2021-12-31-accounts

				Page
Reference	and Administrative Details
Report ofthe Trustees		(including	Strategic Report)	4 —8
Statement	ofTrustees'	Responsibilities
Independent	Auditor's	Report		10 - 12
Statement	of Financial	Activities		13
Balance Sheet				14
Statement	ofCash Flows			15
Accounting	Policies			16 - 19
Notes to the Financial		Statements		20 —25

Trustees			J M Berry
			AJ Brookes
			J A Burg
			P Egan
			W L Gertz
			E Hawksworth
			J Husband
			C D Joseph T0 Kiechle
			RW Maas
			M S Rasch
			C Tucker
			D G Wilson
			P Woodthorpe
Company		Secretary	D G Wilson
Principal	Office &		37Queen's Gate
Registered		Office	London
			SW7 5HR
Foundation		Number	1152058(England	and	Wales)
Company		Number	08524472 (England	and	Wales)
Auditor			Buzzacott LLP
			130Wood Street
			London
			EC2V 6DL
Investment		Managers	Vermeer Partners			Quilter Cheviot
			130Jermyn Street			One Kingsway
			London			London
			SW1Y4UR			WC2B 6AN
			Fransad Gestion SA			Fidelity Investments
			Place de I'Universite	7		Operations	Company		inc.
			Case Postale 5054			82 Devonshire		Street
			1211Geneve 11			Boston MA	02109
Legal Advisors			Loeb, Block & Partners		LLP	Penningtons		Manches	Cooper LLP
			505 Park Avenue			125Wood Street
			New York			London
			NY10022			EC2V 7AW

				Unrestricted	Endowment	Tota I	Tota I
				Funds	Funds		Year ended
							31December
				2021	2021	2021	2020
			Notes	f	E	E	f
INCOME FROM:
Donationsandlegacies							10,024,353
Investments				219,948		219,948	186,617
TOTAL INCOME				219,948		219,948	10,210,970
EXPENDITURE ON:
Raising funds				114,384		114,384	84,311
Charitable activities				1,147,788		1,147,788	2,199,191
TOTAL EXPENDITURE				1,262,172		1,262,172	2,283,502
NET (EXPENDITURE)/INCOME		AND NET
MOVEMENT IN FUNDS	BEFORE GAINS AND
LOSSESON INVES1 MENTS				(1,042,224)		(1,042,224)	7,927,468
Net gains/(loss) on other	investments			1,342,461	35,072,997	36,415,458	(69,012,795)
NET INCOME/(EXPENDITURE)				300,237	35,072,997	35,373,234	(61,085,327)
Reconciliation offunds:
Total funds brought forward				19,730,868	160,066,003	179,796,871	240,882,198
TOTAL FUNDS CARRIED	FORWARD			20,031,105	195,139,000	215,170,105	179,796,871

BALANCE SHEET	BALANCE SHEET							Company	number: 08524472
At 31December 2021								Registered chanty	number: 1152058
					2021	2021		2020	2020
				Notes	6		6	6	6
FIXED ASSETS
Investments				8	215,131,675			178,654,041
						215,131,675			178,654,041
CURRENT ASSETS
Sundry debtors					17,720			10,828
Cash at bank and		m hand			797,414			1,218,347
					815,134			1,229,175
CURRENT LIABILITIES
CREDITORS: Amounts			falkng due
within one year
Trade creditors					49,811			14,965
Accruals					726,893			71,380
					776,704			86,345
NET CURRENT ASSETS						38,430			1,142,830
NET ASSETS						215,170,105			179,796,871
THE FUNDS OF	THE FOUNDATION:
ENDOWMENT	FUNDS					195,139,000			160,066,003
UNRESTRICTED	FUNDS
General Funds						20,031,105			19,730,868
TOTALFUNDS						215,170,105			179,796,871
The financial statements				on pages 13to 25 were approved	by the Trustees	and authonsed	for	issue on ..................I............l.........,.
and are signed	on	their	behalf by:

				Yearended	Yearended
				2021	2020
			Notes	E	6
CASH FLOWS FROM OPERATING ACTIVITIES Net income/(expenditure) for the fina ncia I year Adjustments for: s)/I				35,373,234	(61,085,327)
Inte rest receiva b Ie				(85,117)	(81,387)
Dividend income				(134,831)	(105,230)
Net (ga oss on investments				(36,415,458)	69,012,795
(Increase)/decrease in debtors				(6,892)	(5,497)
Increase/(decrease) in creditors				690,359	(45,090)
Donation ofinvestments from Sir Cyril Taylor's		Estate			(9,979,964)
NET CASH USED IN OPERATING ACTIVITIES				(578,705)	(2,289,700)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments				(6985741)	(10,456,362)
Proceeds from sale ofproperties
Proceeds from sale ofinvestments				5,571,782	8,195,686
Movement in investment cash account				1,351,783	2,154,459
Interest				85,117	81,387
Dividends received				134,831	105,230
NET CASH GENERATED FROM INVESTING ACTIVITES				157,772	80,400
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS				(420,933)	(2,209,300)
CASH AND CASH EQUIVALENTS ATTHE BEGINNING		OF THE YEAR		1,218,347	3,427,647
TOTAL CASH AND CASH EQUIVALENTS ATTHE END		OF THE YEAR		797,414	1,218,347
ANALYSIS OF CHANGE IN NET FUNDS			I January	Cash Flows	31December
			2021		2021
Cash			1,218,347	(420,933)	797,414

				2021	2020
				6	E
Legacies					9,979,964
Donated	services	in	kind		44,389
					10,024,353

