|34,096,991|42,672,520|
|Expenditure
on:||||||
|Raising funds||||||
|Fundraising
expenditure||212,063||212,063|266,443|
|Trading costs||||||
|Investment
management||253,179||253,179|269,781|
|||465,242||465,242|536,224|
|Charitable
activities||6,745,066|50,056,162|56,801,228|34,818,110|
|Total Expenditure||7,210,308|50,056,162|57,266,470|35,354,334|
|Net gains/(losses)
on investments||57,245||57,245|8,703,834|
|Transfers
between
funds||(25,151)|25,151|||
|Net movement
in funds||(6,574,146)|(16,538,088)|(23,112,234)|16,022,020|
|Reconciliation
offunds|23|||||
|Balances at 1 April 2021||56,535,935|19,214,381|75,750,316|59,728,296|
|Balances at 31 March 2022||49,961,789|2,676,293|52,638,082|75,750,316|
##
|||||2022||2021||
|---|---|---|---|---|---|---|---|
|Fixed assets||||||||
|Tangible
Fixed Assets|||14||373,586||356,437|
|Investments|||15||64,986,448||102,557,684|
||||||65,360,034||102,914,121|
|Current assets||||||||
|Debtors falling due||after one year|17|40,185||131,313||
|Debtors falling due||within one year|17|679,564||41,716,222||
|Cash at bank and|in hand|||9,545,407||8,308490||
|||||10,265,156||50,156,025||
|Creditors: amounts||falling due within one year||(20,438,275)||(73,987,698)||
|Net current assets/(liabilities)|||||(10,173,119)||(23,831,673)|
|Creditors: amounts||falling due over one year|18||(2,548,833)||(3,332,132)|
|Net assets|||||52 838,082||75,750316|
|Funds||||||||
|Restricted funds|||22||2,676,293||19,214,381|
|Unrestricted
funds|||22+ 23||49,961,789||56,535,935|
||||||52,638,082||75,750,316|
##
|||||||Note|2022|2021f|
|---|---|---|---|---|---|---|---|---|
|Net cash provided
by operating|activities||||||(36,254,948)|25,599,583|
|Cash flows from investing
activities:|||||||||
|Purchase oftangible
fixed assets|||||||(196,709)|(194,154)|
|Purchase of investments|||||||(28,781,748)|(40,710,564)|
|Proceeds on disposal of investments|||||||66,410,229|20,424,618|
|Proceeds on disposal oftangible|fixed assets||||||572||
|Interest received|||||||59,521|56 195|
|Net cash (provided
by)/used
in|investing||activities||||37,491,865|(20,423,905)|
|Net increase/(decrease)
in cash|and cash||equivalents||||1,236,917|5,175,678|
|Cash and cash equivalents
at the beginning||||ofthe year|||8,308,490|3,132,812|
|Cash and cash equivalents
at end ofyear|||||||9,545,407|8,308,490|
|Cash generated
from operations|||||||2022|2021|
|Surplus/(Deficit)
for the year|||||||(23,112,234)|16,022,020|
|Adjustment
for:|||||||||
|Investment
income recognised
in|statement||offinancial||activities||(59,521)|(56,195)|
|Loss on disposal oftangible
fixed|assets||||||||
|Fair value gains and losses on investments|||||||(57,245)|(8,703,834)|
|Depreciation
and impairment
oftnagible||fixed||assets|||178,988|183,188|
|Movement
in working
capital:|||||||||
|(Increase)/decrease
in debtors|||||||41,127,786|(33,326,373)|
|(decrease)/increase
in creditors|||||||(2,798,164)|963,190|
|Increase
in provision|||||||||
|Increase/(decrease)
in deferred
income|||||||(51,534,558)|50,517,587|
|Net cash provided
by operating|activities||||||||
|Analysis ofcash and cash equivalents|||||||2022|2021|
|Cash at bank and
in hand|||||||9,545407|8308,490|
|Total cash and cash equivalents|||||||9,545,407|8,308,490|
|||||||As at 1 April||As at 31 March|
|Analysis ofchanges
in net debt||||||2021|Cash-flows|2022|
|Cash at bank and
in hand||||||8,308490|1,236917|9,545,407|
|Total||||||8,308,490|1,236,917|9,545,407|
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||||||for the|year ended 31 March|2022|||
|---|---|---|---|---|---|---|---|---|---|
|Donations|and|legacies||||Unrestricted|Restricted|2022|2021|
|||||||funds|funds|total|total|
|||||||||f||
|Donations
and||gifts|||||86,627|86,627|367,596|
|Grants|||||||33,406,296|33,406,296|40,890,469|
|Donated services||||||409,483||409,483|1,112,647|
|||||||409 483|33492 923|33902406|42 370712|
|For the year|ended 31||March 2021|||1 112647|41 258065||42 370712|
|||||||Unrestricted|Restricted|2022|2021|
|Grants||||||funds|fundsf|total|totalf|
|Department|for|Education|||||30,400,935|30,400,935|37,939,768|
|BHP Foundation|||||||2,268,247|2,268,247|1,389,616|
|KPMG|||||||||500,000|
|Paul Hamlyn|Foundation||||||||100,000|
