2021-07-31-accounts

THI MALAYSIAN COMMOf4WE4 ALTH STUDIES CEI NTRE Ir4 CAMBRIDGE Annual Report and Financial Statements Foi. the yeai. ended 31 July 2021 (_ 1410412022)

rkiE MAI.AYSJAN COMMONWE4 ALTH S'I'UDIES CEtYTRF If+1 CAMBIIIDG ANNUAL REPORT AND fi INANCIAL STATEMENTS 2021 CONTENTS Page Ti'ustees, i'eytbrt Legal and administi'atlve detAII$ Ti'ustee5' iespothslbllltlt$.$tAtenient liideyendent auditoi s i'epni't Statement of finllncial activitie5 Bal¥ne¢ $lie¢t Casli floiv $t4teinent Notes to the casli floiv statenient io Aecolllltjllg polleles Notes to the financial stat¥Micmis 14

THE MALAYSIAN C()MMONWEI AI.TH STUDIES cfl N'I'RE IN CAMIIRII)GE TRUSTEES, REPORT 2020-21 ODJEI CTS AND PURPOSE4 s ofi THE CENTR Tlie MalclySjL1tI Cuiniiion%vealili Studi¢s Cenlre iii Cainbridgc {MCSCI wascs1(iblislied by TiiistDecd, dalcd bui als(i el%ewlieie Iii cuoperalioii. Ivhere appropri<ile, will) olliei. Irll%t%. Tlie-l'iiistccs liold Ilie funds iTrised foi. Ilie Cciitic for upi)licaii()ii in accoi'daiiLe with Ihe i)UT])nseE sel uiil In IIIL Ti'll￿[ Deed. ORGANISATION AND MANAGEMENT or THE CEIYTRE MCSC was oi'igtiially eslablishcd as an exeii)pl ¢liarity uiidc¥, wliai is iiow, Schedule 3(281 of tlie Chai'ities Act 2011 oii ac¢ouiit of ils c0J￿eCllo17 witli tlie Uiiiversily of Caii)bi'idge. In vieiv of tlie iiicreasingly ¢lo%e relztion%hip bettveen tlie activitie5 of the MCSC 8nd thc Canibridge Malaysiaii Education aiid Developinetji Tiiist ICMEDTI. Ilie binance CoJiinTriltee of Ihe University i'eeoinnieijded Ilidl a foldiiig-in of tlic iwo Irllgls sliould lakc placc. I'liis reLoniinendd¢inrt unaIiiiiiously ai)piovcd l)y tlie Tiiislecs of botli ti-u.gl%. On l AiigLlSt 2018, tlie MCSC Tiiislccb. tugcihei- witli tlie Uiiiveislty. executed a Deed of Ainendtnent ol. tlic Trust fjeed to enable iijiep. MCSC lo becoine a Lliai'ily irgisleird witli tlic Chal-ity Comtnission i?thei' tlian a5 an exeini)t chai-ity Iindci. Ilie auspices of thc Univeisity. Tlie Objects aiid Purposes of the charity i'emaiii iitichuiiged. As at 31 July 2021 the foldiiig-iii has Iiol been executed and tlie two In]sls coniiiiue lo repoj'l tlieir fiiiancEal resiilt5 sepaiately. To dale, no Iiaiisfer of assets has takeii ijlace. and no decision ha% been taken leg￿'dillg ivhell sucli a transfei. niiglit occul.. CMEDT and MCSC eolllinue lo i"¢main seiiai2te and disliiicl chai'ilies. I,oi' eollveiiience, niu¢h of tlie cliari11¢ ble eyiienditui'e of the tsvo t11151s in 2020-21 lias been e111{ I'ged to CMEDT, ii'iili overlieads beiiig split about 50..50 between tlie two tiusts. Consequently, tlie propoi1ion of iot21 exi)enditure asct'ibed to overlieads. as sliown in Ili¢ Aecollnts, is lai'gcr for NfCSC (lian foi. CMEDT. Ut)dei' Ihe Icrms of Ilie amended Tivsi t)eed, the followill¥ were appL)inled a% TTuslees of Ilie MCSC fix)In l Aiigubt 2018, and re-appoii)ted as Ti'ustee% by IrsulutivIi ofilie Trustee% iintil I l July 2023.. Profcss01' John Loiiqdale (Chainnan) Dalo. 14c1￿Y Bai'low M¥ Jei'emy Carver Mi. Karanijit Sillgl), of tlie Tn]stecs appoiiited froin l August 2018, resignedas aTl￿ste£ fi￿Ill 7 Octobei. 2019. I'he Charily Coinniission iE8lSteitd the MCSC as a chai'ity {Rc8lStration NuinbEi' 1179724) on 29 August 2018. MCSC'S basc is al I l Madirtgley Road, Cainbridge. Thi5 propety coinprises a detaclicd fi'eehold house ￿￿￿ned bv the Yava%aii Pok R£1fe<ih Bei'daftar aiid is lea5eil lo the Mcgr fni. a pepptrc()ni Irnl.. the lea.%e has beei) rellewed ulltil 15 M31"clI 2025. Tlie MCSC ieniaiiis illost gyateful lo the Yayasan Pok Rafeali Berdtftar for their get)erosity. During 2020-21, adininislrative and secTetai'ial assist3nte for t]ie MCSC was piY)vided at tlie Centrc'5 base at I l Madijigley Road. RÉci'iiiliii¢iil, iiidiiclioii, aiidlruiiiiiig of Tiii.$lee.$ All Truslces liave considei'able adiministrativc expcrience andknowledge of Telated goveman¢e procediires, ill niosl ¢%ses liavittg i'un or lield senioi. positions in educational or biisiness oi. professional irtstitutions. Some-I'iTrist¢¢s are leadiiig figui'es fio]n wiihill the Urtivci'siiy of Cainbt'idge aiid its Coll¢gc5. It is the policy of tkne Triist Iliat all ijew Tjuslees sliould irceive full niiiiutes of pi'evious iiieetillgs ot Trustees and tlieir Executive conthili￿ as well as detai15 of accounts and budgeL% for at least thi'ee year% i)i'ioi'to appoiiitii)eiit' Iliat tliey slioiild L"eceive a copy of the I'rust Deed aiid any rules and i'egulations iJMdc undei. ir,. and that Iliey sliould be givcn ali infoi-ii)al bi'iefjng by tlic offieeiE aiid invited to conla¢t Ilic Cliaii'nian of Ilie Exccutivc Commiiiee for fui'ilici. and belter paTti¢ulaiB or foi. any i)iatters ￿'iSing afteT peiusing background papers.

