2023-03-31-accounts

Trustees	C.Moore (Chair)
	S. Maingay (Vice Chair)
	A.Manek (Treasurer)
	Dr B. Chakravarti
	DrM.Wedell
	ProfA.Padwad
	Prof H. Kuchah Kuchah(appointed12July2022)
	A.Searle
	Dr N. Kemp
	ProfG.Hall(appointed'12July2O22)
Secretary	J.Allott(resigned31 Ðecember2022)
	D. Candy (appointed1January2023)
Charity number	1198267
Principal address	OrbitalHouse
	20Eastern Road
	Romford
	Essex
	RM,f 3PJ
lndependentAuditors	Moore Kingston Smith LLP
	OrbitalHouse
	20 Eastern Road
	Romford
	Essex
	RM1 3PJ
Bankers	Lloyds TSB
	1Reading Road
	Henley-on-Thames
	Oxon
	RGg1AE
lnvestmentadvisors	QuilterCheviot
	Senator House
	85 QueenVictoriaStreet
	London
	EC4V4AB
Legaladvisors	StoneKing LLP
	Boundary House
	91 Charterhouse St
	Barbican
	London
	EClM6HR

		Unrestricted	Endowment	Total	Total
		funds	funds	2023	2022
	Notes	€	E.	Ê	Ê
lncome from charitable activities:
Royalties	3	117,506		117,506	1 11,968
lncomefromraisingfunds:
lnvestmentincome	4	156,893		156,893	147,567
Total		274,399		274,399	259,535
Expenditure on:
Charitableactivities: Grantspayableand
associated support costs		547,916		547,916	525,109
Raisingfunds: lnvestmentmanagementfees			28,074	28,074	26,407
Total		547,916	28,074575,990		551,516
Netoperatingdeficit		(273,5171(28,0741		(301,591)	(291,981)
Other recognisedgains Realised(losses/gainson investmentassets I			(54,4761	(54,476)	62,456
Unrealised(losses/gainson investmentassetsI			(142,3731	(142,3731	305,891
Net(expenditure)/income for theyear		(273,517)(224,9231		(498,¡140)	76,366
Transfersbetweenfunds		273,517(273,5171
Fund balancesat 1 April2O22			7,823,492	7,823,492	7,747,126
Fundbalancesat3lMarch2023			7,325,052	7,325,052	7,823,492

			2023		2022
	Notes	€	E	Ê	t
Fixedassets
lnvestments	8		7,079,751		7,549,720
Currentassets
Debtors	I	22,895		24,958
Cash at bank andinhand		242,051		267,837
		264,946		292,795
Creditors: amountsfallingduewithin
oneyear	10	(19,645)		(19,023)
Netcurrent assets			245,301		273,772
Totalassets less currentliabilities			7,325,052		7,823,492
Gapitalfunds
Endowmentfunds	11		7,325,052		7.823,492
			7,325,052		7,823,492

Royalties
	2023	2022
	Ê	Ê
Unrestricted funds:
United Kingdom -OxfordUniversityPress	116,659	111,210
Malaysia -OxfordFajar		208
ALCs	847	550
	I17,506	111,968
Investment income
	2023	2022
	Ê	Ê
Dividendsonlisted investments andotherincome	114,736	126,710
Giltsinterestreceivedgross	42,157	20,857
	156,893	147,567

Grantspayableandassociated supportc	osts
	Unrestricted	Endowment	Total	Total
	funds	funds	2023	2022
	g	Ê	s	Ê
Grantsto BritishGouncil
Scholarships	406,713		406,713	377,922
Alumnisupport	6,014		6,014	64,900
TeacherAssociationSuPPort	6,718		6,718	3,000
General ELTpurposes	20,000		20,000	20,000
Grants not used	(9,445)		(9,445)	(21,814',)
	430,000		430,000	444,OO8
GrantspaiddirectlybyTrust
Scholarships	7,866		7,866
Euralex	5,000		5,000	5,000
Hornby alumnisupport	4,673		4,673
TeacherAssociationSupport	3,331		3,331
Hornby Dictionary research awards	23,067		23,067
Decentring ELT	4,323		4,323
History of English language education	10,000		10,000	15,282
	58,260		58,260	20,282
Support costs
Websiteexpenses	722		722	601
lrrecoverableVAT	7,901		7,9O'l	7,687
Bank charges	306		306	210
Accountancy	8,246		8,246	5,163
Legal andprofessional	12,316		12,316	14,353
Secretarial services	20,391		20,391	19,080
Advertising				1,150
Subscriptions	510		510
	50,392		50,392	48,283

