THE SIGRID RAUSING TRUST (A registered charitable eompan). limited by guarnnt¢e) Charity No.. 1194828 Company No: 13152028 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 The Sigrid Rausing Trust Contents Contents Page Statutory Inforniation Trustees, and Strategic Report Independent Auditor's Report to tl)e Trustees 9- 12 Sialemenl of finai)¢ial A¢livities 13 Balance Sheet 15 Siatement of Cash Flow$ 16 Notes to the Finan¢iAI Sial¢menls 17-25 Pag¢ I The Sigrid Rausing Trust Statutory Inforniation Title The Sigrid Rausing Trust Registered Address 12 Penzance Place London W114PA Trustees Sigrid RausiTtg (Chair) Andrew Puddephart (Deputy Chair) Dai)iel Hotz (joined l January 2024) Hosli Ibraliim Jeffrev Joi¥ell Helena K¢ni)¢dy lioin¢d l Octob¢r 2023) Joshua Mailman Chris Stone Date of Eslablishmenl 22 Januar), 2021 Bankers Santand¢r Corporate Bank Santander House 100 Ludgale Hill Loiidon EC4M 7RE Legal Advisers Bates Wells and Braithwaite l O Queen Street Place London EC4R IBE IndependeDI Auditors UHY Hacker Young LLP 4 Thomas More Square Loiidon Elw IYW Investment Advisers Cambridge Associates 62 Buckingham Gate London, SWIE6AJ Cbarity Registration Number 1194828 Company Re2istratioth Lyumber 13152028 Key Managemellt Personnel Duncan Wilson, Excculive Direu'lor Beth Fernandez. Deputy Executive Director Jane Pickering. Chief Operating Officer Page2- The Sigrid Rausing Trllst Trustees, #nd Strategi¢ Report for tbe year ended 31 December 2023 The trustees present their report and financial staiements for the year ¢nded 31 December 2023. The financial statements have b¢¢n prepared in accordance with the accounting policies set out iii nute l io ihe aceounts and coinply with the cliarity's iiiemorandum aiid articles, the Charities Act 2011. Coinpanies Act 2006 and Accounting and Reportiiig by Charities.. Siaieinent of Rccommellded Practi¢¢ 2019 applicable to charities preparillg their accounts in accordai)ce with th¢ kinancial R¢portin8 Siandard applicable in tlie UK and Republic of Irelai)d {FRS 1021. Objectives and activities for the public benefit The Sigrid Rausing Trust was sel up to provide benefit to other charitable institutions in advancement of their chariiable work or to benefit other groups provided the work they carry out is chariiable. The trustees confirm that they Iigve complied ￿'1th the duly in Se¥iion 17 of the Charilies Act 2011 to liave duc r¢gyard to tl)e Cliarity Commission'8 guidaiice oil public benefit wlieii reviewiiig th¢ TrLlSt's ain15 aiid objectives, li) planning fill(1￿ acti￿ iiies, and in settingT th¢ gTrraiit Inakiiig policy for the Trust. The Sigrid Rauginy Trust furthers its eharitable purposes for the publi¢ benefit by promotiiiy ihe valLies aiid prii)ciples of liuinaii riglits, equality ai)d ihe rule of law. ai)d supporti118 tlie preservatioii of nature from further de¥radaiion. IneorporAted status The Sigrid Rausiiig Trust was estublished as a Charitsble registered eompany limited b). guaruntee 01) (he 29 Jai)Liary' 2021. li reLeived a iransfer of all assets and liabilities froin Tlie Sigrid RaLlS11)g Triist (chHrily iin. I n467fi91 li) ()¢tnb¢r ?Q21. at wliieli rx)ii)t Ihe previLius charity ceased to fiiiiction. The previous charity inLorporaled on 5 April 1995 by Trusl Deed. Tlie piirpotsL of thL CStubli%liiii¢iit ot thc new. cl)aritllble regi5tLrLd compai)y limited by. guaruiitc was lo eiiable tl)e cstablisliin¢i)t aiid iiiv¢%tiiieiil ol- ali expeiidable endowinei)t givei) to th¢ Sigrid Rausing Trust by our solL beiiefaclor Sigrid Rausing. The intention of Ihe full Iranslir ol-assels aiid liabilities from the previou5 ¢1)arit)' l() the new. Lharitable regFistered cotnpaiiy is to eiisur¢ a full aiid scamless coi)tlllLiatioi) uftli¢ charitable yrani-makin8 ai)d purpose froin tlie previous ¢liarity to the chariiable rcgistcrL'd Loinpany. Grant-mAking The Trust's grants durin8 the year were made within elevei) Iheinalic programmes: Arts Conservation Defendii)g Civic Space D¢l¢ntivi), Torture and Death Penaltv l.e.%biaii. Cjay. Bisexual. Transgender and Intersex {LGBTI) Rights Mi¥ration and Inclusion Strengthening the Human Rights Field ToxiLs aiid Polluiion Transparency aiid Accountability Truth. Justice and Memory Women s Riglits Each progrnmtne 15 describ¢d in greater de￿11 on the Trust's web5il¢. Pag¢3- The Sigrid RausittR Trust Trustees, and Strategic Report for the year ended 31 December 2023 In addition. a Chair's Fund enables the Chair to fund charitable projects and organisations which may be out£ide the current remit of the eleven thematic PrOgr￿n￿e5, bul fall witliin the Trust's broader pliilanthropic remit. A Trusiees. Small Grants Fund allows individual Irust¢¢s lts i)ominale orgaiiisat10115 With a ¢haritable purpose for sUPPOrt. Grant making policy Trustees review the Trust's gjrant-making policies regularly to ensure that they reflect the cl)arity's object5 aiid thereby advan¢¢ public beiietit. Trustees do not invite un80li¢iled applications for funding. given the limit¢d annual budgTet ai)d the Trust's wide thematic aiid gyeogvrapliic reach. Instead, the I'riisi's exp¢rieii¢ed prograinine staff look for intlueniial. well-run orgdnisaiions working in the TNst's fields of inleresi. '] rustees may also brinb potential applicants to th¢ aiienlioi) of prog)ramine staff. After an initial revi¢w. prograinme staff propose potential applicants to trustees, who will decide wheih¢r or iiot to li1vi￿ a full appli¢arian. Orgaiiisalions invited to appli, are allocated to one of the Trust's programmes. Applicalions are assesged by programinc staff. They aiin to g)ain an in-depth understanding of the applicaiit's objectives. oryaiiisarioii aiid cflectiveiicss. ai)d to assess th¢ applicaiit's fit witl) tl)e overall obj¢¢tives of tlie Trust, WI)¢￿ possibl¢. siaff will Inake a site visit. Each application is also reviLwLd for ¢()i))plian¢e with UK cliaritahlc laws, with legal advice if necessary. and a financial review of past performance and future pr()je¢tions is undertaken. Trust staff prepare reports &nd reLommendalions for each org&i)isutioi)'s applilatioi). These are ¢onsid¢r¢d al re¥ular review ii)eeiings where th¢ Exe¢ulive Direcior or Deputy F..xecutive DireLtor will deLide or refer dLLl%lQI)s l(I th¢ TrLl%tecs. All decisions ai)d referral% are 4harLd w'ith Triistees ho liave a set pcriod of time to rais¢ coi)cerns or questioiis aiid to approv¢ or rejeLt referred grants. 'l-ru51ees decisions are final. Oiice tlie SUeLessful appliiaiil lias aLLLPtL.d tlie term5 ai)d condilions of tliL grant, tliL ¥rai)( will bl paid out. l-'urther iiistalm¢nt5 of muliiy¢ar grants are paid on receipt ol. satistaitory ii)teriiii report5. The Trust's girants bi¢n¢rally provide Liiirestrict¢d supporl. railier tlian funding for spe¢ifiL pr()je¢ls. Th¢ Trust typically Inakc5 a two-y¢ar ii)iiial grant. Tliis could be followcd b), up io Iliree grailts of three years each. Tl)e poteniial for long%_lemi Ilexible sUPPOrt Is greatly valud by graiitees. Monitoring Ind follow Mp Graiitee5 arc rcquircd io ¢umpl¢l¢ annual progress reports a5 well as a final report after the end of the gFrant period. 