THE MALAYSIAN COMMONWEALTH STUDifi,S CLN'fRE IN CAMBRII)GL TRUSTF.ES' REPORT 2020-21 ORCANISA'I'ION AND MANAGEMENT OF THE CEIYTRE {eoiitiiiited) Olficéis ofllie Ttr'iisl Tlie folloiviiig sci'vcd as olTicers of MCSC duriiig 202a-21. Tli¢ ¢enure8 sliown were approvcd by i'esolulion oftlie Trusle¢.% iii July 2020. Pi'ofe5soI' Joliii tA)iisdgle a.q CliuiFliJiLYii dj. Il1É 71 LlS'Éees, diid Joiiii-cljaiiifrtdii of tlie E.Yeciilive Cojjiiiiiiffee, based iii CaTiibridge, until I l July 2023,. Di. Anll Seg1 as Dij'écioi. ofilté Mulajisiupi Cojiipiioiiivecilili Siiidies Ceiilie, until I l July 2023. Dato Htiii'y B41.loiv as Tiii.%lEg ÉiiiÉl As&ociuie Dii*cioi' of Ihé Mtslaysiiiit Coiijiiioijivecilth Siiidiey Céiiiie, based in Malay%ia. until I l July 2023. Di. Nlcholas BrAllSOll as T1￿C￿{1sllF￿i.0ffilie￿(1IQ)1%.IUIJ Cojiiiiioiiiiyeulih Siiidies Ceiitie, until I l July 2023. 'eciilive Coiiiiiiiftee Cliaii'iiiaii (Professor Jolii? Lonsdal¢l' Dii-ectoi. {Di' Anil Seall., Associate DEI"cctOL" {Dic to. Heni'y Barlow); Trc2sllrci' IDI. Nicliolas Bran50n)' Reiiiiiiiei'lllipij Cijiiiiiiilleé tlie Excciitive Coininittee (ex¢liisiv¢ of any otli¢er wliosc own stipend o¥ lionoi?riiiin was being ACTIVJTIES OF THF. CENTRE AND DEVELOPMENTS DURtNG THE YEAR TO 31 JULY 2021 The Ceiitre'5 Core p￿￿oSe$ al'e to help foilify tlie cO￿eCtIOns between CambTidge and the rounlries of the Coininoiiwealih by piogi-(111111)es concei'iied with Coiiiinonwealth studies Iwlietlier educalioll. i'e5¢airli, 01- pllblic policy), in cooperatioii wilh otlier bodies in Canibridge and bcyojid. Iii puituit of tliese atins, tlie Centt'c WOTks closely witli tlie Cainbi-idge Malay4ian Education and Developnieni Trusi {CMEDTI, wliose inlerests aiE closely related to tliose of Ilic Ceiiti"c. Foi. the avoidance of doubt, tlic Trustees have appiDved Ihc tollowing dcfinition of 'Cuminonwealtli Studics,: foi. tlie piilpos£5 of iiJni'k.iiippni'ied l)Ji iljé Aldldjisiftii Coiiiifriojlm￿(11￿1t Siiidies Ceiilie, Ilie lei'iji Acllvltles of tlie Tru$t Tlie core reniil is to promote Caii)bridge'% relationsliip witli Malaysia and, Inoir broadly. witli ¢lie devclopillgcouiitl'lC5 of ili¢ Coi)iinonwealtli aiid beyoiid, w1)￿e Canibridge lias Ilie experieiice aiid exi?ei'115e lo iiiake ijnpoitant conti'ibulioiis. Tlie Triis1'S pfoRI'aiiiine of activitics. iii Luiijiin¢tion witli Ilie CaiMhrid2e Malaysian Bdiicatioji and Developiment Ti￿81 (CMEDTI, lia5 coiiliiiued ID be piir.%u¢d a% actively as possiblc ¥iv¢n IliL diffiLuliie8 ai'ising fTOnl tlic Covid-19 pandemic. Tlic four ciirrct]t progran)mes are.. (i) Affordable Ediicalion, princiwdlly Englisli Language teacliing and assessnicllt; {ii) Tlie Miiigaliott of Clijiiale Cliange and Natuial Di5a%ters,' liijl Sllstaiiiablt Developnieiit and Sjiiart Villages.. and {ivl Goi)d CJoveininettl and Elccloral Deiiioci?cy iii tlie Cojnnionwealtli {and b¢yondl. D￿ilig 2020-21. all legal expenscs incui'ird by MCSC and CMEDT iveTe related to tlic Affordabl¢ EducaLion i)i'ograiiiine and wcre allocated to tlial pro8raii)tne Ilic Accounis.

'rHI MALAYSIAN COMMONWEALTH S'I'UDIES CENI'IiE IN CAMIIRIDGE TRUSTEI ES, REPORT 2020-21 3.1 AFFORDABLE EDUCA'I'ION Englisli Language J.eai'nin& Teacliiiig And Assessinent Bftckgroiiiid A key reiiiit %ddirssed by MCSC land CMEDTI 5iiice 2010 wa5 to liclp M#lay5ia improve t]1¢ i)ri)ficieJi¢y of itb peuples in tlie Engli811 language. Accessible Tésrfiiig Sjysleiii fcfi/&.SleJJ) Tlie Acce%%il)le'festing Syslciii cAts &¢Éifft, ci'ealed by tlie Ii'u818, IN)resenl% ali innovative and Iiniqiic systeni of Icai'ning and asscssillg fiillctjollal Cn&Tlish. Amvng ils ¢oir pui"po¥es, the %y%tem lias btctt designed to eiidble pitpilx of vai'yiiig abilities aiid froin diffcrciil backgioiiiidb to iinpTOVC tlieir pi-ofi¢ieii¢y ii) Eiiglisli the as5esstneiits. Th¢ bystem is calibi?led against CEFR standards. The prtiicipal expeiidiluir on cuts.fiéii diij'ing 2020-21 ljas been cari'ied by CMEDT, piiijcipally oji the developineiit of the sysleiii M'iih a view to its dei)loynieni iD oiher eounti'ies, Ivilh the pai'licular aiin of i)ron?olii)g affordable ediicatioji foi. disadvantaged 5eclor5 of studenl i)opLilalion8 in Ilie developitig CoIi)tiioiiwealUi and beyond. Any coii)iiieJ'cial dcployJi)ciitof cals slep will bc thmugli a separll￿ clia¥iiable ¢oinpaTiy C.#iMbi'idge Educatioi) alld Dcvclopiiient Trust. Tlie Tru5tecs have agi￿ed IliaL CMEDT will not Illldcrlakc furilicr cxpenditUTC oji Ilie develoi)rneni of eol.¥ slep beyond 31 July 2021, on Ilic uiideiElaiiding Ilial sucli developmeiil will in fiittiiE becoine tlie re8paiisibility of Canibiidgc Fducalion and Developinenl Tnist ajid its wliolly-owncd subsidiary Cats Step Liinited. Tlic MCSC Ti'ustees liave irsolved to givc liinited initiul siippoi1 to Catb Step Limited to allow tlie develoi)IMeLlt olcais Step to proceed to the point ivhei'e it b¢coiiies a 5elf-su5taiiiiiig piDject. 3.2 THE MITIGATION or CLIMATE CHANGE AND NATURAL DISAS'fERS Danum Valleyy and the South East A$S2 R&lnf(brest Re$eg1'ch PArtnei'sliip {SEARRP) As a consequence of Ilie global pandeiiiic, boili Daiiuni Valley in Sabah and SEARRP. undei. the dil￿tIOn of Di. Glen Reynold8, have liad to suspcnd many of tlieii. aclivities,1)ai-litulaTly Ilie scienlific work 10 wliitli Danurn Valley coiitribuies so siuiiificaiitly. Iji tliis contexl, CMEDT'5 conlinuing Suppui't l¢) Dartum Valley, via SEARRP, li&% been vital ili undetvinning tlie long-tciin monitOTing and data eollectinn progran)me8 e%sertiial in cra of global environnicnlal challge, in parliciilar tlic sctninal contTibutions tlial SFARRP and Daniim Valley make to the developiiient of conscrvatioll alld sustaillability i)oli¢y and best-pra¢t5ce in Malaysia artd, througji Malaysia, for tlic woi'ld. li) 2020-21, plans liave been taken fviivai'd foi. a Sabal)-bascd 'SBARRP Academy, lo coini)lement its oiigoing IE.qearcli pi'OErainincs. liifoi.lned by findit)gs fi()ni 35 years of SEARRP stience, steps 112vc been lJkeIi lo Idy ilie foiiiidalion%, froiii ils maI￿ly51#n b(￿¢, foi. a Inullilewel and inteiiiaii(Jnally itnportant piogi-aimine uf ejivironnicntal cduLalion, Ii-aining and capacity biiilding, with a strong focus i)ii t￿L]lLr- li"aining. awairntss-buildiiig ainotig coininuiitty Icadcj's, specialist coul￿¢5 foi. carly Lareer stieniisls. consetvation sustait)ability managcincnt in tlie corporate and piiblic secloiE in Malaysia. Links witli Cainbi'idge i'anain iiitegral to futui'e plans, paiticii12rly tljj'oiigli Ilje woi'k of tiiany CaJnbJ'idge- based acadeniics ivho collHborate willi SEARRP, notably tlic Ccntsr foi. Atinosplicric Sciellce at CaJiJbi'idge, cliaiiEd by Pi'ofe5soI' Joliii Pyle, wlio 15 iilso ¢liaii' ol'tlie SEARRP Boai'd of Trustees oil wh2cII Dato. lJeniy Bai'low, Ti￿stee of CMEDT, a150 saves.