Grantspayableandassociated supp	ortcosts (continued)
Governance costs
Audit and other services	7,920	7,920	7,900
Trustees'expenses	1,3M	1,34	1,744
Trustees'conference			2,892
	9,264	9,264	12,536
Total	547,916	547,916	525,109

Therewereno employees duringthe year.
Fixedassetinvestments	2023 ÊÊ	2022
Marketvalue atIApril2O22	7,549,720	7,288,448
Disposals atopeningmarketvalue(Proceeds€858,887)	(913,364)	(7e0,301)
Acquisitions atcost	587,041	748,524
Changeinvalueintheyear	(143,646)	303,049
Marketvalue at31March2023	7,079,751	7,549,720
Historicalcost:	4,122,242	4,033,086

Thefollowinginvestmentholdingsrepresent more than 5% of the value	ofthe portfolioal31March2023
	€
SPDR S&P500EtfTrustUnitsSerIS&P	796,860
lsharesTrustCore S&P Mid-CaPEtf	750,677
Findlay Park PlcFpAmerican SmlrCos	398,659
Treasury8.75% Gilt	428,643
	2,374,839

9	Debtors	2023 Ê	2022 î
	Accruedincome	21,528	24,927
	VAT	1,367	31
		22,895	24,958
l0	Greditors: amountsfallingduewithinoneyear	2023	2022
		€	Ê
	Accrualsand other creditors	19,645	19,023
		19,645	19,023

Endowment funds
		Movement infunds
	Balanceat	lnvestmentExPenditure	Transfer	Balanceat
	'lApril2022	loss	between funds	31March 2023
	Ê	Ê €	Ê	â
Expendable endowment
Legacies from thefounderandhis widow	7,823,492 (196,849)(28,074)		(273,517)7,325,052

Analysisofnetassetsbetweenfunds
	Unrestricted	Endowment	Total
	funds	funds
	t	Ê	Ê
Fundbalancesat31March2O23arerepresentedby:
lnvestments		7,079,751	7,079,751
Current assets		264,946	264,946
Creditors: amountsfallingduewithin oneyear		(re,645)	(19,645)
		7,325,052	7,325,052
	Unrestricted	Endowment	Total
	funds	funds
	€	I	Ê
Fundbalancesat31March2022 arerepresented by:
lnvestments		7,549,720	7,il9,720
Current assets		292,795	292,795
Creditors: amounts falling duewithinone year		(19,023)	(19,023)
		7,823,492	7,823,492

	Unrestricted	Endowment	Total
	funds	funds	2022
	Ê	â	Ê
lncome from charitableactivities
Royalties	I11,968		111,968
lncomefromraising funds:
lnvestment income	147,567		147,567
Total	259,535		259,535
Expenditure on:
Charitableactivities:Grantspayable and
associated support costs	525,109		525,109
Raisingfunds: lnvestmentmanagement fees		26,407	26,407
Total	525,109	26,407	551,516
Netoperatingdeficit	(265,5741(26,4071		(291,981)
Otherrecognisedgainsandlosses
Realisedgains/(losses)oninvestment assets		62,456	62,456
Unrealisedgains/(losses) on investment assets		305,891	305,891
Netincome/(expenditure) forthe year	(265,574) 341,940		76,366
Transfersbetweenfunds	163,635(163,635)
Fund balancesat1April2021	101,9397,æ5,187		7,747,126
Fundbalancesat3lMarch2022		7,823,492	7,823,492

	t	Ê
Balancesat1Aprll2022
LloydsTSBTreasurersaccount	215,763
QuilterCapital	52,074
Quilter lncome
		267,837
Receipts
Royalties	143,287
Dividends received	159,727
Sale ofshares	860,866
Valueaddedtaxrepayments	2,003
		1,165,883
Payments
Purchase of shares	(587,125)
Grants	(430,000)
Valueaddedtaxpayments	(23,098)
Administrationexpenses	(118,ee8)
lnvestmentmanagementfees	(32,448)
		(1,1e1,66e)
		242,051
Balancesat 31 March2023representedby:
LloydsTSBTreasurersaccount		139,117
Quilter:
lnterest bearingincomeaccount
lnterestbearing cash anddealing account	102,934
		242,051