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2022-12-31-accounts

Page
Reference and Administrative
Details
Report ofthe Trustees (including Strategic Report) 4 —7
Statement ofTrustees' Responsibilities
Independent Auditor's Report 9-11
Statement of Financial Activities 12
Balance Sheet 13
Statement ofCash Flows 14
Accounting Policies 15-18
Notes to the Financial Statements 19—24

Trustees J M Berry
AJ Brookes
J A Burg
P Egan
W L Gertz
E Hawksworth
J Husband
C D Joseph
T0 Kiechle
M Kim (Appointed 15th June 2023)
RW Maas (Resigned 22nd February 2023)
MSRasch
C Tucker
D G Wilson
P Woodthorpe (Resigned 7th May 2023)
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 UBS Fidelity Investments
5 Broad Gate Operations Company inc.
London 82 Devonshire Street
EC2M 2QS Boston MA 02109
Fransad Gestion SA
Place de I'Universite 7
Case Postale 5054
1211Geneve 11
Legal Advisors Loeb, Block & Partners LLP Penningtons Manches Cooper LLP
505 Park Avenue 125Wood Street
New York London
NY10022 EC2V 7AW

Restated
Unrestricted Endowment Tota
I		 Tota I
Funds Funds yearended
31December
2022 2022 2022 2021
Notes $ $ $ $
INCOME FROM:
Donations and legacies 2,375,316 2,375,316
Investments 1,491,126 1,491,126 302,538
TOTAL INCOME 3,866,442 3,866,442 302,538
EXPENDITURE ON:
Raising funds 138,385 138,385 157,335
Charitable
activities		 1,245,473 1,245,473 2,445,425
TOTAL EXPENDITURE 1,383,858 1,383,858 2,602,760
NET INCOME AND NET MOVEMENT
IN FUNDS BEFORE GAINS AND
LOSSESON INVESTMENTS 2,482,584 2,482,584 (2,300,222)
Net gains/(loss)
on other		 investments (1,991,390) 13,096,661 11,105,271 50,089,463
NET INCOME 491,194 13,096,661 13,587,855 47,789,241
Reconciliation offunds:
Total funds brought forward 26,202,736 264,492,078 290,694,814 242,905,573
TOTAL FUNDS CARRIED FORWARD 26,693,930 277,588,739 304,282,669 290,694,814

BALANCE SHEET BALANCE SHEET Company number: 08524472 number: 08524472
At 31December 2022 Registered charity number: 1152058
Restated Restated
2022 2022 2021 2021
Notes 5 5 g S
FIXED ASSETS
Investments 8 304,415,485 290,642,894
304,415,485 290,642,894
CURRENT ASSETS
Sundry debtors 31,192 23,940
Cash at bank and in hand 267,700 1,077,307
298,892 1,101,247
CURRENT LIABILITIES
CREDITORS: Amounts falling due
within one year
Trade creditors 64,029 67,295
Accruals 367,679 982,032
431,708 1,049,327
NET CURRENT LIABILITIES (132,816) 51,920
NET ASSETS 304,282,669 290,694,814
THE FUNDS OF THE FOUNDATION;
ENDOWMENT FUNDS 277,588,739 264,492,078
UNRESTRICTED FUNDS
GeneralFunds 26,693,930 26,202,736
TOTALFUNDS 304,282,669 290,694,814
The financial statements on pages 12to 24were approved by the Trustees and authorised for +4M
iCf gOaZ,
issue on ................. ........g...........5
and are signed on their behalf by:

Year ended Year ended
2022 2021
Notes 6 5
CASH FLOWS FROM OPERATING ACTIVITIES
Net income/(expenditure) for thefinancial year 13,587,855 47,789,241
Adjustments
for:
Interest receivable (185,214) (117,078)
Dividend
income		 (1,305,912) (185,460)
Net(gains)/loss
on investments		 (11,105,271) (50,089,463)
(Increase)/decrease
in		 debtors (7,252) (9,480)
Increase/(decrease)
in		 creditors (617,619) 949,589
Donation ofinvestments from Sir Cyril Taylor's Estate (2,122,172)
NET CASH USED IN OPERATING ACTIVITIES (1,755,585) (1,662,651)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase ofinvestments (18,272,939) (9,608,887)
Proceeds from sa Ieofinvestments 19,059,802 7,663,986
Movement
in investment		 cash account (1,332,011) 1,859,378
Interest 185,214 117,078
Dividends
received		 1,305,912 185,460
NET CASH GENERATED FROM INVESTING ACTIVITES 945,978 217,015
NET (DECREASE)/INCREASE
IN CASH AND CASH EQUIVALENTS		 (809,607) (1,445,636)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 1,077,307 2,522,943
TOTAL CASH AND CASH EQUIVALENTS AT THE END OF Tl-IE YEAR 267,700 1,077,307
ANALYSIS OF CHANGE
IN		 NET FUNDS 1January Cash Flows 31December
2022 2022
Cash 1,077,307 (809,607) 267,700

DONATIONSAND
LEGACIES
Restated
2022 2021
9 9
Legacies 2,375,316
2,375,316

Restated
2022 2021
9 9
Bank and other interest receivable 185,214 117,078
Income from listed investments 509,504 185,460
Income from unlisted investments (note 11) 796,408
1,491,126 302,538

COSTS OF R AISING F UNDS
Restated
2022 2021
9 9
Investment portfolio management fees 138,385 157,335