THE MALAYSIAN COMMI)NWlI ALTH S'I'UDIES CEI NTRE IN CAMBIIIDGE TRUSTII Ei S, REPORT 2020_21 3.2 '1'HE MITIGATION OF CLIMAT£ CHANGE AiYD NATURAL DISASTERS (coiitliiued) AslAn iyetiioi'k of Cliniate Science #lid Telliiiology {ANCST) and the Wiiidoiv-to-Canibt-id¥L UKM The &%tablisliiMent uf tliL' A.%ian Network oji Cliiiiate SLieiiLe and Te¢linoln¥y, wliicli, sitiec ils laui)cli iii 2013 iijider tlic leadfftliip ()r Pix)fcssui' Loi'd ljiiliaiil Hiiiil of Cli&%tei'loii (a T1I15tcc ofcMEt)Tl, iogetliei. willi Profes%oi' Joy Percii-a, wliv ILad.% UKM'S 80111li-Ea%l Asia Disaslci. PIEwentioii Inilialive ISEADPRI), lias ci'ealed a floiii'isliing inleimalional nctwoi'k wliiuli liAs facilitated collaboration aiid tlic excli#n¥e or infoiinaiiun bclwcen woi'ld-class ir5edrLlieT$ 011 the siienlifi¢ and ieehnologieal aspccts of climale change aiid cliiiiate driven dtsaslcis specific to Asiaii condition5. Fj'onj its base at SEAf)PR T-IJKM, willi support froin woi'ld-class iiistihilions iii tlie Coniii)oiiwealth and beyond, ANCST cooi'diiiates special LOI)ie gioui)s oi) key clijiiaie scicnce alld techiiology topic5, engagiiig aiid Inobilising JnoiE thall 2,500 scieiitisls, poli¢y-n)akei3 and pi'ivale-seetor i?ractitioiJers Iliiougli over 50 WQTk411()i)s ai)d associaled events. 3.3 SUSTAINABLE DEVF.LOPMENT AND SMART VILLAGES Undei'the dire¢tion of Sii Briaii Heap. Tiustcc and Diir¢torof the knust's iconie pJ'ogi?mincs oil Bioscieiiccs for fanning in Afi'ica {B4FA) and Sillait Villa&Tes (SVI). CMEDT is Jiiapping out, tOEeihei' Iviih collaboralOi3 Ilirougl)out Ilie ivoi'ld, Ilie next stage of ils ejiiineiitly 5ucGessfiil initiative on Siiiail Villages, whicli has had iinpacls oi) policy-niakllig ajid Sustaillable Developinenl Goal8 at the lijgliest levels tlii.oii8lioiit tlie ivorld. Tliree PToje¢ts are beii)g developed.. SmAI't Micro-ecoiiomie 7,ones. E%tablishirtg stn2rt njicro-cconoinics zones. Inost conveniet]Ély in ICaia81)()la, Jliarkliaiid. Iiidia, iji i)arliieiEliip willi a social enleiyi'ise coinpany in Ilanu>alore involving 14 villages and 1,185 lioiiscliolds Iwiili a popiilation of 6,Q601, and using appi'upi'iate Icclillulogies incliiding &nfoi'n)aiiaii teclinology. The focus will bc oil heulih artd iiuiriliort. enei'gy-enabled sciviccs fol. a￿l¢￿[tUl.¢, Incliiding iii'igcilion using solar i)oivei', impi-oving th'll&ing walei., Irfrigeialion aiid sewiiig ¢enli'es for woinen - all undeipiniied by e-educa¢ion. Sttiiayt VIIIAges Reseai'cli Gi'oup pi'oJeets. Developing links with die SIn￿* Villages Reseairh Group, led by Di. Bei'iiic Jolles, lo lake foiTri'ai'd Ihe ivoik of this gix)llp. The Ti'usls al'e %iippoitit]g second i)lia%e of woi'k on Smait Villages tlirougli tlie Simarl Village$ Reseairli Groiip led by Di. Berllie Jones. includiiis tlie following projects-. Sniarl villages and ¢nergy development in foul. J'ural eoininunities iii Tan/Ania A pi'ojcct oji Iuiv-ci)51 Eii%laTriidble told stolf ICLliiiology in Ugaiida A pi'ojeci lo develop Iccliiiology to i'einove plasiic pollutiot) froji) J'ivers in Kenya Developttieni projccls in STX I'Liral comniiinities in Uganda, drtd in Iwo i'ui21 coinmunilies in Leqotlio Tests of a niodelling tool f￿. use in thire off-grid cot]UllUlllties in Malaysia attd Soinalilalld All these projects are exainples of wliat appropi'iaie and affordable lecblloloEies can lielp achieve on tlje groutid foi. suslaiiiable develoi)nieiil. iu. rioresight Transltlon Tesin. Lauiicliing a i'ea%oiied canipaign to l)elp civil society lo iinder.%tand aiid Eive Social Ic¥itiiiiaLy L() policies wliicl) go bcyoiid a tecliMocTalic re%iioii￿e in dealinB witli problejns wliich ihira￿ liuThn bustdinabilily. iv

THE MALAYSJAN COMMC)NWEALTH STUDILI S CENTRE IN CAMBIIIDGL TRUSTEI E4 S, REPORT 2020.21 3.4 Goof) GOVERNANCE AND ELECTOIL4L DEMOCRACY IN THF. COMh.IONWE4 ALTH (AND BLYUND) Foj. Ilie pa8t l 8 year% MCSC Iwiili CMEDT 8iiice ils t%tabli.%liiiieiiil liave ii12yed Ilie kcy rolc in c5tablibliiiig dnd leadiTig Ilie aniiual C.dii)bi'idge Cojifcirncc prrJvidiiTrgF a f(iiuiii Iii wliicli Cliicf ElcLlioJi Cojiimisstaners aiid Ihosc wlio leud El￿tI￿)n na#Linenl F31)dies in Ilie Coiiiilloiiwcalih {¢iiiil bcyondl eaii tneel togctlici. lo as laii. as ctrciinistances perinit. Tliis wurk liab also b¢¢n iakeii foi'wai'd tliiougli rcgional workshops. Tlie anniial Cambridge Lonfeimce lias pi'uved a unique irtiliative in Iliis vital field of endeavoiii.. In 2020-21, tlie foium lias been kcpt alive by coi]llnuiiicatlOH5 beiwe¢iJ Ilic EMBS, willi tlie actual Confej'encc ill 2021 las in 20201 uiifoi'llltjately liaviiig liad lo be cancelled because of Covid, ai)d also Ilkn'ollgli a series of vii'tual woj'ksliops, ()r seininar%, to ll)ait)tain conliiiuity aiid serve sonie of tlie i)urposes of the Confereiice in these challenging tijiies. OTHF.R ACTIVITIEIS Nelii'u'l'i-ust foi. CRmbi'ldge Uiilvcrslty MCSC cvnliniied to suppoi't thc Nehni Trust for C%mbridgc UniveiEity, whose activitie5 it) India coinplemeiited tliosc of tl)e Trust. Aivaimls In eoll*boratloii ivltli the NehTU'I'i'rist MCSC, in collaboratioji with the Nelllu Tn]st for Cambridge uiiivei.sity artd other bodies, supported two Pl).D. .%ttidents and tliire l.LM studejits al Canibridge Unii'ersity duriJigT 2020-21. PUBLIC BENEf4IT Tlic above a¢collnls of thc Trust's aciivities atnijly deinonslrale ilie public beiiefit ai-i%ing from eacli progiwiiinie. Arrtsrdable educdtion. %ustainable dcvclopnieiil, food seciii'ily, the n)iligaliot] of clin)aie cliatige and iiattiral di5klbteiB, affoi'dable incdicine and liealtlicare, and Ilie pwiiivlion ofelLcioral deniaci'acy in the Con)nionwealtli and beyond, air self-evidently progranunc5 of gi'eat aLtu813nd potsnlial bcncfjt to tlic puEIlic. The Trustces are satisfied that Ilic activities of the Ti￿St, as dcscribed in tlii5 Tepoi"lathd iii the ac¢aJi)panying accourtts, air entiiEly foi chai'itable i)uiposcs dnd fully nieet Ilie'public beiicfit, iryuii'cmeiit of the Ch81'ities Act 2011. Tlje Tjuslees cojifirin tlidt tliey have iefeii'ed to Ilie guidance Colltained iii tlie Chai'ity Conuni55ion's general guidance on public beiiefjt. CAPITAL POSITION AND INVESTMENTS The Cenlye wa% eslablislied willi Dionies genei'ously, and ivholly aiid exc1115ively, donated by sources iii Malaysia whicli liad bccn encouraged by Ilie Goveimment of Malaysia to Ji)akc these beiiefactioii%. Tlic fuiids of Ihe Centl-e ai¢ euiiEiitly hcld pai'ily ill M&G Cliai'ifui)d, ai)d partly on deposil witli Ihe Univcj'sity. The Trustees do not have an etliical ittvesti)ient policy as %uch, i'elyllig on the policies adopted by the University in respect of ils Endowjnent Futtd and M&G in iE$pecl of cl￿rifulld.

