THE ROBERT ANDERSON RESEARCH CHARITABLE TRUST REPORT AND FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 DECEMBER 2023 Charity Registration No. 8(X)617
THE ROBERT ANDERSON RESEARCH CHARITABLE TRUSr CONTENTS Page Legal and Administrative Details Trusteeg Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Accounts 10-14
THE ROBERT ANDERSON RESEARCH CHARITABLE TRUSr LEGAL AND ADMINisfRATIVE DEfAIiS Trustees: S J A Stuart-smith (Chairman) A C Berendt Miss E K Gray Direttor, Charity Correspondent and registered address: C H Naunton M Phil. PhD 54 Hornton Street London W8 4NT Coordinator. D H Davies Bankers: Barclays Bank Plc. Leicester LE87 2BB Investment Advisers: Brown Shipley & Co. Limited 2 Moor8ate London EC2R 6AG Independent Examiner: C E Osborn ACA Brook Cottage Petworth Road Haslemere Surrey GU27 3BG
THE ROBERT ANDERSON RESEARCH CHARITABLE TRUST TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and financial statements of the charity for the year ended 31 December 2023. The Trustees have adopted the provlsions of the Statement of Recommended Practice ISORP) -Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial Statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charivs governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (effective l January 2019). Objects, Strurture, Governance and Management The charitable trust was established under a trust deed made by the late Dr Robert Anderson 1.the Founderf) dated 8 December 1988. The objects of the charity are to advance the education of under- graduate and post-graduate students. whether from the United Kingdom or overseas. by the provision of financial grants and research facilities to enable them to study in the fields of historical, archaeological. artistic and scientific Search. The original cash bequest was supplemented by further gifts from the Founder, including in 2000 freehold residential property in Highgate, London N6. In 2006 the Founder gifted his half share in freehold residential accommodation in Kensington, London W8 while the Trustees were able to purchase the other half share for a sum payable by instalments, paid in full by 2019. These properties are partly let to provide income for the charity, with those parts not let being devoted to the provision of accommodation forvisiting students. for pre-detennined periods of intensive research in London. Those who were the Trustees of the charity during the year are disclosed on page l. The trust deed provides for a new Trustee to be appointed by a resolutton at a meeting of the Trustees. subject to the number of Trustees being not less than three and not more than five. The Trustees have been fvlly briefed on the charity's assets together with its governan and management. They have been provided with a copy of the Charity Commission guidance note - "The Essential Trustee: what you need to know.. The Trustees are kept informed of key change5 in Charity Law by their professional advisers. Investment policy and means for raising additional funds have been kept under review, as appropriate, with a viewto enabling the object5 to be promoted overthe longerterm. The Trustee5 have unlimited power5 of investment. The investment strategy is set by the trustees for an anticipated cycle of five years or more, having regard to the expected level of grant applications and other awards in the medium term. The Trustees consider the income requirements, the risk profile and independent advice on the market prospects in the medium temi. Funds are invested for both income capital appciation, in low and medium risk investments, which are managed by the investment advisers.
Public Benefft Statement The charity's Trustees have considered the guidance on public benefit published by the Charity Commission, when reviewing the Trusys aims and objectives and in planning future activities, and are of the view that their policies and activities are consistent with the requirements of Section 17 of the Charities Act 2011. Policy concernlng Academic Wtsitor5 and Grant Applicatlons Applications for grants and administration of the charity are dealt with jointly by the Director and the Coordinator. The Trustees tske decisions on applications for charitable grants in consultation with them at meetings during the year. The Trustees aim to make charitable grants broadly equNalent to the net incomin8 resources, excluding capital gains or losses on investment assets and after provision for known property commitments. The policy on grants also reflects the charivs obligation to maintain, and where appropriate refurbish, its properties to a standard consistent with achievement of its principal objectives. The charity invites applications for grants towards the cost of short-tenn vistts for research purposes to the United Kingdom, through its contacts with many universities worldwide. The applications are reviewed to enable researth students of proven calibre to extend the scope of their studies within the United Kingdom, where the circumstances are such that, without assistance provided by the charity, they would be unable to do so. The cash grants, awarded primarily to assist with travel costs, are supplementary to the principal benefit provision for visitors being in the fonn of free sidential accommodation together with. where appropriate, related sUPPOrt and advice. Achlevements and Performance Legacies and Bequests During 2023, bequests were received totalling £45.734 comprising a further distribution from the Estate of Jean Middlemiss and a distribution from the Estate of the Founder. Awards The Mmus residency established in 2017 for postgraduate music students studying at an approved London music college, has continued during 2023 offering free accommodation at the Kensington property and access to its music library. The holder of this award. Michal Oren. continued her Master of Perfomiance in Orchestral Conducting degree course at the Royal College of Music (RCMI. The Trustees have approved {in March 2024) an extension of this award to cover the 2024125 academic year thereby enabling Michal Oren to accept an invitation to undertake a one-year post-masterfs course at the Royal Academy of Music (RAM) with its Head of Conductin& Prof. Sian Edwards. Jose Teixeira. an undergraduate student at the RCM. continued to INe at the Kensington property throughout the year paying a reduced rent. He has been offered a full scholarship to study for a Masterfs degree atthe RCM during the 2024125 academicyear. It is anticipated that he will thereupon continue living at the Kensington property. but at a rental closer to market rent. A summary of the academic grants made in 2023 is included at note 4 on page 12, including the following: The chariws sponsorship of the Jean Middlemiss Award was renewed in 2023, with approval given to the award of £5,(M)O to Florence Cope to support her studies as a violist at the RCM.
