## ## ## |CONTENTS|| |---|---| ||Page| |REPORT OF THE TRUSTEES|1 - 20| |INDEPENDENT AUDITOR'S REPORT|21 - 24| |STATEMENT OF FINANCIAL ACTIVITIES|| |(INCLUDING THE INCOME AND EXPENDITURE ACCOUNT)|25| |BALANCE SHEET|26| |STATEMENT OF CASH FLOWS|27| |NOTES TOTHE FINANCIAL STATEMENTS|28-50| ## ## ## ## ## ## ## ## |FOR THE|CHARITAB|L|E COMPANY, ITST|RUSTEES AND ADVISERS (continued)|RUSTEES AND ADVISERS (continued)|RUSTEES AND ADVISERS (continued)|RUSTEES AND ADVISERS (continued)|RUSTEES AND ADVISERS (continued)|| |---|---|---|---|---|---|---|---|---|---| |Objects of|Charitable||Company|The Trustees shall hold or apply the capital and
income ofthe Charity for the following objects:|||||| |||||(i)
Toadvance the education of the public and to
improve educational
opportunities
for young|||||| |||||people; and|||||| |||||(ii)
To undertake
such|charitable|||purposes|orto| |||||make charitable
donations|||in|such a manner|| |||||as the Trustees may||in their absolute|||| |||||discretion
think fit.|||||| |Charitable
Company
&Registered office||Address||Millbank Tower, 21-24 Millbank,
London, SW1P4QP|||||| |Website and Social Media||||www. suttontrust. corn|||||| |||||@suttontrust|||||| |Charity Registration||Number||1146244|||||| |Company|Registration||Number|07951541|||||| |Auditor||||Rawlinson
&Hunter Audit|LLP||||| |||||Statutory Auditor|||||| |||||Chartered
Accountants|||||| |||||Eighth Floor, 6 New Street|Square,||||| |||||New Fetter Lane, London|||||| |||||EC4A 3AQ|||||| |Bankers||||National Westminster
Bank|||||| |||||57Victoria Street, London,|||||| |||||SW1H OHN|||||| |||||CAF Bank Limited|||||| |||||25 Kings Hill Avenue,
Kings||Hill,|||| |||||West Mailing, Kent|||||| |||||ME194JQ|||||| |||||Nationwide
Building Society|||||| |||||Kings Park Road|||||| |||||Moulton Park, Northampton|||||| |||||NN3 6NW|||||| |Investment|Managers|||Rathbone
Investment
Management|||||| |||||8 Finsbuiy Circus, London,|||||| |||||EC2M 7AZ|||||| |||||J.P. Morgan Bank|||||| |||||60Victoria Embankment,|London||||| |||||EC4YOJP|||||| |Solicitom||||Bates Wells|||||| |||||10Queen Street Place, London|||||| |||||EC4R 1BE|||||| ||||||||||Page 2| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||ACO
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(A o||| ## ## ## ||||Note|31August 2022
6|31August 2022
6|31August
6|2021
8| |---|---|---|---|---|---|---|---| |Fixed assets:|||||||| |Tangible assets
Inveslments|||8
9&21|63,001
7,288,987||69,369
7,871,972|| ||||||7,351,988||7,941,341| |Current assets:|||||||| |Debtors|||10|881,002||479,151|| |Cash at bank and in hand|||21|9,745,616||9,475,541|| |||||10,626,618||9,954,692|| |Current gablgtles:|||||||| |Creditors - amounts
falling||dus|||||| |within one year|||11|(2,400,671)||(1,236,056)|| |Net current assets|||||8,225,947||8,718,636| |Total assets less current|liabilities||||15,577,935||16,659,977| |Creditors - amounts
falling||due|||||| |after more than one year|||12||(4,624,762)||(4,859,620)| |Total net assets|||||810,953,173||811,800,357| |The funds ofthe Charitable|||||||| |Company:|||||||| |Unrestricted
-general fund
-designated
fund
Restricted
income fund|||18&19
188 19
188 19||4,075,851
2,231,576
4,645,746||3,797,494
2,520,888
5,481,975| |Total Charitable
Company||funds|188 19||810,953,173||811,800,357| ## ## ||||Note|Year ended|Yearended| |---|---|---|---|---|---| |||||31August|31August| |||||2022|2021| |||||8|8| |Net cash inflow from operating||activities|15|182,297|6,347,416| |Cash outflow from investing
Interest income|activities|||9,195|3,711| |Dividend
income||||47,876|42,295| |Purchase
