2021-12-31-accounts - Council For At-Risk Academics

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				Page
Legal and	Administrative	Information		1 -2
Report of	the Trustees			3 -9
Independent Auditors'		Report		10 -12
Statement	of Financial	Activities		13
Summary	Income and Expenditure		Account	14
Balance Sheet				15
Statement	ofCash Flows			16
Notes to the Financial Statements				17-27

REGISTERED ADDRESS AND PRINCIPAL OFFICE	London South Bank		University	University
	Technopark
	90London Road
	LONDON
	SE16LN
REGISTERED COMPANY NUMBER	00641687
REGISTERED CHARITY NUMBER	207471
WEBSITE	www. cara.ngo
PRESIDENT	Professor Sir Malcolm Grant CBE
PATRONS	Mr Greg Dyke
	Rabbi Baroness Neuberger			DBE
	Baroness O' Neill of	Bengarve			CH CBE FB
	Professor Lord Patel		ofBradford OBE
	Mr Jon Snow
	Dr Rowan Williams
EXECUTIVE DIRECTOR	Mr Stephen Wordsworth			CMG LVO
BOARD OF TRUSTEES AND DIRECTORS
	* Prof Michael Worton Prof Alan McCarthy Mr David Ure * Ms Nicola Dandridge		CBE CBE		(Chair) (Hon Secretary) (Hon Treasurer)
	Prof Vincent Emery * Prof Colin Grant
	Mr Mark Hammond
	* Ms Lilia Jolibois
	Mrs Anne Lonsdale	CBE
	Dr Joanna Newman		MBE
	* Dr Cornelia Sorabji CBE ' Ms Vivienne Stern MBE
	Prof Paul Weindling

BANKERS	National Westminster	National Westminster	Bank Pic
	Tavistock Square
	Southampton Customer Service Centre
	Brunswick Gate
	23 Brunswick Place
	SOUTHAMPTON	SO15	2AQ
CHARITY DEPOSITORS	CAF Bank Ltd
	25 Kings Hill Avenue
	Kings Hill, West Mailing
	KENT
	ME194JQ
INVESTMENT ADVISERS	Investec
	30Gresham Street
	LONDON
	EC2V 7QN
SOLICITORS	Bates Wells
	10Queen Street	Place
	LONDON
	EC4R 1BE
AUDITORS	Cocke, Vellacott	& Hill
	Chartered Accountants
	Unit 28 City Business Centre
	Lower Road
	LONDON
	SE162XB

			Unrestricted	Unrestricted	Funds	Restricted	Total	Total
		Notes	General	Designated f		Funds f	2021 f	2020f
Income from:
Voluntary income
Donations and legacies			539,291			2,539,481	3,078,772	2,659,453
Activities for Generating	Funds
Investment Income			4,836				4,836	6,396
Total income			544,127			2,539,481	3,083,608	2,665,849
Expenditure on:
Raising funds			48,947				48,947	4,585
Charitable activities
Grants payable			1,023			2,080,629	2,081,652	1,849,563
Programme and project work			461,633			97,764	559,397	512,632
Governance			15,311				15,311	14,161
Total expenditure			526,914			2,178,393	2,705,307	2,380,941
Transfer between funds		15	(50,000)		50,000
Net gains/(losses) on investments		10	545		37,827		38,372	11,S51
Net income/(expenditure)			(32,242)		87,827	361,088	416,673	296,759
Other recognised gains /	(losses)
Other gains / (losses}
Net movement in funds			(32,242)		87,827	361,088	416,673	296,759
Reconciliation of Funds
Total funds brought forward		15	288,394		37,960	753,213	1,079,567	782,808
Total funds carried forward		15	256,152		125,787	1,114,301	1,496,240	1,079,567

Income		Notes	2021	2020
			f
Donations and legacies		2	3,078,772	2,659,453
Investment income		8	4,836	6,396
Realised gains / (losses) on	investments	10	545	(590)
Unrealised gains / (losses)	on investments	10	37,827	12,441
Total income			3,121,980	2,677,700
Expenditure
Raising funds			48,947	4,585
Charitable activities:
Grants payable			2,081,652	1,849,563
Programme and project	work		559,397	512,632
Governance			15,311	14„161
Total expenditure			2,705,307	2,380,941
Net income (expenditure)	for the year		416,673	296,759

		Notes	2021	2020
Fixed assets			f
Tangible assets		9	10,631	569
Investments		10	383,263	343,462
Total fixed assets			393,894	344,031
Current assets
Debtors			142,888	109,399
Cash at bank and in	hand		1,935,156	1,486,746
Total current assets			2,078,044	1,596,145
Liabilities
Creditors: Amounts	falling due
within one year		12	(975,698)	(860,609)
Net current assets	(liabilities)		1,102,346	735,536
Total assets less current liabilities			1,496,240	1,079,567
The funds ofthe charity:
Restricted Income Funds		15	1,114,301	753,213
Unrestricted Funds	—general	15	256,152	288,394
Unrestricted Funds	—designated	15	125,787	37,960
Total charity funds		15	1,496,240	1,079,567

