Charlty Teglstratlon number 1150801
Company r¢gi$tration numb•r 8354834 (England and Wal•sl
THE TOLKIEN TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

THE TOLKIEN TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Tru8t6•s
Bailbe Tolkien
Michael T01k￿n
Simon Tolkien
Se¢r•tary
Cathlaen Blackbum
Chorlty numb•r
1150801
Company nurn￿r
Reg18t•r￿ offic•
Prama House
267 Banbury Road
Oxford
OX2 7HT
Audltor
Critd)18yBAudil LLP
Beaver House
23-38 Hythe Bridge Streg1
OX12EP
B•nkor8
Lws Bank plc
S¢llcStors
Maier Blackbum LLP
Prama House
267 8anbury Road
Oxlord
OX2 7HT
Inv•8trnent advl¥or•
Inveslec Wealth & Investrnent
30 Gresham Street
London
EC2V 7QN

THE TOLKIEN TRUST
CONTENTS
Page
Trust•e8' report
Statemtsnt oftwslees, rnsponsibllth'es
Independent audltof$ report
Stslement of fin8naal a¢tiwtig8
Balance sheet
Ststemenl of Cash Ilows
10
Not8$ to the financia stat•m&nts

THE TOLKIEN TRUST
TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustee8 present their annu81 report arKI finanoal statemènts f(Y the year ended 31 Decemb8r 2021.
Th8 financ4al statgments have been wepared in 8cccKdance the a¢countiThJ polleies set out in nota 1 to the
financial staternents and comply with the charivs Memorandum arKJ Artides of Association, the Comp8nies Act
2006 and 'Accounting and RÈwrts'ng by Charities". Statement of Recommèn(led Piacti¢e applicable lo charities
preparing their accounts in a¢cordanc$ with the Fin8ncial Rgporting Standard applicable in th& UK and Republic of
Irèland IFRS 1021 leff6cb.ve l January 2019)..
Oblè¢tives and a¢tivitl•s
The charity's objects are to bènefit such tharItab￿ instilutyons or purposes 8$ the TnJstè&s from tim8 to lim& think
fit. Accordingly, tha Trust 0￿rateS for the public b6n8fit. Truslees have complied with their duty und8r sactson
17151 of the Charities Act 2011 to have due regard lo pubhc benèfit guidance publish&d by tha Charity
Commission. The policies 8dopled ift furtherance of these objects ar& detailed bak)W aTKI ther6 has been ro change
in these during the year.
Grantwmaklng pollcy
The Twsl makes donatlons annUa￿Y lo a wide range of charit16s and charitsbltr causes, but with a recurrent
emphasis upon those aimed al alleviating poverty and socsal, eduCat￿nal and healthcare dlsadvanlage, as well as
those focusing on environmentsl concèms and the arts. Charil￿S and G4uses are s&knted by thè Trustees in th6lr
discrglion on th8 basis of r&￿arch undertaken on thair baham and. Fn the cas& of existing b8neficiari8s, the
Trustees. assessment ol the uso made of grants previously givan. Though many of the charities rec@iviig grants
are based in Ihe United Kingdom, th& lund8 given are expand￿1 on chadtablg work both 81 homg and abroad.
including in Africa and, mofg r￿nlly, Nwth Ameri¢8 and Eunw {for assistance to r8fugoes fleeing ¢￿)filtr. zon881.
A8 a solaly granl-maklng charity. the Trust'$ emphasis is on foDJs8d and effectNg glving. Reclpignts of Erants are
therefore Igquired to undergo monitoring and evaluation, vthich Snvofve8 them in providing roports to th8 Trust on
how thalr gr8nts have been US￿ and. in certain cases. rr￿lIr￿j *7th the Trusto8s' representatives to discuss their
achiavements. The Trust now gives to fewer charilies than previously but. whwe appropriate. airns lo bLild closèr
lalionships with ben8fi¢iaries with 8 view lo maximislng the impaci of its giving. In some inst8n¢es. the Trust
makes grants which 818 ¢onditional upon th& raisiThJ of matched ftlnding. enabllng the charftles ¢onc8mèd lo
leveragè thè Trust's contributions in ￿￿•r lo increase their supsx)rtw base arKI income. The Trust may also
challenge charities to idenlrfy the action$ which would enable Ihem lo dev&lop ar￿ grow, such a5 appolntng a key
member ol staff or c¥e8ting 8 new wgbsite enabling greater online enga9gmenl and donations. and helJ lo fund
these actions.
Further datalls can bg found on tho Tw$f8 website at vMw.tolkienlrust.org
Aehlgvem•nts and p•rfomianc•
Dunng th8 year th$ Trust madè di3tn'bution$ from irthm& to 78 charili•s.
Financlal rgVi•W
The Trust's chief ass&ts consist of cOp￿￿htS In certain works by J R R Tolkien, which provide royatty In¢ome. and
cash and inv8Stm8nts. The Tnjst do8S Mt engage in fvnd4aising. The Trust has no reslricted funds and no
endowment.
For the year roy81ty incomè w98 £3,535.77712020'. £5,377.1361 and the charity aw8rfed grants totalling £5.472,000
12020.. £3,530,453). Further delails are included in Ihe stalement of financial activities and r¢lated notes.
Reserves Policy
The Trust maintains a general rp8erve, the balance on vh)iL* as at 31 December 2021 was £36.291,5J)12020:
£36,091,705). Reserves are hekl lo enable the Trust to smooth out the fluctuations in its nel incomè from year to
year and thus to maintain a substantial lgvel ol annual grJnl e￿nditUTe over the k)nger terrn,. to mèet ftjlure grant
commitments where grants are payab￿ over a number ol years., and to stand ready to defend ils copyright interests
whenever these come under threaL