'I'l)e reports ¢ov¢r progress Inade, problems eii¢ount¢red. ai)d aiiy organisational ¢l)an¥¢s. tiranl¢¢s also provide a fiiiaiicial statement showin¥ liow the grant has been us¢d. These reports are reviewed and any queries are raised directly with th¢ grantee to ensure that tlie grant has b¢¢ii iised in compliance with the origiiial appli¢ali0i1. Grantees can be visited at any time during th¢ grant. The Trust schedules r¢&yular visits. both to See the op¢ration of graiitees first hand and to leani more about Il)e ¢urreni human rights challen¥¢s in ea¢h country or region. Ii)ternational grantees are encourag¢d to visit the Trust office5 5hoiild they be travelling to the UK. Staff rcport bo¢k lo eolleagues and tnlstees on visits and trustees regularly r¢vi¢w th¢ impaci of the b?rants made. Page4- The Sigrid Rall4ing Trust Tru$tees' and Strategie Report for the year ended 31 Decetnber 2023 Strategic Report Achievements and performance: the Trust's grant giving has delivered public benefit Diiring the year. the Trust ha% awarded £51.8 milli(In in grants. Considering all grants made since the inception of the previous charity in1995, the previous ¢harity and the new charit}, have aw'arded £569 Inillioii in grants in total. The financial siatemeiiis aiid accounts coiitaiiied later ii) this report retlect the tolal value of single and mulii-year 8rants awarded by trustees during 2023. During 2023, the Trust completed a series of rolling reviews of each of its thematic programmes. The following programmes were review¢d during the year= Defending Civic Space ai)d Toxics and Pollution. FinAD¢iul review The results for the year are s¢1 out on pa8e 13-15. Grdiil a￿ardS tolalling £51.8 n)illion (2022 combiiied figure- £39.4 niillion) w¢re Inade during the year, pan of which will be paid in 2024 arid ?O•S as part of muliiyear commitmenis. In additioii. tli¢ Trust spent £?.6 millioi) (?02? combined figur¢: £2.3 millioii) in admiiiistrutive costs. Inaking a iotal ol- £54.4 million (prior year.. £41,6 Inilli()n) in dir¢¢t ¢hariiabl¢ ¢xpeiiditure. Support ¢osls remain mod¢st at 4.80/0 (prior year.. 5.20/0) of total chariiable exp¢nditurc. The Trust benefited from doiiations of £81.3 million12022 combined figure.. £160 Inillion} durin the year, wliicl) funded the grant giving diiring the year aiid increa%ed the Trnst's Lxpenduble endowment. Grant payments during the year. of boili new grai)ts ai)d mulii-year instalmenls. amounl¢d to £38.1 million {2022 combiiicd fiJsur¢'. £41,9 millioi)). Reserves policy At 31 December 2023 th¢ market value of the expcndable endowment fiinds stood at £265.023.508. Expendable endowment balances are i)ot fre¢ r¢s¢rv¢s us d¢fined by the Charity Coi))mission. The TrLisI is a grant making charity only. and provide5 no services. The trustees have undertaken a general riqk Rssessnient aiid assessed tl)eir oiitslandin¥ grant commitments. The trustees, policy is that they should expend the income from their endowment funds in fiirtlierance of the charity's objectives, subject to Ineeting th¢ n¢¢Lssary administrative costs of ruiiniiigF ilie charity. Tl)e Trust addi¢lOI)all)' r¢i¢ives doiialions froin ils louiidcr and oili¢r% aiid Lh¢ Chief Operating Officcr cnsurc5 that th¢ charily has sufficient working capital io pay out ¥r8ilts in a timely fashion onee awarded. In vie￿. of the moderate level of risk and adequate cover availabl¢ for fulure grant commitments, the trustee5 do not COllbÈder that it is neLessary or justifiable to carry further re5¢rv¢s. Investment policy Tl)e I rust's inv¢stm¢nt policy is s¢t by Sigrid Kausing and approved by tl)e board of 'l'rustees. 'the Trust is guided bv advicc froin oiir investmeni firm Cambridge Associates. The focus has been on slronby adherence to ihe latest directions in Eni'in>nmenlal, SoLial and Governui)L¥ investment standards with a focus on alignment with th¢ Trust's v&lues and philanthropic Inte￿515. Page5- The Sigrid R#uqing TruAt Trustees, and Strategie Report for tbe year ended 31 December 2023 The investmei)t objectii'e for the portfolio is to improve the real purchasing power of the assets over (he medium to loiig term, wilh an average annual return objc¢iive of 6 /D in real iemis (i.¢. after inflatlOi1). Over shorter time periods perfomiaiice ￿.111 be Lompared to a poli¢y benchmark which rellects the asset cla8qes in which the portfolio 18 invested. The Trust worked with Cambridge Asso¢iat¢s to set up the portfolio and eiiable Cainbrid¥e to iniliale relationships with lund maiiagjers in line witli tlie Trust's investsnent polic). and priorities. The first investment was placed on I October 2021 and al 31 Decemkr 2023 the portfolio was valued at £300.6 million. 2023 was a strong year in capital Inarkets. with equities (as m¢asur¢d by the MSCI All Country World Index) up 15.70/D ai)d bonds (FTSE World Government Bond Index hedged to GBP) up 5.50/0. In contrast to ?02? inflaiioi) expectations ii)oderated and central banks slopped th¢ir rate increase5. which assisted both equities ai)d bonds. Withii) eqiiity Inarkets the Il% oiiip¢rfonned otl)¢r markets. with the S&P 500 up 19.20/0 compared to the UK iiiarket whieh was beliii)d at 7.90/0 IFTsf. All Sliare). Wirhin th¢ US. perforniaiice was quite ¢oncentrated amoiig stocks relaliiis 10 Artificial Intelligence. Tlie investment portfolio was up l 0.50/0 in 20?3, slig?hily bel)ind the policy benclimark reiurn of I l. l %. Growih Drivers (i.e. eqiiily assets). wliich account for 90010 of ihe porttolio. were up l 0.80/0, Diversificrs were up 6.70/0 aiid Liqliidity Res¢rv¢s wer¢ up 6.80/0. The gap witli th¢ poli¢y beiichinark arose from somc underpcrfomai)¢e in global eqLllties which was due lo less exposLire than the iiiarket to some of the leadinb) stocks in the US, aiid a larbY¢r allocation ti) tlienialic ureas siILh as ihL' transition io renewable eiiergy Sources which und¢rperfomied. Risk mxnagemcnt The iriislees have exani ined the major 8t￿le￿IL. bu%iiie4% aiid op¢ralii)i)al risks to whiLli the cliarity is expos¢d Aiid maii)taiii thesL 11) a r¢giisl¢r whicli is revicwcd and updalLd r¢gul8rly ai)d forinall>' by the IrLlStees. 