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|Contents||Page|
|---|---|---|
|Statutory Information|||
|Trustees' Report||3-8|
|Independent
Auditor's|Report to the Trustees|9-12|
|Statement ofFinancial|Activities|13|
|Balance Sheet||14|
|Statement ofCash Flows||15|
|Notes to the Financial|Statements|16-22|
||||The Sigrid Rausing Trust|The Sigrid Rausing Trust|
|---|---|---|---|---|
||||Statutory Information||
|Title|||The Sigrid Reusing Trust||
|Registered|Address||12Penzance Place||
||||London||
||||Wl 1 4PA||
|Trustees|||Sigrid Reusing||
||||Andrew
Puddephatt||
||||Chris Stone||
||||Jeffery Jowell||
||||Geoffrey Budlender||
||||Joshua Mailman||
||||Mabel van Oranje||
||||Hosh Ibrahim||
||||Ruth Rogers||
|Date ofEstablishment|||22 January 2021||
|Bankers|||HSBC Private Bank||
||||8Cork Street||
||||London||
||||W1S3LJ||
||||Santander
Corporate Bank||
||||Santander
House||
||||100Ludgste Hill||
||||London||
||||EC4M 7RE||
|Legal Advisers|||Bates Wells and|Braithwaite|
||||10Queen Street|Place|
||||London||
||||EC4R 1BE||
|Independent|Auditors||Moore Kingston|Smith LLP|
||||Devonshire
House||
||||60Goswell Road||
||||London||
||||EC1M 7AD||
|Investment|Advisers||Cambridge
Associates||
||||62 Buckingham|Gate,|
||||London,||
||||SW1E6AJ||
|Charity Registration||Number|1194828||
|Company Registration||Number|13152028||
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||||Unrestricted|Expendable|Period ended|
|---|---|---|---|---|---|
||||Funds|Endowment|31December|
|||Notes||Fund|2021|
|Income and endowments||||||
|Donations|||7,000,000||7,000,000|
|Gifts ofexpendable||||133,000,000|133,000,000|
|endowment||||||
|Transfer ofassets|and||(20,070,159)||(20,070,159)|
|liabilities||||||
|Total Income and|||(13,070,159)|133,000,000|119,929,841|
|Endowments||||||
|Expenditure
on Raising||||||
|Funds||||||
|Investment
Management||||13,045|13,045|
|Costs||||||
|Expenditure||||||
|Grants Awarded|||16,636,700||16,636,700|
|Support Costs|||411,795||411,795|
|Governance
Costs|||45,346||45,346|
||||17,093,841|13,045|17,093,841|
|Total Expenditure|||17,093,841|13,045|17,106,886|
|Net loss on Investments||9||28,548|28,548|
|Transfer between|funds|14(b)|30,164,000|(30,164,000)||
|Net movement
in|funds||||102,794,407|
|Total Funds Carried||||||
|Forward||||||
|At 31"December|2021|||102,794,407|102,794,407|
|||Notes|2021|2021|
|---|---|---|---|---|
|FIXEDASSETS|||||
|Tangible fixed assets||||11,708|
|Investments||||132,971,452|
|||||132,983,160|
|CURRENT ASSETS|||||
|Debtors||10|25,450||
|Cash at bank and in hand|||10,539,073||
||||10,564,523||
|CREDITORS: amounts|falling due within one||||
|year|||||
|Creditors|||29,793,276||
|NET CURRENT ASSETS||||i19,228,753)|
|TOTAL ASSETSLESSCURRENT||||113,754,407|
|LIABILITIES|||||
|CREDITORS: amounts|falling due after one||||
|year|||||
|Creditors||12||10,960,000|
|NET ASSETS||||102,794,407|
|FUNDS|||||
|Expendable
endowment|funds|14||102,794,407|
|Total Funds||||102,794,407|
||||Notes|||2021|
|---|---|---|---|---|---|---|
|Net cash inflow from operating|activities||(A)|||129,546,225|
|Net cash outflow from investing|activities||(B)|||(133,000,000)|
|(Decrease)/increase
in cash in|the period||(C)|||(3,435,775)|
|A) Reconciliation
ofnet incoming||resources to||||2021|
|net cash outflow from operating||activities|||||
|Net income for the year||||||102,794,407|
|Transfer ofassets and liabilities|(see|note 2)||||20,070,159|
|Depreciation||||||2,160|
|Loss on investments||||||28,548|
|Increase in debtors||||||(6,356)|
|Increase in creditors||||||6,675,307|
|Net cash inflow from operating|activities|||||129,564,225|
|B) Net cash outflow from investing||activities||||2021|
|Cash invested
in investment
portfolio||||||133,000,000|
|C) Analysis of changes in net|cash|funds|||||
|||||Cash on transfer||At 31|