THE TOLKIEN TRUST
TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Inv•stment policy
The Trust has engag￿ professional inv8stment managers to administer its inv8slments. These consist of a portfolio
of equitiès, fixed int8r8St seeLJri¢ies, unit Injsts and olhèr irhstruments investad to provide both income and capital
appreciation. Th8 relum is measured on a totsl retum basis. No individual investment exceeds 10°A of th$ portfollo.
No investments are made in derivatives. The Trust follows an ethical investment policy 8nd does not invest in
tobacco Companies, ojmpanies whose main Ixjsiness is the manuf8ctsj￿ of armaments or in companies providing
gambling Services
Investm•nt perfomanc•
The Trust has agre8d an investment perfc¥marK8 benchmark viti Its Irwestsnènt managèrs basad on the Trustees.
need to build capital to fund Ih&ir grant Making- th&ir attitude to investmènt risk.. and the timeframe for investment.
Thastr three factors det$mine an 8ppropriale asset 8llocalion 8nd thus 8 benchmark against which th8 inveslmanl
managers. perforniance can be assessed. During 2017 the Truslges agreed a benchmark wilh their inv&stmenl
managers which was amènded lo a "b8spoke' benchmark. after discussion wilh and advice trom their invo$lment
managers. Thtr agreed benchmark is.. 12% of Ihe rètum of ihè FfA British Govemm8nl All Stocks Index,. 52¢/) of tho
FTSE All ShBre Index., 25% of the FTSE Worky ExiJK Index," 5% of the IPD Monthty Property Indgx.. and 5% of th8
'cash retum +2%. against whid) the altemalive investments 8re measured.. and 1￿￿ cash. There are agreed
Ilmitations as lo thè minimum and mayimum amounts of each asset class that can be held. Thè Inveslmènl
managors deem a 'MediumlHigh" risk approach suiiable given tha Trust's drtyJmstanee$ with a 1o81rith.on lo a
maxlmum 0182.5% in equrti8s.' UK and ax-UK ￿MbInad.
The Trustses undgrsland that over th& long l¥mi the mandate wll allow the ¢aplt81 valuo of th8 portfollo lo bg
etaine<l in real tom8 and gtsneratè 8 good bvel of tolal rtrlum. The Tru51ees also undersiand that as risk assatg do
not necessarily move in a linear fashion. ihgre may be ￿riOdS when Ihe portf(Aio valug wll fall. However, they also
understand that, based on hislorical r&lums, equity inveslmenl is necessary if Iha value of both the capllal of th&
lund and incoma is lo maintsin its pur¢hasing power when compared with inflation.
Thè portfollo relum8d 10.6%, nel of fe&$, on a totsl relum basls for 12 months ènding 31 D￿mber 2021. 11
was a year of'two halves, with the increased pace of vacdnation and gradual re• o￿nIng of thè economles during
the first half contrtbulin9 Posltivety to investor sentiment. The dfvergence bèlween sector perfomiances witnessèd in
2020 continued in an ebb and flow with Ihe 'stay 8t home. growth stocks givir¥J ground lo tha 'r8wning' Value
Stocks. By the latt8r haw ol year, a mlxture of penlryup dèmand and suppty chain disruptions created an
Incre8sing level ol inflationary pressurns. The markets began to anticipat& central bank 8¢tion. acknowledging that
inflotion would be elevaled, albeit temporarity and KX)lent￿lIY lead lo a slowd¢y•vn in glob81 growlh.
The y98r ended wlth 8 widgsp*ad new variant of SAR&CoV2 named 'Omlcron', 18adlng to fiJrtk￿r h)ck4lown
mèa8ure8 by governments across tho world.
Prlnclpal Tl8k8 and unc4rtalntle¥
The principal risks and uneertainlies affe¢ting ihe Twsl arise from ts ownershlp of copyright 85sets. It is necessary
from timè to lime lo eng8ge in b981 aclh)n to défend Ihesè assets or to ènsure that thé Trusl recèives approprf8t&
value Irtsrn them, which can InC￿ase the 0￿rating costs of the Tnjgt. Thg incomo aarned from these assets IF18y
also fluctuate from year to year, often to a signfficant exlent. Th6 Trust deals with these risks and uncortalnlies by
gdding to net Income from tts reservès in order lo ty to achievè a wnsistent18vel of annual gr8nt expenditure. 111
should be noted, however. that this consistancy is not ahvays apparanl when comp8ring the lèvel of grant
expenditure from ye8r lo year, given that grants lo be paid out over a temi of years ale accounted for in fvll in the
rinancial year in whith they arè inrtrdlly agreod. Grnnts payable over a term ol years 8180 require th9 maintenancè
of 5vificient resèrves lo enable tre Trust to honour futuro grant commitsnenls.)
Plans for futurè ￿n￿dI
The Trust plans to continu8 to 'M)Tk with 3 limited number of char￿0$. developing And ￿n5011dating its current
strategy. and modifyiro ils approach rf ￿rrent Monit￿ng praclices sugg8sl that in(Trased imp8Ct can be achigved.
Structure. govgrnancfr and manaymènt
The charity is a charitable comp8ny g0veM￿ by itsArli(A8s ofAssociatknn.

THE TOLKIEN TRUST
TRUSTEES. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The tsusieas. who ar& thè dir6¢tors for the pwposo of law, anrt s6rv8d durtng th8 ye8r and up to
the data ol signature of IhÈ finaryaal 5ta18Th￿ were..
88illi0 Tolkian
Schael Tolkien
Simon Tol￿en
Pd8¢ill*TdkSon
100c•￿ 28 F*bru8ry 20221
The 0)nstitut￿n of Ihe eharitable company e5tsUWes the ierms ¢)n which Tnjstees are appolnied and exerclse
their puwers. New 7rnstee& I￿ gN8n guidantrt on Ihelr *gal reSt￿billI{el 8$ thrity trv$te8s, and all Trusieea
are kepl uPl￿d8¢6 wllh rèlevant legal developments and Charity c0ft￿s￿n ￿lda￿.
None of th• Iru$let4 h88 8r.y b8nefi¢ial Inter￿ in Ih¢ convny.￿I ol th• tru8tees ar• member8 of the ccfflpany and
guÈroniee to conthb￿e E10 h the eveni %*inding vp.
The Tru$tees make all Btrawc deds1o￿ r•l8ltng to thts th8rfly. fftdudinj as lo whom gr*nt6 Shou d be
pa￿.
DISCI￿Ur• of Informalion to audltor
Each of tha Iru$lees ho$ confirm6¢ IhBt Ihere is rts InforrnattoTh ol w￿￿¢￿ they are awart whi¢h Is relevani lo th8
audit. but ol which the audiiw is up8w•re. -. h8ve lurther Confim￿d that Ihey have takèn appropriats Step8 10
5denUfy $u¢h ralev•nl Inloryrat￿n a￿1 to e$WiEh Ihai the aL*l*tor Is awa￿ ol stjth Infomiaiion.
The report h88 boen pr¥)0￿ in aco)rthnce the Small Componk?s R•Airn8 uThaor Section 419121 of Ihé
Companles Aci 20(*.
The tru8tses' rew¢wes 8ppr¢Jved by Ihe 8oard ￿TruStee8.
Michael Tolkien
Truste•