offixed assets||||(34,600)|(16,308)| |Purchase
of investments||||(1,752,081)|(5,846,104)| |Proceeds from disposal of investments||||1,817,388|681,005| |Net cash outflow from investing||activities||87,778|(5,135,401)| |Net increase in cash and cash||equivalents||270,075|1,212,015| |Cash and cash equivalents|brought forward|||9,475,541|8,263,526| |Cash and cash equivalents|carded forward|||89,745,616|59,475,541| |Cash and cash equivalents|consists of:||||| |Cash at bank and
in hand||||69,745,616|F9,475,541| |Cash and cash equivalents|at 31 August 2022|||E9,745,616|E9,475,541| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||Unrestricted|Designated|Restrict|TOTAL| |---|---|---|---|---|---|---|---| |||||Funds|Funds|Funds|FUNDS| |||||Year ended 31|Year ended 31|Year ended 31|Year ended 31| |The income|comprised:|||August 2022
6|August 2022
f|August 2022
8|August 2022
6| |Donations
Donated services *||||1,204,039||4,338,576
229,990|5,542,615
229,990| |Dividends|||||44,457|3,419|47,876| |Bank interest||||4,888|4,210|97|9,195| |||||1,208,927|48,667|4,572,082|5,829,676| |Other gains/(losses)
—foreign exchange
—disposal offixed|||asset|428
(629)||132|560
(629)| |||||(201)||132|(69)| |The income|arose from|the||Year|Year|Year|Year| |following
geographical||locations:||ended 31
August 2022
6|ended 31
August 2022
6|ended 31
August 2022
6|ended 31
August 2022
6| |US and Canada||||121,100||686,298|807,398| |Switzerland|||||||| |New Zealand|||||||| |UK including|the Channel||Islands|1,208,927|48,667|3,764,684|5,022,278| |||||1,330,027|48,667|4,450,982|5,829,676| ## ## ## ## |||||Unrestricted|Designated||Restricted|TOTAL| |---|---|---|---|---|---|---|---|---| |||||Funds|Funds||Funds|FUNDS| |||||Year ended 31|Year ended 31|Year ended 31||Year ended 31| |The income comprised:||||August 2021
6|August 2021
f|August 2021
f||August 2021
6| |Donations||||1,039,773|||5,048,028|6,087,801| |Dividends|||||41,394||901|42,295| |Bank interest||||383|3,293||35|3,711| |||||F1,040,156|644,687||F5,048,964|66,133,807| |Otherlosses||||||||| |—foreign exchange
—disposal offixed|||asset|(120)
(17)|||(13)|(133)
(17)| |The income|arose from|the||Year|Year||Year|Year| |following
geographical||locations:||ended 31
August 2021
E|ended 31
August 2021|ended 31
August 2021
6||ended 31
August
2021
6| |US and Canada|||||||590,974|590,974| |Switzerland|||||||250,435|250,435| |New Zealand||||2,496||||2,496| |UK including|the Channel||Islands|1,037,660|44,687||4,207,555|5,289,902| |||||6 1,040,156|44,687|F|5,048,964|f 6,133,807| ## ## ## ## ## ## ## |DURING|THE YEAR ENDE|D 3|1 AUGUST|2021 (continu|ed|)||| |---|---|---|---|---|---|---|---|---| |||Un|resbictad
Funds|Designated
Funds||Resbtctsd
Funds|Total|Total
number| ||||Year|Year||Year|Year|Year| |||ended 31||ended 31||ended 31|ended 31|ended 31| |||August 2022
2||AU9us'I 2022
f||August 2022
2|August 2022
K|August 2022| |Grants payable to institutions||||||1,834,479|1,834,479|141| |Grants payable to individuals||||||||| |Total grants|payable (see Note|||E|-|61,834,479|61,834,479|141| |4)||||||||| |Total number||||||141||141| |||Un|strolled|Designated||Sstrtctad||Total| ||||Funds|Funds||Funds|Total|number| ||||Year|Year||Year|Year|Year| |||ended 31||ended 31||ended 31|ended 31|ended 31| |||August 2021||August 2021||August 2021|August 2021|August 2021| ||||2|2||2|2|| |Grants payable to institutions||||||1,124,843|1,124,843|| |Grants payable to individuals||||||||| |Total grants|payable (see Note|||6|-|81,124,843|81,124,843|| |4)||||||||| |Total number||||||||| ## ## ## ## ## ## ## ## |.
