Charlty règl#tratlon number 1184638
Company roglstratlon number 11592194 (England and Wal0$1
GRANTA TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

GRANTA TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Sigrid Rau$lng
Ran8 Dasgupta
Gwe Prochnlk
IWlnt•d 1 Juty 20221
(Appoinied 1 December 20221
Charlty numb•r
1184638
Company numbèr
11592194
Reglst•r•d offl
12 Addison Avènue
London
UK
W114QR
Audltor
Bd9ht Graham& Murray
Emperols G818
114a Cromwall Road
Kensington
London
SW7 4AG

GRANTA TRUST
CONTENTS
Page
Trustees, report
ststement ol trustees, wsptsnsibilities
Ind&pondanl audilorfs report
Statement of flnanelal 8ellvities
Summary income and expenditure 8ccouni
Balance sheet
Notes to the financial statements

GRANTA TRUST
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2022
Tho trustees pr080nt thoirannual teport and finan(ial stglaments for the yoar ended 31 DeCem￿r 2022.
The financial stslemgnts have beèn prep8red In accord8nce with the accounting pollcles set out in not& 1 to the
financial statements and compty with the Trust's Articles, the Companies Act 2006 and "Accountlng and Reporting
by Charities." Ststemenl of R8￿Mmended Pradice applicable to ch8rili&$ preparing their accouAls in a￿Kdanc&
Ih the Flnancial Reporting Stsndard applicable in Ihe UK and Rèpubllc of Ireland IFRS 10211gffectiv& 1 January
20191".
Obl•ctlves and actlvlties
The Trusfs objects are: th8 adVanCe￿nt of the Ilterary arts, in partiCL*l8r the promtstlon of nèw and 8mergSng wrtUThJ
8nd tho 8dvanc8mtrnt ol educalw)n through ¢he promtion ol li￿rary and literacy culiu￿S.
The Iru8lees have pald due r•gard lo guld8nc& Issued by the Charty Commi98ion In dècidlng wh81 activltl8$ the
Trusl shoukl Ur￿ertake.
Achl•v•rnent8 •nd p•rforni•ne•
Flnanclal r8vIow
Trustees have reviewed the resorves policy in the li9hl of the substanlial donations receiv￿1 by the Trusl in this
8¢counting perwxl. These donations provKle th& Trust an exp&ndatAe gnotswment which ￿11 gen&ratè
inveslment income to support the charitable activ￿.￿5. It Is the trust8gs' inlenbon that Ihg capital ghouhj b8
presarved lo m8lntain thg lev81 of investment income, but the capltsl is expandable in ¢as6 of urgent and
unforèseen ne&d. and wlll allow the Trust's current aetlvltles to be sustained while tonsideratlon Is given lo ways In
which 8dditional funds may be r8ised. Trustees therefore consider Ihgt reserv&s Should b& limited to an amount
appropriaie to the TrLtst's woiking C8Pital neods and have maintained Ihis level of r¢serves throughout the year.
Inv•*tm•nt Pollcy
Trustees revi8wed thè options availablè lor investment ol the expend8ble endowrnent and Selected iho CCLA'S
Ethical Fund. Trusie¢s recelvg regular roports from the CCL4 and meel annually with tts r&presenlalive. Cash
balances t)ot imm•dialely na8<1￿ ai8 ￿8¢6￿ on short t8mi deposit when th8$& 8re available at more than a
nots.onal ratg of Intorèst.
Rlsk manAgom•nt
The trustees have assessed th& major f*k8 to which ihe Trust is gxp)8ed. and are satisfaed that sy$lem8 are In
p&¢e to nmbgate &xFosure to the major risky.
PIAn• ft+r fu¢ur• porlods
For the earfy years of thg Trust's operations, trustees. focus will bg on ov&r8ight of tha op8raling bu8iness, to 881i8fy
th8mselvtrs thal It Is operab'ng éffectively and In a way ¢hat fulfils th? Trust's tharftsbl• purtJxe8.
StrU￿Ul0, gov•mane8 and m•n•gem•nt
Granta Tiusl is a company Ilmlled by gu8ranle&. Itls govern&d by its M•morandum and Articles olA8soclatlon.
R•lat•d Partles and Confll¢t8 of Int•r•$t
None ol the ¢ruslees received femijneralion or olher ben8fils lor Iheir ￿ for the ch8rity olher Ihan Ihose dis¢h)sed
in note 8 to Ihe accounts. Any transactions bth8sn the Trust gfKI th8 truste88 or s8nv)r manag•ment or r8b
partles must be disclosed lo th8 Board.
081816 of relaitsd paty trar&8adons are dlsclosed in not• 19 to th• a¢counts. Trusrees are rnqulred to dl8¢k)se all
relovant inlere$¢s and rogister Ih&m annu8lly with tho Trust's administration. and in accord8nce with Iho Trust's
Conflict ol Int¢resl Policy lo wilhdr8w from ¢J¢￿s1OnS wh¢r• a conllicl ol interest arise8.