THE TOLKIEN TRUST
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
Th& trustees, who are al80 the dirgCtOTS of The Tolkièn Twst for the purposg of comp8ny law, are responsible for
preparing thè Trustees, Report and Ihe financ4al statements in accordance wrth appli(*ble law and Unitèd Kingdom
Accounting Standards Iunited Kingdom GeneralfyAccepted Accounting Practice).
Company Law r8quires lh6 Iruslees to prepare financial stslements for each financial year whlch glve a true and fair
view of the state of affairs of eh8rity and of the incoming resources and applica￿On of resourees. inrludin9 the
income and trxpendilLbr8, of the tharilab￿ ￿rnpanY for that year.
In preparing these financial stat8ments. the Iruslees are reqLFif8d to:
- $81gd 8Uitabl8 8¢countlng pObC￿ 8nd Ih8n 8k¥)ty them o)n8ist8ntty:
- obseiv• the methc¥Js and principles in the Charitss SORP:
- make judgements and e81imat&$ Ihal aro fe8s0nabJo and prud&nl:
slate whether applicabke UK ALrounb'ThJ SlatKlard8 have been followed, subl•¢t to any material ￿partureS
dlsclos8<18nd eX￿?￿ne￿ in thè thandal statements,. aTrJ
pr8pare th8 financial stslemerts on the g￿n9 o)ncom basls un1&s8 it Is Inappropriat8 lo presuma that th8 ch8rity
11 continua In operation.
The trustees are rosponsible for ke&ping adequate accounting fecofds Ihat disclo$& wth r888onable 8￿ura0Y Bt
any lime tho financial position ol the charity and enable them lo gnsure that thè finanual stslernents ¢ompli with the
Companiès Act 2006. They arg also responsibl& lor safeguarding the as$gts ol lh& ¢h8rity and htrnce 'or taking
reasonabl9 31eps lor the prev&nlion and detection of fraud and other irwularities.

THE TOLKIEN TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE TOLKIEN TRUST
Opinlo
We havtr audiled the financial statements of The Tolkien TnJ$l (the 'charity'l for the year ended 31 Decfymber 2021
whi¢h comprisè the statèment of financial actiwties. thè b4lance sh88t, the stat8rnent of cash flows and notes to the
rinancial statements, Including signthcant act4yJnting Oici&s. The financial reporting framework that has been
applied in their preparatson is applieable law al￿ UnitÈil Kingdom Accounting Standards, Sncluding Financial
Reporting St8ndard 102 The Finèncial ReKtt)rting Sland8rd applicable in th& UK and Republic of Ir8land {United
Kingdom GeneTaltyAccepled Accountin9 Praclic81.
In our opinion. the financial 8tatem&nl8'.
give a true and fair vlew ?f the slate of Iho charitable companls affai￿ as at 31 Dacomber 2021 and of its
incoming resour¢gs and application of resourc8$, for the yaar then endèd..
have been properfy prepare11 Ni with United Kingdom Generalty Accepted Accounung Pracllc&',
and
have beers prgpared In 8cts)rdancs with Ihe requirements of the Ccrfnp8ni83Act 2006.
Ba$ls for oplnlon
We conducted our audit in accJrd8n¢e ¥￿th Inlemational Slandth$ on Aud￿n9 IUKI IISAS IUKI) and 8pplicablg
law. Our r8$ponsibilltle$ undef tiose stand8r(Is are further described in the Al￿110rtS responsibilitl8s for Ihe audit of
the fin8nci81 slatem&nts seclion of our report. W& 8re ind6wndent of the Charity in accordance wlh the &lhi¢al
requlrgments th81 are relevant to our audit ol the finanaal 8tstem8nts in th& UK. including the FRC'S Ethical
Standard, and we have luffilled )ur other ethical ￿pOnsibIlitieS in accor<lance vrtth these requiromenls. Wa b81ieve
th81 the audll ewdenco we have obtained is sufficient and appropriate lo provide a basis for our opinion.
Con¢lu•lon8 r•latlng to golng concern
In auditing the financial statements, we hava concluded Ihal the truste￿. use of the going concern bgsls of
8￿UntIng In the preparation ol the financial statements is appropriat8.
Based on the work wa have porformed. wè have not idèntified any m8lerial uncartainlies ralats'ng lo evants or
conditions that, individualty or collectivety, may cast signrficanl d￿0¢ on the charity's ability to continue 8$ 8 going
conc¥m for a perlod ol at bast twèlve mwth8 trom when the financlal staiements are authorfs8d for Is$u8.
Our responsibilities and the r8sponsibl1￿ of the lrn$lees wlth respect lo gc4ng concem 8re descrfbed in the
relev8nl sections ol Ihls report.
Oth•r Informatlon
The olher information comprises th8 informallon indLAYed In thè annual rèp(Mt other th8n the financial slalernents
and our auditor's report Ihereon. The Iwslees a￿ responsible for the other infomation contained within the annual
report. Our opinion on the finan¢i81 statemènts does not ¢over ihe other infomabon and, excèpt lo the extent
otherwise explicitly staled in our ￿pOrt. we do not &X￿SS any form of assurèn¢e conclusion Ihereon. Our
responsibility is to read the othw infomiation and. in doing so. consid8r whether thè other inf0m8t￿n is materially
inconsistent with the financial st&lements Of our kno￿&￿ge obtain8d in the coursè of the audit, or otherwise app8ars
to be materialty misstated. If we idenbfy such matèrial ino)nsisten¢ies or appartrnl rnatersal misstaternents, we are
requirèd to detemilno whe¢her this gives rise to a material misstaiemenl in the financial ststements themselves. If,
based ()n the woth wg have per10m￿￿, we conclude that there is a mat8rial misslatem6nt of this othèr information,
we are required to report that lad.
We have nothing to rewt in this regard.
Oplnlons on oth•r matters prèseribed by th• Companles A¢t 21x16
In our opinion, based on Ihe work undertaken in the wurse of our audit..
the infomiation given in Ihe trustees. report for Ihe finan¢ial year for which the finan(aal stat&mènts are
prepared. which includes tho directors, reFX)rt prepar8d for the purposas of wmpany law. is consistont with the
financial statements., and
the directors, report induded vrithin the Irustaes. report has been prepa￿ in accordance wtth applicable legal
requirements.