'I'hcy arc salisfied that llppropriate mitigations and resources are ii) plaLe to iiiaiia&Fe the risks f8¥ed by the Trust and its slaff. The trustees consider the principal risks facin￿ the charity to be Ihe potential for fraudul¢nl trai)sactl01)s leadii)g to105s of liiiids.. the potential tor r¢putational dainage to the Tru51 arising OLII of misuse of Trust lunds by a granteL" and tlie risk to staly or grdnl¢¢ p¢rsoniiel arising either from visitiii¥ or workiiig ii) l)igher risk ¥ontexts. The truslecs assess the risks associated with each grant a5 It is made. They are mindful of the considerable risks faced by grantees working to dcfcnd human rights and tacklingi abuses of tliose rights, and the risk lo siaff of visitiiig current and pol¢ntial grantees iii certaiii lountries. TrL15tees and staff draw on thcir own cxp¢nis¢ and the advice of coiintry experts and theii take appropriaie measures to safeguard staff and slrengrthen grantee security. The Trust's review of applications includes a specific asse55tnenl of th¢ risks associaled witl) ea¢l) protx)sed graiit. The combined expertise of the Trust's staff and trustees, and the external experts it can call on for ali iiidepeiident opinion, ¢i)sure that the Trust is able lo make ai) infomied evaluation of tl)e applications received and mitigate the risk of ineffective grant making. The Trust's Audit and Risk Coiiimittee. composed of three Trusiees and the Secretary to th¢ Board (a chartered accountavtl coi)tiniied lis i¥ork diiring 2023. Th¢ Audit and Risk Coiniiiitt¢e's piirrK)se is to oversee financial reporting. the processes related to risk ii)anabiement and internal control iiicludiiig financial, reputatioiial, wmpliance and other 5trat¢gi¢ and operatioi?al risks, and to ov¢rs¢e the audit processes. Page6- The Sigrid Rausing Trust Trustees, and Strategic Report for the year ended 31 December 2023 Throughoui 2023 the Audit and Risk Commiti¢¢ ¢onlinu¢d to deal with emerging issues of risk related to grantees and for the Trusi as a whole. It considered working practice where the Trusi is d¢alii)g witli cotnplainls r¢i¢ived by or about grantees. Plans for future periodq In 2024, tl)e Trust plans to initiate a consolidation process reducing and combining its existing programmes under three new prograinme names.. Human Rightg and Rule of Law. Open Societies ai)d Eiivironmcnt. The Trust will also be implementing a new slralegiL Vibion as agreed by Trustees in 2023 ii)creasing the focus on impact and real world cliange when decidiiig iiew graiits and grantees. As part of this new vision the overall numbers of grantees supported by. the Trust will begin to gradually reduce. Structurci govern8nee And management Tlie Sigrid Rausing Trust was established on 22 January 2()21 and is a ¢haritable coinpany limited by guarai)t¢¢. It received all assets und liabilities from a previous cliaritablc l-rusl, also Lull¢d the Sigrid Rausiiig Trust. 01) 6 October 2021. The prL'vicius chariiy was an ui)iii¢orpornted 'l'rus1 established Trust Deed dated 5 April 1995. The following acted as directors aiid trii4tees diirii)y the ycar l January to 31 D¢¢cn)b¢r 2023.. 8igrid Rausing (Cliair) Aiidrew PLiddLpha¢i Ir)epury Chair) Ge()ffrey Budlender (left I S June 2023) H()sl) Ibruhim Jeflrey Jowell Heleiia KLI)i)edy (joined l Qctnber 2023) Joshua Mailinan Mabel vai) Oranje (left 15 Julie 2023) Ru¢li Ri)gers Ileft 1 S Jun¢ ?023} Cliris Sioii¢ Tlie p()w¢r of appoiiitiiig i)ew or additional tru4l¢¢s is vested in Sigirid Rausing as il)L qole lil￿nber ol'tl)e charity. Tl)e iiumb¢r of trusl¢¢s shall at no tiii)e be f¢￿¢r thali ¢hr¢e individual trustcL's or 01)e orporale trustee. The board of trustees meets quarterly. with an agenda focuss¢d on strategic questions. fulure SCAiining aiid any sigiiificant qii¢slioi)s of orgunisRtional risk. All trust¢¢% arc AwRre of tl)eir obligations to the I'rust and on behall. of the Trust, ai)d new Iriislees spend time withiii tlic Triisl familiarising Ihemselves witli its operalioiis and legal requirements. 'I'hi5 ii)cludes mL¢tings with key staff meinbers. receiving inforniation about the Trust's current a¢tiviti¢s and working praitice. and meetii)g5 w'iih Ihe Chair and other Board Ineinber5 as rcquired. Details ol. trustee remuneration and exp¢nses and any related party transactions are disclosed in nole 2 to the accounts. Trustee5 are r¢quired to disclose all relevant interests aiid register thein aiinually with the Trust's administrali()n. and in accordai)ce with the Trust's Overlap of Iiiterest Pi)IiLy to withdraw from decisions where a conflict of interest arises. The tnistees coi)sider that the Board of Trustees, the Execiitive t)ircctor, the Deputy Execiitive Direcior And the Chief Operating Officcr compris¢ the key management persoiin¢l of the cliarity in charge of directing and controlling the charity and its day-to-day operation. The pay of the charity's senior mana¥¢rs and other staff 15 r¢vi¢w¢d annually and is nurn)ally incr¢as¢d in line with accepted measur¢s of pri¢e and wage inflatioi). Page7- The Sigrid Rausing Trust Trustees, and Strategic Report for the yeAr ended 31 December 2023 S¢4temeDt of trustees, responsibilities The trustees are responsible for preparing the Trustees. Rew)rt and the financial statemeiits in ac¢ordance with applicable law and Ilnited Kingdom Accounting Standards {Uiiited Kiiigdom Generally Accepted Accounting l)raLtiL¢.) Company law requires th¢ trustees to prepare fiiiaiicial 5taiements for each financial year ￿,hICh ¥ive a true and fair view of tlie state of tlie affairs ul. the ¢harity aiid of the incoming resources and application of resources of the charity for that year. In preparing these financial staiemeiits, tlie trustees are required to.. s¢le¢l suitable accounting policies and Ih¢n apply them coi)sistently' observe the meihods and prii)ciples in the Charities SORP 2019 (FRS1021' make judgJeiiienis and eqtimates that are reasonable and prudent.. slate wheiher applicable accounting standards have been followed, subj¢¢t to any material departures disclosed aiid Lxplaiiied ii) ¢he fiiiaiicial stAteineiits: preparc the financial qialeinenis on the &)oingF conLem ba%is unle.qg it 18 inappropriate to presume that the charity will Lontinue in business. The Irlislees are responsible for keeping proper accounting records that disclose witli reasunablc a¢Lura¥y at aiiy tiiiie tlie fiiiai)cial p()si¢ion of th¢ clioritable coinpaiiy aiid eiiable them lo ei)sure Ihat tl)e finaiiLial statcinci)tS LOlI)ply ￿'1th th¢ Coiiipaiiies Act 2006 and Cl)aritie5 Acr ?0 I l. They are also respoiisibl¢ for saleb)uardii)g tlie assets ol'tl)L lhariry ai)d heli¢¢ for lftkin&i re8sonable sleps for the prcveniioii aiid detection of fraud aiid other irregulariries. In so far as the irusle¢s are oware.. Ih¢re is iio relevant audit ii)fomiation ofwhich the charitable company's auditor is uiiaware: and th¢ trus1¢¢5 have tsken all steps that they ougil)t io have iak¢ii lo make thLinsLlvcs awaru. of any relevaiit audit intonnaticin and lo establish that the auditor is aware ol'thal infomialion. Tli¢ trustees are respoiisible for tl)¢ Inaiiiteiiaii¢¢ aiid iiitegrily of the corporate ai)d tiiianLial inlormatioii iiiLlud¢d 01) Ili¢ charitable cotnpai)y's websit¢. Legislation in th¢ Uniled Kiiigdoin goven)iiig th¢ reparation and di5seiniiiation ol. fii)an¢ial slateni¢nls may differ from legislation in oth¢r jiirisdictions. Auditors The Company has by cleLtive resolution dispensed with the obligalio)n lo appoiiil 8uditors aniiually in a¢¢ordance with Section 487{2) ol. the Compani¢s Act ?006. The auditors, UHY Hacker Youi)g LLP. were appoint¢d aft¢r a tender process, and will be con.qid¢r¢d for reappointment for fiiture fingncial years. The 'l-rustees report 15 approv¢d by the '[ njstees of the Charity. 