## **GRANTA TRUST** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ 

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: 

Sigrid Rausing Jeremy Hardie (Resigned 30 September 2022) Lisa Appignanesi (Resigned 31 December 2022) Rana Dasgupta (Appointed 1 July .2022) George Prochnik (Appointed 1 December 2022) 

Jeremy Hardie and Lisa Appignanesi both retired as trustees during the year. Trustees and staff alike owe them both a debt of gratitude for their wise and enthusiastic guidance since the Trust's inception, and thank them warmly for their committed service. 

## **Details of method of recruitment and appointment of trustees** 

Trustees are appointed to the board on the basis of their skills and experience in either the literary or charitable field. Trustee appointments are for an initial period of three years. 

## **Supplier Payment Policy** 

The company's current policy concerning the payment of trade creditors is to follow the CBl's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1 DU). 

The company's current policy concerning the payment of trade creditors is to: 

- settle the terms of payment with suppliers when agreeing the terms of each transaction; 

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and 

- pay in accordance with the company's contractual and other legal obligations. 

Trade creditors of the company at the period end were equivalent to 31 days' purchases, based on the daily amount invoiced by suppliers during the period. 

## **Details of organisational structure** 

Granta Trust employs eight staff to edit and sell the magazine, and to edit the poetry list. Other functions, including contract administration, production, marketing and publicity, finance and IT are outsourced to Granta Publications, which charges for time spent on the Trust's operations. The day to day management of the operations of the Trust is overseen by the Executive Management Board, which reports regularly to trustees. 

The Trustees consider that the Board of Trustees, the Editor and Deputy Editor comprise the key management personnel of the charity in charge of directing and controlling the charity and its day to day operation. 

## **Auditor** 

In accordance with the company's articles, a resolution proposing that Bright Grahame Murray be reappointed as auditor of the company will be put at a General Meeting. 

## **Principal Office** 

The address of the principal office of the charity is 12 Addison Avenue, London, W11 4QR. 

The trustees' report was approved by the Board of Trustees. 

## Sigrid Rausing 

Sigrid Rausing **Trustee** 


**- 2 -** 



GRANTA TRUST
STATEMENT OF TRUSTEES. RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
The tNs19es, who are also th8 directors of Granta Tru8t for the purF4)se of company law. ar8 responsible for
preparing the Trustees, Report and the financial siatemenl$ in accordance with applicabl&18w and United Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Pracllcèl.
Company Law ￿qUIreS th¢ trustees to prepare financi81 statements for each financial ytrar which give a true and fair
vièw of the state of affairs of the Trust an(1 of the incoming resources and application of resources, induding th&
inc0rn8 and expenditurè, ol the charitable company ft)r that year.
In prepartrhg these financial stat8ments, the tnjstees am rèqulred to..
select sullable accounb'ng poli¢i¢s and then apply them con$istendy',
obsaN¥ Ihg rn8lhods and prfnclples in the Charities SORP..
maka judgements and esllmat&s that are reasonable and prud8nl'.
stalg wh&lh8r applicable UK Accounting Standards have be&n followed. subject to any maierial departyrès
diselosad and explained in th¢ financi81 $18tements', and
prepare th6 fin8n¢ial statements on thè going concem basis unless ￿ Is Inappropri8t8 to presume that the Trust will
continue in opèration.
The trustees ar& ￿sponsible for keeping adequate accounting records that disclose with reasonable accuracy al
any time the lin8nci81 position of the Trust and enalAe them to ensura that th8 financial sl8lemenls comply with the
Companlos Act 2006. They ale also r85ponsible for safeguarding the assets of the Trust and hence for taking
reasonablè steps for the prevention and detection of fraud and other Irregularitles.

