| 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 |