|ICG|||||||500,000|500,000|500,000|
|Wellcome Trust|||||||237,114|237,114|461,085|
||||||||33406 296|33406296|40 890469|
|For the year|ended 31||March 2021||||40 890469||40890469|
|Donated services||||||Unrestricted|Restricted|2022|2021|
|||||||funds|funds
f.|totalf|total
f.|
|Macfarlanes|||||||||29,446|
|Freshfields||||||366,193||366,193|170,431|
|BCG|||||||||350,000|
|Bain & Co||||||43,290||43,290|562,770|
|||||||409483||409483|1 1121!47|
|For the year|ended 31||March 2021|||1 112647|||1 112647|
|Income from other trading||||activities||||||
|||||||||2022|2021f|
|Licensing
ofTeaching|||and Learning||Toolkit|||100,000|100,250|
|Commissioned||research||||||35,064|145,363|
|||||||||135,064|245,613|
##
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|5|Investments||||||||
|---|---|---|---|---|---|---|---|---|
||||||||2022|2021|
||Income from listed||investments||||59,353|55,727|
||Interest receivable||||||168|468|
||||||||59,521|56 195|
|6|Raising funds||||||||
||||||Unrestricted|Restricted|2022|2021|
||Fun
rai
in
x|ndit||r|fund|funds|total|totalf|
||Audit, accountancy||and other finance costs||35||35|114|
||Office administration||||6,545||6,545|9,277|
||Premises costs||||9,722||9,722|11,954|
||Advertising||||16,772||16,772|21,857|
||Staff costs||||164,585||164,585|209,249|
||Other staff costs||||6,102||6,102|2,935|
||Depreciation
and|impairment|||8,302||8,302|11,057|
||||||212,063||212063|266 443|
##
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|Raising fu|nds (continued)|||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|2022|2021|
|||fund|funds|total|total|
|Investment|mana
ement|253,179||253,179|269,781|
|||465,242||465,242|536,224|
|For the year ended 31 March 2021||||||
|Fundraising|expenditure|257,501|8,942||266,443|
|Investment|management|269 781|||269 781|
|||527 282|8942||536 224|
##
|Charitable|activities||||
|---|---|---|---|---|
||||2022|2021|
|Staff costs|||3,304,203|3,171,614|
|Other staff|costs||122,495|44,495|
|Donated services|||409483|1 112647|
||||3,836,181|4,328,756|
|Grant funding
ofactivities (see note 8)|||51,893,938|29,360,442|
|Share ofsupport costs (see note 10)|||944,181|986,846|
|Share ofgovernance||costs (see note 10)|126,928|142,066|
||||56,801,228|34,818,110|
|A~nal
nln 0|fund||||
|Restricted|funds||50,056,162|23,580,633|
|Unrestricted|funds||6,745.066|11 237477|
||||56,801,228|34,818,110|
|Grants payable|||||
||||2022|2021|
||||f.||
|Grants to institutions:||See note 9|51,893,938|29,360,442|
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|Support costs
for t|he year ended 33 March|2022|||
|---|---|---|---|---|
||Support|Governance|2022|2021|
||Costs|costs|total|total|
|Staff costs||62,670|62,670|74,041|
|Social security costs||6,489|6,489||
|Other pension costs||3,248|3,248||
|Other staff costs||2,684|2,684|13,100|
|Depreciation|170,327||170,327|172,131|
|Legal and professional|101,719||101,719|141,157|
|Office administration|134,276||134,276|144,301|
|Premises costs|182,393||182,393|186,099|
|Marketing
and public relations|344,092||344,092|340,270|
|Audit fees||17,340|17,340|14,855|
|Accountancy|11,374|34,497|45,871|42,958|
||944,181|126,928|1,071,109|1,128,912|
##
|||||2022|2021|
|---|---|---|---|---|---|
|Audit ofthe charity's|annual|accounts||12,900|10,750|
|Other audit- related assurance|||services|||
|Regularity
report||||3,420|2,850|
|Non- Audit services||||||
|All other non-audit
services||||3,540|2,950|
|Total Non Audit fees||||3,540|2,950|
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|Employees|||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
|Average
monthly||number|ofemployees|during||the year:|number|number|
|Chief Executive||Officer|||||1|1|
|Grant making,|evaluation||and dissemination||staff||54|39|
|Fundraising
staff|||||||1|1|
|Administration|staff||||||8|7|
|The remuneration
and em
(2021:f488,184).|ployee
benefits|of key manag|ement
personnel,
amounted
to F6|31,491 in the year und|er review|
|---|---|---|---|---|---|
|Staff costs comprise:||||2022f|2021|
|Salaries &wages||||3,100,092|3,072,647|
|Social security costs||||293,851|262,594|
|Other pension costs||||147,251|131,261|
|||||3541 184|3466 502|