THE MALA YSIAN COMMONWEAI.TH STUDIES CENTRII IN CAMBRIDGE TRUSTEES, REPORT 2020-21 ASSESSMENT OF FUTURE rtNANCIAJ. POSITION OF THE CENI TRE Tli¢ Tn15tees liavc agre¢d 10 dei)loy the trust's JEiiiaiJiiiig rcsouircs ot] furilici. agreed joint p1-ogi-ai￿lDe%, 48 well as oli activitie% ratifted by tlie Tiu%tee8 and coiidiicted exclusively by MCSC (iii Ilic iiiaiii. aivai'ds 81)ecifieally foi. ccrtaiji caiegoYie8 af CotnniotJwealilJ studenlsl. TIIL Inosi 8igiitficaiil iiiipact of tlie covid-19 paiideini¢ lia% l)een Ilie iieed ta cartcel Ilic blectoial Dcnioci2Ly ¢(>iifei-ertce% 8LlPPOJ'tLd by tlie Irust in ?020 alld 2021. -I'lic i-cinaiiiiiig projccls suppui-ILd by the tiust have conliiiiicd largcly iinal'fe¢ied by tlic i)andciiiic. Tlie In]sl lias siiffjcicnt re5owres to ¢onliiJue in opei'alion foi'at least twcliic nionttss froill ti)e dateof signing tliesc f￿alicial slatemenls. BeyoiTrd that, its futurc will (lepend oil se¢uiing new souree$ of ineojne. GOING CONCERN Tlie TIw5tees expcct die tiust to liave adequate resourecs to continuc in opcralioiial existeiice for at lea%t twclvc nionilis froni the date of signing Ilic aecounts. Tlie tiii.%t l)&% lolal as5cls less liabiljlies of £1,214,713 as at 31 July 2021 {2020.. £1,014,767). Apart fioiii tlie need to cancel tlic 2021 Elecloial Deniocracy cotifereii¢¢. tlic iiMI)a¢t of covid-19 on Ilie i'em2iniiig activitlcb of Ilic Ii-usi is not expeclcd lo be sigiiificanl. ALLoidingly, tlie MCSC Tru%iee% tontiniie to ad()pl tlie going LonLeiD ba￿ls in Pi-LPal'ing tlie financial slalenienls. RF.sr.RvfiS POLICY All die fullds of Ilie Lentre air invcsted, and the in¢oiiie is fiilly deployed for thc purposcs of tlic Tiijst. AIIY uiispeni iiicome in ally yeaT would be held agRin51 expcnditUl"¢ IA futt]ii yed¥S 111 tlic liope of avoidiiig niajor swiiig5 itl ilie level of activities of tlie Trust fi'oiii year to yeMI'. The Tiusi does Dot have a specifi¢ policy foi'whai level of i'eserves it should liold. Il is Ilie ciiirent policy of the Tiuslee5 tliat tlie T￿s1 should spetid more tliaii its iiicoikne, tliereby i'ediicin8 Ilie level of it% reserves. RISK MANAGEMENT The TTuslees havc examined ilie Jnajor 5tiatcgic, busintss opcralional risks wliieli Ilie Trllsi faces, 3nd aie satisfied thai the i'eglllai. Irporls they irceive at Incctings enable thern tv assess tliese risks, and to piit iii hand on a tiinely basis Any neeessaiy actions (Jiiainly Llianges in tlie nutnbei. of #wa￿$ offei"¢d fTOtxJ yeai. to year and expendituie on the principal seheinesl lo lessen oi. avoid them. A risk iEgisler has been pirpai'ed and is kept vnder itgular review. Tl)e pi'ineipal risk JElates lo the unexiJe¢ied loss of key staff. Tliis risk lias beeii n)ItikJated thiougli tlie ai)poiniiiieni ot'Pi'otcssoi' Sil. Maik Welland a% ali A%qociale Director based in Caiiibi'idge. Tli¢ oiliei- pi-iii¢ip&l risk relates 10 tlie possible need foi. Ilie Tn]5t to ¢ontribuie additional i'csouircs lo joint pi'ojccts willi CMEDT if tlie anticipaied additional fiillding for CMF.DT frot)i M21aysia is not forilicoming. Tliere ai'eeull'ently no oiliei. Inajor L-isks irquiringtl)c altentivn of ilieTI'llslees. Tru8lee indeinnity itisuratice il* iii place, togeilier with cniployei 8 and tliiTd-party liability Insliraiice. Bllildings and cojilenls iiisui'aiice is in place foi. I l Madingley Road, iii accordancc with tlic teiins of the lease. The Executive CoTniniltee ensuiES tlial tlie pj'ojecled cost of all the Trust's appi'oved piDgi'aiwiie& can be met within the resowres of the Tivsi. Approved by the Tn18tees on q 2oZ£ Signed on bclialf of tl)c Ti'ustees vi

TIIE LVIALAYSIAN COMMI)NWEAL'I'H S'fUDIES CENTRF IN CAMBRIDGL GAL AND ADMINI.STRATIVE DEI TAILS TRUSTEES Dato. Heniy Ilarlow Mi. Jercitiy Cdi'vci. Pi-ofcs50I- Joliii Lonsdale TREASUREI R Dr Nicholas Branson TRU.ST ADDRESS Tlie Malaysiaii Con)monwe21tli s￿dies Ccntre Eli CanibTidge Pok Ilafeali H0115e I l Madingley Road Cambridge CB3 OEG BANK National West￿luster PIC 23 Market Street C#nil)ridge CB2 3PA AUDITOR Deloitlc LLP C113rl¢rcd Aceounlaiils and Strdtutoiy Auditor I Staiion Square Cainbi"i(fge CBI 2GA Unitcd l(ingdoin LEGAL SI'ATUS Thc chdriiy was establislied by a Dccd of Trust daied 30 Api'il 1995. Tlie University of Cainbridge was the c115todian stee of the tn]sl until 3 1 July 2018. TheTeaftci", the Tiust was registered willi thc UK Charity Coin]iiissioii IRegistt'alioii nuimber 1179724) Until 3 1 July 2018 the Iwsl wa8 all exenipt chai'ity undei. Schedule 3128) ot. the Chai'iiies Aet 2011. It ss now a rcgistei'ed chai'ity. ANNUAL REPORT Tliese fiiiart¢ial 8iatenienis sl)uuld be read in conjunction witl) the ti'uslee8' annual repoit wliicli is wiblislied on tlie saine dale as tlicsc a¢cuunts.

TFIE MALAYSJAN COMMUNWEAI.TH STUDifi.S CLNTRE IN CAMBRIDGE TRUSTEI Ei S, REI SPONSIBILITllI S STATEMENT rijc ti'iistces ale respoiisible foi- i)r¢pai'ing tl)c Trustccs, Anniial Rcpoit ￿nd tlie fiiianLTg1 slateiiienls in eeojxlanec with appli¢able law and Ullilcd Kiiigidoin AeLOLinling Slandaj'ds IUJiiled Kiiigdoiii GcnciTrlly ALCCPtcil AL¢oiiniiiig Piacti¢e), including FRS 102"The Financial Repoi'lTng Slandaixl ai)plicablc ill tbc UK and Republic of Iieland" Tlie laiv api)lical)le to cliai'ities Ill r.iiglaiid dnd Wtlts irqiiii'es tlie li'ustees to pj'cpai'c fiiiajicial slatcjiieiits for ea¢li financial yeai- wliieli give a li'lle aijd fair view of the state of affair8 1)filie diai'iry and ot Ilie siicoiiiiiig resoiii'ces and api)licatioii of resoiiires of tlie ¢lJai'ity for thal pei'iod. lil prepai'iiig Ilie5e fliiaiicial staleniuits, tlie li.￿81e&S al'e irquiied to.. sele¢[ Siiitablc aecouiitiiig policies Riid then apply tlithn ¢oiisislenily,' obscive tlic iMetliod% artd principles in Ilie Chai'ities SORP. make judgjiicnts aiid estimates that air J'easojiable and pi'udent; statc wlicihei. applicable accuiinliiig 4iaiidaYd% li%ve beeii followcd. subject lo any Material dei)aTttIi-¢5 disclosed aiid exi)lained in tlie financial 5tateineiit5' and pi'ei)are tlie fiijaiicial stat¢inenl% Ot) tlie going Concei￿ basis unless it is inappioi)iiate to presun)¢ ¢liat Ihe I'lie t￿￿tC¢S are Yesp(Trn8ible for kccpiiig pi.oper atcountirtg rccords Ilial disclose with reasonablc accui'acy at any tinle Act 2011, Ilic C.hai'ily IAcL()iintS lid Repoi 1%) Regiilaliniis 2anR aiid tlic pi'()Irisinn8 ()f Ilie Irii%l deed. Thcy aic also responsible for safegiiai-diiig tliL Jssets of tlic chai'ity and lience fui- tdking reasonable steps foi. Ihc pi'evenlion and dete¢tioii of f12ud and otliei. IlTegularities.