GRANTA TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF GRANTA TRUST
Oplnion
We have audited the financi815tatements of Granta Tiust Ilhfl 'TrLJsI'I for the year ended 31 D8cÉmb8r 2022 which
comprise Ihe st81em&nl ol financi81 aclivilies, the summary income and exp?ndilure account, the balance sheet, the
statement ol cash flows and noltss to the financial statements, including significant accounting policies. The financial
reporting framework that ha5 been appliad in their preparation is applicable law and United Kingdom Accounting
Standards, including Flnaneial Reporting Standard 102 The Financl&l Reporting Slandard appllcabl& in th8 UK and
Republlc of Ireland Iunltèd Klngdorn Gen&rallyAccepted Accountlng Practice).
In our opinion, the financi81 stst8m8nts'.
glve a irue and fail vlèw of the state of the charitable company's affalrs as at 31 December 2022 and tsf its
incoming r88Durces and application of resourcès, for the year then ended.,
have be8n prop8rfy prepared in accordance with United Kingdom Gen8rally Acceptod Accounting Practice,.
and
have beèn prepared in accordan￿ with the requiremènts of the Companies Act 2006.
Basis for oplnion
Wè conducted our audbt in 8ccordance with Int8rn8tional Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Audilors responsibilities for the audit ol
the financial statemertls section of our ￿pOrt. We are independent of the Trust in accordance with the ethio81
requirements that are relevant to our audit of the financial stataments in Ihg UK, including the FRC'S Ethical
Standard, and wa havg fulfilled our othar elhifjal responsibilities In accordance with these requirements. We b81ieve
that the audit •vid8nce we have obtain*d is sufficient and appropriata to provide a basis for our opinion.
Concluslons relatbng to going conc8rn
In auditing the financial statement5, we havè concluded that the trusteas, us8 of the golng concem basis of
8ecounting in the preparation ol the financial stalèmènls 15 appropriate.
Based on tho work wa have performad, wo havg not identified any mat8rial uncgrt8inli88 rèlating to 8venls or
conditions that, individually Of colleclively, may cgsl significant doubt on tha Trust's 9bility lo continLte as a going
¢oncern for a perlod of at least twelve months Irorn when Ihe financial stalemants arg aulhorised for issue.
Ou¥ responsibilities and the responsibiliti8s of the tnjslees with respect to goin9 ￿ncern are described in thg
relevant sections of this report.
Oth•r Informatlon
Th8 other inlomalion comprises the information includod in the annual report oiher than the fin8nci81 statements
and our auditor's r6port thereon. The trustees alè responsible for the other information contained within the annual
report. Our opinlon on th9 financial statements doss not Cover th8 other information and we do not 8xprgss any form
of assurance conclusion thereon. Our responsibility is to read the other informatlon and, in doing so, consider
whether the other information is materially inconsistent with the financial slatemenls or our kllowl8dg8 obiained in
the wurse of the audit. or otherwise appears to be materially misstatgd. If we identify such rnalerial inconsistencies
or aPPaTent material misstatements, we are required to determine whether this gives rise to a material misstatement
in th8 financial statements them581ves. If. based on the work ws hav8 performed, we conclude that there is
malerial misslalernent of this othèr Information, we are required to raport that fact.
Wè h8Vè nothing io report in this regard.
Matter$ on whlch we aro rèqulrad to report by exceptlon
We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and
Reports) Regulations 2008 require us to report to you il. in our opinion..
Ihe infomiatlon glv8n In th$ flnancial slalemenls Is Inconsistent In any matarlal raspsct wlth thè Iw$lg8s'
report., or
sufficient accounting records have not been kepl., or
the fflnanclal stat8m8nts are not in agreement wlth th8 accounting re(x)rds', or
wè hav8 not received all the inftsm81ion and 8X￿anationS we require for our audit.

GRANTA TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF GRANTA TRUST
Responsibiliti68 of tru¥tees
As explained more fully In the statement of trust&es' responsibilities, thè trustees. who are also the dlreetors of the
Trust lor the purpos8 of company 18w, are responsible for the preparation ol the fin8n¢ial statements and for being
salisfied that they give a true and fair view, and for such inlernal control as Ihe trustees determine is necessary to
enaNe the preparation of financial statements that are free from material misstatem8ril, whether due to frau¢J or
error. In preparing the financial stat8ments, the trustees ar8 responsible for assessing th8 Trust's ability to contlnuè
as a going concern, disclosing, as applicable, matters related to 90ing concem and uslng th8 going concem basis ol
ccounling unless th8 trustees either intend to liquidate the eharitable company tsr lo cèase op8rations, or have no
realistic alternative but to do so.
Audltor's rèsponslblllllos for th• audlt gf tho flnanclal statement$
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with thg
Aet and relevant regulations made or having effect Ihereunder.
Our objectives are to obtairb reasonable assuranc8 about whether the financial statements as a whole are frè6 from
materi31 misslalement, whether due lo fraud or trrror. and to issue an auditorfs report thal includes our opinion.
Reasonable assurance is a high level of assuranee bul is not a guarantee that an audit conducted in accordance
with ISAS IUKI will always d8ted 8 rnaterial misstatem8nl when il exists. Misstat•m8nts c8n 8rise from fraud or
error and are considered mat8ri81 if, individually or in th8 aggregate, they could raason8bly bg expected to influenc6
the 6eonomic decisions ol users taken on the basls of th8se financial statements.
Tha extent lo which our proogdure5 are capabl8 of delgcting irregularities. induding fraud, is detailed b810w.
Extent to whlch our procedures arè capkble of dgtoctlng Irr•guloritl•s, ineluding fraud.
We identify and assess the risks of material misststemerbl of the financjal statem8nts, whether due to fraud or erior,
and th8n design and perform audit procedures rèsponsive lo those risks, Includlng obtaining audit evidence that Is
sufflclént and appropriate t() provide a basis for our oplnion.
In id8ntrfying and addressing risks of matenal tllisstslement in respect of irr8gulariligs, including fraud and non-
compliance with laws and r8gulalions, our procedur85 included the following..
We obtained an understanding ol laws and regulations that affect the Charity. focusing on those that had 8
direct effect on the financial statements or that had a fundamental effo¢1 on its operations. Key laws and
r8gulations that we identified indud8d th8 tax legislation, Charilios Act.
W8 enquired ol the trustee5 and reviewbd tnJstee5' meeting minutès for evidence of non-compliance with
r818vanl laws 8nd règulab'ons. We also rèviewed controls the trustè&9 h8vg in place to ensure complianca.
We gained an understanding of and evaluated the controls that the Iruslees have in placa lo prtrvgnl and
d8tecl fraud. W8 enquired of the mernb8r5 about any Incldencès ol fraud that had taken place during the
accoLJnling period.
The risk ol fraud and non-compliance with laws and r8gulalions and fraud was discussed within the audit
taam and tests were pJann8d and performed to address these risks. We identifi•d th8 potential lor fraud in
th6 following aieas.. incorn8 r8cognition, management override, misappropriatlon of assèts.
We reviewed financial statements disdosures and test6d tr) SLJPF)orting documentallon to 8S$èg8
Complian￿ with relevant laws and regulations discussed above.
We enqui￿(1 of Ihg trustees about actual and potential litigation and cl81fflS.
We performed analyti￿1 procedures to Id8ntify any unusual or unexpected relationships that Might indlcate
risks ol rnaterial mis$t8t8tnenl due to fraud.
In addressing the risk of fraud due to management override of internal controls wè t8st8d th8
appropriateness ol journal entries and assessèd wh8thgT Ihg judgements mad8 In making accountlng
estimat85 were indicativè of a potential bias.

