## 

|||||Page|
|---|---|---|---|---|
|Legal and|Administrative|Information||1 -2|
|Report of|the Trustees|||3 -9|
|Independent<br>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<br>* Prof Alan McCarthy<br>* Mr David Ure<br>* Ms Nicola Dandridge||CBE<br>CBE||(Chair)<br>(Hon Secretary)<br>(Hon Treasurer)|
||Prof Vincent Emery<br>* Prof Colin Grant|||||
||Mr Mark Hammond|||||
||* Ms Lilia Jolibois|||||
||Mrs Anne Lonsdale|CBE||||
||Dr Joanna<br>Newman||MBE|||
||* Dr Cornelia Sorabji CBE<br>' Ms Vivienne Stern MBE|||||
||Prof Paul Weindling|||||





## 

|BANKERS|National<br>Westminster|National<br>Westminster|Bank Pic|
|---|---|---|---|
||Tavistock Square|||
||Southampton<br>Customer Service Centre|||
||Brunswick<br>Gate|||
||23 Brunswick<br>Place|||
||SOUTHAMPTON|SO15|2AQ|
|CHARITY DEPOSITORS|CAF Bank Ltd|||
||25 Kings<br>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<br>Accountants|||
||Unit 28 City Business Centre|||
||Lower Road|||
||LONDON|||
||SE162XB|||





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||||Unrestricted|Unrestricted|Funds|Restricted|Total|Total|
|---|---|---|---|---|---|---|---|---|
|||Notes|General|Designated<br>f||Funds<br>f|2021<br>f|2020f|
|Income from:|||||||||
|Voluntary<br>income|||||||||
|Donations<br>and legacies|||539,291|||2,539,481|3,078,772|2,659,453|
|Activities for Generating|Funds||||||||
|Investment<br>Income|||4,836||||4,836|6,396|
|Total income|||544,127|||2,539,481|3,083,608|2,665,849|
|Expenditure<br>on:|||||||||
|Raising funds|||48,947||||48,947|4,585|
|Charitable<br>activities|||||||||
|Grants payable|||1,023|||2,080,629|2,081,652|1,849,563|
|Programme<br>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<br>funds||15|(50,000)||50,000||||
|Net gains/(losses)<br>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<br>gains /|(losses)||||||||
|Other gains / (losses}|||||||||
|Net movement<br>in funds|||(32,242)||87,827|361,088|416,673|296,759|
|Reconciliation<br>of Funds|||||||||
|Total funds brought<br>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<br>and legacies||2|3,078,772|2,659,453|
|Investment<br>income||8|4,836|6,396|
|Realised gains / (losses) on|investments|10|545|(590)|
|Unrealised<br>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<br>activities:|||||
|Grants payable|||2,081,652|1,849,563|
|Programme<br>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<br>Income Funds||15|1,114,301|753,213|
|Unrestricted<br>Funds|—general|15|256,152|288,394|
|Unrestricted<br>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<br>activities||||||
|Net movement<br>in funds||||416,674|(296,759)|
|Add back depreciation<br>charge|||9|638|1,894|
|Net losses (gains) on investments|||10|(38,372)|(11,851)|
|Decrease (increase)<br>in debtors|||11|(33,489)|(33,433)|
|Increase (decrease)<br>in creditors|||12|115,088|(490,993)|
|Net cash generated<br>from operating|activities|||460,539|(237,624)|
|Cash flows from investing<br>activities||||||
|Purchase oftangible<br>fixed assets|||9|(10,700)|(578)|
|Purchases ofinvestments|||10|(72,394)|(50,358)|
|Decrease/(increase)<br>in cash held at investec|||10|5,058|(2,373)|
|Proceeds from sales of investments|||10|65,907|49,373|
|Net cash provided<br>by (used in) investing||activities||(12,129)|(3,936)|
|Increase (decrease) in cash||||448,411|(241,660)|





