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