GRANTA TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF GRANTA TRUST
Due lo the inharènt limitations of an audit, there Is an unavoidab18 risk th&1 wg may not hav8 dètect8d 8ome
material misstat&Fnenl8 in the financial 51alements. even though w8 hava proporty planned and porformgd our audit
In accord8nca wlth auditing standard5. For example. as with any audit, there remained a hlgher risk ol non418tècllon
of Irr￿UlarItie$, as these may involv& ¢ollusion, forgery, intentional omissions, misiopresentalions. or Ihe override of
internal conlro15. We are not resp(bn8ible lor preventing fraud or non-complian¢e with laws wul8tions and
cannot be expe¢led to detect all fraud and non-compliance with laws and règulations
A lurthef d8scription of our rèspon5ibilities Is av8I18blè on the Fin8ncial Rèporling Council s websit6 at., httpsjl
www.Irc.or9.uklaudilorsre$ponsibilities. This desuiplion forrrs parl ol our audilorfs report.
Use of our roport
This report is made sololy to the ch8rity's Irusle&s, as a b￿$y, in accordanca with p8rt 4 01 the chanb.es (Account5
and Report51 Regulations 2008. Our audit work has been undertakèn so that W8 mighl stale to tho oharity's Irtistee5
those Matt￿￿ we are requir8d to 81al8 to them In an auditorfs report and ftsr nD Other purpose. To the full8st exlent
permltted by law. w& do not aCC8Pt or assume raspofisibility to anyone othèr than thg charity and the charity's
trustees as 8 body. for our audit work, for Ihis report. or for the opinions we havg fomgd.
Brlan Cllfford IS•nior Statutory Auditor
for and on behalf of Brlght Grahame Murray
Charterod Accountsnts
Statutory Auditor
Empeiofs Gate
114a C¥omwell Road
Kensington
London
SW7 4AG
Bright Grahamg Murray is ellglble for appointment as Auditor of the Trust by vlrtua of Its ellglbllty for appolntmant 89
Auditor of a company under section 1212 of the Companies Act 2006.

GRANTA TRUST
STATEMENT OF FINANCIALACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
Unrgstrl¢tgd Endowment
funds
fund$
2022
2022
Total Unrestrlct•d
funds
2021
2022
Not•s
ncomè from:
Don8tion5. endowmanls and legacies
Charitable activities
Investments
500,000
538,549
134,267
9,850,973 10.350,973
538,549
134,267
466,850
753,647
Total Income and endowm&nts
1,172.816
9,850,973 11,023,789 1,220,497
Ex
endi
ur¢ on..
Charitable activit185
1,067.161
1,067,161
1,377.299
Nat gain8lllossesl on Invèstments
10
1735.0531 1735,0531
Net Incomlnglltsutgolngl resoure•s
105,655
9,115,920 9.221,575
1156,8021
Othgr r&eognised galns and lo$$•s
Other gains or10gs8$
11
1.426
1,428
11,6301
Net mov•mgnt in funds
107,081
9,115,920 9.223,001
1158,4321
Fund bèl8nc88 at 1 January 2022
3,628
1.628
160,060
Fund balances at 31 0èc•mber 2022
108,709
9,115.920
9,224,629
1.628
The statement of financial actlvitlès include5 all gains and k>sses recognised in the year.
l income and expenditure deriv9 from continuing 8etivilies.

