2022-12-31-accounts - The Tolkien Trust

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Trustees			Baillie Tolkien
			Michael Tolkien
			Simon Tolkien
Secretary			Cathleen Blackburn
Charity	number		1150801
Company		number	8354834
Registered		office	Prama House
			267 Banbury	Road
			Oxford
			OX2 7HT
Auditor			Critchleys Audit		LLP
			Beaver House
			23-38 Hythe	Bridge Street
			Oxford
			OX1 2EP
Bankers			Lloyds Bank	pic
			Oxford
Solicitors			Maier Blackburn		LLP
			Prama House
			267 Banbury	Road
			Oxford
			OX2 7HT
Investment		advisors	Investec Wealth		8 Investment
			30 Gresham	Street
			London
			EC2V 7QN

			Page
Trustees'	report
Statement	oftrustees'	responsibilities
Independent auditor's		report	5-8
Statement	of financial	activities
Balance sheet			10
Statement	ofcash flows
Notes to	the financial	statements	12-21

							Unrestricted Unrestricted	Unrestricted Unrestricted
							funds	funds
							2022	2021
						Notes	f
Income from:
Donations and	legacies							58
Investments						3	614,641	642,228
Royalties							5,270,353	37535,777
Total income							5,884,994	4,178,063
Raising funds						4	313,117	311,345
Charitable activities						5	5,918,573	5,751,208
Total expenditure							6,231,690	6,J62,553
Net gains/(losses)		on investments				9	(4,291,947)	2,384,315
Net Income and net movement					in funds		(4,638,643)	199,825
Fund balances	at 1		January	2022			36,291,530	36.391,705
Fund balances	at		31 December		2022		31,652,887	36291,530

					2022	2022	2021	2021	2021
				Notes	6		6
Fixed assets
Heritage assets				12			279,000		279,300
Investments				13		23,335,492			27,115, 03
						23,614,492			27,394, 03
Current assets
Debtors				14	1,934,311		2,492,790
Cash at bank	and in	hand			7,768,058		10,164,281
					9,702,369		12,657,0'71
Creditors: amounts		falling due within
ons year				15	(658,974)		(2,239,844)
Net ourrent assets							9,043,396		10,417427
Total assets	less current		liabilities				32,657,887		37.311.530
Creditors: amounts mors than one year		falling dus after		16			(1,005,000)		(1,520.000)
Net assets							31,852,887		36,291530
income funds
Unrestricted	funds						31,652,887		36291.530
							31,652,887		36291.530
The financial	statements		were approved	and authorised	for issue by ihe	Trustees on .gg~..ex'		t	~Z~

					2022	2021
				Notes	6	5
Cash flows from operating		activities
Cash absorbed by operations				19	(2,498,528)	(203,442)
Investing	activities
Purchase	of heritage assets					(279,000)
Purchase	of investments				(6,915,753)	(3,989,110)
Proceeds	from disposal of	investments			6,403,417	3,458,521
Investment	income received				614,641	642,228
Net cash	generated from/(used		in)
investing	activities				102,305	i167,361)
Net cash	used in financing	activities
Net decrease in cash and		cash	equivalents		(2,396,223)	(370,803)
Cash and	cash equivalents	at beginning		ofyear	10,164,281	10535,084
Cash and	cash equivalents	at	end of	year	7,768,058	10164,281

Investments	Investments
		Unrestricted	Unrestricted
		funds	funds
		2022f	2021f
Dividends	received	532,849	534,058
Interest receivable		81,792	108,170
		614,641	842,228

					Unrestricted	Unrestricted
					funds	funds
					2022f	2021f
UK legal fees relating		to	contract and copyright	matters	172,847	174,615
US and other overseas			legal fees		38,940	33,439
Other professional fees					3,310	2,638
Legal and	professional				215,097	210,692
Investment	management		fees		98,020	100,653
					313,117	311,345

				Grant	Grant
				funding	funding
				2022	2021f
Grant	funding	of activities (see note 6)		5,651,000	5472,000
Share	of support costs (see note 7)			188,116	195,356
Share	of governance		costs (see note 7)	79,457	83,852
				5,918,573	5 751,208

