| Contents | Page |
|---|---|
| Statutory Information | 2 |
| Trustees' and StrategicReport | 3-8 |
| Independent AuditoCs Report to the Trustees | 9-12 |
| StatementofFinancialActivities | 13-14 |
| BalanceSheet | 15 |
| StatementofCashFlows | 16 |
| Notesto theFinancialStatements | t7-24 |
| TheSigridRausingTrust | |
|---|---|
| Statutory Information | |
| Title | The SigridRausingTrust |
| Registered Address | l2Penzance Place |
| London | |
| wlI4PA | |
| Trustees | SigridRausing |
| AndrewPuddephatt | |
| ChrisStone | |
| Jeffery Jowell | |
| Geoffrey Budlender | |
| JoshuaMailman | |
| Mabelvan Oranje | |
| Hosh Ibrahim | |
| RuthRogers | |
| Dateof Establishment | 22January2021 |
| Bankers | Santander CorporateBank |
| Santander House | |
| 100I-udgateHill | |
| London | |
| EC4M7RE | |
| Legal Advisers | BatesWellsandBraithwaite |
| 10QueenStreet Place | |
| London | |
| EC4RlBE | |
| IndependentAuditors | Moore KingstonSmithLLP |
| 6thFloor | |
| 9AppoldStreet | |
| London | |
| ECZAzAP | |
| fnvestment Advisers | CambridgeAssociates |
| 62 BuckinghamGate, | |
| London, | |
| SWIE6AJ | |
| CharityRegistration Number | 1194828 |
| Company RegistrationNumber | 13t52028 |
| Key ManagementPersonnel | Clare Algar, Chief ExecutiveOfficer |
| Duncan Wilson, ExecutiveDirector | |
| BethFernandez,Deputy Executive Director | |
| JanePickering, Chief OperatingOfficer |
| Unrestricted | Expendable | Yearended | ||
|---|---|---|---|---|
| F'unds | Endowment | 3lDecember | ||
| Notes | Fund | 2022 | ||
| Incomeand endowments | f | f | f | |
| Donations | 40,011,516 | 40,011,516 | ||
| Gifts ofexpendable | 120,000,000 | 120,000,000 | ||
| endowment | ||||
| TotalIncomeand | 40,011,516 | 120,000,000160,011,516 | ||
| Endowments | ||||
| ExpenditureonRaising | ||||
| Funds | ||||
| InvestmentManagement | 9 | 5,921 | 5,921 | |
| Costs | ||||
| Expenditure | ||||
| GrantsAwarded | 4 | 39,411,239 | 39,4r1,239 | |
| SupportCosts | 5 | 2,242,763 | 2,242,763 | |
| GovernanceCosts | 6 | 82,447 | 82,447 | |
| 41,736,448 | 41,736,448 | |||
| TotalExpenditure | 41,736,448 | 5,921 | 41,742,369 | |
| NetlossonInvestments | 9 | (9,400,258) | (9,400,258) | |
| Net income(expenditure) | (1,724,932) | r10,593,821 | i08,868,889 | |
| Transferbetweenfunds | 14(b) | 1,724,932 | (1,724,932) | |
| Netmovementin funds | 108,868,889 | 108,868,889 | ||
| Brought Forward | t02,794,407 | r02,794,407 | ||
| TotalFundsCarried Forward | ||||
| At31't December2022 | 21r,663,296211,663,296 |
| SOFAforpriorvear. | Unrestricted | Expendable | Periodended | Periodended | |
|---|---|---|---|---|---|
| 2021 | Funds | Endowment | 3lDecember | ||
| Notes | Fund | 2021 | |||
| Incomeand endowments | f | f | f | ||
| Donations | 7,000,000 | 7,ooo,ooo | |||
| Gifts ofexpendable | 133,000,000 | 133,000,000 | |||
| endowment | |||||
| Transfer ofassetsand | 3 | (20,070,r59) | (20,070,159) | ||
| liabilities | |||||
