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|||||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||||
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|||||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|
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|||||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|
##
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|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|
##
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|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|
##
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||||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|
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