ANALYSIS OF S|UPPORT CO|STS|||| |---|---|---|---|---|---| ||||Charitable|Fund raising|Total| ||||Activities|(unrestricted)|| ||||Yearended|Year ended|Yearended| ||||31August|31August|31August| ||||2022|2022|2022| ||||8|8|| |Wages and salaries (Note 7)
Other staff costs-travel
/ recruitment||etc.|380,818
125,259|37,189
12,232|418,007
137,491| |Administration|||106,680|10,418|117,098| |Premises (net ofrecharges)
Audit &other|||170,551
26,420|16,855
2,580|187,206
29,000| |Accountancy
Legal
Public relations|||13,603
4,854
110,102|1,328
474
10,752|14,931
5,328
120,854| |Depreciation
(Note 8)|||36,749|3,589|40,338| ||||F975,036|895,217|81,070,253| ||||Charitable|Fund raising|Total| ||||Activities|(unreatricted)|| ||||Yearended|Year ended|Yearended| ||||31August|31August|31August| ||||2021f|2021
8|2021
8| |Wages and salaries (Note 7)
Other staff costs-travel
/ recruitment
Administration||etc.|367,437
(5,763)
34,559|50,982
(800)
4,795|418,419
(6,563)
39,354| |Premises (net ofrecharges)
Audit &other|||185,553
21,076|25,746
2,924|211,299
24,000| |Accountancy
Legal
Public relations|||12,078
4,956
88,648|1,675
688
12,300|13,751
5,644
100,948| |Depreciation|||35,282|4,895|40,177| ||||8743,824|2103,205|6847,029| ## ## ## ## ## ## ## ## |7.|STAFF COSTS (continued)|STAFF COSTS (continued)|STAFF COSTS (continued)|STAFF COSTS (continued)||||||Yearended|Year ended| |---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||31August|31August| |||||||||||2022|2021| |||||||||||No.|No.| ||(b)|Number ofstaff|||||||||| |||Programmes
Research||||||||16
8|12
9| |||Fundraising
Administration||||||||5
4|6
4| |||||||||||33|31| ||(c)|Employees'|remuneration||over F60,000 psr|||year|||| ||The|number
of employees|||who|received|total|employee|benefits||| ||(excluding
employer|||pension|costs)|ofmore|than|f60,000 for|the year||| ||is as|follows:|||||||||| ## |ANGIBLE FIXEDASSE|TS||||| |---|---|---|---|---|---| |||Furniture|||| ||Leasehold
Improvements
f|snd
fittingsf|Computer
equipment
f|Cycle
scheme
f|Totalf| |Cost|||||| |At 1 September 2021
Additions|143,756|112,986
11,054|104,785
23,232|1,917
314|363,454
34,600| |Disposals||(3,278)|(2,998)|(1,917)|(8,193)| |At 31 August 2022|143,766|120,762|125,019|314|389,861| |Depreciation
At 1 September 2021
Charge for psdiod
Disposals|139,528
4,238|101,169
4,976
(2,884)|52,589
29,980
(2,762)|799
1,144
(1,917)|294,085
40,338
(7,563)| |At31August 2022|143,766|103,261|79,807|26|326,860| |Net book value
At 31August 2022||f17,501|f45,212|f 288|f63,001| |At 31August 2021|f4,238|f11,817|F52,196|f1,118|f69,369| ## ## ## |FIXEDASSET INVESTIyiENTS||31August|31August| |---|---|---|---| |||2022|2021| |||6|| |Investments
comprise:
Rathbones||2,205,136|2,459,479| |JP Morgan||5,045,388|5,334,228| |Total equity, bond and other investments
Cash held as part of portfolio||7,250,524
38,463|7,793,707
78,265| |Total Investments
and cash under management||R7,288,987|67,871,972| |(Loss)/gain
on investments
in the
Realised gains/(losses)
Unrealised
(losses)/gains|period:|62,795
(580,473)|(3,552)
632,000| |Total (loss)/gain