THE TOLKIEN TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE TOLKIEN TRUST
Mattèrs on whleh we ar¥ requlrèd to r•port by ex¢gption
In the light of the knowledge and understsnding of the charity and its environment obtaine(l in th8 COLWSè of the
audlt. we hav6 not identthed matèrial misstatemènts in the directors, rètx)rt induded within Ihe trust8&s' report.
In the Ilght of the knowledgè and underslanding of th8 oynpany 4rKI lis ènvironmènt obtained in the course ol the
audit. we have not identified material misstslements In the Injstees. rèpxvt. We have nothing lo rep￿. in "ospect of
the followiro matters in relati<)n lo which the Companies A￿ 2Crf)6 rgquires u$ to report to you rf, in our opinlon..
adequate accounting record5 have r￿1 been kept. or returns adequatè for our audit ha￿ not been ffjceived
trom branches not visited Jy us.. or
the flnancial statements are r￿t in agreement wth Ihe accounting r6cords and ￿luMS,.
certain disclosures ol tnJ81ees' r&muneration 8peafied by Law ar8 not made., or
we havo not received all the inlomialknn and èxplanations we require for our audit., or
the trustees were not enfjlled to prepare th& financial statements in ac￿rdanCe with the Small c)mpanies
reglme and takè advantatsE of the small companies, exemptions in preparing the trustees. rgport and Irorn tho
iequlremer*l lo prepare a strategic reFK*l.
Ro$pon8lbllltles of tru•t•••
As oxplained more fulty in the slatemenl of Iruste8s' responsibilities. thè tW31e&s. who are also the di-g¢lors of the
harity for the purpose ol compeny law, are r8spon$ibl8 for th8 prep8ralion of the finanaal statements and for bging
$8tisfi6d that they glv8 a true and lair vi8w, and lor stsch intemal ¢onlrol as the tnJst&&s determine 15 necessary lo
enable the prep8rallon oi financlal slat8m&nts that are free from malerial misstalèmenl. whether tc. fraud tsr
error. In preparing Ihe financial statements. the Iruslees are responsible for assessing the charlty's ablllty lo
continu8 as a goin9 concem. disdosing. as applicab￿. matters related to going concern and uslng Ih? golng
Concèm basis ol accounllng Un￿$$ Ihe trustees either inlend io ￿qu￿￿818 Ihe charilable comp8ny or to cease
opèrauons, or h8ve no realistic ahemative but lo do so.
Audltorf8 rosponslbllltl48 for th• audlt of th• financlal •t•t•m•nts
Our objectivas are lo obtain reasonable assurarth aboul whelher the financial stat&mtrnts as a Who￿ aro free from
material misstalemenl, whether due lo Iravd or error. and to I￿￿e an 8udilorfs ret)ort that Includes our opinlon.
Reasonabltr assurance is a higb level of assurance but Is not a guarantee that an audit conducted In accordancè
with ISAS IUKI will ah¥ays deleci a material misslatement when il exists. Mis$tslem6nts can arisè from fraud or
error and arè considored material if. individually or in the aggragale. they could reasonably b8 oxpecled to influence
the ewnomic de¢isions of users takgn on ihe of th8$9 Tinar￿481 $talem8nts.
The &xlent to whlch our procedurns are Capats￿ ol det8CtirBJ irr8gul81itses. Inctuding fraud.18 detailad below.
Our approach to Identifyln9 and ass6ssiTrJ th8 risks of material mkstatement In respect of irreguL9ritias. includlng
fraud and non<omplianc8 kws 8nd regula11c￿$. was as follows..
the engag6mènt partner ènsured that the eThJagemenl t8am ￿lleCtIV*1Y had the appropriate competence,
Capabilities and skills to Idenknty o¥ rècognise n0nvc0mplian￿ wth applicable laws and regulations,.
• we identThèd Ihe laws arKI re9ulalions applicabfe to Ihe tharilable company through dTscusslJns v
dirèctorsltnjstses and otier managemenl, and frorn our knowledge and experienc8 of the cllent's sector,.
we focused on specific laws and reguLattons which ￿ considered may have a direct materf81 effect on the
financi81 statemènts or the operations of charitable (ajnpany..
we assesse(I the extent of compliance Mth the laws and ￿UlationS Identffied above through making
enquiries of managemert,. ènd
Idenlffied laws and regubtions were wmmunic8taJ within the 8udii team wuLirty and the team r?m8ined
a￿rt to instances of non-compliance thTOUglx)ut the audit.