## 

## 

## 



|Rent payable under ope|rat|ing<br>le|as|es is ch|arged to th|e income an|d expenditure<br>ac|count as incurred|.||
|---|---|---|---|---|---|---|---|---|---|---|
|(j)<br>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<br>and legacies|||||||||||
|During the year the charity|received grants and donations|||||from the following—|||||
|||||||||2021||2020|
||||||Unrestricted||Restricted<br>f|Total<br>f||Totalf|
|Alan and Babette Sainsbury|Charitable|||Fund||||||8,000|
|Andrew<br>W Mellon Foundation||||||12,640|403,611|416,251||475,734|
|April Trust|||||||15,000|15,000|||
|Central<br>European<br>University|(on behalf|||of OSUN)||6,526|70,000|76,526|||
|Dowager Countess<br>Eleanor|Peel Trust||||||10,000|10,000|||
|Eddie Dinshaw<br>Foundation|||||||5,000|5,000|||
|Foundation<br>Liber|||||||20,000|20,000|||
|French Huguenot<br>Church of|London Charitable||||Trust||5,000|5,000|||
|Garfield Weston Foundation|||||||50,000|50,000|||
|Harbour<br>Foundation|||||||5,000|5,000||5,000|
|Microsoft|||||||7,107|7,107||7,962|
|Northern<br>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<br>Microbiology||||||20||20||5,000|
|Springer Nature<br>Limited|||||||22,500|22,500|||
|Texel Foundation|||||||20,000|20,000||15,000|
|Thriplow<br>Charitable<br>Trust|||||||7,500|7,500||5,000|
|The Wolfson Foundation|||||||50,000|50,000||50,000|
|Worshipful<br>Company ofWorld||Traders|||||3,000|3,000||3,000|
|UK Universities||||||389,950|1,277,663|1,667,613|1,294,621||
|Other institutions<br>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||



## 



|3.|Raising funds|Raising funds||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total<br>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<br>Fellows|2020<br>Fellows|Unrestricted<br>f||Restricted<br>f||Total<br>f|Totalf|
|Fellowship<br>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<br>activities —Programme|||and project|work|||||||
||||||||||2021|2020|
|Support costs:—|||||Unrestricted<br>f||Restricted<br>f||Total<br>f|Total<br>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'<br>fees||||||35,711|||35,711|35,031|
|Campaign<br>and awareness||raising||||13,724|||13&724|17,331|
|Office and general expenses||||||57,204||ese|57,859|21,415|
|Operating<br>lease payments||(note13)||||12,858|||12,85&|24,600|
|Depreciation<br>(note 9)||||||638|||638|1,894|
|||||||190,713||656|191,369|182,645|
|Fellowshi<br>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<br>I expenses||||||||123|123|428|
|Operating<br>lease payments||(note13)||||||600|600|600|
|||||||270,920|97,108||368,02&|329,987|
|Total programme<br>and|project work|||||461,633|97,764||559,397|512,632|



