THE SIGRID RAUSING TRUST (A registered charitable company limited by guarantee) Charity No.. 1194828 Company No: 13152028 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
The Sigrid Rau$ing Trnst Contents Contents Page Statutory Information Trustees, and Strategic Report Ind¢p¢nd¢nt Auditorfs Report to the Trustees 9-12 Statement of Financial Activiti¢s 13- 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Financial Statements 17-26 Page I
The Sigrid Rausing Trust Statutory Information Registered Address 12 Penzance Place Loiidon W114PA Trustees Sigrid Rausing (Chaii.) Andrew Puddephatl (Deputy Chair) Pia Bui)gaitcii {appointed 7 Marcli 2025) Daniel Hotz (appointed l January 2024) Hosli Ibi'ahiin (resigiied 12 June 2024} Jeffrey Jowell (resigned 12 Julie 2024. re-appointed 5 December 2024) Helena Keiii)edy (resigned 12 Julie 2024) Joshua Mailman (resigned 12 June 2024) Cliristopher Stone {rcsigned 12 Julie 2024) Date of EstAblishment 22 January 2021 BAnkers Santaiider Coi'porate Bank Santaiider House 100 Ludgate Hill London EC4M 7RE Legal Advi5er5 Bates Wells aiid Braithwaite 10 Queen Street Place London EC4R I BE Independent Auditors UHY Hackei. Young LLP 4 Thoinas More Square London Elw IYW Investment Advisers Cainbridge Associates 62 BUckingh Gate London, SWIE6AJ Charity Registration Number 1194828 Company Registration Number 13152028 Key Managemeni Personnel Duncan Wilson, Exec Director (resigned 25 April 2025) Beth Fernandez, DepLIty Execulivc Director (Directoi. of PiograinEnes from 24 January 2025) Jane Pickering, COO (resigned 7 Februaiy 2025) Lucy Lukic. Finance Director (appointed 21 January 2025 Robiii Nobel, Director of Operatiotts (appointed 21 January 2025 Page2-
The Sigrid Rausing Trust Trustees, and Strategic Report for tbe year ended 31 December 2024 The trustees present tlieir report and financial slatem¢nts for th¢ year ended 31 December 2024. The financial statements have been prepared in ac¢ordanc¢ with the a¢countiiig policies Set out in not¢ I to the a¢¢ounts and ¢omply with the charity's Memorandum and Articles, the Charities Act 2011. Companies Act 2006 and Accounting ai)d Reporting by Charities.. Statement of Recommended Pra¢tice 2019 applicable to charities preparing their accounts in accordance witli the Financial Reporting Standard app]ible in th¢ UK and R¢public of Ireland (FRS 102). Objectives activities for the public benefjt The Sigrid Rausing Trust was set up to provide benefit to other charitable institutions in advanceinent of their ch'Itable work or to benefit other groups provided the work they carry out is charitable. The trustees confim) that they hav¢ complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectiv¢s, in planning futur¢ activities, and in setting th¢ 8rant makin8 policy for the TnÈsÉ. The Sigrid Rausing Trust furthers its ch.11&ble purposes for the public benefit by proinotiiig tlie values and principles of human rights, equality and the I'ule of law, and supporting the preservation of nature fi'oin turther degradation. Incorporated status The Sigrid Rausing Trust was established as a chai'ilable registered company limited by giiarantee on 22 Jaiiuary 202 I. It received a transfer of all assets and liabilities frotn Tlie Sigrid Rausii)g Trust (charity no. 1046769) in October 2021, at whicl) point the previous charity ceased to function. The previous charity was incorporated on 5 April 1995 by Trust Deed. The purpose of the establishment of the new, charitable registered company limited by guarantee was lo enable ihe establisliinent and investtncnt of an cxp¢ndabl¢ Cndowment given to th¢ Sigrid Rausing Trust by our sole benefactor Sigrid Rausing. The iiitention of the full transfer of assets and liabilities from the previous charity to the new, charitable registered company is to ensure a full and seatnless cotttinuation of the charitable grattt-tnakiiig and pui'pose from the previou5 Charity to the charitsble registered company. Grant-making The Trust's grants during the y¢ar were made within three thematic prograinmes.. Human Rights and Rule of Law Open Societies Environinent programm¢ is d¢s¢rib¢d in great¢r detail on the Trust's ii'cbsite. In addition. a Chair's Fund enables the Chair to fund charitable projects and organisations which may be outside the current remit of the above theinatic pro¥ramtnes, but fall within tlie Trust's broader philanthropic reinit. A Trustees, Sinall Grants Fund allows individual Érustees to nominate organisations with a charitable purpose for support. Pag¢3-
The Sigrid Rausing Trust Trustees, and Strategic Report for the year ended 31 December 2024 Grant makillg policy Trustees review the Trust's grant-making policies regularly lo ensure tliat tliey reflect the ¢harity's objects and iliereby advance public benefit. Trustees do iiot invite unsolicited applicatioiis for fuiidiiig, given tjie limited annual budget and the Trust's wide thematic and geogTiaphic reach. Instead, tlie Trust's experienced programme staff look for influeiit181, well-run organisations working in Ilie Ti'ust's ficlds of interest. Trustees may also bring pol¢nlial applica]Its to the attention of programtne staff. After an initial review, progratnm¢ staff propose potential applicants to trustees, who will decide whetlier or not to invite a full application. Organisations invited to apply are allocated to one of the Ti'ust's programinc5. Applications are assessed by programtne staff. They aim to gain an in-depth understanding of tlie applicant-.s objectives. organisation and effectiveness, and to asscss the applicant's fit with the overall objectives of th¢ Trust. Where possible, staff will mak¢ a site visit. Each application is a150 reviewed for Compliance with UK charitable laws, with legal advice if necessary. a])d a financial r¢vi¢w of past p¢rfomian¢e and future projections is ui)dertaken. Trust staff prepare reports and recoininendations for each orgaTJisation's application. These are considered at regular review Ineetings where tlie Executive Dii'ector or Depiity Executive Dii'ector will decide or refer decisions to the Trustees. All decisions and referrals are shared with Trustees who have a sct period of time to raise concerns or questions and to appiove or reject referred graiits. Trustees, d¢cisiotts are final. Once the successful applicaiit lias aLcepted the terins and conditioiis of the grant, the grant will be paid out. Furthcr inslalmcnts of multiyear grants are paid on receipt of satisfactory intcrim reports. T]ie Trust's grants gerkerdlly provide unrestricted suppo¢ rather than fiindin8 for specific projects. 111 2024 the Trust Inoved to making mostly one~year gi'ants. provided on the uiiderstanding that grantees are able to reapply and may receive support over a number ofyears if tliose IE-applications are successfLEI. Tl)e potential tor long-term flexible support is greatly valued by grantees. Monitoring #nd follow up Grant¢es are required to complete annual progress rcports as well as a final I'epoit after the eiid of th¢ grant period. The reports cover progress made. problems encountcrcd. and ally organisational changes. Grantees also provide a financial slatemei)I showing how the grant has been used. Th¢s¢ PortS ar¢ I'eYiew¢d aiid any queries are I'aised directly with tlie grai?tee to ensure that the grant has b¢en used in compliance with the original application. Grantees cali be visited at any time dui'ing the grant. The Trust schedules regular visits. both to see the operatioi) of graiitees first hand and to leani niore about tl)e current hunian rights challenges in each country or r¢gion. Int¢rnalional grant¢Cs ar¢ ¢ncourag¢d to V15it the Trust offices should they be travelling lo the UK. Staff report back to colleagues and trustees on visits and trustees rcgularly review the impact of thc g]'ants made. Strategi¢ Report Achievements and performance: how ihe Trust's gyant giving has delivered public benefit During the year, the Trust has awarded £22.8 million in grants. Considering all grants mad¢ since the inception of the previous charity in 1995, the previous cliarity and the new charity have awarded Page4-