GRANTA TRUST
SUMMARY INCOME AND EXPENDITUREACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
All income funds
2022
2021
Gross income
1,172.816
1,220,497
Totsl expenditurg from income fund8
1.067,161
1.377,299
Net Incom•ll¢xpgndlturel for lh• year
105,655
1156,8021

GRANTA TRUST
BALANCE SHEET
AS A T 31 DECEMBER 2022
2022
2021
Not•s
Flxèd a¥$et8
Tangl￿e a998ts
Investmtrnts
13
14
17,686
8.264.947
32,319
8.282,613
32,319
Currènt asgets
Stocks
Debtors
Cash at bank and In han
Is
42,629
429,244
918.657
34.336
258,874
118.768
1.390.530
411,978
Credltors.. amounts falllng dué wlthln
one yèar
17
1448,5141
1442.6691
N8t current asset￿(1￿8bllllieSI
942,016
130,6911
Total assets h8$ C￿rrent Ilabllltles
9,224.629
1.628
Capltal fund$
Endowment funds- gèner81
Incomè Ivrtds
Unrestricted funds
9.11 5.920
106.709
1,628
9,224,629
1,628
The company Is enllllèd to the exernplbn trom th& au¢Jit r￿li1r￿Ment contalned In Socllon 477 of the Componies Act
2006. lor the year ended 31 Decembèr 2022, although an audil has been carrfed out under secllon 144 tsl th8
Charltlès Ac12011.
Thg directors ackno￿edge th8ir responslbllltles lor ￿mpl￿ng wlth thè requwgments ol th& Ccfftpanlps Act 2￿6
wllh respect to aecountiTrg rècords and the preparatlon of financial statements.
The members have not required thg Company to obtain an 8udit of its financi81 slalements un¢Jer lh& rèquirements
ol thè Companios Act 2006. lor the y8ar in question In accordance with section 47fj.
rh8 financial ststements were approved by the Tw8lees on ...2.1..&op.tpn)b.er 2023
Sigrid Rausing
Sigrid Rausing
Trustee
Company reglstratlon numbor 11592194

GRANTA TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Notè$
Cash flaw¥ from operatlng activities
Cash generated fromllabsorbed by)
operations
20
9.672.712
1860,1891
Investlng a¢tlvltles
Purchase of langible fixed assets
Purchase ol investments
Investm8nt income rec&lvèd
17.0901
19.000.000)
134,267
119,7341
Net ¢aBh used In Investlng actlvltlÈs
18,872.8231
119,7341
Not cash used In linan¢ing a¢tlvlt48s
Net Increasèlldo¢reasel In cash and cash
èquivalents
799,889
1879.9231
Cash and cash &qulvalents at beglnnlng of year
118,768
998,691
Cash and cash equlvalents at ènd ol year
918,657
118,768
10

GRANTA TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting pollcies
Charity information
Granla Trust is a p￿¥￿te company limited by guarantee incorporated in England and Wales. The registered
office is 12 Addison Avgnu8, London. W114QR, UK.
1.1 A¢counting convèntion
The financial statements hav8 been prepared In accordance wlth thè Trust's articles, the Companias Act
2006, FRS 102 The Financlal Reporting Standard applicable in th& UK and R&public of Ireland. I"FRS 102 1
and the Ch8rilies SORP 'A¢counting and Reporting by Charities". Statement of Recommended Practice
applicable lo Charilies preparing their accounts in accordan￿ with the Financial Reporting Standard
applicable in the UK and R9public of Iroland IFRS 1021"18ffective 1 J8nuary 20191. The Trust is 8 Publi
Ben&fit Entity a8 defined by FRS 102.
The financial $tstements are prepared in slerting, which is the functs'onal currency of the Trust. Monetary
amounts in these financial statements are rounde(S to the nearest £.
The financial si8tements have bÈén prepared under thè hislorical cost convention. Thè principal accounting
policies adopl¢d are set out below.
1.2 Golng concern
At Ihe lirne ol approving the financi81 statements, the trustees have a reasonable expectstion that the Trust
has adequate reSoUr￿S to continue in operational existence for Ihe foreseeable future. Thus the trustees
continue to adopt the going concern basis of accounting in preparing the financial stalem8nts.
1.3 Charitable funds
Unrestricted funds ar8 avallable for use al the discratltsn of the trustees in furth&ran¢g of their charitabl&
objectives.
R8Stricl8d funds ar8 subject lo spacifie eondits'ons by donors as to how they rnay be used. Thè purposes and
us85 of the restricted funds a￿ set out In th8 notes to the finandal statem8nt5.
Endowm8nl funds are sublect to SP8dflc condluons by donors that tha capital musl be malnialned by thg
Trust.
1.4 Income
Incom8 is recognised whén the Trust is legally Èntitled to it after any pèrformanc8 Condit￿nS have bean m81.
the amounts can be measured reliably, and it is probable that income will be received.
Donations are recognised once thè Trugl has been notbfied of the donation, unless performaneè ¢ondition
reqtjire deferral of the amounl. Income tax recoverable in relation lo donations received undor Gift or
deeds of covenant is recognised al ihe time of the donation.
L8gacies are re¢ognised on receipt or othe￿iSe il the Trust has been notified ol an impending distribulion. the
amount is known, and receipt is exp&¢ltrd. 11 the amount is not known. the legacy is treated as a coniingent
asset.
1.5 Expènditure
Re¢ognlllon of Expandlturo
Exponditure is ￿cognised once there is a legal or constructive obligation to maké a payment to a third party. it
is probable that settlemenl will be ￿qUired and th6 arnounl ol the obligation can be measur&d relTr8bly.
Expendituro is classified under th8 following activity hea¢Jings'.
11