| TotalIncomeand | (13,070,159) | 133,000,000 | 119,929,841 | ||
| Endowments | |||||
| ExpenditureonRaising | |||||
| Funds InvestmentManagement |
I | 73,045 | 13,045 | ||
| Costs | |||||
| Expenditure | |||||
| GrantsAwarded | 4 | 76,636,700 | 16,636,700 | ||
| Support Costs | t | 411,795 | 411,795 | ||
| GovernanceCosts | 6 | 45,346 | 45,346 | ||
| 17,093,841 | 13,045 | 17,093,841 |
|||
| Total Expenditure | 77,093,841 | 13,045 | 17,106,886 | ||
| Netlosson Investments | 9 | (28,548) | (28,548) | ||
| Transferbetween funds | 14(b) | 30,164,000 | (30,164,000) | ||
| Netmovementin funds | 102,794,407 | ||||
| TotalFundsCarried | |||||
| Forward | |||||
| At31't December2021 | 102,794,4ç7 | 102,794,407 |
| Notes | 2022 f |
2021f | |
|---|---|---|---|
| FIXEDASSETS Tangible FixedAssets Investments |
II | 23,656 243"571.194 243,594,850 |
11,708 132.971.452 132,983,760 |
| CURRENTASSETS | |||
| Debtors | 10 | 408,892 | 25,450 |
| Cash at bankandinhand | 6,180,502 | 10,539,073 | |
| CREDITORSduewithinoneyear | 11 | (28,483,948) | (29,793,276) |
| NET CURRENTLIABILITIES | (21,894,554) | (19,228,753| | |
| TOTALASSETS LESSCIJRRENT | |||
| LIABILITIES | 221,700,296 | 113,754,407 | |
| CREDITORSdueafteroneyear | t2 | 10,037,000 | 10,960,000 |
| NETASSETS | 211,663,296 | r02,794,407 | |
| FUNDS | |||
| Expendableendowmentfunds | t4 | 217,663,296 | 102,794,407 |
| Notes | 2022 | 2021 | |||
|---|---|---|---|---|---|
| f. | |||||
| Netcashoutflowfromoperatingactivities | (A) | (4,337,872)(3,435,775) | |||
| Netcashoutflow frominvestingactivities | (B) | (120,020,700)(I33,000,000) | |||
| .Netcashoutflowfrom financing activities | (c) | 120,000,000133,000,000 | |||
| @ecrease)/increaseincashin the period | (D) | (4,358,572)(3,435,775) | |||
| A)Reconciliation ofnetincomingresourcesto net cashoutflow fromoperating activities |
f 2022 |
2021 f |
|||
| Netincome fortheyear | 108,868,889 | 102,794,407 | |||
| Transferofassetsandliabilities(seenote2) | 20,070,r59 | ||||
| Depreciation | 8,752 | 2,160 | |||
| Lossoninvestments | 9,400,258 | 28,548 | |||
| Decrease/(lncrease)indebtors | -383,443 | -6,356 | |||
| Decrease/(Increase)in creditors | -2,232,328 | 6,675,307 | |||
| Endowmentdonations | -120,000,000 | -133,000,000 | |||
| Netcashinflow fromoperating activities | -4,337,872-3,435,775 | ||||
| B)Netcashoutflowfrominvesting activities | 2022 ft |
2021 | |||
| Cashinvested ininvestmentportfolio | (120,000,000)(133,000,000) | ||||
| Tangiblefixedassetadditions | (20,700) | ||||
| Netcashoutflow frominvesting activities | (r20,020,700)(133,000,000) | ||||
| C)Netcashinflow fromfinancing activities | 2022 f |
202r f |
|||
| Endowmentdonations | 120,000,000133,000,000 | ||||
| D)Analysis ofchangesinnetcashfunds | |||||
| At31 | At3l | ||||
| December | 2021 | Cashflows | December2022 | ||
| f. | f | f | |||
| Cash andcashequivalents | 10,539,073(4,358,572)6,180,502 |
| 3.TRANSFEROF'NETASSETSILIABILITIES | 2021 |