The SÉgrid Rallsing Trust Trustees, and Strategic Report for the year ended 31 Deeember 2024 £591 million in grants in total. The financial statements and aecounts contained later in this report reflect the lolal value of single and multi-year grants awarded by trustees during 2024. During 2024, the Trust coinpleted a series of rolliiig reviews of each of its thematic pi'ogrammes. The following progrdmmes were reviewed dui'ing thc year.. Dcfcnding Civic Space and Toxics aiid Pollution. Financial review The results for the year ar¢ set out on pagc 13-15. Total income for the year was £29.0 million (2023.. £82.6 million). Total expenditure was £25.3 million (2023: £54.6 Inillion). Grantawards totalling £22.8 million (2023.. £51.8 million) were Inade during the year, part of wl)ich will be paid in 2025 and 2026 as part of muliiyear coininitinents. In additioii, the Tn]st spent £2.6 million (2023.. £2.7 Inillion) in administrative costs, making a total of £25.3 Inillion (2023 figure.. £54.6 million) in direcl cliaritable expenditure. Support costs were I 00/0 (prior year.. 4.80/D) of total charitable expciidituir, with the inci'ease as coinpared to tlie prior year Inainly du¢ to tl)¢ d¢¢reas¢ in graiit-InakingF as the Trust reviewed and changed strategy. Th¢ Trust benefited from donations of £27.2 million (2023 figure: £81.4 Inillion) during the year, wliich funded tile grant giving during Ilie Yr. Grant payineiits dui'ittg the year, of both new grants and mulii-y¢ar instalmenls. amounted lo £37.3 Jnillion (2023 figure.. £38.2 million). Reserves policy At 31 Deceinber 2024 the market value of tlie expendable eiidowinent fuiids stood at £280,880,705 (2023- £265.023,508). Expendable ¢ndowmenl balan¢es are not free reseives as defined by the Cliai'ity Coinmission. The Trust is a grant making charity oiily, and provides no servic¢s. The trust¢es have undertaken a gcn¢ral risk assessinent aiid assessed tlieir outstanding graiil coininitin¢nts. The trustees, policy is tliat they should expend th¢ in¢ome froin their endowiknent funds in fuitl)eranc¢ of the cliai'ity's objectives, subject to Ineeting tl)e i)ecessary administrative ¢osls of running the charity. The Trust additionally receives doi)ations from its founder and others and the Chief Operating Officer ensures that tlie charity has sufficient woi'king capital to pay out grants in a tim¢ly fashion onc¢ awarded. In view of the moderate level of i'isk and adequate cover available for future grant coininitinents, the trusl¢¢s do not consider d)at it is necessary or justifiable to carry further reserves. Investment policy The Trust""s investment policy is sel by Sigrid Rausing dnd approved by tlie board of Trustees. Tl)e Trust is giiided by advice froin our iiivestinent firm Cainbridge Associates. T])e focus lias been on strong adherence lo the latest directions in Environmental. Social and Goveriiaiice investinent standards with a focus on alignment with the Trust's values and philanthi'opic interests. -PageS-
Tlle Sigrid Rausing Trust Trustees, and Stralegie Report for the year ended 31 Deeember 2024 The investment obj¢clive for thc portfolio is to improve the real purchasing power of tlie assets over the medium to long term, with an average annual relui'n objective of 6f/*o in real lenns (i.e. after inflatioii). Over shorter time periods perfomiance will be coinpared to a poli¢y benchmark which reflects the asset classes in wlii¢h the portfolio is invested. The Trust woi'ked with Cainbridge Associates to set up the portfolio and enable Cambridgc to inilialc I'elaiionships with fund rnanagers in line with the Trust's inv¢stm¢nt policy and pi'ioi'ities. The first iiivesttnenl was placed 011 I Octob¢r 2021 and at 31 tkcember 2024 the portfolio was valued at £324.9 million. 2024 was anotl)er strottg yeai. for public equity wnarkets, with a IElum of 19.60/0 in stei'liiig terins (as measured by the MSCI ACWI). Bonds lagged as inflationary and budget concerns resurfaced, especially in the UK. and fell by -3. 10/0 (as In¢asured by FfsE Bi'itish Goveriitneiit All Stock Iiidex)- Within ¢quily markets, the US once agJain outperformed, deliveriiig ali outsized IEturn of 26.80/0, driven by a high exposure to soaring Al names and a favourable econonTric backdrop. For the calendaryear, the portfolio increased in value by £24 million &nd d¢liver¢d a return of 8.40/0 (with private assets valued as at Q3). Tliis i'etuni was in line with the long-tem) obje¢liv¢ of CPl+6 % but some way short of tlie policy benehmark. Tl)e key driver of underperforn)ance versus the benchmark was SRT'S more diversified poitfolio construction approach, which resulted in a lower exposur¢ within equities to the Al names that drove the market rally. Giveii equities are tlie largest exposure (c.760/0 of tl)e SRT portfolio) and the market's highly concentrated exposure to the Al theme, a more diversified equity portfolio was judged prudent and to better serve SRT. Re¥ardless, portfolio iinprovements and rebalancing a¢tivity over 2024 have slrengthened SRT'S positioning for 2025 and beyond. Risk management The trustees have examined the major strdtegic, business and operational risks to which the charity is exposed and maintain these in a registei. which is reviewed and updated regularly and fornially by the tiustees. They are satisfied that appropriate mitigations and i'esources are iii pla¢¢ to manage tlie risks faced by the Trust and its staff. Tl)e trustees consider the principal risks facing tl)e charity to be the potenti&l for fraudulent transactions leading to loss of fLinds' the potential for reputational damage to the Trust arising out of Inisuse of Ti'ust funds by a grantee. and tli¢ risk to staff or grantee persoiinel arising either froin visiting or working in l)igher risk contexts. The Irustees assess the risks associated witli each grdllt as it is made. They are mindful of the considerable risks faced by grantees working to defend hLiman rights and tackling abuses of those rights, and the risk to staff of visiting current aiid potei)tial grantees in certain countries. Trustees and staff draw on their own expertise and the advice of country experts and then take appropriate measures lo safeguard staff and streiigtlien grantee security. The Trust's review of applications includes a sp¢¢ific assessinent of the risks associated willi each proposed graiit. The combined expertis¢ of th¢ Trust's staff aiid truste¢5, and the external experts it can call on for an independent opinion, ensure that Il)e Trust is able to make an infomjed evaluation of the applications r¢¢¢ived and mitigate the risk of in¢ffcctive grant Inakiiig. The Triist's Audit and Risk Committee. composed of three Trustees and the Secretary to the Board (a chartered accountant) ¢onlinucd ils work dui'ing 2024. The Audit and Risk Coinmittee's purpose is to overse¢ financial repotling. che processes related to risk management and interi)al control Iiicluding finan¢ial, reputational, compliance and other sts'ategic and operatioiial risks, and to oversee th¢ audit pro¢¢ss¢s. Page6-