Independent auditol s i'epoi't to the ti'ustees of The Malaysiall Cominoiiwealth Studics Centi'e Ill Cambridge RLPlJI't (bii tlie of tlie linancial 5tateillL'ntS Opinio Iii oui. 01)tlljOll Ilje fit]aiicial stalcnicnls uf Tlie Malaysiall C.oinn)oiiwealih Swdies Certlie in Cainbridge {tlie 'tlJarily'l'. give a true and fail. view of thc slate ofihe cliarity'5 affairs 85 al 31 July 2021 and of its in¢oiniiig ittoui-ces aiid ai)plication ofiEsources foi. tlje yeai. tlieii ended., hdve been pi'uperly pitpai'ed irt a¢¢orddiice will) Uiiiled Kingdotn Gejiei'ally Accepted Aeeouiittng Pracliee, iiicluding Fiiiaiicial kepoi-lijig Staiidui-(1102 'Tlie Fiiiaiicial Repoi-liiig Siaiidai'd appli¢able iti tlie UIC and Republic ot. IIElaiid"; aiid havc beeii piyp￿.ed in a¢¢ordance with the Chai'ities Aet 2011 ajid the trust deed. We liave audited tlie ftJiat]cial slaicn)enlS wlii¢h coii)pi'ise'. the %tJteiMeDI or rinaiicial aclivities., the balance slieel., tlic casli flow slateinent: Ihe iiote8 10 Il)e casli flow stat￿rIent,. the accoiiiiting policies., and tl)e related notes I lo 10. Tlie finaiicial rei)orling frainework tlial lia% been ai)plied iii Ilieir preparatioii ts applieable law at)d Ujiited Kiiigdoj AcLounling Siandard%, ineluding Finallcial Reporitiig Siaiidard 102 'Tlie Finaiicial Reporting Staiidard ai)i?licable ill tlie UIC and Republic of Ircl#n(f" (United Kingdojn Cienerally Accepted Accoutilit)8 Practice). Basis for opinion We condllcted oiir aiidit in accoi'dance witli International Slartdai'ds on Auditing (UK) {ISAs {UKI) and applicable law. Oiu. Irsponsibilities llndei. those standai-d5 ai-c fiirihei- dc5ciibcd in thc auditor's i-c5ponsibilities for Ilic aiidit ol. the financial slHteJnents' section of oui. repoit. We #it iiidepeiideiit of tlic c11￿.￿tY in accordai)ce willi the ethical Irquiretnents tliat are iElevaiit to oui. audit of tl)e financial stateinents the UK, in¢luding Ilie Finallcial Repoiting Council's (Ibe 'FRC's') Ethical Standard, dnd we have fulfilled oui. otlier eiliical IEspon%iliilities in a¢e()Jxlance w&lh these iiquiiEineiits. We believe that the audit evidence ive liave obtained is sufficient and appToprJate to ptovide A basjs foi. our 01)iniotJ. Coiiclusitblls relatiiig to goiiig concei'ii Tn auditing tl)e fijiancial statcmcnts, wc li&ve concluded Ihai tlie tn)siees' use of tlie going ¢ort¢ern basis of accouttting in tlie pieparalion of tlie financial slatejiieiits is appi'opriate. cojidilions Ilial, individually OT Colleciiveiyy Inay cast significani doubt on tlie ehai'ity's ability lo coiilinue a8 a goiiig concern for a period of at Icast twclve n)oiitlis from wheii tlie financial %ialement% ai'e 2ull)orJsed for issue. Oui. responsibilitics and the Irsponsibilities of the tTUStees with rc5pect to going COnCCTll aiE dcscribed in thc rclcvant Tlie otliei. infoillnaiion eompriscs the infor11￿tIOn incliided in the annual repoil, otlier than the financial staleinents and oui. auditor's IEPOI'I Iheiron. The tivstces ale i'espoijsible foi. tlie ath￿. iiifoimal1011 Colltairted withiii the annual i'epoit. Oui. opinion ot) tlic fillancial stale]nents does rtot ¢ovei" Ilie olhei. irtfoiM)alJon and we do not expi'ess any fonii of &8$ui￿1te conclusion Iliei'eoij.

Independent auditoj s I'epoi't to the ti'ustees of The MAlaysian Coninioilwealth Stiidies Centi'e iii Cainbridge (continued) Other iiiforniation IcDJ]tlrtuedl ineoi181slcllt witli Il)c finaiiLial slaicineiits ()i- uur kn(?i¥lcdgc vbtaincd In IIIL L()UI3L of Ilie alldil, (Jr oiliei'wise appcai's ba5cd on tlie ivoi-k we llave pel'fol￿1Cd, wc Loiicliide that tliere is a Inatei'ial IMis5taleineiit of ihi5 oihei- infoniidlion, w¢ are Teqiiired to i"eport tl)at fact. Wc li&vc notl)ing to Tepoit in this I'egard. Re5ponsibilitie5 of trustee5 As explained iiioi'e fully in the trustees, responsibilities sialemenl, Ihe liiistees 1¢ If I'csponsiblc foi. Ili¢ i)rcp{￿a1i0n of tlie fiiianciHI statements aiid foi. bciiig satisfied Ilial they give a tiue aiid fair viciv. aiid foi. sucli iiitcnial coiitt-ol as tlie tiuslee5 detei-Jnin¢ is t)e¢essary lo enablc tlie pirparation of fjllajicial slaleiiieiils that aie free fi-oni niaterial niisslalcinenl, Ivlieilier due to firtud oi. ¢iYoi'. In i)IEparing Ilie finaiicial stateni¢nlS, the liuslees are responsible for assessing tlic chwity's abilily to conliiiue as a g()irtg eoiicerji, disclositiK, as applicable, Inulteib r¢latcd lo ¥oing LOliL¢ln aiid using Ilie gi)ing eancem basis of accouiitLll¥ Urtless tlie Ii'ugLe&% eiil)ci' itilend lo liquidale Ilie cliaTily or to cease OllEIHtsotis, oi- liave i-Lalisli alternulive biit lo dn so. Auditor s re5poiisibilities foy tlie Audit of the fiijaneial statemeiits Wc liavc been appointed as aiiditor iindci. s¢¢tion 145 of tlie Lli2ritie$ Act 2011 and i'epoit in aeco¥dance witli the Act nd IElevanl iEoiilalions Inadc oi. li#ving effect Ihei'eitnder. Oui. obje¢iives air lo obtain Jeasonable assuiTrnLe #bout whetlier tl)e finan¢ial stalenients as a whole aiE fiEe froin niateiial ii)isstateinent, wlieiher duc to fraud oi. eLIDr. and to issiit an aiidil0¢5 l¢PQlt that Jntliid¢s our 01)inion. Rtasoiiable assiiTaiicc Is li lii¥li level of assuj'aiicc. but is ijot a guai'at]tc¢ tl)at ali audit coiiducted u) accordaiice with ISA5 (UIC) will always detect a inat￿.1al iiiis51aleiiiei)t wlien il exi5t5. Mis%latenieiit5 cali ari.%e fi-oni li?ud or en'oi. and al'e considered rnalerial if, individually oi. in the aggi'egate, tliey could reasonably be expected 10 influen¢e the econoiiiic dccisions of uscrs takeii on Ilie basis of tlicse financial slaleinents. A furtlier deseriplion of our Irsi)oii%ibilities foi- tlie audil of Ilie finaiieial siaremenl% 1% locaied on Ilie FRC'S website at.. wivw.fr¢,oi' .uklalldiior.sres onsibilities. Thi5 de%ci-ii)tion fon)Is part of our auditor's report. Exteiit to Ivhich thu audlt wa$ Coiisidered capable of detectiiig irregularitles. iiicludlng fY8ud IriEgularities, iiicludirtg fiaud, al'e it]slances of iion-coinpliaiice witli law's aiid Tcgiilaliolls. Wc dcsigii procedures In rraiid. The exteiit to wlii¢li OUT protedui'es al'e capable of detecting i￿eBuIarities, including fraud i5 detailcd bclow. Wc considered Ilie nature of thc ¢1iarily'S indiistry and its control environincnl, and reviewed tlie cliai'ity's do¢umentatiotJ of tljcir policies and piDcediiirs Tclatinx to fiaud dnd ¢onipliartce with laws and iegiilations. Wc also enqiiiTed ofmanagetnent about Ilieii. own identification and as5essrneiit of tkne risks of irjtgiilgl'ities.