				2021	2020
			Notes	E
Cash flows from operating activities
Net movement in funds				416,674	(296,759)
Add back depreciation charge			9	638	1,894
Net losses (gains) on investments			10	(38,372)	(11,851)
Decrease (increase) in debtors			11	(33,489)	(33,433)
Increase (decrease) in creditors			12	115,088	(490,993)
Net cash generated from operating	activities			460,539	(237,624)
Cash flows from investing activities
Purchase oftangible fixed assets			9	(10,700)	(578)
Purchases ofinvestments			10	(72,394)	(50,358)
Decrease/(increase) in cash held at investec			10	5,058	(2,373)
Proceeds from sales of investments			10	65,907	49,373
Net cash provided by (used in) investing		activities		(12,129)	(3,936)
Increase (decrease) in cash				448,411	(241,660)

Rent payable under ope	rat	ing le	as	es is ch	arged to th	e income an	d expenditure ac	count as incurred	.
(j) Pensions
Eligible staff members	received		monthly		payments	of8%of their salaries into a		scheme administered		by NEST.
One eligible staff member		has opted out.
Donations and legacies
During the year the charity	received grants and donations					from the following—
								2021		2020
					Unrestricted		Restricted f	Total f		Totalf
Alan and Babette Sainsbury	Charitable			Fund						8,000
Andrew W Mellon Foundation						12,640	403,611	416,251		475,734
April Trust							15,000	15,000
Central European University	(on behalf			of OSUN)		6,526	70,000	76,526
Dowager Countess Eleanor	Peel Trust						10,000	10,000
Eddie Dinshaw Foundation							5,000	5,000
Foundation Liber							20,000	20,000
French Huguenot Church of	London Charitable				Trust		5,000	5,000
Garfield Weston Foundation							50,000	50,000
Harbour Foundation							5,000	5,000		5,000
Microsoft							7,107	7,107		7,962
Northern Consortium							20,000	20,000		20,000
Open Society Foundations							156,703	156,703		471,971
Robert A Granieri						10,350	185,529	195,879
Sir Hans Krebs Trust							30,000	30,000		30,000
SirJoseph Hotung Charitable	Settlement						60,000	60,000		60,000
Society for Applied Microbiology						20		20		5,000
Springer Nature Limited							22,500	22,500
Texel Foundation							20,000	20,000		15,000
Thriplow Charitable Trust							7,500	7,500		5,000
The Wolfson Foundation							50,000	50,000		50,000
Worshipful Company ofWorld		Traders					3,000	3,000		3,000
UK Universities						389,950	1,277,663	1,667,613	1,294,621
Other institutions and trusts						2,028	91,419	93,447		110,126
Individuals						59,251	24,450	&3,701		88,039
Legacies						58,526		58,526		10,000
						539,291	2,539,481	3,078,772	2,659,453

Raising funds	Raising funds				2021	2020
			Unrestricted	Restricted	Total f	Totalf
Online giving expenses			1,300		1,300	1,547
Investment	management	costs	3,407		3,407	3,038
Fundraising	consultant		44,240		44,240
			48,947		48,947	4,585

Grants and Fellowshi	s:—	s:—
The allocation ofgrants and programme-related				expenditure		during the year was as		follows:
									2021	2020
			2021 Fellows	2020 Fellows	Unrestricted f		Restricted f		Total f	Totalf
Fellowship Programme			151	194		1,023	1,704,568		1,705,592	1,361,447
Syria Programme							376,060		376,060	488,116
						1,023	2,080,629		2,081,652	1,849,563
Charitable activities —Programme			and project	work
									2021	2020
Support costs:—					Unrestricted f		Restricted f		Total f	Total f
Core costs
Salaries (notes 1(b)(ii)	and	7)				69,960			69,960	72,746
Pension costs
Lega Ifees						618			618	9,628
Accountants' fees						35,711			35,711	35,031
Campaign and awareness		raising				13,724			13&724	17,331
Office and general expenses						57,204		ese	57,859	21,415
Operating lease payments		(note13)				12,858			12,85&	24,600
Depreciation (note 9)						638			638	1,894
						190,713		656	191,369	182,645
Fellowshi and S ria Pro		rammes
Salaries (notes 1(b)(ii)	and	7)				243,718	90,424		334,142	308,112
Pension costs (note 7)						27,202	5,961		33,163	20,847
Office and genera I expenses								123	123	428
Operating lease payments		(note13)						600	600	600
						270,920	97,108		368,02&	329,987
Total programme and	project work					461,633	97,764		559,397	512,632

