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|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|





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|||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<br>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|





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||||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|





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|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|





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|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|





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|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|



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|Therewereno employees duringthe year.|||
|---|---|---|
|Fixedassetinvestments|2023<br>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|



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|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<br>Ê|2022<br>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|



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





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|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|



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||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<br>fees||26,407|26,407|
|Total|525,109|26,407|<br>551,516|
|Netoperatingdeficit|(265,5741(26,4071||(291,981)|
|Otherrecognisedgainsandlosses||||
|Realisedgains/(losses)oninvestment<br>assets||62,456|62,456|
|Unrealisedgains/(losses) on investment assets||305,891|305,891|
|Netincome/(expenditure) forthe year|(265,574) 341,940||<br>76,366|
|Transfersbetweenfunds|163,635(163,635)|||
|Fund balancesat1April2021|101,9397,æ5,187||7,747,126|
|Fundbalancesat3lMarch2022||7,823,492|7,823,492|





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||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|