|||||6 October 2021|Cashflows|December 2021|
|Cash and cash equivalents||||13,974,848|(3,435,775)|10,539,073|
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|046769)for the|year ended 31December 2|020 and for the period from I January 2021 to|5 October 2021.|
|---|---|---|---|
|||Period from IJanuary|Year ended 31|
|||to 5October 2021|December 2020|
|Income||3,981,466|33,128,713|
|Expenditure||(25,811,287)|(34,272,734)|
|Net assets transferred||20 070 159||
|Net movement|in funds|47,759,6627|(1,144,021)|
|||As at 5October 2021|As at 31December|
||||2020|
|Fixed assets||18,775|12,128|
|Current assets||13,989,037|42,597,047|
|Liabilities||~34077970|~40 049513|
|Net (liabilities)|/ assets|(20,070,159)|1,759,662|
|Total funds||(20,070,159)|1,759,662|
|5. SUPPORT COSTS|5. SUPPORT COSTS|5. SUPPORT COSTS|October to December 2021|
|---|---|---|---|
|StaffCosts (see note||7)|378,901|
|Rent, rates and service charges|||8,793|
|Other|||24,101|
||||411,795|
|6. GOVERNANCE||COSTS|October to December 2021|
|Consultancy|Fees||23,129|
|Audit fee|||14,790|
|Accountancy|fees||6,300|
|Legal fees|||1,127|
||||45,346|
|7. STAFF COSTS|||October to December 2021|
||||8|
|Salaries|||294,234|
|Employers'|national|insurance|29,418|
|Pension and|Death in|Service Contributions|28,322|
|Other staff costs|||26,927|
||||378,901|
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|||Fittings and|
|---|---|---|
|||Equipment|
|Cost at 22 January 2021|||
|Additions||13,868|
|At 31December 2021||13,868|
|Depreciation|||
|Charge for the year||2,160|
|At31December 2021||2,160|
|Net book value|||
|At 31December 2021||11,708|
|9. INVESTMKNTS||2021|
|Investment
additions||133,000,000|
|Net movement
in investment|cash balances||
|Net losses on investments||(28,548)|
|Market value at 31December|2021|132,971,452|
|Historic cost at 31December|2021|133,000,000|
|Investments
at period end were made up as follows:||2021|
|||8|
|UK equities||40,161,006|
|Hedge funds||17,300,000|
|Cash||75,510,446|
|Total||132,971,452|
|Portfolio Management||2021|
|||8|
|Cambridge
Associates||9,457|
|Northern
Trust||3,588|
|Net charge to SOFA||13,045|
|10. DEBTORS||2021|
|---|---|---|
|Trade debtors||360|
|Prepayments||24,972|
|Other debtors||118|
|||25,450|
|11.CREDITORS||2021|
|Trade creditors||38,059|
|Grants payable||29,596,200|
|Accruals||101,544|
|Taxation and social security||39,335|
|Pension||18,138|
|||29,793,276|
|12. GRANT COMMITMENTS||2021|
|Forward commitments|at the date oftransfer|35,451,200|
|Commitments
made during the period||16,511,700|
|Adjustments
re Grants|made|(30,000)|
|Amounts
paid during the period||(11,376,700)|
|Forward commitments|at 31December 2021|40,556,200|
|Split as follows:|||
|Amounts
due within one year||29,596,200|
|Amounts
due after one year||10,960,000|
|||40,556,200|
##
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|14a.|ANA|LYSIS OFNKT|AS|SETSBETWEEN FUNDS|SETSBETWEEN FUNDS|SETSBETWEEN FUNDS||||
|---|---|---|---|---|---|---|---|---|---|
|||||Investments
Tangible|||Other Net||Total Funds|
||||||Fixed|Assets|Liabilities|||
||||||8|||||
|Endowment||funds||132,971,452||11,708|(30,188,753)||102,794,407|
|Unrestricted||funds||||||||
|Total|funds|||132,971,452||11,708|(30,188,753)||102,794,407|
|14b.|RECONCILIATION||OF|FUNDS||||||
|||Funds||Incoming|Resource|Transfers||Gains|Funds c/fwd|
|||b/fwd|at|Resources|Expensed|||and|at31.12.21|
|||1.1.21||||||. Losses||
||||8|g||||||
|Endowment
Unrestricted||funds
funds||133,000,000
~73,070, 759|13,045
17,093,841|(30,164,000)
30,164,000||(28,548)|102,794,407|
|Total|Funds|||119,929,841|17,106,886||-|~28,548|102,794,407|
##
|||2021|
|---|---|---|
|Land &Buildings|||
|Due not later than one|year|10,024|
|Due not later than one|year but not later than five years|616|
|Total future minimum|lease payments|10,640|