Grants payable
			GrantGrant		funding
			funding
			2022f		2021 5
Grants to institutions:
Analysed below			5,651,000	5,472,030
			2022f		2021 6
ActionAid			125,000		150,030
Age UK			70,000
Aladdin Project			20,000		20,030
Alzheimer's Research		UK	70,000		30,030
Association IMAD			20,000		20,030
Asylum Welcome			110,000		80,030
Basmeh &Zeitooneh			20,000		20,030
Be Free Young Carers			20,000		20,000
Become Charity			50,000		50,000
Best Friends Animal Society			50,000		35,000
Birdlife International			20,000		20,000
Bodleian Library			35,000		25,000
British Friends of Neve		Shalom	35,000		100,000
Camfed International			100,000		100,000
Centre Primo Levi			140,000		85,000
Challenging MND			50,000
Change Please Foundation					40,000
Children on the Edge			30,000		30,000
Claremont McKenna	College		45,000		45,IXIO
ClientEarth			200,000		200,000
Colorado State University			40,000
Cutteslowe Community		Association	15,000		15,000
Detention Action			40,000		40,000
Direct Relief			170,000		40,000
Doctors ofThe World		UK	80,000
Duke of Edinburgh Award			70,000
Dominican Council			10,000		10,000
Dragon School Trust			30,000		25,000
Emergency UK			10,000		10,000
Exeter College Oxford			50,000
Glass Door Homeless		Charity	120,000		120,COO
Greenpeace			150,000		150,000
Hillside House			25,000
Hope Project Lesvos			30,000		30,COO
Howard League for Penal Reform			30,000		30,COO

Grants payable					(Continued)
Human Rights Watch				100,000
Humanity & Inclusion				110,000	10,000
Kent Refugee Action Network				15,000	15,000
La Cimade				114,000	100,000
Leeds Hospital Charity				50,000
Linda Norgrove Foundation				70,000	20,000
Linkage Community Trust Ltd				50,000	50,000
Maison Shalom				30,000	30,000
Marie Curie				70,000	30,000
Marine Mammal Center				30,000	30,000
Medecins du Monde				200,000	100,000
Mddecins Sans Frontieres				300,000	400,000
Memorial de la Shoah				40,000	20,000
Museum of Oxford Development		Trust			100,000
My Name'5 Doddie Foundation				50,000
One Acre Fund				100,000
Oxford Bach Choir				25,000
Oxford Food Hub				30,000	30,000
Oxford Lieder Limited				25,000	25,000
Oxford Philharmonic Orchestra				15,000	15,000
Oxford Playhouse Trust				10,000	10,000
Oxford Shakespeare Ensemble				45,000	20,000
oanzi Foundation				125,000	75,000
oesticide Action UK				100,000	90,000
ohotography Oxford				10,000	10,000
&ilotes Volontaires				135,000	100,000
orimo Levi Centre				90,000
orison Phoenix Trust				20,000	20,000
orisoners Abroad				80,000	80,000
Reading List Foundation				25,000	25,000
RefuAid (Prism the Gift Fund)				20,000
Reprieve				95,000	95,000
ResQ				10,000	10,000
Road to Recovery				90,000	30,000
San Marcos High School AAPLE		Acad	emy	30,000	25,000
Sanctuary Hosting Limited				20,000	20,000
Santa Barbara Museum ofArt				25,000	15,000
SchoolReaders				50,000	50,000
Settle Support				40,000	40,000
Shelterbox				100,000
Solidarltes International				325,000	100,000
SOS Humanity				25,000	25,000
Southampton and Winchester	Visitors'		Group	20,000	20,000
Spark Inside				25,000	25,000
St Luke's Oxford				10,000
Support a Survivor ofTorture				25,000	25,000
The Tablet Trust				20,000	20,000
The Turtle Hospital				25,000	15,000
Theatres Trust				20,000	20,000
TREAT (Trust for Research and		Educe	tion on the Arms Trade)	145,000	145,000
Uganda Childbirth Injury Fund				25,000	25,000


Grants payable					(Continued)
Ukrainian Patriot				70,000
University of Manitoba				(75,000)
University of Oxford Botanic Garden				25,000	25,000
University of Oxford (The JRR Tolkien Professorship		of English	Literature		1 500,000
and Language)
University of Oxford (Care for COVID-orphaned	children)			92,000	92,000
University of Sussex				10,000	10,000
Videre Est Credere				75,000	30,000
Vll Foundation				30,000
VNA Health Foundation				25,000
Wiener Holocaust Library				15,000	15,000
Wilderness Youth Project				25,000	10,000
Work Rights Centre				30,000
Working Chance				40,000	40,000
				5,651,000	5,472,000