|---|---|
| f | |
| Transferofassetsandliabilities | 20,070,159 |
046769)forthe yearended3IDecember2 |
020 andforthe periodfrom1January 2021to5 | October2021. |
|---|---|---|
| Periodfrom1January | Yearended31 | |
| to5October2021f | December 2020f | |
| Income | 3,981,466 | 33,128,713 |
| Expenditure | (25,811,257) | (34,272,734) |
| Netassetstransferred | 20.070.159 | |
| Net movement infunds | (1,759,662) | (1,744,021) |
| Asat5October2021 | As at31December | |
|---|---|---|
| g | 2020 | |
| g | ||
| Fixedassets | 18,775 | 12,128 |
| Currentassets | 13,989,037 | 42,597,047 |
| Liabilities | (34.077.970|(40"849.513) | |
| Net (liabilities) /assets | (20,070,t59) | r,759,662 |
| Total funds | (20,070,759) | 1,759,662 |
| 2022 | Oct-Dec2021 | ||
|---|---|---|---|
| s | s | ||
| Main | Grants | 39,289,239 | 16,556,700 |
| Small | Grants | t22.000 | 80.000 |
| Total | grants | 39,417,239 | _:',"tJ" |
| .SUPPORTCOSTS | ||
|---|---|---|
| 2022f | Oct-Dec2021f | |
| StaffCosts(seeNote7) | 1,892,114 | 378,901 |
| Rent,ratesand servicecharges | 46,158 | 8,793 |
| Other | 304"490 | 2.4tr |
| 2,242,762 | 411,795 |
| .GOVERNA¡ICECOSTS | ||
|---|---|---|
| 2022f | Oct-Dec2021f | |
| ConsultancyFees | 7,010 | 23,129 |
| Auditfee | 16,7r0 | 14,790 |
| Accountancyfees | I5,153 | 6,300 |
| LegalFees | 43.574 | 1"127 |
| 82,447 | 45,346 |
| .STAFFCOSTS | ||
|---|---|---|
| 2022 | Oct-Dec2021 | |
| g | s | |
| Salaries | 1,546,739 | 294,234 |
| Employers'NationalInsurance | 177,8t4 | 29,418 |
| Pension | 125,528 | 28,322 |
| Other staffcosts | 42.033 | 26"927 |
| 1,892,114 | 378,901 |
| 2022 | Oct-Dec | 2021 |
|---|---|---|
| 27 | 23 |
| 8.TANGIBLEFIXEDASSETS | |||
|---|---|---|---|
| 2022 | 2021 | ||
| f | f | ||
| Cost | |||
| Brought forwardatIJanuary2022/ 6October202l | 13,868 | Nil | |
| Additions | 20,700 | 13.868 | |
| Costat3lDecember | 34,568 | 13,868 | |
| Depreciation Brought forward at1January2022I6Octcjber2021 |
2,160 | Nil | |
| Additions | 8.752 | 2.160 | |
| Accumulated Depreciationat31 December | 10,912 | 2,r60 | |
| NetBook Value | |||
| Brought forwardat1January 2022/6October2027 | 11.708 | ||
| Net book valueat 31 December | 23,656 | 11,708 | |
| 9. IIWESTMENTS | |||
| 2022f | 2021t | ||
| Brought forward marketvalue | 132,971,452 | Nil | |
| Investmentadditions | 120.000.000 | 133.000.000 | |
| 252,971,452 | 133,000,000 | ||
| Netlossesoninvestments | (9,400,258) | (28,548) | |
| Market valueat31December | 243,571,194 | 132,971,452 | |
| Historiccost at3lDecember | 253,000,000 | 133,000,000 | |
| Investmentsatyearendweremadeupasfollows | |||
| 2022f | 2021f | ||
| UKEquities | 128,049,795 | 40,161,006 | |
| Hedge Funds | 77,897,435 | 17,300,000 | |
| Cash | 37 | _964 | 75.510.446 |
| 243,577,194 | 132,971,452 | ||
| PorffolioManagement | |||
| 2022 f |
2021f | ||
| Cambridge Associates ALTAAdvisors |
(32,525) 10,500 |
9,457 Nil |
|