	2021	2020
	E	f
Bank and other interest receivable	85,117	81,387
Income from listed investments	134,831	105,230
	219,948	186,617

2021	2020
E	E
114,384	84,311

		2021	2020
		E	E
Grants		892,608	1,984,331
Other support costs		41,030	44,390
Governance	costs	214,150	170,470
		1,147,788	2,199,191

the year ended 31	D	ecembe	r	2	021
ANALYSIS OF GRANTS												2021	2020
												E	E
AFS Intercultural Progra		mmes: Sir	Cyril Taylor				Young		Leaders	Awards		35,971	38,462
Expand access to intercultural educabon						with scholarships and outreach
AIFS Foundation												37,770	72,769
Scholarships for inte mat iona I students to come to									US on	AYA programme
Article 1/yyaging Peace												25,000	15,000
Helping Sudanese genocide survivors rebuild								their	lives in	UK
BUTILE UK												22,500	22,500
Supporting boarding	school places for young people
Fulbright Foundation UK												130,274	69,231
Granting highlyquahfied schofarsfinancial							support		to study abroad
Fund Education Abroad												34,266	38,462
Scholarships to under	represented				American			college students to study			in the UK
Institute International Education												71,942	76,922
Emergency scholarships		for internationa				I students			in the	US
Lee Abbey International	Students'		Club									45,045	43,485
Running a students' hostel for students of all								nationakties.
Norden Farm												14,840	7,500
Sum-Art 1ime creative		workshops		for children
Richmond Unwersity												475,000	1,600,000
Scholarship support (k		enhanong		student		faolities
												892,608	1,984,331
GOVERNANCE AND SUPPORT COSTS				-	EXPENDITURE
												2021	2020
Support costs:												E	6
Staff time												37,155	39,794
Rent gz Rates												3,832	4,492
Utilities												43	104
												41,030	44,390
												2021	2020
Governance costs:												E	6
Auditors remuneration:
Audit fees- Buzzacott												12,300	12,000
2019Audit, Accounting		lk Legalfees- RSM											35,147
Legal gi Professional fees												188,448	100,706
Administrative expenses												13,402	22,617
												214,150	170,470

Fo	r the year ended 31 Dece	m	ber 2021
8	FIXED ASSET INVESTMENTS			2021	2020
				E	E
	Unbated investments			195,139,000	160,066,003
	Quoted investments			19,992,675	18,588,038
				215,131,675	178,654,041
				2021	2020
	UNLISTED -AIFS fnc.			6	E
	FAIR VALUE
	At 1January			160,066,003	229,351,961
	Unrealised gains/(losses) on investments			33,189,170	(62,205,226)
	Foreign exchange gains/(losses)		on investments	1,883,827	(7,080,732)
	At 31December			195,139,000	160,066,003
				2021	2020
	QUOTED			E	E
	FAIR VALUE
	At 1January			18,588,038	8,228,694
	Transfer from Sir Cyril Taylor's	estate			9,979,964
	Additions at cost			6,985,741	10,456,362
				25,573,779	28,665,020
	Disposals at carrying value			(5,006,799)	(7,345,440)
	Unrealised gains on investments			571,685	302,342
	Foreign exchange gains/(losses)	on investments		205,793	(879,425)
				21,344,458	20,742,497
	Movement in cash accounts			(1,351,783)	(2,154,459)
	Fair value at 31December			19,992,675	18,588,038
	Proceeds from the sale ofinvestments			5,571,782	8,195,686
	DisposaIs at carrying value			(5,006,799)	(7,345,440)
	Realised gains on investments			564,983	850,246
	Unrea lised gains on investments			571,685	302,342
	Foreign exchange gains/(losses)	on investments		205,793	(879,425)
	Tota I gains on investments			1,342,461	273,163
	Quoted investments are analysed		by class as follows:
				2021	2020
				E	E
	Fixed interest- UK
	Fixed interest- Overseas			8,236,196	7,165,479
	Equities			9,954,090	8,398,436
	Credit guarantees			(416,158)
	Cash			2,218,547	3,024,123
	All investments are carried at fair value			19,992,675	18,588,038

			1January	Incoming	Resources	Net gains	31December
			2021	resources	expended	(losses)	2021
			f		f	f	f
Endowment Funds			160,066,003			35,072,997	195,139,000
Unrestricted Funds
General Funds			19,730,868	219,948	(1,262,172)	1,342,461	20,031,105
			179,796,871	219,948	(1,262,172)	36,415,458	215,170,105
			31December	Incoming	Resources	Net	31December
			2020	resources	expended	gains	2020
			6		f	E	f
Endowment Funds			229,351,961			(69,285,958)	160,066,003
Unrestncted Funds
GeneralFunds			11,530,237	10,210,970	(2,283,502)	273,163	19,730,868
			240,882,198	10,210,970	(2,283,502)	(69,012,795)	179,796,871
ANAYLSIS OF NET		ASSETS BETWEEN FUNDS
					Endowment	General	Total
					Funcl	Fund	31Dec 2021
					f	E	f
Fixed asset investments					195,139,000	19,992,675	215,131,675
Cash at	bank and	in hand				797,414	797,414
Current	assets					17,720	17,720
Current	liabilities					(776,704)	(776,704)
Tota I					195,139,000	20,031,105	215,170,105
					Endowment	General	Tata I
					Fund	Fund	31Dec 2020
					f	f	f
Fixed asset investments					160,066,003	18,588,038	178,654,041
Cash at	bank and	in hand				1,218,347	1,218,347
Current	assets					10,828	10,828
Current	liabihties					(86,345)	(86,345)
total					160,066,003	19,730,868	179,796,871