Tlie Sigrid Rausing Trust Trustees, and Strategic Report for the year ended 31 December 2024 Throughout 2024 the Audit and Risk Committee Continued to deal with emerging issues of risk related to grantees and for the Trust as a whole. It considered working pra¢tic¢ where the Trust is dealing witli complaints received by or about grantees. PIAns for future periods In 2025, the Trust plans to contii)ue implemei)ting th¢ clianges to ils granl-making practice in particular in relation to length of grants. The Trust will also continue impleinentation of the new Strategic vision as agreed by I'rustccs in 2023 iii¢reasing Ili¢ fo¢LlS on impact and real-woi'ld cliange when deciding new grants and grantees. As part of Ihis iiew vision the ovei'all nuinbers of grantees SUPPOlted by the Trust will coiitinue to gradually redu¢¢. Structure) governlnce and managemellt The Sigrid Rausing Trust was established on 22 January 2021 and is a cliaritable ¢ompany IiiT]ited by guaraiitee. It received all assets aiid liabilitics from a previous charitAble Trust, also called the Sigrid Rausing Trust, on 6 October 2021. The pi'evious charity was an uniiicorporated Trust established by Trust Deed dated 5 April 1995. The followii)g acted as directors and trustees during the year l January to 31 Decembei. 2024: Sigrid Rausing (Chair) Aiidi'ew Puddepl)att (Deputy Cliair) Daniel Hotz (joined l January 2024) Hosh Ibrahim {left 12 Julie 2024) Jeffrey Jowell (left 12 Jun¢ 2024, re-joined 5 December 2024} Helena Kennedy (left 12 June 20241 Joskua Mailinan (left 12 June 2024) Christopher Stone (left 12 June 2024) Hosh Ibrahim, Helena Kennedy and Joshua Mailman joined an advisory committee from June 2024 wliich m¢ets with tlie Inain Board. The power of appointing new or additioiial trustees is vested in Sigrid Rausing as the sole member of the charity. The number of trustees shall at no lime be fewer tlian tlir¢e individual trustees or one corporate trustee. The board of trustees met 3 tiines, with ai) agenda focussed on strategic questions, future scani)iiig aiid any significant questions of orgaiiisational risk. All Iriistees are aware of their obligatioiis to t]ie Trust aiid on belialf of the TrusL and ftew trustees sp¢nd time within the Trust tamiliari5iiig themselves with its operations and legal requireinenls. This includes ]eetIngS with key staff meinbers, receiving iiiformalion about the Trust's curi'ent tiVItIeS and working practice. and meetings with the Chair and other Board members as required. Details of trust¢¢ remun¢ralion and expenses and any relalcd party transactions are disclosed in note 2 to the accounls. Trustees are requii'ed to disclose all relevant interests and register tliem annually with th¢ Trust's adininistration. and in accordance with the Trust's Overlap of Interest Policy to withdraw from decisions wh¢r¢ a conflict of interest arises. The trustees consider thal the Board of Trusl¢es. the Executive Director, tlie Deputy Ex¢¢utive Director. and the Chief Operating Officer ¢omprise the key Inanageinent personnel of the charity in charge of directing and oontrolling the charity ]d its day-to-day opei'atioii. The pay of the Charity's senior maiiagers and other staff is reviewed annually and is nortnally increased iii line with accepted m¢asures of price and wage inflation. Page7-
The Sigrid Rausing Trust Tru5tees' and Strategic Report for the year ended 31 December 2024 St#tement of trustees, responsibilities The trustees are responsible for prepariiig Ihe Truslees, Report and the financial stateinents in accordance with applicable law and United Kingdom Accounting Standards {UttiÉed Kiiigdom Geiierally ACCepd Accoui)tiiig Practice.) Company law requires tlie trustees lo pi'epare fiiiancial statements for each financial year whi¢h give a Irue and fair view of the state of the affairs of the chai'ity and of the iiicoming resources and applicalion of resources of the charity for tl)at yeai.. In preparing these financial statemenls, the trustees are required to= select Suitable accouiitiiig policies and tlieii apply tliein coiisislently. observe Ilie Inethods and principles in the Charities SORP 2019 (FRS102)- make judgements and estiinates that are reasonable and prudent. stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in tlie financial statements. prepare the financial stateinents on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting I'ecords tliat disclose widi reasonable accuracy at any time the financial position of tlie charitable company and eiiable thein to ensure that tlie financial slateinents coinply witli the Coinpanies Act 2006 and Charities Act 201 l. Tliey are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and det¢ction of fraud and other irregularities. In so far as the trustees aware.. th¢r¢ is no relevant audit information of wl)icli the charitable compa])y's auditor is unaware; and the trustees have taken all steps tliat they ought lo have taken to make tlieinselves aware of any relevant audit infornialion and io establish tliat Ihe audilor is aware of that infurniatioi). The trustees are responsible for the maintenance and integrity of the coi'porate and financial infomiation included on the cliaritable company's website. Legislatioii in the United Kingdom goverJJing the pitparation and dissciniiiation of financial statcincnts Inay diffcr fiom Icgislation iii other jurisdictions. Auditors The Company has by elective resolution dispensed witli the obligation to appoint auditoi's aiinually in accordance with Section 487(2) of tl)e Companies Act 2006. The auditors, UHY Hacker Young LLP, will be considered for reappointment for future financial years. The Trustees, report is approved by the Trustees of tl)e Charity. The Strategic Report, which forms part of the annual report. is approved by the Tn]stees in their capacity as directors in coinpany law of the charity. By order of the board Andrew Puddephatt, Chair of the Audit and Risk Committee Date.. 24 June 2025 Page8-