| Northern Trust | 27.946 | 3.588 | |
| NetchargetoSOFA | 5,921 | 13,045 |
| 10. DEBTORS | |||
|---|---|---|---|
| 2022 s |
2021t | ||
| Trade debtors | 790 | 360 | |
| Prepayments | 61,798 | 24,972 | |
| Other debtors | 346.305 | ||
| 408,893 | 25,450 | ||
| 11. CREDITORS | |||
| 2022f | 2021 f, |
||
| Tradecreditors | 79,776 | 38,059 | |
| Grants payable | 39,043,000 | 29,596,200 | |
| Accruals | 387,697 | . | 101,544 |
| Taxation&Social Security | (3,962) | 39,335 | |
| Pension | 14.438 | 18"138 | |
| 38,520,949 | 39,793,276 | ||
| 12. GRANTCOMMITMENTS | |||
| 2022 | 2021 | ||
| f | f | ||
| Forward commitmgntsatthedateof transfer | 35,451,200 | ||
| Grants recognisedat1January | 40,556,200 | ||
| Commitmentsmadeduringtheyear | 39,591,329 | I6,511,700 | |
| Adjustmentsre Grantsmade Amountspaidduringtheyear |
(180,000) (41.924.439) |
(30,000) t11.376.700) |
|
| 39,043,000 | 40,556,200 | ||
| Splitasfollows: | |||
| Amountsduewithinoneyear | 28,006,000 | 29,595,200 | |
| Amountsdueafteroneyear | 10.037.000 | 10.960.000 | |
| 38,043,000 | 40,556,200 |
| *a.ANALYSISO | FNETASSETSB | ETWEENFUN | ETWEENFUN | DS | DS | ||||
|---|---|---|---|---|---|---|---|---|---|
| As at31rDecember | 2022 | Investments | Tangible | OtherNet | Total Funds | ||||
| Fixed | Assets | Liabilities | |||||||
| f | f | f | f | ||||||
| Endowment funds | 243,571,188 | 23,656 | (31,93t,554) | 211,663,296 | |||||
| UnrestrictedFunds | |||||||||
| Totalfunds | 243,571,188 | 23,656 | 211,663,296 | ||||||
| As at3l'tDecember | 2021 | Investments | Tangible | OtherNet | Total Funds | ||||
| Fixed | Assets | Liabilities | |||||||
| f | f | f | f | ||||||
| Endowment funds | 732,971,452 | 11,708 | (30,188,753) | 102,794,407 | |||||
| UnrestrictedFunds | |||||||||
| Totalfunds | 132,971,452 | 11,708 | (30,188,753) | 102,794,407 | |||||
| 14b.RECONCILIATIONOF F'I]Ì\DS | |||||||||
| Fundsb/frvd | Incoming | Resource | Transfers | Gains and | Funds cifrvd | ||||
| As at3l'tI)ecember 2022 |
atl.l.22f | Resources t |
Expensed f |
f | .Losses f |
ú31.12.21 s |
|||
| Endowment funds | 102,794,407 | 120,000,000 | 5,921 | 724,932) t, |
(9,400,258) | 211,663,296 | |||
| Unrestricted funds | 40,011,5i6 | 41,736,448 | 1 724.932 | ||||||
| TotalFunds | 102,794,407 | 160,011,516 | 41,742,369 | (9,400,270) | 211,663,296 | ||||
| Fundsb/frvd | Incoming | Resource | TransfersGains and | Funds c/frvd | |||||
| As at3l'tI)ecember 2021 |
atl.l.2lf | Resources g |
Expensed f |
f | Lossesf | a,t3l.l2.2l f, |
|||
| Endowmentfunds | 133,000,000 | 13,045 | (30,164,000) | (28,548) | 102,794,407 | ||||
| Unrestricted funds | (13,070,159) | 17,093,841 | 30,164,000 | ||||||
| TotalFunds | 119,929,841 | 17,106,886 | (28,548) | 102,794,407 |
| t31 December 2022 thecharþhadannualcomm | itmentsunder operatingleasesasfollows: | |
|---|---|---|
| Other | 2022 g |
2021f |
| Lessthanoneyear | 3,000 | 27,830 |
| Two tofiveyears | 750 | 36.228 |
| 3,750 | 64,058 |