2023-08-31-accounts - The Sutton Trust

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	Page
REPORT OF THE TRUSTEES	1 - 21
INDEPENDENT AUDITOR'S REPORT	22-25
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING THE INCOME AND EXPENDITURE ACCOUNT)	26
BALANCE SHEET	27
STATEMENT OF CASH FLOWS	28
NOTES TOTHE FINANCIAL STATEMENTS	29-51

REFERENCE AND ADMINISTRATIVE	REFERENCE AND ADMINISTRATIVE	REFERENCE AND ADMINISTRATIVE	REFERENCE AND ADMINISTRATIVE	DETAILS
FOR THE	CHARITABLE COMPANY,			ITSTRUSTEES	AND ADVISERS (continued)
Objects ofCharitable			Company		The Trustees shall hold or apply the capital and income ofthe Charity for the following objects:
					(i) To advance the education			of	the public	and to
					improve educational		opportunities for young
					people; and
					(ii) To undertake such	charitable			purposes	or to
					make charitable donations			in	such a manner
					as the Trustees may		in their absolute
					discretion think fit.
Charitable Company &Registered office			Address		Part ge Floor, 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 8 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 SNW
Investment	Managers				Rathbones Group Pic
					8 Finsbury Circus, London,
					EC2M 7AZ
					J.P. Morgan Bank
					60Victoria Embankment,	London
					EC4Y OJP
Solicitors					Bates Wells
					10Queen Street Place, London
					EC4R 1BE

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			Note	31August	2023 6	31August	2022 6
Fixed assets:
Tangible assets Investments			8 9 &21	66,720 7,102,079		63,001 7,288,987
					7,168,799		7,351,988
Current assets:
Debtors			10	648,914		881,002
Cash at bank and in hand			21	9,545,346		9,745,616
				10,194,260		10,626,618
Current liabilities:
Creditors -	amounts falling	due
within one	year		11	(2,451,489)		(2,400,671)
Net current assets					7,742,771		8,225,947
Total assets	less current liabilities				14,911,570		15,577,935
Creditors -	amounts falling	due
aRer more	than one year		12		04.570,7067		(4,624,762)
Total net assets					10,340,864		f10,953,173
The funds of	the Charitable
Company:
Unrestricted	-general fund		18&19		4,988,768		4,075,851
Restricted	-designated income fund	fund	18&19 18&19		2,150,608 3,201,488		2,231,576 4,645,746
Total Charitable Company		funds	18&19		10,340,864		F10,953,173

				Note	Year ended	Year ended
					31August	31August
					2023 f	2022 f
Net cash (oufflow)/inflow from operating			activities	15	1474,9191	192.297
Cash inflow/(oufflow) from Interest income	investing	activities			129,503	9,195
Dividend income					45,776	47,876
Purchase offixed assets				8	(35,563)	(34,600)
Purchase ofinvestments				9	(1,724,559)	(1,752,081)
Proceeds from disposal ofinvestments				9	1,859,492	1,817,388
Net cash inflow from investing activities					274,649	87,778
Net (decrease)/increase in	cash and	cash	equivalents		(200,270)	270,075
Cash and cash equivalents	brought	forward			9,745,616	9,475,541
					AiiiiiiiN""'""'iiiiiiia
Cash and cash equivalents	carried forward				9,545,346	9,745,616
Cash and cash equivalents	consists	of:
Cash at bank and in hand					9,545,346	9,745,616
Cash and cash equivalents	at 31August		2023		9,545,346 K	9,745,616

				Unrestricted	Designated	Restricted	TOTAL
				Funds	Funds	Funds	FUNDS
				Year ended 31	Year ended 31	Year ended 31	Year ended 31
				August 2023	August 2023	August 2023	August 2023
The income	comprised:			F	8	E	6
Donations Donated services *				1,898,261		4,317,603 220,000	6,215,864 220,000
Legacies Dividends				512,142	41,139	4,637	512,142 45,776
Bank interest				116,614	5,788	7,101	129,503
				2,527,017	46,927	4,549,341	7,123,285
Other gains/(losses) —foreign exchange —disposal offixed			asset	(274) 1,003		(35)	(309) 1,003
				729		(35)	694
The income	arose from	the		Year	Year	Year	Year
following geographical		locations:		ended 31 August 2023	ended 31 August 2023	ended 31 August 2023	ended 31 August 2023
				6		6	E
US and Canada				246,849		1,550,157	1,797,006
Switzerland
New Zealand
UK including Monaco	the Channel		Islands	2,270,168 10,000	46,927	2,999,184	5.316,279 10,000
				2,527,017	46,927	4,549,341	7,123,285