THE TOLKIEN TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE TOLKIEN TRUST
We assessed the suwptibility of the charrt8ble company'$ finanu81 ststèments to materi81 misstatement. including
obtaining an understanding of trow fraud might (#xyJr. ty..
making enquiries of nanagement as to where they considered Ihere wa8 SUSCgpts'bility lo fraud. th8lr
knowledge of aclual. 8USPèCted and alleg8d fraud.. and
CC￿81d8rin9 the intemal control$ in to mthgale rth of fraud and non-¢ompliance with laws and
regulation8.
To address th8 risk offraud thrcugh management blas aNJ overrid8 of contro15. W&:
p8rform8d arkalytlcal prxedures to idenllfy any unusual or un8xpeded rel8tionshlps.'
lestgd pum81 entries Ic id¢ntify unusual transactions:
assessed whether lud3èments and assumpt*￿8 mat1& in dglerminlng the a¢counting estimates wère
Indlcatlve of polènlial bws..
invosligatsd th8 ralkfja18 b&hind $k3niftcanl or unusual trarbSaCtK)ns.
In response to th8 rfsk of irrewlarillgs and non•iance wfth laws and regulations, we ¢J881gnèd proc&dures
which Included. We￿ not Ilmiled ¢0..
agraeing financial stslemenl disclosures to undertying supp)￿.￿3 dwim8ntalion',
ading the minutes ol meelin9s ol those charged governance.. and
enquidng of Managem￿1 as lo actual and potential liligalion and daim8.
A lurther descriptSon of our re4)onsibilrtle8 is avallable on the Finand81 Repthng Coundl's web$lte al: hltps'.11
www.frc.org.ukJautJilorsrg8f4)nslbllilie8. This description forms part of our auditorfs rem.
U•e of our r•port
This report is made solely lo th8 charitsble comp8nYs members, as a body. in accordance wilh Chapter 3 of Part 16
of thè Companie5 Act 2006. Our audrt work ha$ been undertaken so th81 we might statè lo the charitable Company's
members thoso mattèrs we are required to Stale to them in an auditors, rèport and for no other purptssa. To the
fullest extent pgmiltled by L9w. we do not acL8pI or as$um8 r8sponsiblllty to anyone othgr than th8 charllable
company ar7d the charitable conyany's members as a body. ts our audlt work, lor thls report. or foi the opinlons we
have formed.
Robert Kirtland Isenlor Statutcry Audltorl
for and on bohalf of Crltchl•y8 Aud5t LLP
201912022
Charter8d A¢countsnls
Statutory Audltor
Beaver House
2&38 Hyihe Bridge Street
Oxford
OX12EP

THE TOLKIEN TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
Unr•stricted Unre8tricted
funds
funds
2021
2020
Not•8
ncom• from:
Donations and ￿9aCleS
Investrngnts
Royalties
642,228
3,535,777
595,264
?,377.136
Total Incom•
4.178,063
?.972,400
Ex
8nditur• o
Raising fvnds
311.345
245,858
Charitable a¢liwlles
5,751,208
3,800,267
Total exp•ndltur•
6.062,553 4,046,125
Nel galn811108$es) on Inv&8lments
2.084.315
824,183
Net Sncomo and n•t mov•m•nt In fund*
199,825 2,750,458
Fund bo18n¢6s at 1 January 2021
36.091,705 3=.,341,247
Fund balancèi at 31 D袕mb•r 2021
36.291.530 3e,091,705
The statement of flnancial actiwli8s includ8$ all gafj￿ and108S65 r8cogni88d in Ihe year.
All incom& and exwrKlilure derive from cmtinuing aclivitth.
The sta(em•nl ol financial aclivltles also Compl￿ Ihe rnquiroments 8n ino)m8 8nd expenditure account
under th& Compani&s Act 2CIJ6.

THE TOLKIEN TRUST
BALANCE SHEET
AS A T31 DECEM8ER 2021
2021
Ntstes
2020
Flxed a66èts
Heritage assets
Investments
11
12
279,000
27,115,103
24.500,199
Curr•nt 45*•1•
Deblars
Cfi6h 81 bjnk 8nd In hand
27,394,103
24,60C,199
13
2,492.790
10.164.281
2.156,438
10.535.084
eredlior4'. amount$ Yaulno duo ￿1h1n
yesr
12.657,071
12.691,
14
12.239,6UI
1385.0181
Nel curr•nl
10.417,427
12,308.$06
Total &*¥ot• l••a ¢urr•nt Il•bditl
37.811,530
36,806.70S
Credltors.. amrjunti talllng due 8ft•r
rnore than on• y•aT
15
{1,520.¢XIOI
i715,OODI
Net 848ets
36,291.530
36,091.705
In¢vm• fvnds
Un￿5￿Cted fund
36.291,530
36,091,705
36,291,530
36.091,705
The Ilnanoal sl¥1oments wore approved 8ttd aUth￿￿j for i￿u¢ by tho Tn*te¢• Qn...... .
Michael Tolknen
TYust•e
Ctsmpany mg15traUon numbei 8354834

THE TOLKIEN TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
2020
Not•s
Cash flows from op•ratlng actlvltl•s
Cash absorbed by operations
18
1203,442}
{750,5341
In¥•$ting 8¢tivltS•8
Purchase of herita9& ass8ts
Pureh8se ol Investments
Proceed5 on disposal of inve3tments
Investment income r8eeived
1279.OCKII
{3,989.110)
3.458,521
642,228
{4,771,812
4,313,772
595,264
Nèt cash lus•d InVg•n•rat•d from
Investlng actlvitle8
(167.3611
137,224
Nèt ¢ash u*od In finanelng actlvltlos
Not d¥cr••$• In cash and cash •qulval•nts
1370.8031
1613.3101
Cash and cash equivalenls 81 beginning of year
10,535,084
11,148,394
Ca8h and ca4h •qulval•nt$ at •nd ot y••r
10.164,281
10.535,084
10-