CHARITABLE ACTIVITES - EXPENDITURE
Restated
2022 2021
6 6
Grants 955,580 1,227,782
Othersupport costs 58,619 56,437
Governance costs 231,274 1,161,206
1,245,473 2,445,425

he year ended 31 D ec emb e r 2022
Restated
ANALYSIS OF GRANTS 2022 2021
8 8
AFSInterculturalProgra mmes: Sir Cyril Taylor Young Leaders Awards 50,000 49,478
Expand accessto intercultural education with scholarships
and outreach
AIFSFoundation 50,000 51,953
Scholarships for international students to come to USon AYA programme
American
International
Recruitment		 Council 115,000
Promotes ethical, standard-based international
student		 recruitment strategies
Article 2/Waging
Peace		 167,670 34,388
Helping Sudanese genocide survivors
rebuild		 their lives in UK
Balliol College Ukraine
Fund		 2,484
Assist refugees fleeing the war in Ukraine
BUTi LE UK 44,712 30,949
Supporting
boarding		 school places for young people
Fulbright
Foundation
UK		 176,000 179,192
Granting
highly qualified		 schola rs fina ncia I support to study abroad
Fund Education Abroad 50,000 47,133
Scholarships to under represented American college students to study in the UK
Institute
international
Education		 200,000 98,956
Emergency schola rships for intern at iona Istudents in the US
Lee Abbey lnternationalStudents' Club 59,312 61,959
Running
a students'
hostel for		 students ofall nationalities.
Norden
Farm		 40,402 20,412
Sum-Art Time creative workshops for children
Richmond
University		 653,362
Scholarship
support &enhancing		 student facilities
955,580 1,227,782
GOVERNANCE
AND SUPPORT COSTS		 - EXPENDITURE
Restated
2022 2021
Support costs: 8 8
Staff time 52,409 51,107
Rent &Rates 6,000 5,271
Utilities 210 59
58,619 56,437
Restated
2022 2021
Governance
costs:		 8 8
Auditors remuneration:
Audit fees- Buzzacott 16,804 16,919
Lega I & Professiona
Ifees		 256,634 259,210
Administrative
expenses		 26,752 18,434
Foreign exchange gain (68,916)
Foreign exchange
loss on		 restating 2021 results to US Dollars 866,643
231,274 1,161,206

Fo rthe year ended 31 Dece rthe year ended 31 Dece rthe year ended 31 Dece mber 2022
8 FIXED ASSET INVESTMENTS Restated
2022 2021
5 5
Unlisted investments 276,729,450 263,632,789
Quoted investments 27,686,035 27,010,105
304,415,485 290,642,894
Restated
2022 2021
UNLISTED - AIFS Inc. 8 8
FAIR VALUE
At 1January 263,632,789 215,389,881
Unrealised
gains/(losses)		 on investments 13,096,661 45,651,703
Foreign exchange gains/(losses) on investments 2,591,205
At 31December 276,729,450 263,632,789
Restated
2022 2021
QUOTED 5 5
FAIR VALUE
At 1January 27,010,105 25,078,027
Transfer from Sir Cyril Taylor's estate 2,122,172
Additions at cost 18,272,939 9,608,887
47,405,216 34,686,914
Disposals at carrying value (17,121,422) (6,886,852)
Unrea lised (loss)/ga ins on investments (3,721,060) 786,353
Foreign exchange gains/(losses) on investments (208,710) 283,068
26,354,024 28,869,483
Movement
in cash accounts		 1,332,011 (1,859,378)
Fair value at 31December 27,686,035 27,010,105
Restated
Proceeds from the sale ofinvestments 19,059,802 7,663,986
Disposals at carrying value (17,121,422) (6,886,852)
Realised gains on investments 1,938,380 777,134
Unrealised
gains on investments		 (3,721,060) 786,353
Foreign exchange
gains/(losses)		 on investments (208,710) 283,068
Tota I gains on investments (1,991,390) 1,846,555
Quoted investments are ana lysed by class asfollows:
Restated
2022 2021
8 8
Fixed interest-
UK
Fixed interest- Overseas 15,298,574 11,127,101
Equities 11,048,256 13,447,976
Credit guarantees (562,230) (562,230)
Cash 1,901,435 2,997,257
All investments
are carried at fair value		 27,686,035 27,010,105

9 ANAYLSI5 OF CHARITABLE FUNDS ANAYLSI5 OF CHARITABLE FUNDS ANAYLSI5 OF CHARITABLE FUNDS
1January Incoming Resources Net gains 31December
2022 resources expended (losses) 2022
8 8 8
Endowment Funds 264,492,078 13,096,661 277,588,739
Unrestricted Funds
General
Funds		 26,202,736 3,866,442 (1,383,858) (1,991,390) 26,693,930
290,694,814 3,866,442 (1,383,858) 11,105,271 304,282,669
Restated
31December Incoming Resources Net 31December
2021 resources expended gains 2021
8 8
Endowment
Funds		 216,249,170 48,242,908 264,492,078
Unrestricted Funds
GeneralFunds 26,656,403 302,538 (2,602,760) 1,846,555 26,202,736
242,905,573 302,538 (2,602,760) 50,089,463 290,694,814
10 ANAYLSI5 OF NET ASSETS BETWEEN FUNDS
Endowment General Tota
I
Fund Fund 31Dec 2022
8 8
Fixed asset investments 276,729,450 27,686,035 304,415,485
Cash at bank and in hand 267,700 267,700
Current assets 31,192 31,192
Current liabilities (431,708) (431,708)
Total 276,729,450 27,553,219 304,282,669
Restated
Endowment Genera
I		 Tota I
Fund Fund 31Dec 2021
8 8 5
Fixed asset investments 263,632,789 27,010,105 290,642,894
Cash at bank and in hand 1,077,307 1,077,307
Current assets 23,940 23,940
Current liabilities (1,049,327) (1,049,327)
Tota I 263,632,789 27,062,025 290,694,814