'Fhe Strat¢gi¢ Keport, which fornis part of the ai)nual report, is approved by ihe Trustees in their capacity as directors in compdny Idw ol'IliL Lharily. der he board Chris Stone, Chair of the Audit and Risk Committee Date.. II-DL- Page8- The Sigrid R4u8ing Trust Auditor's Report for the year eDded 31 December 2023 INDEPF.NI)ENT AUDITOR'S RF.PORT TO THE TRUSTEES OF THE SIGRID RAUSING TRUST ()pinion We havc audited the financial statements of The Sigrid Rausing Trust {'the charilable company,) for the year ended 31 Decemb¢r 2023 which cotnprise the Stateii)ent of Financial Aciiviiies. the Balance Sheet, the Statement of Cashflows ai)d notes to the fii)an¢ial qtaiemenls. includiiig si¥iiificai)t a¢couiitii)g polici¢s. Th¢ fiiiancial reporti1)¥ fraiiiework that ha5 b¢¢n applied ii) their prcparatioii is applicable law and United Kingdom Accounting Standards including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the fiiian¢ial sialements: 8ive a Irue and fair view of the state of the charitable compAny's affairs as at 31 December 2023 ai)d of its iiicoiniiig resources aiid application ol-resources, iiicluding its inconie aiid expeiiditure, for th¢ year Ih¢n cnded: have been properly prepared in ac¢ordance with United Kinydom Generally Accepted A¢¢ounlin Practice: and have been prcpmred in a¢¢ordance with the reqiiir¢ments of tlie Qompanies A¢1 2006. Basis for opinion Wc Londu¢l¢d our aiidit in accordai)¢e with Iiiiernatioiial standards on Audilii)b' IUKI {ISAs {UK)I and applicable law. Our respoiisibilili¢s under those standards ar¢ lurther desLribLd iii IhL Auditor's responsibilities for the audii of Ilie tinancial sta(einenls section of oiir report. We are indep¢nd¢nl of the cl)aritabl¢ coinpnny iii llccordancL will) the eilii¢lll requirements tliui are relevant to our aLidit ol'ihe financial staten)ents iii the UK. includinby the fRC's F.Ihical %iaiidard. and we l)avc fuifillcd our other LthiLal r¢'%pi)ri4ibililies in accordance witl) th¢4¢ requircmLiits. We hclieve tl)al Ilie 8udii evidencL we have obtained is sutTicient and appropriate to provide a basis for our upinion. Conelusions relating to going concern In aLiditlll8 the fiiiancial stat¢i)i¢i)ts. w¢ have coiicludcd tl)at tlil Iriisle¢s' use of ilie goiiig concern basis of accountin¥ in the preparulion ol'the financial staiemeiil is appropriate. Based on the work we have performed, we liave not idci)tified any material uncertaintics relaiin¥ io events or coiiditions tliat. individLially or Lollectively. may cast significant doubt on Ihe ¢haritable company's ability lo c()nrinue a goii)g coiicerii for a period of at least twelve months from wh¢n ili¢ Iinai)cial statements are auihorised for issue. Our responsibiliti¢s ai)d th¢ r¢sponsibilities of the truslce5 with resp¢ct to going concern are des¢rib¢d in th¢ relevant sections of tliis report. Other informAtion l-he oth¢r infonnation comprises the information iii¢luded in the annual report other tl)an th¢ fii)ancial statements and our auditor 5 report thercon. Th¢ trustees are responsibl¢ for the othw inforn)ation conlaiiied within rhe financial siateinents. Our opinion on the finanLial statements does not cover the other inforniation and, except to the extent otherwise explicitly stated in our rctK)rt, we do not express any fomi of assurdn¢¢ conclusion tl)ereon. Our responsibility is to read the otlicr infomialion and. in doing 50, consider whetl)er th¢ otl)¢r ii)formation is matcrially inconsistenl with il)e financial statements or our knowledge obiained in the Page9- The Sigrid Rausing Trust Auditor's Report for the year ended 31 December 2023 cours¢ of the audit, or oiherwi5e appears to be maierially misstated. Ir we idenrify such material inconsistencies or apparcnt Inatcrial misstaiemenls. we ar¢ requir¢d lo determine whether there is a material misstatemenl in the financial sialemeiits or a material misstatement of the otl)er inforniation. It.. based on il)e work we liave perfonned. we conclude ihat there is a material rnisstateinent of tliis other infomiation. we are required to report that fact. W¢ have nothing to report in this regard. Opinions on other matters prescribed by the Comp#nie$ Act 2006 In our opinioii. based on tlie work ui)dertaken in ihe course of our audit.. the infomalion giveii in tlie trustees. report. which includes the 8tralegic report prepared for the Plirposes (Il. cnmpany law. for the financial year for which the tinancial statements are prepared is consistcnt with the finai)cial statemenis: and the sirategi¢ report 1i)cliided within the Iruslees, report has been prepared in a¢cordai)ce with applicable lebal r¢qiiir¢m¢nts. Matters on which w'e are required to repurt by exLeptlon Iii tlic liglit of th¢ knowl¢dgie and understanding of the charitable company and ils enviroi)m¢nt obiained in th¢ cours¢ of the audit. we have not ideniified maierial missial¢ments iii tlie Trustees. and Strat¢8ic Report. We hgv¢ nothing to report in respect of tlie followin¥ mailers wher¢ tlie Compaiiies Act 2006 requires us to report to you if, in our opinion.. adequate and proper accounting records have not been kept or relurns adequate for our audit have not been received from branches not visited by us,. or the finanLial %idlemLnls are i)ol ii) ag)rccm¢nl with Ilie accountin8 records and returns; or certuin dis1105(Ires oftriistees, remui)eratioi) specified by law are not made: or we have not received all the information aiid explanations we require for our audit. Re8ponsibilities of trusteos As explainLd Inore fully in tlie Irusl¢es' respoi)sibililies statement set out on page 7. Ihe trust¢¢s (wlio are also thL directors ol. the charitablc compan>. for the piirposes of coinpany law) are respoi)sibl¢ f()r tlie prcparalion of the financial slalein¢nts aiid for beii)g salibfiLd Ilial tliey give a Iriie and fair vicw, and fi)r sii¢h inl¢rn81 control as the trustees det¢m)iiie is necessary lo enable the preparation ol'liiianiial ststements that are free from material missiatemenl. whether due to fraud or error. In preparing the financial statements. (h¢ Irustees are responsible for ass¢ssing the charitable compai)y s ability to continiie a5 ooniern. disLIosing. As applicable, Inatters relat¢d to goiii concern and iisingv the goingy concern basis of accoui)tin¥ unl¢s4 ihe irustees eiiher inteiid to liquidatL' Il)e charilahle ¢i)mpai)y ()r t() C¢#4e i)￿rat1()n5. or have iio reali8tic alt¢niaiiv¢ bui tn do qn. Auditor's responsibilitlC5 for the audit of the finan¢ial 8tAtements ()ur ()bjeclive¥ ar¢ to obtain r¢a5011able assuraiice about whetlier tlie financial slal¢menls as a whole are fr¢e from Inaterial misstaiement. Ivliether due to fraud or crror, and lo issue an auditor s report tliat includes our opinion. Reasonable assuraiice is a higl) level of assurance. but is not a guarantee that ali audit conducted in 8ccordaiice with ISAS (UK) will always delect a tnatcrial mi8stateinei)t whLn it exists. Misstatements can arise from fraud or error and are considered material il.. indii'idually or in the aggregate. they could reasoiiably be expected