Indepeiidejit auditor's report to the ti'ustees of Tlie Malaysiaii CommonweAltlI Studies Ccnti-e iii Cainbi'idge (continued) Exlent to ivhich tlie Audil iYx$ consldei'ed capable ofdelecting ii'i'cgularities, ineludirkg fi'Aud {continlledl We obtL2iiied ali iiiiderstaiiding of tlie legal aiid reEiilaloiy franieivork Iliat the charily operate% iii, aiid idetilified Ilie key l<l%VS aiid I'egul?£ lions that.. liad a direct eAe¢t oil tl)e deteiiiiijiation of niaierial aiiiounls aiid dig¢lo.%uiE% in die linatjcial slaleJi)ents. Tliese iijcliided Ilie Ti'i15t Deed. C.liai'Ilies Act, Chai'ilies (Accoiiiits aiid Repoits) Regul#iions 2008. aiid da ni)t liavc a diirct effect oii the finai)etal slaleiiieiits bllt coinpliaiicc ivitli wliicli iiiay be fuiidaiM•ital to the ¢lidriiy's ability lo 01)ei'ate or to avoi(1 a ii)alei'ial i)et)alry.-l-Iiese iiieluded Ilie Chai'ily Coiiinii.%%ion iegulalions. We di5cii%sed aniong Ilie audit eiigageillcllt teani i'egarding the opporttJJitiie8 and incentives tl)at Jiiay exist ivithin ikne oi'gaiiisatioii for fraud #nd Iioiv nd wlicie fraiid IKiglit occui. in Ilic fJiiat]cial siateimcnis. A8 a ir.%iilt of pei'forining tlic above, we identitied tlic gi'calcst potential for fi-aiid in Ilie following arc&s, and oui. spccific i)rocedure% pei'foriiicd to addir5S it ale desci-ibed below.. Coinpletcjiess ol'ievenue. We liave iiiade eiiqiiirie% froim ii)anageinent on donations dlle to the charity and cxaii)iiied Ilie baiik slaieineiitts. r()I' evideiice of donations. We enquii-ed if tl)ere weie any otlier grant agircnieiits made dlli'ing thc yeai. and reviewed eori'espondcjice In corninon with all audits iindcj. ISAS (UK), we are dlso i'LqUIILd ta pei'foi'iii .%i)ecific PTocedurcs to rcspond tv the risk of tlldtiagemenl overi-ide. In addiEs.8ins tlie risk of fraud Ihi'ougli IMan#geineiTrl override of coiilrols, we le&ted the api)roi)i'iatCllCSS ofjouii)al eniries 2tid oiliei. adjustinents,. a%sessed ivlietlier tliejudgeiMei)Is made in tnaking accountiiig e51irnates al'e ii)dicalive of 2 polejilial bias., and evaluated the busitjess rationale of any SiE]iificant transactions that are urtusual or oiitsidc Ilie nollnal coiiiEe of busirtess. In addition In Ihc abovc, our piY)¢ediiiE8 TO rcspond lo tlie ri8k8 identified ineliTded th¢ following.. reviewing financial slateinent di5clusureq hy testlllB to suppoi'iijig dociiinenlalion lo asse.%s compliancc witli provisioiis of i'elevant laws and Irgulations dcsci-ibLd ab having a direct effeet oli Ihc financial st￿leinenIS. i)et'forJiiillg allalytlLal i)ru¢edui'es to idcnlify any uiiusu21 or unexpectcd relationbhips thai imay indicate risks of Inaterial Jnisslalenieiit duc lo fiuud. and enquiring of Jnanageinent aiid iji-liouse legal coiinsel cot)cerning actual at]d poiential liligation and Claims, and instanLrs of non-compliaiice wilh laws and regu13tivns.

Independent auditor’s report to the trustees of The Malaysian Commonwealth Studies Centre in Cambridge (continued)

Report on other legal and regulatory requirements

Matters on which we are required to report by exception

Under the Charities (Accounts and Reports) Regulations 2008 we are required to report in respect of the following matters if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of these matters.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Deloitte LLP

Statutory Auditor Cambridge, United Kingdom

20 April 2022

Deloitte LLP is eligible for appointment as auditor for the charity by virtue of its eligibility for appointment as audit of a company under section 1212 of the Companies Act 2006.

6

THII MALAYSIAN COMMONWCI ALTH STUDIES CEN'I'RL IN CAMBRIDGL STATEMENT ofi filNANCIAI. ACTIVITIES For the YeAt' encled 31 Jul}, 2021 Unte5ti'icted fund5 21)21 2020 Note INCOME FROM.. Donati()n% Inve5tsiient iD¢ome 500,000 6,613 29.675 TOTAL INCOML 506,613 29,675 EXPENDITURE UN: Chai'it#blL a¢tlvlties 1333,751) (533.2211 TOTAL LI XPE4 NDITURE 1333,751) {533,221) NET INCOMFJ{EXPENDII'URF,I FOR THE YEAR BEFORL INVESI"MENI' CAINS 172,862 {503.546) NET GALYSI{LOSSKSI ON, INVESTMEN'rs 27,084 (145,485) NCI T INCOMEIIEXPkNDITURE) FOR THE Yfi AR AND NET MOVEMENT tN FUNDS 199,946 (649,031) TOTAL FUIYDS BROUGHT FORWARD 1,014,767 1,663,798 TOTAL FUNDS CARRILI D f4ORWARD 1,214.713 1.014.767 All results derived fiY)in continuing activities. There are iio reeogiiised gaEnsalld losses for the cw'rentorpiEceding f￿ancial yearoiher Iliaii a5 sIRled iii the Statement of FiJaJicial Activities. Tlie accounting policies and notes %et out on page5 1 I to 18 foiTh pail of t]iese finaijcial slatemei)Is.

THI MALAYSIAN COMMC)NMIEAL'I'H STUDILS CLN'I"Rb IN CAMBRIDGE BALANCE SHEI ET As at 31 July 2021 Note 2021 2020 FIXED ASSCTS 141,657 14,573 CURRF.NT ASSF.TS DcbioJE'. ACct￿ed iiieoine Debtoi. froin olliei. Cli2ritable Tiusts Ca511 at bank Cash on deposit WLtI) CainbridbFe University 501,677 200.841 137.392 253,835 1,604 137,79C) 220.183 559,327 1,093,745 918,910 CRF.DITORS.' aiiiouijts f&llln&i due withln oiie ycai. Trade cieditOlS Acci'uals {4,274) (16,4151 17,016) {11,700) 120,C)891 P4ET CURRF.NT ASSETS 1,073,056 900,194 TOTAL A.S.S[IT.S LEI SS CURRENT LIABILITIES 1,214,713 1,014,767 ri UIYDS Unrcstt'ictcd fiillds- Iiiidesigiiated 1,214,713 1,014,767 The accounliiig policies atjd notes set out on pages I 110 18 foj'ni p81't of Iliese financial stateinents. These finan¢ial siaien)eni% iveiE appix>ved by the tj'ustees on Sigiied on behalf of the ITUStee5 19 202£

'rHE MALAYSIAN COMMI)NWEI ALTH S'I'UDIES CENTRE IN CAMBIIIDGE CASH fiLOW STATFMF.NT r401. tlle Yeai. eii(leil 31 July 2021 Note 2021 2020 Ntt tAsh outl]Dw from opei'atillg actÉvities {3RR,2831 1448,954) Inconie fi-olli investing a¢tivitle$ {note 7) 758.803 IDeci'ease)1ln￿'efiSe iii cH5II 138X,283) 3U9,849 Recoiiciliation of net easli floiv to niovenient In net funds 2021 2020 {Dccirasellincirase in casli iii tlic ycar 1388.2831 309,849 Cliange in nel funds i'esulting fix>iM eas11 flow5 138R.2831 309,849 Net funds èt l Au¥ubt 779.510 469,661 Net tunds at 31 Jiily 391,227 779,510

THI MALAYSIAN COMMONWEALTH STUDIES CEI NTRE IN CAMBRIDGE NOTES TO THE CASH FLOW STATEI MEI NT For tlie Year ended 31 July 2021 2021 2020 RECONCII.IA TION C)r NE4 T INCOINGI{OUTGOINGI RESOUIICES T() NE4T CASH OUTFLOW FROM OPERATING ACTIVITIES Nct illcome/{expen(litui"e) for Ilie year bcforc investsnent losses IliicJraselldec&'ease iii debtor5 InciEaSelldc￿Ea5e) iii ci'editOT5 172,862 (563,118) ,973 1503,5461 110,424 155,832) Nei ca%li ouiflow froin operating activitie5 {388,283) {448.9541 b. ANALYSIS OF iYET FUNDS Deci-ease in }'eai- 2U20 2021 CJsli fund deposit and at bank 779,510 1388.283) 391,227