THE TOLKIEN TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting pollcl•s
Charlty Infomiatlon
The Tolkien Trust 15 a prtvate company limited by guarantee infworated in England 8nd Wales. The
registèred oifice is Prama House. 267 Banbury Road. Oxford, OX2 7HT.
1.1 Accountlng convgntlon
The finan¢i81 statoments have b6en prepared in accordance with thg charity's Memor8ndum and Arti¢les of
A830ciation. th& Comparies Act 2006, FRS 102 The Finan(¥al Rèkx)rts'ng Standard applicabl6 in the UK and
Republi¢ of Ireland" I-FRS 102.1 and the Charibes SORP"AcwJnling and Reporting by Charities.. Statement
of Recommended Practice applicable to charities weparing their accwnts in accordance wllh the Financial
Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021. (effective 1 January 20191. The
charity is a Public Benefit Entity as defined by FRS 102.
The financial sl8lements are prepared in sterting, which is th8 lunction81 Cu￿•neY of tha charity. Monetary
8mounis in these financial ststèmenls are rounded to tho neare$l £.
The finan¢lal statements have been prepar￿ und&r the historical cost convention, modified to Includ8 certain
ftnancial Inslruments at faw value. The prfnapal a¢¢ountiNJ polici8s adoplad are set ¢)ut b810w.
1.2 Golng conc•rn
At the lime of approvlng Ihe finanoal siatements, the trustees have a rea80nable expeclatlon that the charfly
h88 adequate resources to conllnue In operational existence for the foreseeable lulure. Thu8 the Iruslees
¢onlinue lo adopt the going con¢em basis ol accounting in prnparing thg financial slalemfynts.
1.3 Ch•rltabh funds
Unrèslricled funds are ayallable for use at thè dlscrelion of the trust￿ In fvrtherancs of thalr ¢hadtabl¢
obj8¢¢lves.
1.4 Income
Income from royalties an ¢SmSlar income is recognised net of VAT and when the charity Is logalty ènlilled to il
after any performance cordilions have been met, th& amounls can be measured r81iably, and It is probab18
that income will be rocèi￿ed. Amounts &amed in resp6et of tha year to 31 December arè recognlsed as
Income in the year rf they can be quanltfied by the time ol thè 8pproval of the fin8ncial stgt&ments. Di￿dendS
arg includèd when they are received. Interest is induded on a receivabltr basis.
1.5 Ex￿ndItur0
Expenditure is re¢ognis8(l onc8 there is 8 ￿al or constructive obligaiion to transfer eoMomi¢ benefit lo
third paty, it is probabl• thal a transfer of ecorthiic benafit¥ *ill b8 required in 8elUemgnt, ant1 the amtsunt of
obl￿atIon (*n be measured reliably.
Expendlluro is dassified by activlty. The o)sts of each actswty are m8¢Je up of the total of direct costs and
shared costs, Induding supyort costs invofved in undertaking each aclivTty.
Grants are nomially rècognised as an èxpensè when thèy are approved for paymont by the Truste89.
However. rf th8 Trustees have entered intr) a grant agreement wth a bgneficAary. the full arnount ol the grant is
recognised when the agreemènt is signed. Expèndrture is recognised on an accruals basis and include any
irrecoverable VAT. Any costs that need to b8 apportioned between costs of generating funds, wpport costs
and governance cosis are done so based ￿ the Tru8tees' esb.mate of the amount of costs applirable to 8ad)
category.
1.6 H8rlts9g assèts
Purchased heritsge a&89ts are capital¢s8d Ni the balance shoot. No d￿reCIatiOn is chargèd as the assets
have an indèfinite lifè.
11

THE TOLKIEN TRUST
NOTES TO THE FINAKCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
ACCOUn￿n9 pollcl•
Icontlnued)
1.7 Fix•d a￿•t Investmgnts
Fixed asset investmènts arg initialty measured at transath.on prf¢e exduding transacdon c4yJts, and are
3ubs&quently measured at f8ir value at each r&porbng date. Changes in fair value ara recognised in not
incom8llexp8ndilurel for Ihe year. Transac￿ costs a￿ eypensed as incurTed.
1.8 Uncapltall¥•d flx•d ass•ts
Th8 assots of the charity consist in part of copyrights in reLat￿n lo works written by the latè J R R Tolkien.
These are shown in nolg 10. They have no value in the financial statomenis as these were Th￿S11Y s&ttled into
The Tolki8n Trust (when it was an unincorpordted tharityl many Ye8￿ ago.
1.9 Cash and cash equlv•lo
Cash 8nd cash equivaltrnts indude ￿8￿ in hol￿ and (1eposits held at ¢•ll with banks.
1.10 FSnanclal In•trum•nt¥
The charity has elected t) apply the provislons of Section 11 '8asic Financlal Instruments, and Sectlon 12
'Other Flnanclal Instwmerts IssL￿, of FRS 102 to am of its financAal in8tnJm&nts.
Flnanci81 Instruments a￿ iecogni58d In th8 chariV$ ba18nc* sheet wh8n the ¢harity becomas p8rty to the
contractual provisK)ns of the instrument.
Finandal assels and liabi iti88 8re offsot, the not 8moutts rKesentod in thg finana818tatem&nts, when
there is a legally enforceable nght to sel off th& recognised amunts and there is an int&ntion lo settle on 8 nel
basis or lo wlise Ihe awl and sgtue the h'ability Sim￿lan80uSty.
8aslc Ilnanclal •ss•ts
Basic fln8ncial 885ets. Kthich Indud• tlebtors and c88h arKI bank balances. are In1I81fy maasured al
transadion price.
B•$lc Ilnanclal Il•bllltles
Basic financial liabilities, i[￿lUdIng credilors and grants awarded Th)1 a￿ initialty recognlsed al Iransaction
price . Financial liabilities *e ￿t dls(#)unlod as thè effect wrxjkl not be mat8ri01
Amounts payable aro Classif￿ as current liabililies rf paym8nt Is du8 thin one y¥ar or19S8. If t)ol, they arg
prèsented a$ non-current IAbilrties.
Crltlcal accountlng •stlmat•8 and Judg•mgnts
In the appll¢81ion of the charity's accounting w)liryes, the trustees are required to make judg&ments, &ytimates
nd assumptions about the carrwng amount of 833ets and liabr11t￿ that are [￿t readily app8rent from olhar
sources. The estimates and assouated assumptions are bas8(l on histOriC81 experience and other factors that
are considered to be rel8v8nl. Aclual resums may dthr from th08e esfimatss.
The estimates and undertying assumplions are revièwed on 8n ongolng basis. Revisions lo accountsng
estimat$s are reci>Jnised in the period in which the estimat& is wsed where the revislon affects only Ih81
period, or In the pgrrthj of the revisir￿ and future period5 where Ihe revision affects both ujrrenl and future
periods.
crftlcal Judgemonts
Inv•$lment values
Investrnent values are delemiingd using the stock market value as at the year-end dale.
12-