on investments|in the period|6(517,678)|F628,448| |Included
in:
Deferred income
Statement
of Financial Activities||(184,087)
(333,591)|210,935
417,513| |||9(517,678)|F628,448| ## ## ## ## ## |IXEDASSET INVEST|MENTS (continued)||| |---|---|---|---| |||31August|31August| |||2022|2021| |||Totalf|Totalf| |Market value|||| |At 31 August 2021
Additions||7,871,972
1,752,081|2,086,283
5,838,266| |Dlsposals
Net realised investment
Unrealised
investment|gains/(losses)
gains|(1,817,388)
62,795
(580.473)|(681.005)
(3,552)
632,000| |At 31 August 2022||f7,288,987|f7,871,972| ||||Market|Percentage| |---|---|---|---|---| ||||Value|oftotal| ||||31August|31August| ||||2022
f|2022| |Vanguard
S8P 500 ETF
Lumyna-Global
Debt-GOVT UCITS FD
HSBC Global Fund ICAV|||f1,986,657
f639,947
f448,463|27.3
8.8
6.2| ||||Market|Percentage| ||||Value|oftotal| ||||31August|31August| ||||2021
f|2021
4A| |Vanguard S8P500 ETF
Lumyna-Global
Debt-GOVT UCITS FD|||f1,742,849
f573,709|22.1
7.3| ## |EBTORS||||| |---|---|---|---|---| ||||31August|31August| ||||2022|2021f| |Debtors- donations
Other debtors||and legacies receivable|43,949
7,754|217,507
12,240| |Prepayments|and accrued income||829,299|249,404| ||||f881,002|f479,151| ## ## ## ## |REDITORS - Amount|s
falling due within one year||| |---|---|---|---| |||$1August|31August| |||2022f|2021
6| |Accruals for grants payable
Trade creditors||1,541,211
168,254|537,783
74,636| |Taxation and social security
Other creditors||42,123
28,745|35,579
5,832| |Accruals and deferred|income (Note 13)|620,338|582,226| |||f2,400,671|61,236,056| ## |REDITORS - Amounts
falling due after more than one y|ear|| |---|---|---| ||31August|31August| ||2022|2021| ||K|8| |Other creditors|14,562|| |Accruals and deferred income (Note 13)|4,810,200|4,859,620| ||64,624,762|64,859,620| ## ## ||||31August|31Augua'| |---|---|---|---|---| ||||2022|2021| |||||8| |Balance|as at 1 September 2021||5,341,981|503,808| |Amount|deferred|in the period|968,881|5,311,342| |Amount|released|to income|(1,200,931)|(473,168)| |Balance|as at 31August 2022||65,109,731|25,341,982| ## ## ## ## ## ## ## ## ## |ECONCILIATION
O|F NET IN|COME|TO NET CASH FLOW F|ROM OPERATING ACTIV|ITIES| |---|---|---|---|---|---| |||||Year|Year| |||||ended|ended| |||||31August|31August| |||||2022|2021| ||||||6| |Net income and net|movement|in funds||(847,184)|2,055,836| |Interest receivable||||(9,195)|(3,711)| |Dividends
receivable||||(47,876)|(42,295)| |Unrealised
loss/(gain)
on investments
Realised (gain)/loss
on investments
Depreciation
oftangible fixed assets
Loss on disposal offixed assets
(Increase)/decrease
in debtors
Increase
in creditors|||(Note 9)
(Note 9)
less dispossls|580,473
(62,795)
40,338
629
(401,851)
929,758|(632,000)
3,552
40,177
17
152,324
4,773,516| |Net cash inflow from|operating|activities||fI82,297|66,347,416| ## ## ## ## |non -|ca|ncell|able|ope|rating
lease:||| |---|---|---|---|---|---|---|---| |||||||Land and|Land and| |||||||Buildings|Buildings| |||||||31August|31August| |||||||2022|2021| ||||||||6| |Within
1
Between||year
two|and|five|years|122,796
378,621|65,963| ## ## ## ## ## |8.