## 



## 

## 

|Charitable<br>activities —Gov|ernance|||||||
|---|---|---|---|---|---|---|---|
|||||||2021|2020|
||||Unrestricted<br>f||Restricted<br>f|Total<br>f|Totalf|
|Salaries (notes 1(b)(ii) and|7)||7,045|||7,045|6,385|
|Council meetings<br>and company expenses|||||||370|
|'Directors'<br>and Officers'<br>Liability' insurance|||916|||916|306|
|Legal fees||||||||
|Auditors'<br>remuneration:||||||||
|Audit fees|||5,850|||5,850|5,600|
|Accountancy<br>fees|||1,500|||1,500|1,500|
|Total governance<br>costs|||15,311|||15,311|14,161|
|In common<br>with<br>many<br>other<br>charitable||companies|of our size and|nature|we use our|auditors<br>to|assist<br>in th|
|preparation<br>ofthe financial|statements.|||||||
|Staff costs and particulars|ofemployees||2021||2020|2021|2020|
|Total remuneration<br>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<br>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<br>and equities:—|||||
||Balance at 1stJanuary|||330,904|318,068|
||Additions<br>at cost|||72,394|50,358|
||Disposal proceeds|||(65,907)|(49,373)|
||Realised gain / (loss)|||545|(590)|
||Unrealised<br>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<br>f|Cost<br>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<br>exceeded 5%ofthe value ofthe portfolio|investments<br>exceeded 5%ofthe value ofthe portfolio|investments<br>exceeded 5%ofthe value ofthe portfolio|investments<br>exceeded 5%ofthe value ofthe portfolio|at the year-end:|||
|---|---|---|---|---|---|---|---|---|
||~Hoidin||~Descri<br>tion|||Market Value|||
||||Fixed Interest securities||||||
||21,200||Royal London<br>Am Ethical Bond Z GBP Dis|||f25,228|||
||||~Euities||||||
||16,000||Aberdeen<br>Standard<br>Life invs UK Ethical|||f39,072|||
||7,155||Aberdeen<br>Std FD ASI Global Ethical equity|||f22,196|||
||12,460||Aegon AM|UK pic Ethical Equity B||f36,379|||
||9,000||BMO Fund|Mgmt<br>Ltd Responsible||f41,418|||
||13,000||BMO Fund|Mgmt Ltd BMO Resp UK Equity||f24,297|||
||2,000||Brown Advisory<br>Funds<br>US Sustainable|||f32,960|||
||7,500||Edentree<br>Inv Mgmt Amity International||B|f28,485|||
||5,215||Henderson|Inv Global Care Growth||f30,398|||
|11.|Debtors||||||2021<br>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<br>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<br>gains|||||||Unrestricted|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||||||Funds|Funds|
||Total unrealised<br>gains at 31st December 2021|||||||f|f|
||On investment<br>assets (see note below)|||||||75,787|75,787|
||Reconciliation<br>ofmovements||in|unrealised|gains|on investment|assets|||
||Unrealised<br>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<br>in the year|||||(note 10)||38,372|38,372|
||Unrealised<br>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<br>funds|||f||f|f|f|f|
||General reserve|||288,394||544,672|(50,000)|(526,914)|256,152|
||Designated<br>reserves:|||||||||
||Revaluation<br>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<br>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<br>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<br>income|||||||
|Donations<br>and legacies||440,906|||2,218,547|2,659,453|
|Activities for Generating|Funds||||||
|Investment<br>Income||6,396||||6,396|
|Total income||447,302|||2,218,547|2,265,849|
|Expenditure<br>on:|||||||
|Raising funds||4,585||||4,585|
|Charitable<br>activities|||||||
|Grants payable||54,133|||1,795,430|1,849,563|
|Programme<br>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)<br>on investments||(590)||12,441||11,851|
|Net income/(expenditure)||(55,299)||12,441|339,617|296,759|
|Ot:her recognised<br>gains /|(losses)||||||
|Other gains / (losses)|||||||
|Net movement<br>in funds||(55,299)||12,441|339,617|296,759|
|Reconciliation<br>of Funds|||||||
|Total funds brought<br>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<br>W Mellon|Foundation||||18,961|456,773|475,734|
|Harbour<br>Foundation||||||5,000|5,000|
|Microsoft Limited||||||7,932|7,932|
|Northern<br>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<br>Charitable||Trust||||5,000||
|The Wolfson Foundation||||||50,000|50,000|
|Worshipful<br>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<br>expenditure<br>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.<br>Chari|table<br>a|ctivities|—Programme<br>and pr|oject work|||
|---|---|---|---|---|---|---|
|||||||2020|
|Support costs:-||||Unrestricted<br>f|Restricted<br>f|Total<br>f|
|Core costs|||||||
|Salaries||||72,746||72,746|
|Pension costs|||||||
|Lega Ifees||||9,628||9,628|
|Accountants'<br>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<br>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<br>costs|||14,161||14,161|