The Sigrid Rausing Trust Auditor's Reporl for the y¢ar ended 31 December 2024 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SIGRID RAUSING TRUST Opinion We have audited the financial statements of The Sigrid Rausing Trust {'the charitable company,) for tlie year ended 31 December 2024 wliich coinpi'ise the Stateineiil of Finaiicial Activities, Il)e Balaiice Sheet, the Statemeiit of Cashflows and notes to the financial slatemenls. including significant accounting policies. The finai)cial reFK)rting frainework that lias been applicd in their preparation is applicable law and Uiiited Kingdom Accouiitiiig Standards iiicluding FRS 102 'The Finaiicial Reporting Standard applicable in the UK and Repliblic of Ireland. (United Kingdom Generally Accepted Accounting Prdctice). In our opinion the financial statements.. giv¢ a truc and fair view of th¢ slate of tli¢ ¢haritable company's affairs as at 31 December 2024 and of its incoming resour¢¢s and application of resources, including its incotne and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepled AOUntIng Pi'actice; and have been prepared in a¢¢ordance with the requirements of the Cotnpanies Act 2006. Basis for opinion We ¢ondu¢t¢d our audit in ac¢ordan¢e with International Standards on Aliditing (UK) (ISAS (UK)) and applicable law. Oiir responsibilities under those staiidards are fLlrther desci'ibed in thc Auditor's responsibilities for the audit of the financial stateinents section of our report. We are independent of the charitable coinpany in accordance with the ethical i'equirements that are relcvant to our audit of the finaii¢ial slat¢inents in the UK, in¢ludii)g the FRC'S Ethical Staiidard. and we liave fulfilled our other ethical responsibilities in accordance with these requirements. We believe tliat the audit evidence we have obtained is sufficient and appiopriate to provide a basis for our opiiiioii. Conclu$ion5 relating to going Concern In auditing the finan¢ial slat¢m¢nls, we have coi)cluded that the tru5tees' use of the going concer basis of accounting in the preparation of the financial statement is appropriate. Based on the work we have perfonned, we l)ave not identified any Inaterial uncertainties relating to events or conditions tliat, individually or collectively, iyjay cast significant doubt on the charitable company's ability to contiiiue as a gyoing conceni foi. a period of al least twelve Inonths fi'om when the financial statements are authorised for issue. Our responsibilities and tile responsibilitie5 of the trustees with respect lo goiiig concern are d¢s¢ribed in the relevant sections of this report. Other information T]ie other iiifortnation comprises the iiiformation includcd in thc annual report other than the financial statements and oui. auditor's report thereon. The trustee5 are respoiisible for th¢ oih¢r infom)ation contained within the financial statements. Our opinion on tlie financial statements does not cover the other infornjation and, except to the extent otherwise explicitly stated in our report. we do not express aiiy forni of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so. ¢onsider whether the other infortnation is Inaterially incon5i5tcnt with the financial staleinents, or our knowledge obtained in the Page9_
The Sigrid Rausing Trust Auditor's Report for the year ended 31 December 2024 course of the audit. or otherwise appears to be materially Inisslated. If we identify su¢h material inconsistencies or apparent material Inisstatements, we are required to determine whether tliere is a Inaterial misstaleinent in the financial stal¢m¢nts or a material misstateinent of the other infortnatioii. If. based on the work we have perfomed, we conclude that there is a material misstatemeiit of tliis other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinions on other ma¢ters pres¢ribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: the informatioii given in the trustees, report, which includes the strategic rew>rt prepared for tlie purposes of cotnpany law. for the financial year for whi¢h the financial statemeiits are PlEpared is consistent with the financial statemeiits; and the strategi¢ report included within tlie trustees, report lias beeii prepared in accordan¢¢ with applicable legal requirements. Matters on which we are required to report by exeeption In the light of the knowledgc and understanding of the charitable company and its environment obtaiiied in tlie course of the audit, we hav¢ not identified material misstatements in the Trustees, and Strategic Report. We have nothing to report in respect of the following matters wheit the Companies Act 2006 requires us to report to you if, in our opinion= adequate and proper a¢coiintii)g I'ecords have not been kept or retunis adequate for our audit have ot been received from branclies not visited by us. or tlie financial statctncnts are not in agr¢ein¢nt with the ac¥ounting records and I'etunis. or certain disclosures of trustees, remuneration specified by law air not made. or we have not received all the information and explanatioiis we r¢quir¢ for our audit. Responsibilities of trustees As explaiiied tnore fully in the trustccs, responsibilities slatement set out otTr page 8. the trustees (wlio are also the dircctors of the charitable ¢ompany foi- the purposes of company law) are responsible for tlie pi'eparation of the financial statements and for being satisfied tliat they give a true and fail. view, and for such internal control as the trustees determine is necessary to enable the preparation of fiiiancial statements that are free froin Inaterial misstateinent, wh¢th¢r du¢ to fraud or error. In preparing the financial statements, the trustees are responsibl¢ for assessing the charitable company's ability to continue as a going ¢on¢ern, disclosing, as applicable, matters related to going concern and using the going coiicern basis of accouiiling unless the trustees either intend to liquidate th¢ chai'itable coinpaiiy or to cease operations, or have no realistic ali¢rnative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtsiii reasonable a55uraTr¢e about wh¢tli¢r the financial stateinents as a whole are free from material misstatement, wheil)er due to fraud or error, and to issue ali auditor's report tl)at in¢lud¢s our opinion. Reasonable assurance is a high Icvcl of assurance, but is not a guarantee tl)at an audil conducted iii accordance with ISAS (UK) will always detect a Inaterial misstatement when it exists. Misstatements can arise from fraLid or error and are considered material if, individually or in the aggregale, they could reasoiiably be expected to influ¢nce the ¢conomic decisions of users taken on the basis of these financial stateETtents. Irregularities. includiiig fraud, are instances of non-compliance with laws and regulation5. We design Page 10-