to influence the economic decisions of users lak¢n on the basis of tliese financial statements. Irregularities. including fraud, are instances of non-complianee with laws and regulations. We design Page 10- The Sigrid Rgu8ing Trust Auditor'$ Report for the year ended 31 December 2023 procedures in line with our responsibiliiies, outlined above, to detect material misstatements in respeci of irre&Jularities, incliiding fraud. The extent to which our procedures are capable of deiecling irr¢¥ularil5es, including fraud is detailed below. Flased oli our understai)ding of the charitable compaiiy aiid the iiidustry iii which it opcratL'S. We identified that the priniipal risks of non-coinpl iaiice with laws aiid r¢¥ulations r¢lat¢d to th¢ acts by the charitable company. which were contrary lo applicable laws and regulaiions including fraud, and we ¢onsidered the extent to H,hicl) noi)-compliaii¢¢ might hav¢ a material effect on the financi81 statements. We also ¢onsidered those laws and regulations ihat l)ave a direct impact 01) tli¢ preparatioii of the financial slatemeiits such as the Coinpanies Act ?006. Charities Act ?0 I l. Charities SORP •019 and FRS 102. We evaluated maiia8ement's incentives and opportuniiies for fraudlilent Inanipiilatioii of the finaiicial statements (including ihe risk of ov¢rrid¢ of controls). and detemiined that the principal risks were related to posting? maiiual joumal eiltries to Inanipulate finai)cial regulis. maiiagjeineiit bigs IhrougTh jiidgem¢nls and assumptions in sigiiificant Accounting estimates. in particular in relolion to invesimeiit valualions and the grants payable. Our audit proledures wer¢ designed to respond to those identified risks, including non-complian¢e with laws aiid regTulations lirregJularities1 and fraud that are material to the financial statements. Our audit procedures included bLIt were not limited to.. Discussiiig with management their poli¢ies and procedures regarding compliance with laws and r¢giulatioiis', ReviL W of the financiAI statement dis¢li)sur¢s to ui)derlying supportii)g documentation; LoininLiiii¢alingk identified laws and regTulations 11)roughoui our eiiuagemenl team and remainiiig alert to aiiy iiidicatioiis of non-¢oinpliiinie Iliroiibbhout our audit; and C0115iderin8 tlie risk of acts by the Company which wer¢ contrary to the applicable laws and regul8tioi)%, including fraud. Our audit procedures in relation lo fraud included bul wer¢ not lim ited to.. Makiiig Ll)qiiiries of the manftgement on wlietlier ihey liad knowledge of any actual. suspected or allLgcd Iraud. (iaining ai) understandin¥ of the internal conlrols established lo mitigate risks related lo fraud: Siibstanlive l¢slii)g of ii)iom¢ and tesling of curreni year aiid post year end journa15 aiid evalualin ,h¢ili¥r there W¢lS ¢vid¢iii¢ i)fbias b). Ilie Lru51LLS iliai repr¢s¢nled d risk ofmdl¢ri411 Ini%4ldlem¢nl due to fraud; Review of legal ai)d professional iiomii)al account to identify any potential ui)dis¢losed ¢1gims or litiglltions.. Discussing ainon8St tl)e engagement t¢am the risks of fraud. and Addrcssiiig th¢ risks of fraud through management overridc of controls by p¢rforniing journal entry testing. Tli¢r¢ ar¢ inli¢rent limitations in the audit procedures described abov¢ and th¢ further removed noii- compliance with laws and regulations is trom the eveiits and trai)sa¢tions rellecled in Il)e Iiiiancial stat¢in¢nls. th¢ 1¢ss likely we would become aware of it. Also, the risk of not dei¢¢tii)& 8 material Inisstatement due to fraud is higher thdti the risk uf not det¢Liing un¢ resulting frotll e￿or, fraud Inay involve dcliberate concealment by, for ¢xampl¢, forgery or intentional Inisrepresentations. or tlirougl) collusioii. A further deseriptinn of our responsihilities for the audit of ihe financial statements 18 located on the Financial Rcporting Council's ivcbsite at= http.'/lwww.frc.org.uk/auditorsr¢sponsibilities. This description fomis part of our auditor's report. Page 11 The SiErid Rausing Tru$¢ Auditor's Report for tbe year ended 31 December 2023 Use of our report This report is made solely to tl)e charitablc company's trustees. as a body. in accordaiice with Chapter 3 of Part 16 of the Companies Act •006. Our audit work has been undertaken so tliat we TnigJht state io the charilable company's trustees Ihose matters we are required to state to them in an auditovs report and for no other piirpose. To the fullest extent permitted by law, we do not accept ar assume responsibility to anyone oiher than the Charitable compaiiy and the charitable compan), s irustees as a body, for our audit ￿'Ork. for ihis report. or for ihe opinions we have form¢d. Colin Wright (Senior StAtutory Auditor) For ttnd on b¢haifof UHY H#cker Young Chart¢r¢d AcLOUI)taiits ai)d Statulury Auditor 4 Thomas More Square London LIW IYW Page 12- The Sigrid Rallsing Trust Statement of Financial Activities For the period ended 31 December 2023 Unre$trieted Funds Expendable YeAr ended Year ended Endowtnent 31 December 31 Deeember Fund 2023 2022 Notes Income and endowments Donations Gifis ol-expendable endowmei)t Other incom Ii)tere%t and investment income 51.350,403 51,350,403 30,000.000 10? 444 1,102,811 40.011.516 120,000,000 30.000,000 10?,444 238,027 864.784 Total income And endowments 51,690.874 30,864,784 82,555,658 160.011.516 Expenditure on r&l$ing funds Inve411i)ent nianag?eillent Lc)%ts 565,999 565.999 5,921 Expcndi¢ure Grants awarded Support cosls Gov¢rnan¢¢ costs 51,880.280 2,616.513 62,613 51,880.?80 2.616,513 62,613 39.411,239 2,242,763 82.446 54,559.406 54.559.4ffr6 41.736,448 TotAI resources expended 54,559,406 565.999 55,125,405 41.742.369 Net g4inl(loss) on inveytments 26.563,726 26.563,726 {9,400.258) Net incomel(expenditure) (2,868.532) 56.86? 511 53,993.979 108.868,889 Transfer between funds 13(b) 3,502,299 {3,509,299} Lyet movement in funds 633,767 53,360,212 53,993,979 108.868.889 Fund balances brought forwArd 211,663.296 211.663.296 102,794.407 Totll funds carried forwgrd at 31 December 2023 633,767 265.023.508 265.657,275 211.663.296 Page 13 The Sigrid Rausing Trust Statement of Financial Activities For the period ended 31 December 2023 Com arative Year 2022: Unrestricted Funds Expendable Endowment Fund Year ended 31 December 2022 Iyotes Income and endowments Donations Gifts of exp¢ndable endowment 40,011,516 40.011,516 120,000.000 120,000.000 Total income and endowments 40,011,516 120, 000.000 160.011,516 Exp¢ndi¢ure on raising fund8 Investment management costs 5.9?1 5.921 Expenditure Graiits awarded Support costs Governance costs 39,411,239 2,242,763 8?.446 39,411 ?39 2.24? 763 82.446 41,736.448 41,736.448 Totsl resDuree8 expended 41.736.448 5,921 41,74? 369 Net108J on investments (9,400,258) {9.400.258) Net incomel(expenditure) 11.724,9321 110.593.8*1 108.868.889 Transfer betiveen fund8 13{b) 1,724.932 (1,724,932) Net movement in funds 108,868.889 108.868,889 Fund baianees brought fonv#rd 102.794,407 102.794.407 Total fund8 ¢grried forw*rd t 31 December 2022 211.663,290 211.663.296 Page 14- The Siigrid Rausing Trust Balance Sheet For the year ended JI Deeember 2023 Notos 2023 2022 FIXED ASSETS Tangible fixed &8sets Invcstmenis 16.805 00611331 300,6?8.136 23.fi56 243 571 194 243.5Y4.850 CURREiwf ASSETS Debtors Cash ai bank and in hand 159.583 16,986,187 408.891 6.180.502 CREDITORS due within one year io (31.581.631) {28,483.9481 NET CIIRRF.NT LIABILITIF.S (14,435.861) (?1,1194,-5541 TOI'AL A%STr"rs Lkss CURRENT LIABILITIES 286.192.275 221.700.296 CRF.DITORS due after one year lob (20.535.000) (10.037.000) NET ASSETS 265,657.275 211.663.296 FIIND*• lJnrestricl¢d funds EX[￿ndable endowment funds 633.767 265,023.508 ?11.663.?y6 TOTAL FIINDS 13 265.657.275 211.663.296 The financiAI slAlements were approved and authorised for issu¢ by the Truslee$ and were siy¢d on their behalf Chrls Stone, Chalr of the Audit aDd Rlsk Cornmlttee Date: ('L-¢L-kn&I Company no.: 13152028 The noie,f OnP(Jge.i 17 1{p 25 fijrm purl of the.iefindncial.siulL*m('ni.% The.iiaienienl ()Ifipi**inflow/(outflow) from operating activities**