|The number ofemployees|whose annual|remuneration|was f60,000 or more were:|||
|||||2022|2021|
|||||number|number|
##
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|Tangible fix|ed asset|s||||
|---|---|---|---|---|---|
||||Fixtures and|Computers
and||
||||fittings|IT Equipment|Total|
||||E|||
|Cost||||||
|At 1 April 2021|||125,076|1,871,762|1,996,838|
|Additions|||1,704|195,005|196,709|
|Disposals
At 31 March|2022||+38 377}||66614|
|Depreciation||||||
|At 1 April 2021|||124,826|1,515,575|1,640,401|
|Depreciation
charged
in the year
Eliminated
on disposals|||1,031
~38.377)
87 480|177,957
~27,665
1 665 867|178,988
~66,042
1 753347|
|Net Book Value||||||
|At 31 March|2022||923|372,663|373,586|
|At 31 March|2021||250|356 187|356437|
##
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||||||||Listed|Unlisted|Cash in||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||investmentsf||investments|portfolio|Total|
|Cost or valuation|at 1 April|2021||||43,004,827||100|59,552,757|102,557,684|
|Additions||||||3,781,127|||25,000,621|28,781,748|
|Revaluation
changes|||||||57,245|||57,245|
|Disposals||||||(10,000,000)|||(56,410,229)|(66,410,229)|
|At 31 March 2022||||||36,843,199||100|28,143,149|64,986,448|
|Carrying
amount|||||||||||
|At 31 March 2022||||||36,843,199||100|28 143,149|64,986,448|
|At 31 March 2021||||||43|004,827|100|59,552,757|102,557 684|
|Historical cost||||||24,387805||100|59 552,757|83,940,662|
||||||||||2022|2021|
|Material Investments|||||||||||
|Fixed interest securities|||||||||24,647,426|29,674,589|
|Equities|||||||||9,057,418|10,160,603|
|Cash held within|investment||portfolio||||||28,143,149|59,552,757|
|Other|||||||||3 138456|3169635|
||||||||||64 986448|102557 584|
|The Trustees do|not consider||any individual||investment|within these amounts||to be material|||
||||||||||2022|2021|
||||||||||F||
|Investments
at fair value||comprise:|||||||||
|Investments
held|in the UK||||||||26,072,151|59,197,284|
|Investments
held|overseas||||||||38 914,297|43360300|
||||||||||64,986.448|102,557,584|
|Fixed asset investments||revalued|||||||||
|The above funds|are invested||in sterling|denominated||securities.|||||
|||||||Nature of|Class ofshares|||
|---|---|---|---|---|---|---|---|---|---|
|Name ofundertaking||Registered|||oftice|business|held|%Held Direct|Indirect|
|EEFServices|Limited|5th|Floor|Millbank||Dormant|Ordinary|100||
|||Tower,||21-24||||||
|||Millbank,||London||||||
||||SW1P||4QP|||||
|Debtors||||||||||
|||||||||2022|2021|
|Amounts
falling due within one year:||||||||||
|Other debtors||||||||228,567|21,020|
|Grants receivable||||||||427,732|41,633,358|
|Prepayments|and accrued income|||||||23,265|61,844|
|||||||||679,564|41,716,222|
|Amounts
falling due after more than one year:||||||||||
|Grants receivable||||||||40,185|131,313|
|Total debtors||||||||719749|41 847 535|
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|18|Creditors: amounts|||falling|||due within one year||Notes|2022|2021f|
||Trade creditors|||||||||302,329|169,663|
||Other taxation and social|||||security||||92,538|87,114|
||Deferred income||||||||20|2,894,859|54,354,769|
||Grants accrued|||||||||7,272,509|9,451,662|
||Other creditors|||||||||34,534|22,008|
||Accruals|||||||||9,841,506|9,902,482|
|||||||||||20,438,275|73,987,698|
|19|Creditors greater||than||1 year|||||||
|||||||||||2022|2021|
||||||||||||f.|
||Deferred income||||||||20|40,185|114,833|
||Grants accrued|||||||||2 508 648|3217299|
|||||||||||2 548 833|3332 132|
|20|Deferred income|||||||||||
|||||||||||2022|2021|
||||||||||||F|
||Other deferred
income|||||||||2 935044|54469602|
||Deferred income|is included|||||in the financial statements|as follows:||||
|||||||||||2022|2021|
||Current
liabilities|||||||||2,894,859|54,354,769|
||Non current
liabilities|||||||||40 185|114833|
|||||||||||2 935044|54469602|
|||||||||||2022|2021|
||||||||||||f.|
||Deferred income|brought||||forward||||54,469,602|3,952,015|
||Grants received|in the year||||||||11,064,934|(41,062,469)|
||Grants
returned|in the year||||||||(29,184,555'i||
||Grants recognised||in|the||year||||33431 447|91,580,056|
||Deferred income|carried||||forward||||2,918,534|54,469,602|
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