Charitable activities —Gov	ernance
						2021	2020
			Unrestricted f		Restricted f	Total f	Totalf
Salaries (notes 1(b)(ii) and	7)		7,045			7,045	6,385
Council meetings and company expenses							370
'Directors' and Officers' Liability' insurance			916			916	306
Legal fees
Auditors' remuneration:
Audit fees			5,850			5,850	5,600
Accountancy fees			1,500			1,500	1,500
Total governance costs			15,311			15,311	14,161
In common with many other charitable		companies	of our size and	nature	we use our	auditors to	assist in th
preparation ofthe financial	statements.
Staff costs and particulars	ofemployees		2021		2020	2021	2020
Total remuneration ofemployees:			Numbers		Numbers
Wages and salaries			12		12	371,892	349,992
Exgratia pension to former employee			1			7,045	6,385
Social security costs						32,211	30,866
Pension contributions						33,163	20,847
						444,311	408,090

Investment	income	2021	2020
Income from	UK listed investments:	f
Fixed interest securities		1,400	2,859
Equities		3,436	3,537
Interest from funds on deposit
		4,836	6,396

9.	Tangible fixed assets		Furniture	Equipment	Total
			f	f	f
	Cost
	Balance at 1stJanuary 2021		11,548	41,773	53,321
	Additions		488	10,212	10,700
	Disposals
	Balance at 31st December 2021		12,036	51,985	64,021
	Accumulated de reciation
	Balance at 1stJanuary 2021		11,497	41,255	52,752
	Charge for the year		95	543	638
	Balance at 31st December 2021		11,592	41,798	53,390
	Net book value at 31stDecember	2021		10,187	10,631
	Net book va/ue at31stDecember	2020	51	518	569
10.	Fixed assets			2021	2020
	Investments
	Fixed interest securities and equities:—
	Balance at 1stJanuary			330,904	318,068
	Additions at cost			72,394	50,358
	Disposal proceeds			(65,907)	(49,373)
	Realised gain / (loss)			545	(590)
	Unrealised gain / (loss)			37,827	12,441
	Balance at 31st December			375,763	330,904
	Cash held as part ofinvestment	portfolio:-
	Investec deposit account			7,500	12,558
				383,263	343,462

		2021			2020
		Market		Market
Investments	listed on UK Stock Exchange	Value f	Cost f	Va/uef	Costf
Fixed interest securities		66,936	66,031	125,015	124,486
Equities		308,827	233,944	205,889	168,458
		375,763	299,975	330,904	292,944

	The following	investments exceeded 5%ofthe value ofthe portfolio	investments exceeded 5%ofthe value ofthe portfolio	investments exceeded 5%ofthe value ofthe portfolio	investments exceeded 5%ofthe value ofthe portfolio	at the year-end:
	~Hoidin		~Descri tion			Market Value
			Fixed Interest securities
	21,200		Royal London Am Ethical Bond Z GBP Dis			f25,228
			~Euities
	16,000		Aberdeen Standard Life invs UK Ethical			f39,072
	7,155		Aberdeen Std FD ASI Global Ethical equity			f22,196
	12,460		Aegon AM	UK pic Ethical Equity B		f36,379
	9,000		BMO Fund	Mgmt Ltd Responsible		f41,418
	13,000		BMO Fund	Mgmt Ltd BMO Resp UK Equity		f24,297
	2,000		Brown Advisory Funds US Sustainable			f32,960
	7,500		Edentree Inv Mgmt Amity International		B	f28,485
	5,215		Henderson	Inv Global Care Growth		f30,398
11.	Debtors						2021 f	2020f
	Sundry debtors						106,758	82,009
	Income tax due						1,250	1,250
	Deferred income						33,329	24,885
	Prepayments						1,552	1,255
							142,888	109,399
12,	Creditors:	Amounts falling		due within one year			2021	2020
	Other creditors						3,905	347
	Accruals						8,987	51,185
	Accrued fellowship		and grant	commitments			723,586	488,328
	Deferred income						239,221	320,749
							975,698	860,609