Net surplus for the year||53,993,979|I 08,868,889| |Depreciation||85,988|8,752| |(Gain)/loss on investments||(26,563,726)|9,400,258| |Net income from investments||(476,411)|| |Decrease/(increase) in debtors||249,309|(383,443)| |lncrease/(decrease) in creditors||13,595,682|(2,232,328)| |Endowment donations
**Net cash inflow/(outflow) from operating**||(30,000,000)
10,884,821|_(_120.000,000)
(4,337,872)| |**activities**|||| |**(B) Net cash outflow from investing activities**
Cash invested in investment portfolio||(30,000,000)|(120,000,000)| |Tangible fixed asset additions
**Net cash outflow from investing activities**||(79,136)
(30,079,136)|(20.700)
(120,020,700)| |**(C) Net cash inflow from financing activities**|||| |Endowment Donations
**Net cash inflow from operating activities**||30.000.000
30,000,000|120,000.000
120,000,000| |**(D) Analysis of changes in net cash funds**|**31 December 2022**|**Cashflows**|**31 December 2023**| ||6,180.502|10,805.685|16,986,187| - Page 16 - The Sigrid Rausing Trust Notes to the fJnancig1 statements For the year ended 31 Deeemb¢r 2023 I. PRINCIPAL ACCOUNTING POLICIES BASIS of preparation The financial statetnents have been prepar¢d c)n a gc)ing concern basis linder the histori¥al cost convei)lion as modified b). the revaluatioi) of invcstmenis being m¢asur¢d ai fair value through income and ¢xpenditure with the staleiiient of finai)cial actlvllies aiid ¢omply ￿ ith the Compaiiies Act 2006. The fii)ancial stateiiieiits liave been prepared in accordance witl) the Stateinent of KLcommLnded Practice: Alcounting and Reponing by Chgriti¢s preparii)g their accouiits in accordance wilh the Financial Reporting Standard appli¢abl¢ in tl)e UK and Republic of Ireland (FRS10215econd edition and ihe Financial Reponing Standard applicable iii the lJiiited Kiiigdom ai)d Republic of Ireland IFR8102), the Charitie.8 Act 2011 and UK Generally Accepted Accounting )raLlice. Thc tinancial statcinciils are prepared in slerliiig, which is the fuiictional currency of the company. Monetary aillounts in tl)vs¢ fiiiai)cial 5tal¢iiieiiis are rouiided to the iiearest pouiid sterling. Th¢ Company does Iiot have a share capital. but ils liability is limiied by ihe guarai)tees of its Trustee meinbers. r..acli TrLlStee Ineinber has agreed tu ULLepl liability not ¢x¢¢edingi £ I should th¢ Comp8iiy be wouiid up. At 31 DccLinbcr 2023. Ihe tolal of such guaranlees amounts to £ l. The charitable compaiiy was in¢orporatcd on 22 January 2021 in F.ngland and Wales. IJK. and commenced ils activities on 6 Ck'iciber 2021. r()Ilciwiii¥ lh¢ traiisler nf assets and liahilities froin The Sigrid Raiising '[ riist (r¢8isi¢red charity numb¢r 1046769). The registered oifice address is 12 P¢i)zance Place, London. W I14PA. Going concern Ai Ilie lime of gpprovingT Il)e fii)aiicial %tateinei)Is, cl)e Iruslees liave a reasoiiable expeclalioii that the trust has adequate resources to Lontinue in operaiioi)al Lxisl¢n¢L' lor th¢ Inr¢q¢¢able futur¢. The expectation iiivolves the conlinualion ofthe on-goii)y grant makiiig via ani)ual cl)aritable donations from our chair, Sigrid kausin¥. I'he endowment is intended to provide comfort around the ability of Ih¢ Trust lo meet its future grunt ominilmenls shoiild those anllual donations cease for any reason. Income from the endowment is ilierefore likely to be retained within thc eiidowm¢i)I ratli¢r tl)Rn utilised for ()ngFoing grant-iiillkiiig. The size of ihe ei)dowment, currently a si&>i)ificant multiple of the Trust's fiillire liabililies at any poii)t in timc LiiablLS ihe -I'rLislees lo satisty themselves tliat the'l rust is a going ¥on¢ern. Tlier¢fore. Ihe tru¥l¢es ¥onliiiu¢ lo adopt die goiiig conceni basis of accounting in prepariiig Ihe finaniial staleinents. Charitable funds I'he I'rust holds unrestricted fLind5 and an expendable endowmeiit. Unrestricted fuiids arc availdbl¢ r()r use iii lurtherance of the Trust's charitable purpose. Expcndablc eiidowmeni funds are intended to provide the Trust with long temi Stability. Income generated froin tl)e endowment is added to unrestricted fiinds. TrLlStees may also, at Ih¢ir dis¥r¢tion, d¢t¢miii¢ to apply part or all of the expendable endoivinent capital in furtli¢ranc¢ of tl)¢ .1 rusl's Lharitable purposes and wh¢r¢ al their discretion those funds are required to mect thc I'rusl's obligations, such funds tnay be transf¢rred to the uiir¢slri¢ted fuJ)d. Incoming re50urees Thc Trust recogi)ises charitable doiiatioi)s wheii rcc¢ived. The Trusi recognises eiidowmeiit income as it is earned. Income from investments Dividend. interest and other income is r¢cognised when reeeivable and includes recov¢roble taxation. Page 17- The Sigrid Rausing Trnst Notes to th¢ financial statements For the year ended 31 Decemb¢r 2023 Granls payable Provision5 aiid grai)ts are recognised wl)en the Trust has a legal or ¢oi)stru¢tive present obligation as a result of past event. it is probable that thL' Trust will be required to settle ihal obligation and ll reliable estimaie can be ii)ad¢ of ihe amouiit of tlie obligation. Tlie amount recogyiiiged as a provision is the best estimate of the consideration required to settle the pr¢s¢nt obligation ai th¢ reportiiig end dat¢, thkin8 into accouiit tlie risks and uii¢¢rtainties surroundii)g the oblixation. Where the effect of the lime valiie nf money is material. Ihe amount expeL¢ed li) he reqliired to settle tlie obligation is recognised at pre%enl ￿alUe. Wheii a provision or grant is measured at present ￿alue tlie ui)IN'iiidii) ol-the discoui)t is recogynised as a finance LOS( or grant expense in net incomel(exkxndiiurel in the period it arises. Graiits and donations are recogiiised in the Stat¢ni¢nl nf Fiiiancial Activities based on the cominitinenl8 iiiade duriiigi the y¢ar. In casc of an unci)nditional grant otTer this is accrued once tlie recipient has been noiified of the IrRnt award. 