Support costs
			Support	Governance	2022	Support costs	Governance	2021
			costs	costs			costs
			f		6	6	f	6
UK legal fees relating		to
grant administration			12,224		12,224	13,475		13,475
Other professional	fees		175,383		175,383	181,336		181,336
Other costs			509		509	545		545
Auditors' fees - audit-
current year				8,500	8,500		7,000	7,000
Auditors' fees - audit-
prior year adjustment				1,685	1,685		(255)	(255)
Auditors' fees - tax
compliance							750	750
Legal and professional				69,272	69,272		76,357	76,357
			188,116	79,457	267,573	195,356	83,852	279,208
Analysed between
Charitable activities			188,116	79,457	267,573	195,356	83,852	279,208

			Unrestricted	Unrestricted
			funds	funds
			2022 8	2021f
Revaluation	of	investments	(4,291,947)	2,384,315

13	Fixed asset investments	Fixed asset investments	Fixed asset investments
				Equities	Fixed interest	Cash held by	Total
				(listed)	securities	Investment
					(listed)	managers
	Cost or valuation
	At 1 January 2022 (split re-stated)			24,039,912	2,573,842	501,349	27.115,103
	Additions			6,192,007	723,746		6,915,753
	Valuation changes			(4,115,497)	(176,450)		(4291,947)
	Disposals			(5,552,285)	(802,204)	(48,928)	(6,403,417)
	At 31 December	2022		20,564,137	2,318,934	452,421	23,335,492
	Carrying amount
	At 31 December	2022		20,564,137	2,318,934	452,421	23,335,492
	At 31 December	2021		24,608,512	2,005,242	501,349	27 115,103
14	Debtors
						2022	2021
	Amounts falling	due	within one year:			6	6
	Royalties receivable					1,920,977	2 481,762
	Other debtors					13,334	11,028
						1,934,311	2492,790
15	Creditors: amounts		falling due within one year
						2022 6	2021f
	Grants awarded	not yet paid				536,422	2 108,422
	Accruals and deferred		income			122,552	131,222
						658,974	2.239,644
16	Creditors: amounts		falling due after more than	one year
						2022	2021
						6	F
	Grants awarded	not yet paid				1,005,000	1 520,000

									At 31
						At 1 January	Amounts	Payments	December
						2022	Awarded	Made	2022
							f	6	f
2022 movements
University	of Manitoba
Alan Klass Memorial Fund Programme						180,000	(75,000)	15,000	90,000
Bodleian	Archivist					250,000		45,000	205,000
Bodleian	Curator of Medieval		Manuscripts			325,000		60,000	265,000
Bodleian	Library - other					11,422			11,422
University	of Oxford The	JRR	Tolkien
Professorship of English		Literature			and
Language						1,280,000		320,000	960,000
Citd Internationale de la		tapisserle			Aubusson	100,000		100,000
Awarded	December 2021I, paid			In	2022	1,482,000		1,482,000
Awarded	and paid in 2022						5,716,000	5,716,000
Awarded	December 2022; paid			in	2023		10,000		10,000
						3,628,422	5,651,000	7,738,000	1 541,422
									At 31
						At 1 January	Amounts	Payments	December
						2021	Awarded	Made	2021
						E	6	f	f
2021 movements
University	of Manitoba
Alan Klass Memorial Fund Programme						180,000			180,000
Bodleian	Archivist					295,000		45,000	250,000
Bodleian	Curator of Medieval		Manuscripts			385,000		60,000	325,000
Bodleian	Library - other						25,000	13,578	11,422
University	of Oxford The	JRR	Tolkien
Professorship of English Language		Literature			and		1,600,000	320,000	1280,000
Cite Internationale de la		tapisserie			Aubusson	100,000			100,000
Awarded	December 2020; paid			in	2021	25,000		25,000
Awarded	and paid in 2021						2,365,000	2,365,000
Awarded	December 2021; paid			in	2022		1,482,000		1 482,000
						985,000	5,472,000	2,828,578	3628,422

19	Cash generated from	operations	operations			2022	2021
						6	6
	(Deficit)/surpus for the	year				(4,638,643)	199,825
	Adjustments for:
	investment income recognised		in statement	offinancial	activities	(614,641)	(642,228)
	Fair value gains and losses on		investments			4,291,947	(2,384,315)
	Movements in working	capital:
	Decrease/(increase) in	debtors				558,479	(336,352)
	(Decrease)/increase in	creditors				(2,095,670)	2,559,628
	Cash absorbed by operations					(2,498,528)	(203,442)
20	Analysis ofchanges	in net funds
	The charity had no debt during		the year.