THE TOLKIEN TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Investm•nt•
Unrestrleted Unrestrict8d
funds
funds
2021
2020
Dividends rec8ived
Interest reoivable
534.058
108.170
458,529
136,735
642,228
595,264
Ra181ng funds
Unrnstrlct•d Unreslrlcled
funds
lynds
2021
2020
UK leg81 fees relatin9 to o)ntra¢t and copyrlghl matters
US and other ovgrseas i8tal fe8$
Othèr profegsional f&e8
174.615
33.439
2,638
141,946
13,968
2,290
Legal and professional
210.692
158,204
Investmgnt managemanl fee$
100,653
87,654
311.345
245,858
In¢ludad in oth8r professional fe88 is £2.08012020'. £2.CiYJi of foes payable to Budilors for non•audil s8Ncts.
Charltabla acUvStl••
Grant
fundlng
2021
Gr•nt
ndlng
2020
Grant funding of activibos Isoe note 61
5.472,000 3.530,453
Share of support costs Is88 note 71
Share of governan￿ costs (see note 7)
195,356
83,852
203,664
66.150
5,751.208 3,800.267
13-

THE TOLKIEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Grants payabl•
GrantGrant funding
fundln9
2021
2020
Grants lo Institlt￿ons'.
Analysed bèlow
5.472,000 3,530,453
2021
2020
AcdonAid
Alad¢Jin Prole¢t
Akhdmer Rèsearch UK
Assotsalion IMAD
Asylum Welcome
Basmeh & Zeitooneh
8ecomg Chanty
Be Fr88 Youn9 Car8rs
Bè81 Friends Animal Soci
Birdlife Intèmalional
8lo&mlonleln Cathadral
Bodl818n Library
British Friends of Neve Shalom
Camfed Intemalional
Cenlre Primo Lgvi
Change Please Foundation
Children On Tha Edg&
Cité Inlemational& de la I8￿￿er1&AUbuSS0n
ClaTernont College
Client Earth
Culleslowe & Olstrict Communty Associalion
Detention Action
Dir8d Relief
Doctors of the Worfd UK
Domlnican Council IBlackfn'ars}
Dragon School Trtjsl
Emergen¢y UK
Glass Door
Green￿a¢e Environment Trust
Help Rèftjgees
Hope Project ILgsb051
Howard L8ague for Penal Reform
Humanity & Indusion
Jane Grigson Trust
Kgnl Refugee Action
150,000
20,000
30.000
20,000
80,000
20,000
50,000
20.000
35.000
20,000
20,000
20,000
40.000
50,000
50,000
20,000
5.000
150,Th)0
25,000
100,000
100,000
85.000
40.000
30,000
30,000
40,000
40,1)00
30,000
150,000
45.OCKJ
200,000
15,000
40,000
40.000
200,000
15,000
82,000
30,000
10,000
10,000
10,000
25.000
10,000
120,000
150,0
80,000
150,000
100,000
50,000
30.000
30,000
10.IXNJ
10,C¥)O
15,000
13,000
15,000
14_

THE TOLKIEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Grnnts payablè
Icontlnuedl
La Clmade
Linda Norgrove Foundats'on
Linkage Community TnJs-.
Maison Sh8kJm France IRwaniJa)
Marie Curi8
Marfn¢ Mammal Centre
Médacins du Mon¢Je
Méd&Gins Sans FrMtière$
Medical Foundation
Memorial de la Shoah
Museum ol Oxlord Dèvelopment Tw8t
Bridge Foun(lalion
Oxford Bach Choir
Oxford Food Hub
Oxforil Lieder Fesllval
Oxfor<l Philharmonic Orchsstra
Oxford Playhouse Trust
Oxford Shakospeaie Ensembltt ICre81ion Thttatrg Company)
Panzi Foundallon
Pesticide Actlon Natwork UK
Photography Oxford
Pilotes Vdontaires
Prlsm th8 Gift Fund (Ham) ?efvgees}
prtson Photsnix Trust
Prisoners Abroad
The Porch
Readlng LSst Foundation
Relug¥e8 at Home
Repriavè
ResQ
Road to Recovery
San Marco$ High School A4PLE Academy
Sanctuary Hosting
Santa Barbara Museum ofArt
Sch£xYreaders
sett￿ Support
Shelter Cymru
Solidarités Inlematlonal
SOS Mediterranée
Southampton and Winchester M¥ilors' Group
Spark Inside
Support a Survivor of Torture
rho Tab￿1 TnJ81
Theatres Trust
TREAT (Trvsl for R&wearch and Education on theArms Trade}
Turtle Hospit81
Uganda Childbirth Injury F￿d
University of Oxf()rd Botanic Garden
University of Oxford (rh8 J£tR Tolkien Professorship of English Lilernture
and Language)
University of Oxford (Care for COV1D-o￿laned children)
100.000
20,000
50,0(NJ
30,000
30,000
30,000
100,000
400,OCK
100,000
20,000
50.(XJO
30,000
130,000
250.000
30,000
20,000
100.000
10,000
15.0
25,000
15,000
10,000
20,000
75,000
90,000
10,000
100.000
25,000
20,000
10,000
20,000
70.OCIO
170,000
15,OCM]
50,000
100,000
15.000
110.000
80,000
20,000
40,000
95,000
20,000
80.000
25,000
95,000
10,000
30,000
25,453
15,000
25,000
20,000
15.000
50,000
40,000
20,000
40,000
1(K),000
25,000
20,000
25,CK)O
25,000
20,000
20,000
145,000
15.000
25.000
25.000
1,600,000
730,000
25,000
20,000
40,000
15,000
20,(XJO
120,000
92,tKIo
15-

THE TOLKIEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Grants payablo
Icontlnuèdl
University of Sussex
Videre est Credere
WienÈr Library
Working Chan¢e
Wtldemè$s Youth
io.wo
30,000
15,0(M)
40.000
10,000
30,000
15.000
40,000
5,472,IJoo 3,530,453
Support ¢￿ts
Support Gov•mane•
eosts
co$ts
2021 Support costs Govemance
cost8
2020
UK legal fags relab.ng to
grant adminlslration
Other prolesslonal 1088
Other c031s
13,475
181.336
545
13,475
181.336
545
10,866
191,659
1,139
10,866
191,659
1,139
Auditors, 18e8- audit-
current year
Auditor3. fees- audlt-
prior year adjustm&nl
Audltors. fe8s- tax
compliance
Legal and prolessl¢)nal
7.OLTh)
7,1]00
12551
(2551
12,4251
{2.4251
750
76.357
750
76.357
61.575
61,575
195.356
83.852
279.208
203.864
66,150
269,814
Analysed betweon
Charttablg a¢tlvlOes
195,356
83,852
279.208
203.664
66.150
269,814
Tru¥te•s
None of the trustees lor aiy person8 0)nnected wrfh thaml rec&Ned any rernungr81ion or benofils from the
charity durlng the wr.
N•t galnsl{10ss•$l on Investm•nts
Unr•strtct•d Unrestricted
lunds
funds
2021
2020
Revaluation of investments
2,084.315
824,183
16.