THII MALAYSIAN COMMONWEALTH STUDIEI S CLI N'I'RE IN CAMRRIDG ACCOUTrITING POLICIES li oi. the Yeai. ended 31 July 2021 by Cliai-ilicb SORP 2019 issued in Jaiiuary 2019, I'iiiancial Il¢poi-liiig StdLJdili-d 41?i)IILablL iii tlie UK aiid Rcpublic of Irelaiid IFRS 102) aiid tlic C.l)ai'ilie% Act 2011. Tlic pai'iiciilar aLcounling policies adopted by tlie iru%tee.% are desci'ibed bclow. Geiiei'al iiifoi'nialioii and basls of ac£ouiiting Th¥ Malay8tan Commonwealth S￿idIC￿ Centre in C4mbrid¥r is a Ch2rilable T1￿.$(. Tlie fiiiancial slalciiTrLnts air prepared iindei. the histOTTrcal cost ¢onventiott as inodifjed by tlie Irvaliialion of invcstments to Imai-ket value. Going eoncerii In view of tlie illereasingly Close iElationsliip between the activities of tbe MCSC and the Cainbridge Malaysiatj Education and Develoi)tiie&il Tiust ICMF.DT), Ilie Finance Cojklliiillce recol￿￿￿1ded that a folding-in of tlie two tiusts sliould lake place. Tliis irconiiiiendalion wa% uiiaiiiniou.%ly appI￿Ved by Ilie Trn%tees of botli t￿Sts. To dale. iio transfer of a%.%eL%1188 taken i)lace, aiid no dccision lias beeii takeii regardittgwliets suel) a transfci. Inighi occur. CMEDT aiid MCSC continue to i'eiiiain %ei)ai'ale and disliiict cliaritie5. Oij l Augusi 2018, tlie MCSC Truslee8, tOL>Ctlicr with Ihc Univeislty, exec11￿4 a Deed of Ainendijient of Il)c Ti'usl Deed io enable Il)c asse15. liabililies, funLtioi)s and aeiivilies of MCSC to bc ti-aiisfcri-cd to il)e Ti-uslees ()r Ilie Canibridgc Mdlaysian Ediicalion and T)evel()ptneiit Ti'iist {CMED-ri, and for MCSC io beconie a chai'ily IEgi8tercil willi IhL Cliai-ily Cojninission J'ather Ihan a% ali cx¢ihpt ¢liai'ily undei. Ilie ausptces of Ilie Univcj'sity. Thc Objects und Piiiposes of tlie cliai-ity remain iincliangcd. Tliese Dew atiengeinertis aiE now scciircly in place and Ilie cliariry is rcgistci'cd witkn tlie Chaiity Cortiniission. Apai't from thc t]ced to cancel ilie 2021 ElectoiTrl Dem(Kracy conferencc, th¢ impact of covid-19 on the remainin8 activitics of the tt'u5t IS not expected lo be siuiiificant. Tlic t￿Ste¢S al'e coi)fidei)I that the ¢liariry has adcqiiatc funds ai)d i'esouires to conliiiue opeieling foi. the forcseeable futUTe foi. at least 12 n)oiith5 fi-oin the date of signing tliese riiiallcial siatenients and is well placed to Inaiiage its business I'isks succ&%sfi]Ily de%pite tliecuiTeiil unceriaill e¢oiionii¢ outlook. For tliis reason, they continue to idopt Ilie going ¢oncern b2sis in piEp2ring tlic financial slaten)ents. Fuiid accounting Tjie cliarity iiiaintains funds a8 follows.. Upjpesliicledfuiids Unre%ti'icted funds rcpreseiit incojne whicli is expeiidable at tlie discretioii of tlie Iruslc¢s ii) the furllierance of tlie objects of t]ic cliarily. Sucli fuiids may be lield ill oi'der to ftnallcc botli woi'king capital and ¢apiial inveslInent. Inco￿e All incoine is re¢ognised in Ihe slateincnt of finan¢ial a¢iivilte% when Ilje conditiot)s for receipi have been coinplTed with. Inve.siinent incoine is ac¢ounied for wlien receivable. Doii&Éio)Is Doiiatioii iiicome is accounted foT when I'e¢eivabl¢.

THE IVIALA YSJATrI COMMONWEALTH STUDIES CENTRE IN CAMBIIIDGE ACCOUTr4TING POLICIES (continued) Foi. the Yeai. ended 31 July 2021 Dollated facilities As un i)age i ilie cliartly J'ejils a pi'op¢i-ly for a pei)pereoni rent. TIIIS Is llot revalued to fail. valLLe a5 It would not be i)ratlical ta revalue ilicsc &cJ'viLes. xpeiidituj'e All exi)eiidililiE is atcoutjled fol. on ali accruals basis and lias bceii cl(IS5ified uiidei. IJeadin&% tlial aggiEgatc all costs related to Ilic catcguiy. Gi'tsiiispaycible Granls payable al'e inade to sttideiit5. and in siippori of oiliei. activities rclatcd to Coiiimoiiwealili stiidTes, in fuii1)ei2rt¢e of tlie cliarit2ble objectives of the tiiist. Tlicsc incliidc an di)pui1ionment of overhead and siippojt Costs. Tlie niain project5 of the ¢liariiy al'e affoi'dable ediicalion, food secui'ily and sustaiiiable develoi)ttient, mitigation of cliiiiatc cliatigc, electoral denio¢ra¢y in Ilie coiniiii)nwealth and affoj'dable nicdiciiic aiid hcalilicare. GoipeiiioNice Ln.¥lS Governante eosis coinpj'ise all costs involviiig tlic public accountability of the cliarity and its coJi)pliance witl) Tegulalion and good pracliee. These costs include ¢05t5 le1a￿d io tlie sialutory audit and legal fccs. Suppoi'i costs Siipi)ort cost.% ale costs for udiiiinT8lratioii of cliai'itable aclivilics. Siipiiorl coinpi-iqe of rent, IMie%, utiliiies, offjee pi'operty cosls. lelepliDn¢, %alaTl¢S. legal, Ir%vel and governance costs foi. tlic cliai'ity. Jnvestrneiits Inveslii)cnts are stated al illaiket valiic at Ilie yeai. end. Realised and unrealiscd gains and losses al'e 4hown ID the appi'opi'iate seciion of ilie %tatemenL of financial activitlcb. PensloNs Eligiblc staff air nicinbers of tlie University of Cainbridge's Contribiiloiy Pension Sclicmc (CPS) to whi¢li the Tiust conlribules. As the Trust is utlable to identify its sliarc of tiic Lllldcilyillg assets aiid 12abiliti¢s of the CPS on reasonable and coiisistejit basis, il a¢¢outsl8 if tlie CPS a deftned conlribulioji sch￿￿¢. 50 that the cost i equal lo Ilie lolal of coiili'ibulions payable in tlie yeai.. One membei. of staff wlio irsigned itl 31 O¢tobeL' 2020 belonged to a workplace pension scheine nianaged by Cl'eulive Peii.%ioii5. Finuncial Insli'umcnts Tlic eljai'ity oiily liave finaiicial ass¢ls and flnancial liabilities of a kind that qualify as basic finan¢241 in8tiwniettis. Basic financial EnsIl￿in¢nls are initially recognised at li'ansaclioii value aiid subsequently nica5ured at tlicir ttleineni valllc. Ti'ade artd i)Ihei' debtors air i'ccogni5ed at tlic 8Cttl¢in¢rtt aii)uuni due aftei. any ti'ade discouiit offcrcd. Pi'cpayinentS are valu¢d at tlic ainount pi'epaid llcl of any Iiade discoun1% due. Casli ai bank aiid casl) in liaiid includes cash aiid sliorl Icrin liighly liqiiid investijicnts willi a 81iort tnattii-ity of Ilircc illontlib oi. le￿ fi'()In tlie dale of acqiiisition oi. openillg of tlie dcposit oi- siinilar a¢coui)t. Cirditois aiid piovisioiis are i'ecognised wlieie tlie Gliarity lias a present Obligat￿On resulting fi'oin a P%%t event tliat ivill pjobably result iii tlie Iransfei. of fuiids to a 11)ird paity aiid Ilie ainounl due to settle tlie obligatioll can be Ineasui'ed or eslilliaied i'eliably. Creditor5 are norliially i-ecogiiibed #t their setilemei)t ajnouni after allowing for any ttade dis¢ouiits due. Critical ¥ccountlng judgenients and key souree$ of estlmatlon untertalllty In the application of Ilie Cliai'ity's accounting i)olicÈe5, wliich are de￿l'1btd on pages I l and 12, tlie Tiustees are Irquii'ed lo niake jiidgcinenls, estiniaies and as5uinpt10115 about Ilie canying aiMouniE of J%*els ai)d liabilities illal arc tiot rcadily ai)i)ai'ent fioii) otli¢i' sauices. Tlie cstiiiiates and a5S0¢jilt¢d assumi)tTons aTe ba8ed on lJi%toi'ical expej'ience and otlier factors tl)at are considered lo bc relevaiil. Actual resulis Inay diffeT froin these estiinat¢s. 12

TIIE MALAYSIAN COMMC)NWEALTH s"rui)IF.S CENTRE IN CAMBRIDGE ACCOUNTING POLICIES (eontlnued) oi. tlie Yeai. ended 31 July 2021 Tlie esliiiiates aiid underlyiDg il%%Ulnl)lioiis arc I'cvicwed oil ali oiigoiiig ba%1%. Revisioiis to accouiiliiig csliimaies are rLcu¥iiiscd in Ilie pei'iod iii ivliich tli¢ e%iiii)aie i.q rev18ed iftlje rcvisiot) affccts only Ilial period. or ii) Ilie iiei-iod or Tli¢ Ti'ustees do considcr tliere aTe any ci-itical judgeinenls oi. sourees of cslitiialion uiicei'laiiily Teqiiiriiig disLlosuie beyi)rtd tlje accounling policies listed abovc. 13