14.	Unrealised gains							Unrestricted	Total
								Funds	Funds
	Total unrealised gains at 31st December 2021							f	f
	On investment assets (see note below)							75,787	75,787
	Reconciliation ofmovements		in	unrealised	gains	on investment	assets
	Unrealised losses at 1stJanuary 2021							37,960	37,960
	Deduct in respect ofdisposals			in the year				(545)	(545)
								37,415	37,415
	Add: net gains arising on revaluation in the year					(note 10)		38,372	38,372
	Unrealised gains arising on		revaluation					75,787	75,787
15.	Total charity funds			Balance	at	Incoming	Transfers	Resources	Balance at
				1stJanuary		Resources	between	Expended	31stDecember
				2021		and Gains	Funds	and Losses	2021
	Unrestricted funds			f		f	f	f	f
	General reserve			288,394		544,672	(50,000)	(526,914)	256,152
	Designated reserves:
	Revaluation reserve			37,960		37,827			75,787
	Regional programme	fund					50,000		50,000
				326,354		581,959		(526,914)	381,939
	Restricted funds
	Fellowship programme			272,144		2,057,462		(1,705,947)	623,660
	Syria Programme			481,069		482,019		(472,446)	490,642
				753,213		2,539,481		(2,178,393)	1,114,301
	Total charity funds			1,079,567		3,121,980		(2,705,306)	1,496,240
	Represented by:						Restricted	Designated	General
							Funds	Funds	Reserve
							f	f	f
	Tangible assets								10,631
	Investments							125I787	257,475
	Net current assets (liabilities)						1,114,301		(11,954)
							1,114,301	125p787	256,152

		Unrestricted	Unrestricted	Funds	Restricted	Total
		General	Designated		Funds	2020
		f		f	f	f
Income from:
Voluntary income
Donations and legacies		440,906			2,218,547	2,659,453
Activities for Generating	Funds
Investment Income		6,396				6,396
Total income		447,302			2,218,547	2,265,849
Expenditure on:
Raising funds		4,585				4,585
Charitable activities
Grants payable		54,133			1,795,430	1,849,563
Programme and project work		429,132			83,500	512,632
Governance		14,161				14,161
Total expenditure		502,011			1,878,930	2,3&0,941
Net gains/(losses) on investments		(590)		12,441		11,851
Net income/(expenditure)		(55,299)		12,441	339,617	296,759
Ot:her recognised gains /	(losses)
Other gains / (losses)
Net movement in funds		(55,299)		12,441	339,617	296,759
Reconciliation of Funds
Total funds brought forward		343,693		25,519	413,596	782,808
Total funds carried forward		288,394		37,960	753,213	1,079,567

							2020
					Unrestricted	Restricted	Total
						f	f
Alan and Babette	Sainsbury		Charitable	Fund		8,000	8,000
Andrew W Mellon	Foundation				18,961	456,773	475,734
Harbour Foundation						5,000	5,000
Microsoft Limited						7,932	7,932
Northern Consortium						20,000	20,000
Open Society Foundation						471,971	471,971
Sir Hans Krebs Trust						30,000	30,000
SirJoseph Hotung	Charitable		Settlement		20,000	40,000	60,000
Society for Applied	Microbiology					5,000	5,000
Texel Foundation						15,000	15,000
Thriplow Charitable		Trust				5,000
The Wolfson Foundation						50,000	50,000
Worshipful Company		ofWorld Traders				3,000	3,000
UK Universities					323,260	971,361	1,294,621
Other institutions	and trusts				4,798	105,328	110,126
Individuals					63,887	24,152	88,039
Legacy					10,000	10,000	10,000
					440,906	2,218,547	2,659,453

e allocation	ofgrants and programme-rel	ated expenditure during the ye	ar was as follow	s:
				2020
		Unrestricted	Restricted	Total
		f	f	f
Fellowship	Programme	54,133	1,307,314	1,361,447
Syria Programme			448,116	448,116
		54,133	1,795,430	1,849,563

5. Chari	table a	ctivities	—Programme and pr	oject work
						2020
Support costs:-				Unrestricted f	Restricted f	Total f
Core costs
Salaries				72,746		72,746
Pension costs
Lega Ifees				9,628		9,628
Accountants' fees				35,031		35,031
Campaign	and awareness		raising	17,378	(47)	17,331
Office and	general	expenses		20,915	500	21,415
Operating	lease payments			24,600		24,600
Depreciation				1,894		1,894
				182,192	453	1&2,645
Fellowshi	andS	ria Pro	rammes
Salaries				230,475	77,637	308,112
Pension costs				15,816	5,031	20,847
Office and	general	expenses		149	279	428
Operating	lease payments			500	100	600
				246,940	83,047	329,987
Total programme		and project work		429,132	&3,500	512,632

						2020
				Unrestricted	Restricted	Total
				f		f
Salaries (notes 1(b)(ii) and 7)				6,385		6,385
Council meetings and company			expenses	370		370
'Directors'	and Officers'	Liability'	insurance	306		306
Legal fees
Auditors'	remuneration:
	Audit fees			5,600		5,600
	Accountancy	fees		1,500		1,500
Total gov	ernance costs			14,161		14,161