GRANTA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Accountlng polic508
{Contlnuodl
Gov•rnanc• Costs
Includ88 staff time and expenses for tim8 spent in connèctlon with trustees me&tlngs, plus the cost ol audlt
and professional fees. Salary costs. wher8 appropriate. ar6 eharged in accordance wlth time spent.
1.6 Tanglblè flxed a8¥ets
Tangibl8 fixed assets ar8 initially measurèd at cost and Subs￿￿entlY measured at Cost or v81uation, net of
deprgclation and any impaimienl losses.
Depreciation is reo)gnised so as to write off th& cost or v8luation ol assels lass their residual values ovar thèir
useful lives on the following ba$tr$'.
Cornputers and Wèbsite cosis
2&33% per annum
The galn or10s5 arislng on th8 disposal of an assèt 15 deteimined as the diffèr8n¢e between the sale proceeds
and the carrying value of the asset, and is recognlsèd in the statement of financlal activities.
1.7 Flxed asset Investments
Fixed asset investments artr inilially measured at transaction price excluding transaction costs, and are
subsequently measured at fair value al each reporting date. Changes in fair value are recognised in net
incom&ll8XPgnditurel for tha y88r. Transaction costs 8rg 8xpens8d as incurr8d.
1.8 Impaimifrnt of fix•d assets
At 88ch reporting end dale, the Trust rèvl8ws the carrying amounts of its tangible assets to d8t8rrnine whether
there 15 any indlcatlon that those assèts have suffered an impairment10ss. 11 any such Indlcation exisis, the
r8coverable amount (>f the asset is èstim8led in order to d8lamiin8 the exlenl ol the imp8im)&nt loss lil any).
1.9 Stocks
Stocks are slated at the bwer of cost and estimated selling price less costs to complete and sell. Cost
comprises diraet materials and, wher& applicable, direct labour costs and those overh88d$ that hav8 been
incurred in bringing the slocks to their present location and condition. Items htrld lor dislribub'on at no or
nominal consideration are measured the lower of replacemant c¢)51 and cost.
Net r891i8able value is the estimated selling price less all estimatad ¢osts of completion and costs lo be
Incuir&d in markeling. selling and distrlbutlon.
1.10 Cash and cash equivalents
Cash and cash 8quivalents Includ8 cash in hand. deposlts held al call with banks, oth8r 5hort-term liquid
investments with original malurilies of Ihree months or less, and bank overdrafts. Bank ov6rdiafts are shown
within borrowings in current liabililies.
1.11 FSnanclal Instruments
The Tfu5t has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sectton 12
'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial Instruments are recognis8d in the Trust's balanc8 $h991 when the Trust bocom8S Pgrty lo the
contractual provlsions of the inslrumenl.
Financial assets and liabilities a￿ off$61, with the net amounts presented in th8 fin8ncial slalements, when
there is a legally enfor¢eable right to sel off the recognised amounts and thero is an intention to sellle on a net
basis or to r8alis& tha 8ssel and s8tU8 lh& li8bility 5imultsneously.
12