The Sigrld Rausing Trust Auditor's Report for the year ended 31 December 2024 pro¢edur¢s in line with our responsibilities, outlined above, to detect material misstatcinents in respect of irregularities, including fraud. The extent to which our procedures are capable of dele¢ling irre8ularities, includin8 fraud is detailed below. Based on our understanding of ihe charitable company and the industry in which it operates. we idenlifi¢d that th¢ principal risks of non-coinpliance with laws and regulati011s relat¢d to tl)e acts by the cl)arilable company, which were contrary to applicable laws aiid regyulations iiicluding fraud. aiid we considered the extent to which non-coinpliance miglit have a material effect on the financial statements. We also considered those laws and regulations that liave a direct iinpacl on the preparation of the financial statements such as the Companies Act 2006, Charilies Act 201 I, Charities SORP 2019 and FRS 102. W¢ evaluated management's incentives and opportuiiities for fi'audulent manipulation of the financial slateinents (including the risk of override of controls), and determined that th¢ prin¢ipal risks were related to posting manual journal entries to Inanipulate financial results, management bias through judgements and assumptions in si&inifiLant accountiiig estimates, in particulai. iii Telatioii to investment valuations and the grants payable. Our audit procedures wer¢ designed to respond to those identified risks, includingi non-compliance with laws and regulations (irregularities) and fraud that are matei'ial to the financial statements. Our audit procedures in¢liid¢d but were not limited to= Discussing with maiiagement tii¢ir policies aiid procedures regarding compliance with laws and regulations. Review of the financial statcinent disclosui'es to underlying supporting docLiinentation' Coininuiiicating ideiitified laws and regulations Il)roughout oui. engageinent teain atkd retnainitkg alert to any indications of non-compliance throughout our audit; and Considering the I'isk of acts by the company which were contrary to the applicable laws and regulations. including fraud. Our audit procedur¢s in relation to fraud included but were not limited to.. Making enquiries of the management Ott whether they had knowledge of any a¢lual, suspected or alleged frdUd- Gaining understandiiig of ihc inl¢mal Controls established to mitigale risks related lo fraiid,. Substantive testiiig of incoinc and testing of Current year and post year end journals and evaliiating whether Ihei'e was evidence of bias by the trusle¢s that represeiited a risk of niaterial misstatemeiit due to fraud; Review of legal and professional nominal a¢¢ounl to identify any potential undisclosed claims or liligalions. Discussing amongst the eiigageinent teain tlie risks of fraud. and Addressiiig the risks of fraud through management override of conlrols by performing journal entry testing. There are inherent limitations in the audit procedures described above and th¢ further removed non- complianc¢ with laws and regulations is from ihe events and transactions reflected in the financial statements. th¢ less lik¢ly we would become aware of it. Also, thc risk of noi del¢cling a mal¢rial misstatement due lo fraud is higher than the risk of not detecting one resulting from error. as fraud may involve d¢lib¢rate Concealment by, for exainple, forgery or ii?tentional misrepresentations, oi. through collusion. A furtlier description of our responsibilities for t]ie audit of the financial staleinents is located on the Financial Reporting Council's website at= l)np.'/lwww.frc.org.uk/audilorsrespoiisibilities. This des¢ription fom)s pait of oui. auditor's report. Pagell
The Sigrid Rausing Trust Auditor's Report for the year ended 31 December 2024 Use of our report This report is mad¢ solely lo the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our aLidit woi'k has been undertaken so tliat we Inight state to the ¢l)arilable cotnpatty's trustees those matters we are requii'ed to state to them in an auditoWs report and for no other purpose. To the fullest extent pennitted by law. we do nol ac¢ept or assuine sponsibility to anyone other than the charitable company and th¢ ¢harilabl¢ compai)y's Irusle¢s as a body, for our audit work, for tliis report, oi. for the opinions we have formed. Colin Wright (Senior Statutory Auditor) For and on behaifof UHY Hgcker Young Chartered Accountants and Statutory Auditor 4 Thomas More Square London Elw IYW (s Pag¢ 12-
The Sigrid Rausing Trust For the ye#r ended 31 Delember 2024 Statement of Financial Activities Unre5trirted Expendable ErtdowmÈnt Year Ended 31st DeombEr 20Z4 Year Ended 315t Detember Funds Fynd 2023 NOTE Income & endowments Donation5 27.163,556 27.163.556 51,350.403 30,WO,000 Gifts of expendable endowment other Incorne 95,251 95,251 102,444 Interest and Investment Income 340.699 1,353,139 1,693,838 1,102.811 Total Income and Endowments 27,599,506 1,353,139 28,952,645 82,555.658 Expendlture on Raislng Funds Investment Management Costs 8b 981.271 981,271 565,999 Expenditure Grants Awarded 22,776,696 2.532,714 39.109 22,776,696 2.532.714 39,109 51,880,280 2,616.513 62,613 Support Costs Governance Cost5 Totsl Lxpenditure 25,348.519 25,348,519 54,559,406 Total expendlture 25,348,519 981,271 26,329.790 55,125,405 Net Gain / (Lossl on Investrnents 23,794.201 23,794.201 26,563,726 Net intome / lexpenditurel 2,25D,987 24,166,069 26.417,056 53,993,979 Transfer tween funds 8,308,872 18.308.872> Net movement in lunds 10.559,859 15.857,197 26,417,056 53,993,979 Brought Fonward 633.767 265,023,508 265,657,275 2LI,663,296 Total Fund5 Carried Forward at 31 December 2024 11.193.626 280.880,705 292,074,331 265.657,275 Page 13
The Sigrid Rausing Trust For the year ended 31 December 2024 Statement of Financial Activities Ufirestrirted Expendable Endowment Fund Year Ended 31st December 2023 Comparative Year 2023 Funds NOTE Income & Endowments tk)nation5 Glfts of expendable endowment Other Income Interestand Investment Income Total Income and Endowments 51.350.403 51,350.403 30,CQO,000 102,444 1,102,811 82,555,658 30.000,orKI 102,444 238.027 51,690.874 864,784 30,864,784 Expenditure on RaisinÈ Funds Investment Management Costs 8b 565,999 565,999 Expenditure Grants Awarded 51,880,280 2,616.513 62,613 54,559,406 51,880,280 2,616,513 62,613 54,SS9.406 Support Costs Governènce Costs Totsl Expenditure Total Expendlture 54.559.406 565,999 55,125.405 Net Gain I (Loss) on Inve5tment5 Bb 26.563,726 26,563,726 Net income I lexpenditurel 12,868,532) 56,862.511 53.993,979 Transfer bebmeen funds 3,502,299 13,502.2991 Net movement In fund5 633,767 53,360,212 53,993.979 Brought Forward 211,663.296 211.663,296 Total Funds Carried Foard at 31 Derember 2023 633,767 265,023,508 265,657,275 Page 14-
The Sigrid Rausing Trust For the year ended 31 Deeember 2024 B8lan¢¢ Sheet 2024 2023 NOTE FIXED ASSETS Tangible Fixed Assets Investm¢nts 16,507 324.902,114 324.918,621 16.8Q5 300,611,331 300,628,136 8b Tolal Ineomt& Endowments CURRENT ASSETS Dcbtors 168,515 4,630,947 4.799,462 159.583 16,986,187 17.145,770 Cath Bt bonk and sn hand Total eurrent assets CREDITORS duewihtn oneye io 130.269.7521 NET CURRENT LIABILITIES 125.4702901 114,435.8611 TOTAL ASSETS LESS CURRENT LIABILITIES 299.448J31 286,192,275 CREDITORS due after oneyear 17,374,(KlO} 120535,0001 NET ASSETS 291074.331 265.657275 FUNDS Utsrestrided Fund$ 11.193,626 280.880.705 633.767 265.023508 Expendable endowment fvnds FUNDS 13 292.074,331 265,657,275 The financi statements were approved and authorised for issue by the Trustees and were signed on their behalf by.. Andrew Puddephaffj Ch4iroftheAudit and Rlsk Committee Date.. 24 June 2025 Company no.- 13152028 The notes onpages 17 to 25form parl ofihesefinaneial sia¢tmÉnlS The statement offinancial aciiviiies includes all gaip7& andlosses recognised in iheFeriod. All Income anda¥Fendilure derivefrom continuing aeiTvili¢s. Page 15-