'l-he iiotifiiation gjives tl)e rccipienl a reasonable expectation tlial they will receive the one->'ear or Inulti-year grant. Qirant awards thai are siibject to the reLipi¢nt fulfilliiig performaiice ¢oi)diiioiis are oiily accrued when the recipieiil lias beeil iiolified of the ¥raiii and aiiy remaiiiin￿ ui)fuifilled coiidilion attaching to Il)at gyranl 15 Outside tlie control ot'tl)e Trust. Multi-year grants are recogynised at tlie value awarded.. ¢rusl¢es coiisider iliat ?ivei) tl)e -frusl's fundin¥ arraiigemei)ts there is no iiiaterial disLountii)g required to reflect the tiine value of the Inoiiey. Resources expended #nd b4$is of AlloeAtltsn of costs Exp¢iiditure is recogiiised 01) an a¢¢ruals basis. Irre¢ov¢rabl¢ VA T is included withii) tl)¢ ¢xp¢iise iteiiis t() wliich it relate5. Expenditure on raisiiig funds represents amoiints paid to the Foundation's external investment advis¢rs nd luslodian, and ali apportionment of iilten)al support ¥os¢s based on tiine spent. ( f).11 IifAIcJnt)fdlipiA,.fiind.% The cost ol'geiieratiiig funds represents Rmoui)t5 paid to th¢ Trust's extenial investment mana8ers. ,fiipii¢)rl <'r).Il.¥ Support Losis are incurred directly in the delivery of thc Trust's charilable activitlcs. These costs are based 01) the perceiitag?e ot iiine that a resou￿¢ is used in the application of grants admiiiistration and associated activities togeilier with lh¢ overhead costs of the charity. G()verp7ance coJl.s (iOi'¢rnance costs comprise costs incurrcd in '] rust admiillstration and compliance with regulatory requir¢ments. Siaft. costs arc calculated as a ￿'r¢¢ni&s¢ of time committ¢d. Fixed gssets and depreciation Fixed assets over £ 1.000 are capitalised. Depr¢¢iation is provided on fixed assets, in order to writ¢ off ilie cost of the assets over their expe¢ted useful lives estimated residual valu¢s, at the following ral¢s'. Computers & equipment Oth¢r ass¢ts 31 % p.9. str818ht line 250/0 p.a. strnight line Investments Fixed asset investmenls comprise both quoted and unquoted inveslm¢nts and are initially n)easured at transaction price. excluding transaction costs, and ar¢ subsequently measur¢d al fair value at each r¢portinbY date. ChaiigT¢S in fair value are re¢ognis¢d in net incomel(expendiiur¢) for the year. Transaction Costs are expensed &s incurred. Pagel8- The Sigrid Rausing Trust Notes to the financial statements For the year ended 31 December 2023 Quoted investments are listed shares, bonds and units and are Stated ai fair value on the basis equivalent to market value using the bid price. Asset sales and purchases are recognised at the date of trade. Ui)quoted iiivesttll¢nts are slated at fair value based on prof¢ssioiial valuatioiis at tlie balan¢¢ shect dat¢ or n¢aregt available date to if. For hedge funds. the valuations are proN ided by third-part> l)edge fund administrators. In the Case of private equity funds. ther¢ is no readil). ideniifiable Inarket price. These funds are iiiclud¢d at the most recent valuations by their r¢5pectiwe mana8ers. Investiiients made shortly before the balance sl)eet date are held al cost wher¢ the managers have yet to provide a valuation. Unrealised gains and losses are recognised at the y¢ar-end as the difference bdween the historical cost and the market value of the investment asqets. Realised gains and losq¢s ar¢ r¢cognised during the year at ilie tiine the ii)v¢slmeni is sold. and include any fees incurred al sourLe. All unrealised and realised gain5 and losses on iiivesltnenls dTe ii)cluded within tlie stateiiienl ol-fiiiancial acliviti¢s. Pension5 Th¢ company operates a defined coniribution scheme for the b¢nefil of lis employees. C()niributions payable are cliargiLIl to the Statement ot- Fii)aiiLial Activities ii) th¢ year they are payable. The mone). PLircha5e plan is mana¥ed by %ci)iiish Widows. Coi)tributions by Il)e company and by ¢mployees are invested into ai) invLStineiil ruiid io build up over the tenn of the plan. The pension fui)d 1% then coiiverted into a pension ai the employ¢e s normal retirement age. d¢fined as the age when they aff eligible lor a state pension. FinAncial in$truments Financial asqcls and financial liabilities arc rccognis¢d when tlie coinpany b¢com¢s a party to the coiitra¢t(ial pri)visiuns ol. the instrumenl. Additionally, all linaiicial asset5 and liabilities are clas%ili¢d 4¢cordii)¥ lo ihe substance of the contructual arrangeinents entered into. rinancial assets. cornpri5ed of Cash. other debtors wid accrued iii¢om¢. and financial liabilities. ¢oinprisL.d of grants payable. other creditors and aLcruals. are initially illeasured al Iransaclion price (including Iraiisaclion costs) aiid are subsequently re-iiieasured wliLr¢ applicable at amortised cost ¢xi¢p( for iiivestinents wl)ILli are measured at fair value with gains aiid Ii)sses recogni5ed ii) th¢ statement of fii)ancial a¢tivili¢s. Asset5 and liabilities held in foreign ¢UTrency are iranslaled lo GBP at the balance sheet date at an appropriat¢ year end exchange rate. Crbti¢*l 4¢¢ounting estimates judgements In th¢ appli¢ation of tlie Trust's accounting policies. the trustees are requir¢d to make judgements, estimat¢s and assuiiiptions about the carrying amount ot. assets and liabilities thai are not readily apparent from other sourcLs. The estimates and associatcd assumptions are based on historical experience and other faLtors that are considered relevant. Actual results may differ from th¢s¢ estimates. The estimates ai)d underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estiinates are recognised in the period in which the estimate is revised where the rL'vision affects only that period. or in the period of the revision and future periods where ihe revision affects both current and future periods. The estimates and assumptions which liave a significant risk of causing a material adjiislment to the carying amount of assets and liabiliiies are outlined below.. Invesimep71 i'alualio I'he I'rnst's investments are slated at market value. Fixed assel investments comprise both quoi¢d and unquoted investments and are initially m¢asured at transaction pric¢, ¢x¢luding transaction cosls, and are subs¢quently Page 19- The Sigrid Rausing Trust Notes to th¢ financial statements For the year ended 31 December 2023 measured at fair value at ¢ach reporting date. chan￿¢$ in fair value ar¢ r¢¢ognised in net incom¢/(expenditure) for the year. Transaction costs are expensed as incurred. Valuations are obtsined from the investment managers. I'rustees acknow ledge the private equitv investJnent valuations are based on estimates. However they regard this as reasonable due to the r¢laiiv¢ly constrained exposure to privat¢ inv¢stments witl)in tl)e overall portfolio, and because the grant-mukin¥ of the Trusl is not SUPFK)n¥d by endowmenl inLom¢ but ratlier from annual dunaliui)s receiw¢d from our founder. sole benefa¢lor and Chair. 