2022-12-31-accounts

		Page
Reference and Administrative Details ofthe Charity, its Trustees and Advisers
Trustees' Report (including Strategic Report)		2-6
Statement ofTrustees'	Responsibilities
Independent Auditors'	Report on the Financial Statements	8-11
Statement of Financial	Activities	12
Balance Sheet		13
Statement ofCash Flows		14
Notes to the Financial	Statements	15-23

Trustees			Marina Medley De Sh	Marina Medley De Sh	Marina Medley De Sh
			Teutly Correia
			Claudio Garcia
			Christian Telles
			Fabrizzia Telles
			Marcel Herrmann		Telles
			Max Telles
Members			Marcel Herrmann		Telles
			Fabrizzia Telles
			Christian Telles
			Max Telles
Company	registered
number			09578830
Charity registered
number			1165054
Registered		office	One Bartholomew		Close
			London
			EC1A 7BL
Company	secretary		Broadway Secretaries			Limited
Independent		auditors	MHA
			Statutory Auditors
			6th Floor
			2 London Wall Place			'
			London, United	Kingdom
			EC2Y 5AU
Solicitors			BDBPitmans LLP
			One Bartholomew		Close
			London
			EC1A 7BL

					Unrestricted	Total	Total
					funds	funds	funds
					2022	2022	2021
				Note	$	$	$
income from:
Grants				4	20,000,000	20,000,000
Investments				5	30,921	30,921	2,835
Total income					20,030,921	20,030,921	2,835
Expenditure on:
Charitable activities				7	1,671,127	1,671,127	30,434,475
Total expenditure					1,671,127	1,671,127	30,434,475
Net income/(expenditure)			before net gains on
investments					18,359,794	18,359,794	(30,431,640)
Net gains on investments							551
Net movement	in funds before other recognised
gains/(losses)					18,359,794	18,359,794	(30,431,089)
Other recognised		gains/(losses):
Loss on foreign	exchange				(9,326)	(9,326)	(1,745)
Net movement	in funds				18,350,468	18,350,468	(30,432,834)
Reconciliation	offunds:
Total funds brought		forward			(12,144,950)	(12,144,950)	18,287,884
Net movement	in funds				18,350,468	18,350,468	(30,432,834)
Total funds carried forward					6,205,518	6,205,518	(12,144,950)

				2022	2022	2021	2021
			Note	$	$	$	$
Current assets
Cash at bank and in hand				6,589,816 .		6,069,936
Creditors: Amounts	falling	due within one
year			10	(384,298)		(17,682,727)
Net current assets	I liabilites				6,205,518		(11,612,791)
Total assets less current		liabilities			6,205,518		(11,612,791)
Creditors: Amounts	falling	due after more
than one year							(532,159)
Total net assets					6,205,518		(12,144,950)
Charity funds
Unrestricted funds					6,205,518		(12,144,950)
Total funds					6,205,518		(12,144,950)

					2022	2021
				Note		$
Cash flows from operating	activities
Net cash used in operating	activities			12	488,959	(1,449,271)
Cash flows from investing	activities
Investment income					30,921	2,835
Proceeds from sale offixed	asset investments					11,003,073
Purchase offixed asset investments						(6,001,385)
Net movement on current asset investments						1,000,094
Net cash provided by investing activities					30,921	6,004,617
Change in cash and cash	equivalents in the year				519,880	4,555,346
Cash and cash equivalents	at the beginning	ofthe year			6,069,936	1,514,590
Cash and cash equivalents	at the end ofthe year			13	6,589,816	6,069,936
The notes on pages 15to 23form part ofthese financial			statements

					Unrestricted	Total	Total
					funds	funds	funds
					2022	2022	2021
					$	$	$
Grants					20,000,000	20,000,000
Investment		income
						Unrestricted	Total
						funds	funds
						2022	2022
						$	$
Bank and	investment			interest receivable		30,921	30,921
						Unrestricted	Total
						funds	funds
						2021	2021
						$	$
Bank and	investment			interest receivable		2,835	2,835
Grant funding			ofactivities
						2022	2021
						$	$
Current year		grant commitments				1,163,705	31,223,182
Refunds	received on			current year grant commitments		(193)	(336,097)
Refunds	received on			prior year grant commitments		(476,669)	(206,706)
Adjustments		to	prior	year commitments		40,020	(30,876)
Realised	loss/(gain)			on foreign exchange		775,385	(481,873)
Total grant		funding		ofactivities (Note 7)		1,502,248	30,167,630

Activities	Grant
undertaken	funding of	Support	Total
directly	activities	costs	funds
2022	2022	2022	2022
$	$	$	$
71,900	1,502,248	96,979	1,671,127

Grant
funding ot	Support	Total
activities	costs	funds
2021	2021	2021
$	$	$
30,167,630	266,845	30,434,475

					Total	Total
					funds	funds
					2022	2021
					$	$
Governance	costs				80,515	162,379
Other costs					2,853	9,735
Website design and development					2,742	6,071
Travel costs					10,869	29,488
Scholarship	event					59,172
					96,979	266,845
Governance	costs
					2022	2021
						$
Auditor's remuneration		-Audit ofthe	financial	statements	9,900
Auditor's remuneration		-Accounts preparation			3,696
Professional	fees				66,919	155,450
Independent	Examiners	remuneration	-Current year remuneration			4,020
Independent	Examiners	remuneration	-Other	services		2,909
					80,515	162,379

12.	Reconciliation of	net	net	movement	movement	movement	in funds	to net cash	flow from	operating	activities
											2022	2021
											$	$
	Net income/expenditure				for	the year (as per		Statement	of Financial
	Activities)										18,359,794	(30,431,089)
	Adjustments for:
	Gains on investments											(551)
	Investment income										(30,921)	(2,835)
	Decrease in debtors											20,000,000
	(Decrease)/increase		in creditors							10,11	(17,830,588)	8,986,949
	Losses on foreign	exchange									(9,326)	(1,745)
	Net cash provided		by/(used			in)	operating	activities			488,959	(1,449,271)
13.	Analysis ofcash	and		cash		equivalents
											2022	2021
											$	$
	Cash in hand										6,589,816	6,069,936
	Total cash and cash			equivalents							6,589,816	6,069,936
14.	Analysis ofchanges			in	net	debt
										Ai1		At 31
									January			December
										2022	Cash flows	2022
										$	$	$
	Cash at bank and	in	hand						6,069,936		519,880	6,589,816
									6,069,936		519,880	6,589,816

					2022	2021
					$	$
Marina	Medley De SA - Sonho Grande			Institute		11,103,368
Marcel	Herrmann	Telles - Ismart				17,459,070
Marcel	Herrmann	Telles - Fundaqao	Estudar		468,632
					468,632	28,562,438