The Sigrid Rausing Trust Statement of Cashflows For the year endcd 31 December 2024 2024 2023 Notes Ire5tatedl Netcash loutflowllinflow from operating activities IA) 112.682.9411 10,646,794 Net cash loutflowllinflow trom investing activities 327,701 129,841,109) Net cash outFlowlrorD financing activities Ici 30,000,000 (Decreasellincrease in cash in the period IDI 112,355.2401 10.805,685 IA) Re¢onriliation of net inromin8 re50urre5 to cash flowsfrom operating artivities Nei surplus for the year Depreclation Loss on asset disposals Unreali5ed Ig3inl/los5 on investments Net movement on investments Bank interest income Ilncrea5el/decrea5e in debtors IDecTea5ellincrease in creditor5 Endowrnent donations 26,417,056 12,728 568 123,794,201] 1496,5831 1340,6991 8,9321 114,472,878) 53,993,979 85,988 126,563,726) 1476.4111 1238,0271 249,309 13,595,682 130,000,000) Net Cashflowfrom operating actNlties 112,682,9411 10,646,794 IBI Net tash ouffiowlrom investing attivities Cash invested into investment portFolio Investment income Investment rnana8eme fees Interest Income Investment incorne re-invested Tangible fixed asset addition5 Net ¢•5h outflow from Inv¢stlng artlvhles 130,OW,OODI 864,784 1388,3731 238,027 1476,4111 179,1361 129,841,109) 1,369,528 1872,9451 340,699 1496.5831 112,9981 327,701 (Cl Net Cash outhow from financlng artivities Endowment donations Net cash élow frorn fin4ncinK ortiviEie5 30,000,000 30.000.000 IDI Analysis of change in net cash funds 31$1 December prior year 16.986,187 6.180.502 Cashllows 112,355.2401 10,805,685 31st December current year cash balance 4,630,947 16,986,187 Page 16-
Thc Sigrid Rau5ing Trust Not¢5 to the financial statements For the y¢ar ended 31 December 2024 I. PRINCIPAL ACCOiINTING POLICIES Basis of preparation The financial statements have been prepared on R going coiicern basis und¢r th¢ liistorical cost convention as modified by the revaluation of investments being measured at fair value through incoiJ]¢ and expenditure with the statement of financial activities and comply with the Coinpanies Act 2006. The financial statements have been prepar¢d iii accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with tl)e Financial Reporting Standard applicabl¢ in th¢ UK and Republic of Ireland {FRS102) second edition and th¢ Finan¢ial Reporting Standard applicable ii) the United Kingdom and Republic of Ireland (FRS102), Ihe Charities Act 2011 and UK Generally Accepted Aonting Pra¢ti¢e. The finan¢i&l stslem¢nts are prepared in sterling, which is the fuiictional curreiicy of the company. Moii¢tary amounts in these financial statements are rounded to the nearest pound sterling. The Company does not have a shar¢ capital, bul its liability is limited by the guardnlees of its Trustee inembers. Each Ti'ustee memb¢r has agreed lo accept liability not exceeding £1 should ihe Company be wound up. At 31 December 2024, the total of such guarantees amounts to £1. The charitable company was incorporated on 22 January 2021 in Ei)gland and Wales, UK, and commenced its activities 011 6 October 2021, following the traiisfer of assets and liabilities from The Sigrid Rausing Trust (register¢d charily number1046769). The registered office address is 12 Penzance Place, LA)i)don, Wl14PA. T]ie Stateinent of Cashflows ¢omparalives for 2023 have been restated lo take into ount a reclassificatioii of the net movements in inveslment income for that year. Going concern At the time of appi'oving the finaiicial statement5, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. The expectation involves the continuation of the on-going grant making via annual charitable donations frorn our chair. Sigrid Rausiiig. The endowment is intended to provide comfort around the ability of the Trust lo meet its future graiit commitmenls should tliose ani)ual donations ¢ease for a])y reason. Incotne from the cndownient is therefore likely io be retained witliin the endowment t7th¢r than utilis¢d for ongoing grant-making. The size of the endowment, currently a significant multiple of the Trust's future liabilities at any point in time enables the Trustees to satisfy themselves that the Trust is a goiiig concern. Therefo, th¢ trustees continu¢ to adopt the going concern basis of accounting in preparing the fii)ai)cial statements. Charitable funds The Trust liolds unrestricted funds and an expendable endowment. Unrestricted funds are available for use in furtherance of the Trust's cliaritable purpos¢. Expendabl¢ endowment funds are intended to provide the Trust with long terim stability. Income generated from the endowment is added to unrestricted funds. Trustees may also, at their discr¢tion, determine to apply part or all of the expeiidable endowment capital in furtherance of the Ti'ust's charitable purposes and where at their discretion those funds are required to meel the Trust's obligations. such funds may be transferred to the unrestricted fund. Incoming resources The Trust recognises charitable donations when received. The Trust recognises endowineiit income as il is earned. Pag¢ 17-
The Sigrid Rausing Trust Notes to the financial statements For the year ended 31 December 2024 Ineome from investments Dividend, interest, and other income is recognised when receivable and includes recoverable taxation. Grants payable Provisions and grants are recognised when the Trust has a legal or constrLlCtive present obligation as a result of a past event, it is probable that tlie Trust will be required to settle that obligation aiid a Irliable estimate cali be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle ihe present obligation at the reporting end date. taking into account the risks and uncertainties surrounding the obligation. Where the effect of th¢ time value of money is material, Ihe amount expected to be required to settle the obligation is recognised at present value. When a provision or grant is measured at present value the unwinding of the discount is r¢¢ognised as a finance cost or grant ¢xpens¢ in net incoine/{¢xpenditure) in the period it arises. Grants and donations are recogiiised in th¢ Statem¢iit of Financial Activities based on the coinmitsnents Inade duriiig the year. In case of an unconditional grant offer this is accrued once the I'ecipient lias IKen notified of tl)e gi'ant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards tliat are Subject to tlie recipient fulfilling performance ¢oi)ditions are only ac¢ru¢d when tl)e recipient has been notified of the grant 2nd any remaining Linfiilfilled condition attaching to that grant is outside the control of the Trust. Multi-year grants are recognised at the value awarded= trustees consider that given tl)e Trust's funding arr&ngeinents there is no Inaterial discounting required to reflect the