THE TOLKIEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10 Copyright Assets
Th8 charity's literary assets comprisa..
Certain US copyrights in The lo￿ of the Rings." and ihe w(￿d¥￿de ￿PYrightS in Smttth of Wootton
Major, T￿e and Leaf. Roverandom, Mylhopoeia, The L8gend of Si9urd and Gtsdwn, The Fèll of
Arthurand Beobwlf."A franslai?on and Comm&ntary. all by J R R Tolkion.
The copyrighls in the publishad editsons of variou8 philological wrTbngs and fragments by J R R
Tolklen.
Certain unpubh'she¢J papern. ￿tter8. artistic worts. picture8, photographs and other cocument8
Originally lonning part of the Estatè 01 J R R Tolkien, and th6 copynghl in such materials formedy
owned by the Estate.
17_

THE TOLKIEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
11 Horltsy ass•ts
Ar¢hlv•
At 1 January 2021
Purchasgs
279,000
At 31 D袢mb•r 2021
279,000
The acquirèd h8ritage assets have b8èn pla¢8d on long-t$nn dèposit in the Tolkien Archive at the Bodlei8n
Library in the University ol Oxford so thal they rnay b8 held wtth the liler8ry papers and other archives ol J R
R Tolkitsn an¢J the Tolklen famity. 8nd bo attessible to scholats.
The acquisibon In 202110- £279.LMIO is the only heritage asset transaction in the past 5 yèars
18-

THE TOLKIEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
12 FIX￿ assèt invo¥tm•nts
EquIt￿$ Flx•d intèrg8t Cash h•ld by
Illstèdl
securlti
Inv•stmènt
Ilist•dl
managers
Total
Cost or valuatlon
Al 1 January 2021
Addits'ons
Valuation ¢han9es
Disposals
21.403.273
3.883,852
2,179,908
12.858,521)
2.700.835
396,091
105,258
£4,500.199
3.989,110
2,084.315
13.458,5211
(95,593)
1600.0fy))
Al 31 DeGemb8r 2021
24.608.512
2,005,242
501,349
27,115,103
Carrylng amount
Al 31 December 2021
24,608.512
2.005.242
501.349
27,115,103
At 31 Decernber 2020
21.403.273
2.700.835
396,091
24.500,199
13 D¥btors
Amounts falllng du• wlthln *)n• y•ar
2021
2020
Royalt188 recelv8bl&
Othtrr debtors
2,487.762
11.028
2,147,145
9,293
2,492.790
£,156,438
14 Cr¢dltors: amounts tslllnu du• t￿thIn on• y•ar
2021
2020
Gr8nls award8d not yo1 pa
Accruals and deferrod income
2.108.422
131,222
270,000
115,016
2.239,644
385.016
1S Credltors: amounts fallSng due after more than onè year
2021
2020
Grants awarded not yet pakl
1,520.otKJ
715,000
19-

THE TOLKIEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
16 Grnnts aw4rd•d not yet paid
At 1 January
2021
At31
Dgcembgr
2021
Amounts
Award•d
Payments
Mado
2021 mov•m•nts
Univorsity of hrtaniloba
Alan Klass Memorial Fund Prc*Jramme
8odleian Archivist
Bodleian Curator of Me(Jleval Manuscripts
B(xlleian Library- olh&r
University of Oxford The.RR Tcdki8n
Professorship of English Lit8r8ture ar
Langua9&
Crté Intemalionale de la tswsserieAubu8son
Awarded Dgcember 2020." paid In 2021
Awarded and paid in 2021
Awarded Detsmb8r 2021. pakl in 2022
180,IMJ
295,000
180.000
250,000
325,000
11,422
45.000
60.000
13,578
25,000
1,600.0
320,000
1,280,000
100,000
1(rf1.
25.CrfXI
25,000
2,365,1)00 2,365,000
1,482,000
1,482,0
985.1
5.472,(N)0 2,828.578
3,628,422
At 1 January
2020
At31
D•¢•mbèr
2020
Amount•
Aw•rdod
PAym•nt•
Mad•
2020 mov•m•nt8
University of Manitoba
Alan Klass Memorial Fund Pr(*Jramm8
Bod181an Archlvist
Bodlèlan Curator of Medi8val manU8c￿pts
Cité Internationale de 18 lapissengAut)uswn
Awarded 2019., paid in 202J
Awardèd and paid in 2020
Award9d December 2020., Jaid in 2021
270,0
340,OCM)
445,000
180,000
295,000
385,IX)O
100,000
45.000
60.000
100,000
2,222,000
3.355.453
150.CNXt
2.222,1
3.355.453
25.W)
25,000
3,327,000
3.530,453
5.872,453
985,000
17 R•lat•d party tran$actlon5
There We￿ no dIsdosab￿ related paty transaclj.orts d￿ng the yw {2020- nonel.

THE TOLKIEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
18 Cash generat￿ from opgratlons
2021
2020
Surplus for the year
199.825
2,750,458
Adluslments for.
Investment incomtr recoynised in statement of finanrAal actNitia8
Fair value gains and Josses investments
1642.2281
12,084.3151
1595,2641
1824,1831
Movgments in working capital..
Ilncre88eyd8¢reas8 in d￿}lorS
Increa581ldè¢reassl in cr8ditors
1336,3521
2.659,628
248,229
P,329.7741
C•sh ahorbed by operatlons
1203.4421
1750,5341
19 An•ly813 of ch•ng•s In n•t fund#
Tho charity had no d6bl during the year.
21