			Unrestricted	Designated	Restricted	TOTAL
			Funds	Funds	Funds	FUNDS
			Year ended 31	Year ended 31	Year ended 31	Year ended 31
The income comprised:			August 2022 f	August 2022 f	August 2022 f	August 2022 f
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
				W
Other gains/(losses) —foreign exchange —disposal offixed		asset	428 (629)		132	560 (8287
			(201)		132	(69)
			Year	Year	Year	Year
The income arose from	the		ended 31	ended 31	ended 31	ended 31
following geographical	locations:		August 2022 f	August 2022 f	August 2022 f	August 2022 f
US and Canada			121,100		686,298	807,398
Switzerland
New Zealand
UK including the Channel		Islands	1,087,827	48,667	3,885,684	8,822,278
			1,208,927	48,667	4,572,082	5,829,676

		Unresbicted	Designated		Restrictsd		Total
		Funds	Funds		Funds	Total	number
		Year	Year		Year	Year	Year
		ended 31	ended 31		ended 31	ended 31	ended 31
		August 2023	August 2023		August 2023	August 2023	August 2023
			F
Grants payable to institutions					1,579,094	1,579,094	159
Grants payable to individuals
						NAW4!IU~AUNA
Total grants	payable (see Note				1,579,094	1,579,094	159
4)
Total number					159
		Unrestricted	Designated		Restricted		Total
		Funds	Funds		Funds	Total	number
		Year	Year		Year	Year	Year
		ended 31	ended 31		ended 31	ended 31	ended 31
		August 2022 E	August 2022 8		August 2022 F	August 2022 8	August 2022
Grants payable to institutions					1,834,479	1,834,479	141
Grants payable to individuals
							AWAKEN
Total grants	payable (see Note	f	f	—	f1,834,479	K1,834,479	141
4)
Total number					141		141

		Grants		Direct costs		Staffcosts		Support	Pro bono
		(Note 3)				(Note 7)		Costs	work	Total
								(Note 5)
	Year ended		Yearended		Year ended		Year ended		Year ended	Year ended
	31	August 2023	31August 2023		31August 2023			31August 2023	31August 2023	31August 2023
				8		6		E	E	6
University outreach Schools/colleges Innovation		765,201 700,850		1,967,883 211,628 667		992,365 109,330 65,944		867,129 294,917 26,492		4,592,578 1,316,725 93,103
Early years Research projects		113,043		71,698 324,047		29,320 218,481		64,020 176,038		278,081 718,566
		1,579,094		2,575,923		1,415,440		1,428,596		6,999,053
Costs of raising funds				49,055		451,258		128,310		628,624
							Unrestricted		Restricted
								Funds	Funds	Total
Charitable	expenditure							1,274,785	5,724,268	6,999,053
		Grants		Direct costs		Staffcosts		Support	Pro bono
		(Note 3)				(Note 7)		Costs	work	Total
								(Note 5)
	Year ended			Year ended		Year ended		Year ended	Yearended	Year ended
	31August			31August		31August		31August	31August	31August
		2022		2022		2022		2022	2022	2022
		6		K		E			6	F
University outreach Schools/colleges Innovation		584,100 1,096,402		869,074 442,908		475,963 142,966 32,426		370,220 384,666 7,417	38,179 191,811	2,337,536 2,258,753 39,843
Early years Research projects		153,977		(16,959) 451,007		78,571 263,403		49,315 163,418		264,904 877,828
		1,834,479		1,746,030		993,329		975,036	229,990	5,778,864
Costs ofraising funds				44,388		424,731		95,217		564,336
								Unresbicted	Restricted
								Funds	Funds	Total
Charitable	expenditure							632,487	5,146,377	5,778,864