tiEne value of the money. Resourees expended and basis of allocation of costs Expenditure is recognised on an accruals basis. Irrecoverable V AT is included within the expense items to which it relates. Expenditure on raising funds represents amounts paid to the Fouiidation's external inveslinei)t advisers and custodian, and an apportioninent of internal support ¢osts based on lime spent. Cosl ofgeneralingfunds The cost of generating funds I'epirsents amounts paid io the Trust'5 extei'nal investiiient managers. Supporl cosls Support costs are incurred directly in the delivery of tlie Trust's ¢haritable activities. These costs are based on thc perc¢ntag¢ of lime that a resourc¢ is used in th¢ application of grants administration and associated activities together with the overhead costs of the charity. Governance cos15 Governance costs comprise costs incurred in Trust administr&tioi) and ¢ompliai)ce with regulatory iEquirements. Staff costs are calculated as a percentage of time committed. Fixed assets alld depreciation Fixed assets over £1,000 are capilalised. DetM'¢ciation is provided on fixed assets, in order to write off th¢ wsl of the assets ovei. their expected useful lives estimated residual values, at the following rat¢s.' Computers & equipment Other assets 33 /0 p.a. slraighi line 250/0 p.a. straight line Page 18-
The Sigrid Rau5ing Trust Notes to the financial statements For the year ended 31 December 2024 Investments Fixed asset investmeiits coinprise both quoted and unquoted iiivestmei)ts and are initially measured at ti'aiisactioi) price, excluding transaction costs, aiid are subsequently Ineasured at fair value at eacli reporting date. Changes in fair value are recognised iii net incoinel(expenditUlE) for tl)e year. Traiisactioii costs are expensed a5 incurred. Quoted investments are listed shares, bonds and units and are stated at fair value on the basis equivalent to tnarket value using the bid price. Asset sales and purchases are recognised at the date of tr&de. Unquoted investments are stated at fairvalue based on professional valuations at the balance she¢l date or nearest available date to it. For hedge funds, the valuation8 are provided by third-party hedge fund Rdminislrators. In the case of private equity funds, there is no readily identifiable market price. These funds are iiicluded at tlie most recent valliations by their respective managers. Investinents made shortly before the balaiice sheet date are held at cost where the managers have yet to provide a valuation. Unrealised gains and losses are recognised at the year-end as the difference between the historical cost and the markel value of the iiivestment assets. Realised gains and losses are recognised during tlie year at the tiine tlie investment is sold, and include any fees incurred at source. All unrealised and realised gains ai)d losse5 0 invesbn¢ntS are included within th¢ stalement of finan¢i&l activities. Pensions The company operdtes a defined contribution scheme for the benefit of its employees. Contributioiis payable are charged to the Statement of Financial Activilies in the year they are payable. The money purchase plan is managed by Scottish Widows. Contributions by the company ld by einployees are iiivested into ai) inv¢stm¢nt fund to build up over the term of the plan. The penbion fund is (hen converted into a pension at the employee.s normal retirement age, defined as the age when they al'e eligible for a state pension. FinaD¢ial instruments Financial assets and fiiiancial liabilities are recogni5ed when Ilie compaiiy becomes a party to th¢ contractual provisions of the instrlimeiit. Additionally, 211 financial assets and liabilities are classified according to Il)e substance of the contractual arrdngements entered into. Financial assets, compris¢d of ¢asli, oih¢r d¢btors and accrued income, and financial liabilities, cnpriSed of grants payable, other creditors and accruals, are initially measured at trdnsaction price (iiicILiding transaction costs) and are subsequently re-measured where applicable ai amortised cost except for investmei)ts which are measured at fair value with gains and losses r¢cognised in the staleinent of financial activities. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate y¢ar end exchange rate. Critical Aeeounting estimates And judgements In the application of the Trvst's acwunting policies, the trustees are required to Inake judgements, estimates aiid assumptions about the canying atnount of assets and liabilities Iliat are not rcadily app&reJ]I from other soui'ces. Thc estimate5 and associatcd assumptions al'e based on historical exp¢i'ienc¢ and other factors that are coiisideird relevant. Actual results may differ from th¢se estimates. Th¢ estimat¢s and underlying assumplions are reviewed on an oiigoing basis. Revisions lo accounting estiinales are recognised in the period in wliich the estimate is revised where Ilie revision affects only tliat period, or iii the period of the revision and future periods where d)e revision affects both cui'renl and future periods. Page 19-
Th¢ Sigrid R#using Trust Notes to the finan¢ial statements For the year ended 31 December 2024 The estimates and assumptions which have a significant risk of causing a material adjustment lo the carrying amount of assets and liabilities are outlined below.. Inveslingnl valualiun Tlie Ti'ust's invcstmeiits are stated at market value. Fixed ass¢t investments comprise both quoted and unquoted investments and are initially measured at ti'ansaction price, excluding transaction ¢osts, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expeiiditure) for the year. Transaction costs are expensed as incurred. Valuations al'e obtained from the iiivesbnent nianagers. Trusl¢es acknowledge the private equity investment valuations are based on estimates. However, they regard this as reasonable due to th¢ relatively coiistrained exposure to private iiivestments within the overall portfolio, and because the grant-making of the Trust is not supported by endowment income but raiher from annual donations received from our founder, sole benefactor and Chair. 2. RELATED PARTIES TRANSACTIONS Where trustees have an interest in a grant making decision tliey register that interest and withdraw from the assessment, discussion and decision. The Trust r¢¢¢ived donations of £25.5 million from a fatnily trust of Sigrid Rausing. Chair of the Trustees, which were received for grdnl-making. Andrew Puddephatt is founder and was a Trustee of Global Dialogue until February 2019. One of the projects tliat Global Dialogue fund, the Ariadne European funders, network. is a Trust grantee and received £15,000 in 2024. The Trust rec¢iv¢s consultancy services for executive leadership and support and expert consultancy on Trust programmes from Andrew Puddephatt Trustee and Deputy Chair. He received £5,330 for the consiilian¢y services that he provided. Baroness Helena Kennedy KC is on the advisory council for Protimos and the Dire¢tor of IBAHRI. Protimos (£25,000) and IBAHRI {£15,000) received a trustee's small grant in 2024. Jcffrey Jowcll's son Daniel Jowell is a trustee of the Helen SuLnaii Foundation a Trust grantee whicli r¢¢¢ived £60.000 during 2024. 3. GRANTS AWARDED 2024 2023 Main graiits Grants returned during the year Small grants Total grant5 awarded in year 22,540,000 (93,304) 330 000 22.776,696 51,690,280 190000 51,880,280 Page 20 -