2. RELATED PARTIES TRANSACTIONS Wl)ere trustees have an inleresi in a grant m&kingi decision they register Ihal inter¢st and withdraw from the ssessmeni. dis¢ussion and decision. Si&Frid Rausing became a Fellom, of the Royal Society of Literature, a previous Trust graiit¢e, in 2020: tliey received no fui)diiig during 2023. She is a Lay m¢mb¢r of the Council of the Royal College of Art, als() a previoiis I rust g?raiitee; they received i)0 fundiiig during 2023. She is eii)erilus meinber of the Board of I Iiiii)aii Ri¥l)ts Wai¢h. and on the Advisory Board of Il)e Loalition for th¢ Intemational Criminal Lourt neither of whi¥h r¢c¢iv¢d aiiy tlinding in 2023. Sigirid Rausing Inade doiialioiis lo th¢ Trust of £78 Inillion wliiLh wer¢ r¢¢eived for granl-makii)bi and a4 an addition lo our exp¢ndabl¢ ¢ndDwmenl. Slie also noininated the -frust for the £3,345,333 dL)i)ation received Iroin Alta Advisors. Aiidrew Puddepliatt 55 founder uiid was y Trustee of Global Dialoguc until Febriiary ?019. One of Global Diulogue's proje¢ts, the Ariadne Europeai) fiii)ders' network. is a'l rust gTrantee and reLeived £45.000 durii)bi ?0?3. 111 2020, Chris Stonc started an cngagem¢ni with the Fund for (ilubal Human Riyhig. # previous Trust graiilee: tlicy receiv¥d no fuiidiiig in 2023. The Fund Serves as hosl for the Syinposiuin oli Stren¥th and Solidurily for HLimai) Rig?hts - a project he oTrersees as part of his professorship at the Blavalnik S¢h()()l of GoveniiiiLii¢ at tlie Uiiiversity uf Oxli)rd. J¢ffr¢y Jow¢ll's s()n Daiiiel Jowell is a Irustee of ihe Helen s￿inAll Foundalioii a Trusl grantee whi¥li r¢i¢iv¢d £60,000 during ?023. 3. GRANTS AWARDED 2023 2022 Main grants Small grants Total 8ranls awarded in year 51,690,?80 190000 51.880.280 39,?89,239 1?2000 39.411.239 4. SIIPPORT COSTS 2023 2022 Staff costs (see Note 6) Rent, rates aiid service charges Other 2,053.532 152.408 410)73 2,616.513 1.892,114 46.158 304 490 2.242,762 Page 20- The Sigrid Rausing Trust Iyotes to the financial statements For the year ended 31 De¢ember 2023 5. GOVERNANCE COSTS 2023 2022 Consultancy fees Audit fee Accountancy fees Legal fees 1,305 32,154 4,770 7,010 16.710 15,153 62.613 82.447 6. STAFF COSTS 2023 2022 Salaries Employ¢rs' Nlltionlll Insurance Pension Other staff costs 1,676,054 185.?87 148.190 1,546.739 177.814 125.528 2.053,533 .892,114 Tl)e total ¢lTiploynieiit benefits ii)cludii)g employer pensioii coiitributi01is of tl)e key i))ai)ag¢iii¢ni persoi)Iiil wcr¢ £383.036 (202?: £459.80?). No staff mcmber earned emolumen(s li) Ilie range £130.000 10 £140.0001?0?2.' oiie). Nv staff member ¢an)ed emolum¢ilts iii tl)e rai)ge £1 l O,IIUO to £130.0001?0?2'. none). One Stall. iiicmher eari)ed eiiioluments in the range £ 100,000 io £1 l 0.000 (2022.. none). One staff mcmber earned emoluments li) the rang?e £90.000 to £1 00.000 (?0?2'. none). One slafl'ineinber earned emoluinenls iii the range £80,000 to £90.0110140?2.. IhrLLI. F(iur slul-l. mLmbLrs can)cd cinoliim¥i)ts in Ili¢ rang¢ £70.000 to £8O.000 {2022.' two). Liglit statl i))¢ii)h¢rs earned emolumenls in the range £60.000 to £70,00011022: one). The average monthly number of persons employed by the Charity during the year was.. 2023 28 2022 Truslees, remuneration £4.607 was r¢paid to Iwo In]5t¢es for travel Costs incutTed during the year (2022.. £5.994). 7. TAIYGIBLE FIXED ASSETS 2023 2022 Cost Al l January Additions Ai 31 December 34,568 13.868 113.704 34.568 Accumulated depreeiAtion Ai l Janiiary Charge for year At 31 D¢¢emb¢r 10.912 2.160 96.900 10,91? Page21 The Sigrid Rausing Trust Notes to tbe financial statements For the vear ended 31 December 2023 Net book value At l January At 31 Decein￿r 16,805 23.656 8. INVESTMENTS 2023 2022 14roubTrht forward market value Inv¢stment portfolio additions Incoine from dividends Income from interest Iiicome from inY¢stm¢i)ts 243,571,194 30,000.000 441.305 26?.007 1.12.971.45* 120,000,000 274,352.259 252,971.452 Maiiagement fees deducted from inveslinents (304.654} Gains/(losses} on investment valuations 26 563 725 9 400 258) Market value al 31 December 300,611.331 24J.571.194 Historic ¢ost at 31 December 286.263.092 253.000.000 Investments at fair values at year end comprise: 2023 2022 Equities Bonds I led8e funds Cash 252,793.774 25,32S,948 19,435.633 3 055 976 300.611,331 128.049,795 77.897.435 37 6?3 y64 ?43.571.194 Portfolio Management.. 2023 2022 Cambridge Associates ALTA Advisors Nortl)¢ri) Tnjst Net charge to SOFA 499.680 18.000 132,5251 10.500 565.999 5.921 9. DEBTORS 2023 2022 Page 22 - The Sigrid Rausing Trust Notes to the financial statem¢nls For the vear ended 31 December 2023 Trade debtors Prepayments Accrued income Oth¢r debtors 1,218 42,743 83.719 790 61.798 346 305 408.893 159,583 10.a CRF.DITORS: amounts falling due within l year 2023 2022 Trade creditors Grants payable ALcrLials Taxation & Social Security Pension 217.540 31.191.780 90,799 60,188 79,776 28.006.000 387.697 (3,y6? 31.581,631 28,483,948 10.b CREDITORS: amount5 falling due after more than I year 2023 2022 Grai)ts payable 20,535.000 10.037.000 I I. GRANT COMMITMF.NTS 2023 2022 Grants recogni5ed at l Janiiary Coininitinenls made during the year Adjustments re Cjrants madc Amounts paid during the year 38.043,000 52,195,280 {315,OIM)I 38 196 500 51,726,780 40.556.?00 39.5()1.3?9 1180.000} 41924439 38,043.000 Page 23 - The Sigrid Rausing Trust Notes to Ihe financial statements For the year ended 31 December 2023 Split as follows: Amounts due within one year Amounts due after on¢ year 31,191.780 20 535 000 51.726.780 28.006,000 10 037000 38,043.000 12. PENSION COMMITMENTS The Charity operates a defined contributions pension scheme. The assets of ihe scheme are held separately froin tliose of tlie C.liarity in an independently administered fund. The pensii)n ¢i)st charge representq contrihiitions payable by th¢ Cl)arily lo the tuiid and amoiinted io £148.19012022'. £125.5281. Contributions totalliiig £?1,323 (20?2: £14.438) were payable to the fund ai the 31 Deceinber 2023 and are included NN'ithin crL.diiors. 13. ANALYSIS OF FUNDS 13a. ANALYSIS OF NET ASSETS BETWEF.N FUNDS A¥ at 31 December 2023 Inveytments T4ngible Fixed Assets Other Net LiAbilities Total Funds Endowment funds lJnrestricied funds 300,611.331 (35.587.823) 616.963 265.0?3.508 633.767 16,805 TotAI funds 300.611.331 16.805 (34.970.8611 165.657 775 As At 31 December 2022 Inve&tmentg Tangihle Fixed Assets Other Nel Li#bilitie8 TolAI Fund$ Endowment tiii)ds Uiirestri¢l¢d fui)ds 243,571.188 23.656 (31.931.548) 211.663.296 Total funds 243.571.188 23.656 {31.931,548) 211.663.?96 13b. RECONCILIATION OF FUNDS Funds blfwd at 1.1.23 Incomlng Re80ur¢es Re¥ource Expend¢d Transfers Gains and L085es Fund5 clfwd at 31.12.23 As At 31 Deeember 2023 Endowment funds Unrestricted tuiids Total Funds 211,663,296 30,864.784 565.999 (3,50? ?99) 26,563,726 51,690.874 54.559,406 3,502,299 82.555,658 55,12.f.405 265,023,508 633,707 265,657,275 ?11.663.296 26,563.7?6 Funds blfwd at 1.1.22 Inroming Resources Resources EAI)ended Transfers Gain5 and LA)sse$ Funds elfivd at3J.12.23 A5 at JI December 2022 Endowmeni funds Unrcslrictcd funds Total Funds 102,794,407 120.000.000 5.921 (1,724,932) (9,400,258) 40.011.516 41,736.448 1,724,932 160.01 1.516 41,74? 369 211,663.290 102,794,407 9.400.258 211.663,296 Page 24 _