GRANTA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Aeeountin9 pollelos
{Continuedl
Baslc financial assots
Basic financial assets, whlch include d6btors and cash and bank balances. ar* in(tially measur&d at
transaetlon price induding transaction ctssts and are subsequently carried at amortlsed cost using the effectiv8
interest method unless Ihe arrangement constitutes a finanring transaction, wh&r& the transaction is
measured at the present value ol the futu￿ receipts discounted at a market rale ol inleresl. Financial assets
dassified as receivabl8 within one year ar9 not amortised.
Basio financial liabilities
Basic financial liabilities, including Crediiors an¢J bank b8ns are initially r8wgnised at transaction price unless
Ihe arrangement constitutes a financing transaction, where the debt instruTn8nl is rneasured at the present
value of the future payments discounted at a markèt rat8 of interest. Finandal liabilities dassified as payable
within one year ar8 not amortised.
Dèbt instruments are Subsequent￿ carried 81 anwrtised cost. using the effective intero81 rate method.
Trado creditors are obligations lo pay for good3 or servlces that have been acqulred in the ordinary course of
opeiations from suppll6rs. Arnounts payab18 are classified as eurrent liabilities if payment Is due within one
year or less. If not. thèy are presenled as non-current liabilities. Trade creditors are IÈco9nised initially at
transaction price and subsgqu8ntly measured 8t amortised cost using the effective inlerest method.
Dtr•cognlllon of flnanclal Ilabllltlès
Financial liabililies are der$¢ognised when thg Trust's contractual obli98tions expire or are di$ch8rged or
cancelled.
1.12 Employee beneflts
The cost ol any unused holiday entitlement is recognised in the period in which the employee's servi¢88 8re
rgceived.
Terrnination benefjts are recognis8d immediately as an expense when the Trust is demonstrably committed to
terminate the employment of an employee or to provide lemiinalion ben&fits.
1.13 Retlrement beneflts
Payments to defined contribution retirement benefil schemes are charged as an exp8nse as they fall du¢.
13-

GRANTA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
Donation¥ and legaele5
Unr•strf¢t•d Endowment
funds
funds
gèn•ral
2022
Totsl Un￿strICted
funds
2022
2022
2021
Donations and gifts
500,000
9,850.973 10,350,973
466.8SO
Don•tlons and glft$
Th& Hans and Marit Rauslng Charitable Trust
Other donations
N81 liabilities taken on as part ol Granta Magazing
Ir8n¥fer Isee below}
500,000 6.103,451
6.603,451
3.747,522 3.747,522
500.000
133.1501
500,000
9,850,973 10,350,973
466,850
As part of the transfer of the tllagazine trade from Granta Publications in 2020. The Hans and Marrt Rausing
Charltable Trust made a donal'on of £1,000,000 to Granta Trust.
Al the point of transfer of the m898zin8 from Granta Public81ions, the lolal value of the identifiablè 8ss8ls and
liabiltlies of that trade was a not liability position of £130,585. Therefore, this £130,585 was strl ag8insl the
above mentioned £1,000.000 donation as, in substance. they formed part of ihe same accounting tr8nsaCtion.
Th8 judgements and estirn81gs formed when valuing th8 assets and liabilities whèn that tr8nslgr took place
W8r8 r8viewed during th8 previous financial y•ar and an adjustment of £33,150 was r8cogni3ed in the
previous year.
Sigrid Rausing has made a further commilmenl to $e¢ura an 8ddilional £2.000,000 in four annual instalments
01 £500.000. The subst8nco of this commilm&nt is lo Urtde￿rite Ihe costs associatad with the magazine
business, and as such th8 annual donations of £500,000 will be recognised in the Stat8rn8nl of Financial
Actlvlll85 in the year In which thg funds are recelved, In ord8r to rnalch this cornmitment wlth th8 publlcalions
ol th& rèl8vant magazines lo whlch the commitment r&latas.
Endowments represent expèndable endowments designaled lo the Trust by the trustees during the year,
which 8re intended to providg 8 fvlure incom8 str8&m to underwrite thè rnain magazin8 publishing aclivilie5 of
the chgrily.
Included In other donations are amounts glfted from an organlsatlon conngcled to a trustee.
Charltablg actlvltles
M4gazin8
Trad8
2022
Magazine
Trade
2021
Sales within ch8ritsble aclivilies
538,549
753,647
14-

GRANTA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Inv•8tmgnt¥
Unrestricted
funds
Totsl
2022
2021
Dividends received
In18resl receivabl&
131,778
2,489
134.267
Charltablè aetivities
Magazln•
Magazlne
publication publication
Grant
Maklng
Total
2021
2022
2021
2021
Staff Costs
Depreciation
Production Cost$
Contributor Fees
Distribution Costs
Poetry Costs
Marketing Costs
Website Cost
Office Supplies Costs
Professional Fees
Computer Running Cos15
Overhead Costs
Bad D$bt 9xpens8
436,534
21.742
117,736
13S,742
2Q2,574
4,243
26,610
37,023
25,679
19,900
2,037
41,406
112,49Ql
527,414
30,266
148,583
162.155
298.233
3.446
62.287
45.208
13.011
20.193
4.652
45,739
527,414
30,266
148,583
162,1SS
298,233
3.446
62,287
45,208
13,011
20.193
4.652
45.739
1,058,736 1.361,187
1,361,187
Grant fundlng (note fjl
Governance costs (note 71
8,112
8.112
8,000
8,425
8,000
1,067,161
1,369,187
8,112 1,377,299
15-