THI I¥IALA YSJAN CoMI￿10￿wEl ALTH S'I'UDILI S CENTRE IN CAMBIIIDGE NOTEI S TO THE FINANCIAL STATEMCI NTS b oi. the Yeai. ended 31 July 2021 INVESTMEN'I. INCOME Unresti'icted fuiid$ 2021 2020 University deposit accouiit iiileiesl Cajnbt'idgc UiiivLisity P.iidowiiient Fiind Dis11'ibiilions Oiliei. invesltnenl incoinc (Cliai'ifun(l) Bank interest 345 20,958 7,394 306 6,245 23 6,613 29,Ci75 CHARITABLE ACTIVITJF Uiii'esti'ictcd fuiids 2021 2020 Dii'eet eo$ts SalaYies- edlicat￿on and rest￿th Proinotioii tnain pioj¢c15 Gi'ants- ehai'itable purposes (note 3) 95,447 26,500 187.438 100.509 121,947 287,947 Support eosts Relit, and iitilities Propei'ly Losts Teleplione, po%tage and coui'ierb Salaries- adininistratioii Offiec expenses Ti'avel- adiiiinistralion Bank ¢h81'ges Legal fees Govei'jiance costs (note 4) 3,929 13,235 1.643 158.233 8,235 6115 376 3,540 19,392 1.901 161,031 10,872 773 380 22,621 24.764 25.468 211,804 245,274 333,751 533,221 14

THEI MALAYSIAN COMMONWEALTH S"I'uDI￿.s CEN'I'RL IN CAMBRIDGE INOTEI S TO THE FINANCIAL STATEMENTS Foi- the Yeat. ended 31 July 2021 ANALYSIS OF GRAN'I'S 2021 Grants to 2021 Gt'9rtts t(b Gt'aJitS to llldividua15 liistitutionb lthdivldual.s 21)20 2020 Ediication 26,500 48.880 51.629 Total 26,500 48,880 51,629 2021 Gi'ant5 10 individuals 26,500 TotAI.. Educatloll 26.500 2020 RecipiLnt ol Inslltutlon21 Graiits Tv siippoi.l.sliideii/.f ivorkiiig dÉiielf)piiieiilpJ'ojects.' To siiljpoi'l ll leucliFiig appuiiiliiiéiii lil ilié Ceiiije ulsoiiili Asiaii Siiidies 48,88a Total.. Education 48.880 GOVERNANCE COSTS 2021 2020 TIEasureL' Audit fee 13,054 12,414 13,064 11,700 25,468 24,764 15

THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE NOTES TO THE FINANCIAL STATEME( NTS li ol. the Yeai. ended 31 July 2021 INFORMAI'ION IIEI GARDINC E4 MPJ.oYf4 F.S AND TRU,STfi ES 2021 2020 Aveiagc number ofeinpltsyees during tlie ycai. bcing Ilie full tijnc eqiiival¢i)I for i)att liine %laff Total remuncL71tion ¢05ts 171,287 174,095 The key managen)ent peisot)nel arc thc nienibers of the Executive Conllnittee, as set oiit oll page li of this Lti)oit. The Dii'ectoi- and TJEa%uiei' are the only metiibeiE who receive Iriiiunej'ation fi'oiii Ihe Ti'u$l. Reniuneralioii is appix)ved by tlie Executive Comijiiitee after eon.sidei'ing the re¢oiMinendation% of Ilje Rcniunei'alioii Coniniiltee. In settling tlie l¢vcls of rcniuiicr#tion, Ilie ReiMun¢ralioii Coiiiniittec lias L-egard to cotniMiable i?ay levels in Ilje UllIVCl￿Jty of Cainbi-idge. Tlie total reinunei?lion (including pensioii conti'ibulions aiid etnployei s tialional insui'ance) of key IiiaJiaget)ietti pcrsoiittcl of tlie ¢liarity for Ilie year elided 31 July 2021 wa8 £98,ICIO12019-2O.. £98,178). No Iru51ee received any remuneration froni tlie tixssl dui'ing tlie y¢ar (2019-20.. £nill. During tlic year no tnistces had travel expenses reiinbuY.8ed12019-20 £nill. Tlieir was oiie eimployee {2019-20'. oncl witli a $4lary in tlic ratlgc £70-£80k. No otlicr einploycc liad emoluments gi'eatei. Ilian £60k {2019-20'. nil). 2021 2020 AiJAlysls of $tgff costs Salarics ajid wages Othej. petision costs Social seeursry costs Appienticesliip Icvy 142,285 12,753 15.599 650 144,231 11,873 17.356 635 Total 171.287 174.095 TAXATION Tlie Malaysiaii Commonwealtli Studies Cet)li'e in Cambi'idge is a i'egi$¢ered chariiy artd is exempi from lax on tlie Taxation of Capital Gains Act 1992 to Ilie extent that tliey are applied to 115 cljarilable objectives. No tax ¢lidi'ges l)avc arisen in tlie Cliai'itable Tjiist.

THE MALAYSIAN COMMONWEI ALTH STUDIES CEI NTRE IN CAMBRIDGF NOTES TO THE FJNANCIAL STATEMENTS rioi. the Yeui. ended 31 July 2021 INVESTMLINTS 2021 2020 Mai'ket value al l AugLl%t Net Uiireilli￿t1I artd It£ilis¢d iiiv¢slnietil gainslllossesl Piucecds fr(Jrn disposal 14,573 27.084 1,018,861 1145.485) 1758.803) Market value at 31 July 141,657 114,573 It]ve51Jnet]ts conipri5e Ilie followiiig.. 2021 2020 Mai'ket vAlue MAI'ket value Unlts Cost Cost M&G Chaiifiind 9,184 107,625 141,657 9,184 107,625 114,573 Tlie M&G Chai'ifui)d is a iiiiit tiust. M&G Cliarifund ib a cliajjty with a widc 5pl.cad of iiiveslineiits. I'lie portfolio coiiiprises appiDxiiiiately 100 stock5. Tlie 81ni 15 to pix>vide a level of iiicon)c that is significatiily higliei. Ilian that of the FTSE All-%hair ljidex. ANALYSIS OF ASSETS AND LIABILITIEI S BEI TWEI EN FUNDS Uniestylcted Total Total 2021 2020 Fixed assets lrtvestmettts Ciiiyent asscls AcLTued income Casli fund deposits and at bank Dcbtor fiDJn otbcL' TLUSts Cuririit liabilities 'I'rade CiEditoi Ac¢iual% 141,657 114,573 501,677 391,227 200.841 1,561 779,553 137,796 14.2741 {16,4151 {7.0161 111,7001 1.014.767 Tli¢ debtor lu oiliei" Trusis is comi)rised of amounts owed fYi)ni Cambridge Malaysian Edu¢ation and Developnient TrLiSt.

THE MALAYSL4Tr1 COMMONWEI ALTH STUDIES CLN'I'RE IN CAMBIIIDG NOTES TO THE FINANCIAL STATEMENTS For tl)e Yeai. ended 3] July 2(121 MOVEMENT IN fuNDS Revenue balaiice at Revenue BalancL a131 July 2021 Inci'ea5e In iiiArket value liicoine Expenditure UNRESTRICTF.D FUNDS Capital account Inconic ucLouiit 12,049.143 (11,034,376) 27,084 12,076,227 110.861.5141 506,613 {333,751) ,014,767 506,613 (333.751) 27,084 1,214,713 Rewenue b#lartct at l Aiigust 2019 Revenue BAlanee at 31 July 20211 Deei'e4S¢ iij inai-ket vaIue Iiicoiiie Expeiiditure UNREI STRIC'I'ED FUNDS Capital accouiit Jncojnc accouiit 12,194,C)28 (10,530,830) (145,4851 12,049,143 111,034,376} 29,675 1533,2211 1.663,798 29,675 1533,2211 {145.4851 1,014,767 io. RELATEI D PARTY TRANSAcfioNS The UniveiBiry of Caiiibi'idge {a related party as des¢i"ibed on page il provides the tiiisl with payi.oll and coinputer.%upport sei'vices fice of cliw'&Te, Ilie value of wliicli (whil%t il could be &%¢imatedl is not cotisidei'ed niatcrial to adju81 foi. in the aecounts. Tliere were no other related party transactioiis for ilie year ended 31 July 2021 {2020.' iione). S()iiie ti'ustces liave close ties iviili Ilie UJiivei3ity of Cainbi'idge and its c.olleges. and sonie oftl)c otrscer.% and ti'ii%tee5 ait al.%0 offjcas 01. li-u%tees of Ilie CMEDT wilh wliicli Ilie woik i)rtlie Irusl Is closely as50Liuied. Tliese rclatcd inieTe81% al￿ ijicluded iii tlic Irgislei. of dcclaird iliieresls of Iru%lees and officeis wliicli is iipdatcd al Icdst oiice a ycai-. Rllle8 for inanaging declared inteie%ts liavc been approved by Ilie tIUbtCLg. 18