			Charitable	Fund raising	Total
			Activities	(unrestricted)
			Year ended	Year ended	Year ended
			31August	31August	31August
			2023	2023	2023
			6	6	6
Wages and salaries (Note 7) Other staff costs—travel / recruitment		etc.	550,861 167,879	49,476 15,078	600,337 182,957
Administration			158,766	14,262	173,028
Strategy and Planning Premises (net ofrecharges) Audit &other			201,869 165,719 30,280	18,131 14,884 2,720	220,000 180,603 33,000
Accountancy Legal Public relations			11,389 31,557 82,447	1,023 2,834 7,405	12,412 34,391 89,852
Depreciation	(Note 8)		27,829	2,497	30,326
			1,428,596	128,310	1,556,906
			Charitable	Fund raising	Total
			Activities	(unrestricted)
			Year ended	Year ended	Year ended
			31August	31August	31August
			2022	2022	2022
			6	F	6
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)			170,551	16,655	187,206
Audit &other			26,420	2,580	29,000
Accountancy			13,603	1,328	14,931
Legal Public relations			4,854 110,102	474 10,752	5,328 120,854
Depreciation	(Note 8)		36,749	3,589	40,338
			975,036	95,217	1,070,253

STAFF COSTS (continued)	STAFF COSTS (continued)
							Year ended	Year ended
							31August	31August
							2023	2022
							No.	No.
(b)	Number ofstaff
	Programmas						20
	Innovation						2
	Research						10	8
	Fundraising Administration						7 5	5 4
							44	33
(c)	Employees' remuneration	over f60,000 per			year
The	number of employees	who	received	total	employee	benefits
(excluding employer pension		costs)	of more	than	L'60,000 for	the year
isas	follows:
	f60,001 to 670,000 570,001 to 980,000						1 3	1 2
	680,001 to 690,000						1
	6110,000to 5120,000						1

Employers' pension	contributions	contributions	respect ofthese 6	(2022 - 4)employees	amounted	F27,416(2022
-830,387)duding the		period.
TANGIBLE FIXED	ASSETS
			Furniture
		Leasehold	and	Computer	Cycle
		improvement	fltbngs	equipment	scheme	Total
		s
		8
Cost
At 1 September 2022 Additions adjustment		143,766	120,762	125,019 35,877	314 (314)	389,861 35,877
Disposals				(2,632)		(2,646)
At 31 August 2023		143,766	120,762	158,264		422,792
Depreciation At 1 September 2022 Charge for period Disposals		143,766	103,261 5,094	79,807 25,232 (1,088)	26 (26)	326,860 30,326 (1,114)
At 31 August 2023		143,766	108,355	103,951		356,072
Net book value
At 31 August 2023			12,407	54,313		66,720
At 31 August 2022			17,501	45,212	288	63,001
						Page 40

IXEDASSET INVESTMEN	TS
		31August	31August
		2023 E	2022 f
Investments comprise: Rathbones		2,105,183	2,205,136
JP Morgan		4,927,133	5,045,388
Total equity, bond and other investments Cash held as part ofporffolio		7,032,316 69,763	7,250,524 38,463
Total Investments and cash under management		7,102,079al	7,288,987
(Loss)/gain on investments Realised (losses)/gains Unrealised losses	in the period:	(17,997) (33.978)	62,795 (580,473)
Total loss on investments	in the period	(51,975) W	(517,678) M
Included in:
Deferred income		56,636	(184,087)
Statement ofFinancial Activities		(108,811)	(333,591)
		(51,975)	(517,678)
		M

IXEDASS	ET INVEST	MENTS (continued)
			31August	31August
			2023	2022
			Total	Total
			F	F
Market value
At 31 August 2022 Additions			7,288,987 1,724,559	7,871,972 1,752,081
Disposals Net realised	investment	(losses)/gains	(1,859,492) (17,997)	(1,817,388) 62,795
Unrealised	investment	losses	(33.878)	(888.473)
At 31 August 2023			7,102,079	F7,288,987

				Nlarket	Percentage
				Value	oftotal
				31August	31August
				2023	2023
				6	0/
Vanguard S&P500 HSBC Global Fund			ETF ICAV	1,540,626 487,294M	21.7 6.9
				Market	Percentage
				Value	oftotal
				31August	31August
				2022	2022
				8
Vanguard	S&P500		ETF	E1,986,657	27.3
Lumyna-Global HSBC Global		Debt-GOVT UCITS FD Fund ICAV		K639,947 f448,463	8.8 6.2
				W	IW
DEBTORS
				31August	31August
				2023	2022
				6	6
Debtors —donations			and legacies receivable	70,806	43,949
Other debtors				853	7,754
Prepayments		and accrued income		577,255	829,299
				648,914	6881,002

REDITORS - Amounts	falling due within one year
		31August	31August
		2023	2022
		E	8
Accruals for grants payable Trade creditors		1,140,755 418,824	1,541,211 168,254
Taxation and social security Other creditors		64,486 7,928	42,123 28,745
Accruals and deferred	income (Note 13)	819,496	620,338
		2,451,489	2,400,671
REDITORS - Amounts	falling due after more than one year
		31August	31August
		2023	2022
		E
Other creditors		9,839	14,562
Accruals and deferred	income (Note 13)	4,560,867	4,610,200
		4,570,706	4,624,762