STATEMENT OF F|UND|S||||| |---|---|---|---|---|---|---| |||Funds|Total|Total||Funds| |||brouglrt|Income|expenditure|Transfers|carried| |||forward||(including||forward| |Unmstrlcted
funds|||8|gains/(losses)
6||| |General funds
Designated
funds||3,797,494
2,520,888|1,208,927
48,667|(930,570)
(337,979)||4,075,851
2,231,576| |||56,318,382|F1,257,594|E(1,268,549)||86,307,427| |Restricted funds||||||| |Accessing
Online||736||(736)||| |Opportunities||||||| |Alumni
Engagement|||80,496|(80,496)||| |Programme
Apprenticeship
Summer||80,470|98,450|(144,934)||33,986| |School||||||| |Employability
Bursaries|||53,094|(21,435)||31,659| |Infrastructure
Project
Pathways
to
Banking|&|2,281
198,694|265,000|(2,281)
(163,215)||300,479| |Finance||||||| |Pathways
to Engineering
Pathways
to Law
Pathways
to Medicine
Pathways
Online
Pathways
General
Opportunity
Bursary
Sutton Scholars||133,686
34,929
172,116
820,053
433,265
(17,624)|131,201
272,740
158,786
198,782
218,332
153,429
50,000|(103,504)
(506,782)
(182,695)
(116,399)
(250,028)
(25,048)|255,075
422
(255,497)|161,383
55,962
146,629
82,363
782,888
336,666
7,328| |Sutton Trust Careers|||62,800|(62,800)||| |Sutton
Trust
Careers|||165,250|(72,213)||93,037| |Launchpad
Sutton Trust Careers Plus
Sutton Trust Online||1,261
206,777|75,387
415,084|(76,648)
(555,015)||66,846| |Employability
& Post|18||40,000|||40,000| |General Fund||||||| |UK Summer Schools||1,794,058|766,460|(1,390,861)||1,169,857| |US Programme||1,178,351|436,159|(662,422)||952,088| |Programmes
General
Fund
Innovation
Projects
Apprenticeship||57,956|253,688
33,661|(38,716)
(91,617)||214,972| |Campaigns
Apprengceship
Research
COSMO: Cohort Study
Data Analysis
& Insights
Early years
Early Years Campaign
Employability
Research||304,544
74,999
5,423|80,000
77,000
79,100
47,400
130,000|(73,398)
(239,336)
(62,528)
(136,277)
(32,052)
(85,072)||6,602
65,208
14,472
17,822
20,771
44,928| |Research and Policy|||231,803|(231,803)||| |||65481,975|fA,572,082|f(5,408,311)||54,645,746| |Total funds||611,800,357|65,829,676|E(6,676,860)||610,953,173| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||31August|31August| |---|---|---|---|---|---| |||||2022|2021| |||||8|2| |Financial|assets||||| |Measured|at fair value|through|profit and loss|17,034,603|17,347,513| |Measured
at amorgsed
Other debtors (Note||cost:
10)||7,754|12,240| |||||31August|31August| |||||2022|2020| |||||6|6| |Financial|liabilities||||| |Measured|atamortised|cost|||| |Trade creditors (Note 11)
Other creditors and accruals|||(Note 11)|168,254
138,396|74,636
92,800|