GRANTA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Grants payable
Grnnt
Making
Grant
Maklng
2022
2021
Giants to institutions..
Granta Publi¢alitsns
8.112
Support cost$
Support Governanc•
osts
costs
2022
2021 Ba8ls of alloeatlon
Audit fees
8.425
8.425
8,000 Governance
8.425
8.425
8,000
Analys8d b6iw6gn
Charitable activities
8.425
8.425
8,000
Trustoes
During the year a trustee provided consultancy seNices to th& Trust amounting to £6.061.
During the year, no remLJneration or benefits wèrè réceived by trustees and key management p&rsonnal for
their services lo the eh8riLy.
Employees
The average monthly number of employees during th¢ ygar was..
2022
Numbor
2021
Numbèr
Adrninistratlva
Employment Costs
2022
2021
Wages and salarlas
Other pension cosls
414,119
22,41 S
503,197
24,217
43e,534
527,414
16-

GRANTA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Employees
Cgntinuedl
The number of emrAoyees whose annual ￿Muneral￿)n was more than £60,000
15 as follows:
2022
Numbor
2021
Nurnber
£60,001 to £70,000
10 Net galnsllloss8¥1 on Inv•stm&nts
Endowment
funds
general
2022
Total
2021
R8valualion of investments
1735,0531
11 Other galns or losses
Unrè$trlet•d Unrèstricted
funds
funds
2022
2021
Foretgn &xchange gain$
11.4261
1.630
12 Taxation
The charity is exempl from tax on incorne and gains falllng withln sèctlon 505 of the Taxes Act 1988 or section
252 of the Taxationof Chargèable Gains Act 1992 ￿ the extent that th6s8 are applied to its charitable objects.
17-

GRANTA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
13 Tangible flxed asset$
Computsrs and W•bslto costs
Cost
At 1 January 2022
Additsons
227.860
7.090
At 31 December 2022
234.950
Oepreclation and impalm)ent
At 1 January 2022
Depreciatlon charged in the year
195,541
21,743
At 31 D8cemb8r 2022
217,284
Carrying amount
At 31 Decèmbèr 2022
17,666
At 31 Dec8tnber 2021
32,319
14 Flxèd a¥set Investmènts
Llsted
Inv•stm4nts
Cost or valuatlon
At 1 January 2022
Additions
Valuation changes
9.000,000
1735,0531
Al 31 December 2022
8.264,947
Carrying amount
At 31 December 2022
,264,947
At 31 December 2021
15 Slocks
2022
2021
Magazines
42.629
34.336
18

GRANTA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
16 D&btors
2022
2021
Amounts falling duo within one ygar:
Trade debtors
Other debtors
Pr8paymenls and accrued income
82,209
326.004
21,031
52,427
203.552
2,895
429,244
258,874
17 Credllor8: amounts falllng duè wlthln onè yoar
2022
2021
Other taxation and soclal security
Trade crediltsrs
Subscriptions Ilabllllies
Acuuals and deferred income
14.292
69.210
331,144
33.868
7,180
69,210
348.085
18,194
448,514
442,669
18 Analys1$ of not assèts between funds
Unr•stri¢tod Endowment
funds
fvnds
2022
2022
Total Unr•$tri¢ted
funds
2021
2022
Fund balancès al 31 December 2022 arè
represented by:
Tangible assets
Investments
Currenl assetsllli8bililie$l
17,666
17,666
8,264,947 8,264.947
850,973
942.016
32.319
91,043
130.6911
108,709
9,115.920 9,224,629
1.628
19 R•lat•d p•rty transactlons
Includ&d wlthln Support Costs ara staff and other OV8Thead costs whlch arè rach8198d frorn Grdnla
Publlcatlons on an ami's length basls.
Included within Gr8nty P8yable is a grant mad& to Grants Publications made on an arm's length basis.
Donations receivtrd frotn related parties are disclosad In nolg 2.
Sigrid Rausing is thè ullm8te controlling party of Granta Publlcations.
19.

GRANTA TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
20 Cash g•nerated from opèration4
2022
2021
Surpluslldgficill for the yaar
9,221.575
1156,8021
Adjustments for.,
Investment inc0rn9 recognised in statement of financial activitie
Forèlgn exchange differ6nc85
Fair value Igainsl and losses on investment5
Depreciation and Impairment of tangibla flxed assets
1134.2671
1.426
735,053
21,742
11,6301
30.266
Movements in working capital..
Ilncreas81 in stocks
Ilncreasel in debtors
Increas81ldgcreasel in crèditor8
(Decrease) in deferr8d income
18.2931
1170.3691
5,845
134,3361
1118,3041
179,3831
Isoo,0001
Cash generatèd froml{absorbed by) operatlons
9,672.712
1860, 1891
20-