The Sigrid Rausing Trust Notes to the financiAI statements For the year ended 31 Decembcr 2024 4. SUPPORT COSTS 2024 2023 Staff costs (see Note 6) RenL rates and service cliarges Other 2,131,384 38.651 362 679 2.532,714 2,053,532 152.408 410573 2.616.513 S. GOVEI RIYANCE COSTS 2024 2023 Consultan¢y f¢es Audit fee Accountancy fees Legal fees 1.305 32,154 4,770 39,109 39,109 62,613 6. STAFF COSTS 2024 2023 Salaries Employers, National Insurance Pension Other staff costs 1,735,260 180,924 150,409 1,676,054 185,287 148,190 2,131.384 2,053.533 The total employment benefits including cmployer pension contributions and employer Nl costs of ihe key Inanageincnt personnel were £362,039 (2023: £383,036). Employees whose emoluments including benefils and excluding pension Contributions and employer Nl, were ¢qual to or greater than £60,000 per aniium were.. 2024 2023 £60,001- £70,000 £70.001- £80,000 £80,001- £90,000 £90,001 £100,000 £ioo,001 £1 10,000 £1 10.000 - £120.000 Tlie average monthly number of persons employed by the Charity during the year was: 2024 25 2023 28 Trustees, r¢mvneration £4,041 was repaid to two trustees for travel costs incurred durii)g the year (2023.. £4.607). Pag¢21
Th¢ Sigrid Rausing Trust Notes to the financial statements For the year ended 31 December 2024 7. TANGIBLE FIXED ASSETS 2024 2023 Cost At l January Additions in the year Disposals in the year 113,704 12,998 34,568 79,136 At 31 Dee¢mb¢r 66,120 113,704 Accumulated depreciation At l January Chai'ge for year Disposals in the year 96,900 12,728 {60,015} 10.912 85,988 49,613 96,900 Net book value At l January At 31 December 16,507 16.805 8a. INVESTMENT AND INTEREST INCOME 2024 2023 Bai)k interest income Adjusttneiit to accrued investment incoin¢ Incoine from dividends Income from interest Income from investments 340,699 (16,388) 857.797 227,283 284 447 238,027 83.718 441,305 262,007 1,693,838 1,102,81 Page 22 -
The Sigriij Rausing Trust Notes to the financial statements For the year ended 31 December 2024 8b. INVESTMENTS 2024 2023 Brouglit torward Inarket value Investmeiit portfolio additions Income from dividends Income from interest Income from investments 300,611,331 243,571,194 30.000,000 441,305 262,007 857,797 227,283 301,980,858 274,352,260 Manageinent fe¢s ducted from investtnents (872,945) (304,654) Gains/(loss¢s) on investment valuations 23 794201 26 563 725 Market value at 31 December 324.902,114 300,611,331 Historic cost at 31 Decemkr 293.782,737 286,263.092 Investments at fair values at year end comprise= 2024 2023 Equities Bonds Hedge Funds Cash 171,575,471 31,929.131 116,096,143 5301369 324,902,114 252,793,774 25,325,948 19,435,633 3 055 976 300,611,331 Portfolio Managanent charge5'. 2024 2023 Caiyjbridge Associates ALTA Advisors North¢rn Trust Net charge to SOFA 906,474 18,000 499.680 18,000 981,271 565,999 Management fees ConCl11atIOn. Cambridge associates fees for 2024.. L¢ss'. Q4 2024 f¢¢s arcrued Add.. Q4 2023 fees, PAid in 2024 Total managcment fees deducted 906,474 (227,555) 194025 872 944 Page 23 -
The Sigrid Rausing Trust Notes to the fingncial statements For the year ended 31 December 2024 9. DEFfoRS 2024 2023 Trade debtors Prepaym¢nts Accrued income Other debtors 50.262 50,804 67,331 1,218 42,743 83,719 168,515 159.583 10.a CREDITORS." amounts falling due within l year 2024 2023 Trade creditors Grants payable Accruals Taxation & Social Security Peiision Other 233,599 29,810,250 151,914 40,832 26,788 6.369 30,269,752 217,540 31,191,780 90,799 60,188 21.324 31.581.631 10.b CREDITORS: amounts falling due after more than I year 2024 2023 Grants payable 7,374,000 20,535,000 II. GRANT COMMITMENTS 2024 2023 Gi'ants r¢cognised at l January Coiniiiilments Inade during tlie year Adj(sStmenls re Grants made Amounts paid duriiig tl)e year 51,726,780 22.870,000 (70,000) 37 342 530 37,184.250 38,043,000 52,195,280 (315,000) 38 196500 51,726,780 Split as follows: Amounts due within one year Amounts due after one year 29,810,250 7 374 000 37,184,250 31,191,780 20 535 000 31,726,780 Page 24-
The SiErid Rausing Trust Notes to the finaneial statements For the year ended 31 December 2024 12. PENSION COMMITMENTS The Charity operates a defined contributions pension wheme. Tli¢ assets of the scheine are held separately froin those of the Charity in an independently adininist¢r¢d fund. Tl)e pension cost cliarge represents coiitributions payable by the Cliarity to the fund and ainounled to £150,40912023.. £148,190). Contributions totalliiig £26,788 (2023.. £21,323) were payable to the fund at the 31 Deceinber 2024 ai?d are included withii) creditors. 13. ANALYSIS OF FUNDS 13a. ANALYSIS OF NET ASSETS BETWEEN FUIYDS As ai 31 December 2024 Investments Tangible Fixed A55ets Other Net LiabilitÉes Total Funds Endowment funds Unrestricted funds 324,902,114 (44,021,409) 11.177,119 280,880,705 11,193,626 16,507 Total funds 324,902,114 16,507 (32,844,290) 292,074,331 As at 31 December 2023 Investments Tangible Fixed Assets Other Net Liabilities Total Funds Endowm¢nt funds Uni'estricted funds 300,611.331 (35,587,823) 616,962 265,023,508 633,767 16,805 Total funds 300.611,331 16,805 (34,970,861) 265,657,275 13b. RECONCILIATION OF FUNDS Funds blfwd at 1.1.24 Incoming Resource5 Resource Expended Gains 2nd Los5e% TraN5fers Funds elfwd at 31.12.24 As at 31" December 2024 Endowment funds Unrestricted funds Total Fund5 265,023,508 633,767 265.657,275 1,353,139 27.599.506 28,952,645 (981,271) 18.308,872) (25,348,519) 8,308.872 126,329,790) 23,794.201 280,880,705 1,193.626 292,074,331 23.794,201 Fund5 b/fwd at 1.1.23 Incoming Resources Re50urce5 Expended Gaiijs and Losses Funds elfwd at 31.12.23 Transfers As at 31. December 2023 Endowment funds Unrestricted funds Total FuDd5 211.663,296 30.864,784 51.690.874 82.555.658 (565.999) {3.502.299) (54.559.406) 3,502,299 155.125.405) 26.563,726 265.02J,508 633.767 265.657.275 211,663,296 26,563,726 Page 25 -
The Sigrid Rau5ing Trust Notes to the financial statements For the year ended 31 December 2024 14. OPERATING LEASE COMMITMENTS At 31 December 2024 the eharity had annual cominilments under operating leases as follows.. Other 2024 2023 Less than one year Two to five years 763 223 986 298 298 The lease relates to a two-year lease on a water cooler, ending on tlie 16th April 2026. 15. Grants Analysis Granls are only made to organisations and are analysed by their progi'atnmatic objectives as follows.. Programme Name Chairs Fund Environment Hunian Rights and the Rule of Law Open Societies Trustee Small Grants Total Grants to Institutions 4,495,000 3,965.000 7,402,696 6,584,000 330,000 22,776,696 Infonnation on the organisations receiving mal¢rial grants can be fouiid on our website.. liiii!s".l/ii.N¥!ty.sji71'icl= )oItK The information disclosed is in accordance with section 16 of Cliariti¢s SORP (FRS 102). Page 26 -