			31August	31August
			2023	2022
Balance	as at 1 September 2022		5,109,731	5,341,981
Amount	deferred	in the period	657,450	968,681
Amount	released	to income	(534,531)	(1,200,931)
Balance	as at 31	August 2023	5,232,650	5,109,731

ECONCILIATION	OF NET INC	OME	TO	NET CASH FLOW	FROM OPERATING ACTIV	ITIES
					Year	Year
					ended	ended
					31August	31August
					2023	2022
					K	6
Net income and net	movement	in funds			(612,309)	(847,184)
Interest receivable					(129,503)	(9,195)
Dividends receivable					(45,776)	(47,876)
Unrealised loss on investments		(Note 9)			33,978	580,473
Realised loss/(gain)	on investments		(Note 9)		17,997	(62,795)
Depreciation oftangible fixed assets			less disposals		30,326	40,338
Loss on disposal of	fixed assets				1,832	629
Decrease/(increase)	in debtors				232,089	(401,851)
(Decrease)/increase	in creditors				(3,553)	929,758
Net cash (oufflow)/inflow from operating				activities	(474,919)	182,297

non -	ncell	able	ope	rating lease:
					Land and	Land and
					Buildings	Buildings
					31August	31August
					2023	2022
					E	8
Within 1 Between	year two	and	five	years	122,796 255,825	122,796 378,621

8. STATEMENT OF F	UND	S
		Funds	Total	Total		Funds
		brought	Income	expenditure	Transfers	carried
		forward		(including		forward
Unrestricted funds			f	gains/(losses) E		E
General funds		4,075,851	2,527,017	(1,621,428)	7,328	4,988,768
Designated funds		2,231,576	46,927	(127,895)		2,150,608
		6,307,427	2,573,944	(1,749,323)	7,328	7,139,376
Restricted funds
Alumni Engagement			125,816	(125,816)
Programme Apprenticeship Summer		33,986	125,000	(149,494)		9,492
School
Employability Bursaries Pathways to Banking	&	31,659 300,479	51,378	(31,659) (219,780)		132,077
Finance
Pathways to Engineering Pathways to Law Pathways to Medicine Pathways Online Pathways General		161,383 55,962 146,629 82,363 782,888	110,000 274,448 95,674 94,564 40,333	(211,655) (547,004) (217,149) (123,809)	10,000 255,883 (265,883)	69,728 39,289 25,154 53,118 557,338
Opportunity Bursary Sutton Scholars		336,666 7,328	192,265	(256,684)	(7,328)	272,247
Sutton Trust Careers			34,274	(59,274)	25,000
Sutton Trust Careers		93,037	167,311	(145,385)		114,963
Launchpad Sutton Trust Careers Plus			85,818	(85,818)
Sutton Trust Online		66,846	1,126,321	(1,057,604)		135,563
Employability & Post	18	40,000	125,027		(25,000)	140,027
General Fund
UK Summer Schools		1,169,657	725,652	(1,140,614)		754,695
US Programme Innovation Projects Apprenticeship Research COSMO: Cohort Study Data Analysis & Insights		952,088 214,972 6,602 65,208 14,472	521,431 84,390 80,269	(964,297) (125,924) (6,602) (49,703) (92,889)		509,222 173,438 15,505 1,852
Early Years Early Years Campaign Employability Research		17,822 20,771 44,928	100,000 125,000 142,500	(117,822) (59,846) (75,573)		85,925 111,855
Research and Policy			121,870	(121,870)
		4,645,746	4,549,341	(5,986,271)	(7,328)	3,201,488
Totalfunds		10,953,173 R	7,123,285 R	(7,735,594)	a	10,340,864 a

				31August	31August
				2023	2022
				6	6
Financial	assets
Measured	at fair value	through	profit and loss	16,647,425	17,034,603
Measured	at amortised	cost:
Other debtors (Note		10)		853	7,754
Accrued	income			299,136	532,986
				31August	31August
				2023	2022
Financial	liabilities
Measured	at amortised	cost
Trade creditors (Note 11)				418,824	168,254
Other creditors and accruals			(Note 11)	128,614	138,396
Accrued	expenses —grant accruals			1,135,340	1,518,900