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|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|





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|||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<br>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||<br>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<br>f|2021f|
|---|---|---|---|
|FIXEDASSETS<br>Tangible FixedAssets<br>Investments|II|23,656<br>243"571.194<br>243,594,850|11,708<br>132.971.452<br> 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<br>net cashoutflow fromoperating activities||||f<br>2022|2021<br>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<br>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<br>f|202r<br>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||||





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|3.TRANSFEROF'NETASSETSILIABILITIES|2021|
|---|---|
||f|
|Transferofassetsandliabilities|20,070,159|



|<br>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|



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|||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"|





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|.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|



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|.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|



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|.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|



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|8.TANGIBLEFIXEDASSETS||||
|---|---|---|---|
|||2022|2021|
|||f|f|
|Cost||||
|Brought forwardatIJanuary2022/ 6October202l||13,868|Nil|
|Additions||20,700|13.868|
|Costat3lDecember||34,568|13,868|
|Depreciation<br>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<br>f|2021f|
|Cambridge Associates<br>ALTAAdvisors||(32,525)<br>10,500|9,457<br>Nil|
|Northern Trust||27.946|3.588|
|NetchargetoSOFA||5,921|13,045|





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|10. DEBTORS||||
|---|---|---|---|
||2022<br>s||2021t|
|Trade debtors|790||360|
|Prepayments|61,798||24,972|
|Other debtors|346.305|||
||408,893||25,450|
|11. CREDITORS||||
||2022f||2021<br>f,|
|Tradecreditors|79,776||38,059|
|Grants payable|39,043,000||29,596,200|
|Accruals|387,697|.|<br>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<br>Amountspaidduringtheyear|(180,000)<br>(41.924.439)||(30,000)<br>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|



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|*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<br>2022|atl.l.22f|Resources<br>t||Expensed<br>f||f|.Losses<br>f||ú31.12.21<br>s|
|Endowment funds|102,794,407|120,000,000||5,921|724,932)<br>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<br>2021|atl.l.2lf|Resources<br>g||Expensed<br>f||f|Lossesf||a,t3l.l2.2l<br>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|



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|t31 December 2022 thecharþhadannualcomm|itmentsunder operatingleasesasfollows:||
|---|---|---|
|Other|2022<br>g|2021f|
|Lessthanoneyear|3,000|27,830|
|Two tofiveyears|750|36.228|
||3,750|64,058|