The proceed5 of sale in 2022 of the grand piano have been earmarked for an award named after Ilona Eibenschutz, its original owner. The award has been made to Louis-victor Bak, a post8raduate Masterfs student of Piano at the RCM, to whom the first half of the award, £5.000, was dispersed durin8 2023, with the second half expected to be paid in Autumn 2024. Funding by way of loan to Anton Zhybak (from Ukraine, who continued residence in Highgate throughout 2023) to cover those temily postgraduate fees at Kin5 College, London not met frorn othergrants amounted to £1.725 in 2023. This is included within grants pending a review of recoverability in due course andlor of a possible trosPeCtIve award to him from the Trustees. Visitor Programme A record number of temporary visitors- 23 as against 18 in 2022 - were accommodated, each for around one month during 2023. comprising 14 in Kensington and 9 at Highgate (2022 - 10 and 3 respectively). The acceptance rate compares favourably with the highest ever number of plaS offered, being 2712022 - 26), helped by only one offer suffering from a rejection of visa application. This improvement is attributed to advice received from the British Council for those travelling from E8yPt. Other countries represented included Poland, Gerniany. Italy, Russia. Spain. Belgium, the USA and Ukraine. In addition to the Awards referred to above. recent bequests have enabled increased financial support for visitors. the cost of which (see also note 4 on page 12) in 2023 was £14,842 (2022 - £5,762). Under revised arrangements for supporting the visitors from Egypt, the Tnjst has booked flights directly with a travel agency. It is also anticipated that from 2024, and with a view to improving resource allocation for such visits. these will tend to become for a longer period of up to six months. Quantifying the Provision of Accommodatlon While the visitor programme has always included the provision of cash grants related to travel, books etc., the main benefit offered by the charity is accommodation, usualty free of charge (while in the case of Jose Teixeira, as above, at a concessionary rent). The Trustees remain of the view that some attempt should be made to measure the value of this subsidy, inclusive of that for the longer term scholars. The conclusions of the corresponding analysis undertaken for 2023 are set oirt in note 12 to the accompanying financial statements. which summarises the basis for and assumptions behind this analysis. While the overall property costs incurred, as reflected within these financial statements, are expected to vary quite significantly from year to year. the values calculated of the accommodation available and provided by way of subsidy to trust beneficiaries (i.e. both before and after takin8 account of actual occupancy) are as follows: 2023 £38,364 87% £33.380 2022 £37.752 85% £31,964 Maximum Annual Subsidy Occupancy (%) Actual Annual Subsidy The IncaSe indicated in the subsidy is less than might be expected to reflect the rise in market rents in London in view of the increased amount received under the Homes for Ukraine scheme offset in the underlying calculations. Dlrector and Coordinator The Trustees wish to record their Since thanks once again to Dr Chris Naunton who, as Director, has maintained the charitys international contacts against a backdrop of extended instability in a number
of overseas regions. His work has included maintenance of its website- essential both for sustaining the quality of applications for the visitor programme and for contributing effectively to excellence in music education- as well as organising the accommodation in Kensington connected with the longer term music and other scholarships. The Trustees likewise remain indebted to Mr Howard Davie5. who retain5 re5pon5ibility for management and maintenance of the propertyat Highgate, as well as liaising on that part of the visitor programme and handling numerous matters contributing to the chariws continued overall progress. Flnanclal Revlew The results for the year are Set out in the attached financial statements, which have been prepared in accordance with the accounting policies set out on pages 9 and 10 and comply with the charity's trust deed and applicable law. The income and expenditure of the general fvnd is set out on page 7. Income, amounted to £111,619 {2022: £57,126), while expenditure amounted to £95.839 (2022: £50.726). The retained funds as at 31 December 2023 amounted to £7.443,394 {2022: £7,414,449). The net movement in funds, increased by £28,945 (2022 decreased by £IO.551). reflects principally the unexpended element of additional legacies received during 2023 coupled with appreciation in the value of listed investments. The returns on investment property achieved are considered by the Trustees to remain satisfactory, while those on financial investment514.57%) have fallen below the selected benchmark (13.82%). This is an internal benchmark devised by our Investment Advisers, which derives from an anticipated predominance of global equities. including within the US market. The exceptional performance in 2023 of 7 leading stocks {Alphabet, Amazon. Apple, Meta, Microsoft, Nvidia and Tesla) has resulted in this benchmark exceeding tnd. In hindsight, this implies that the Trusvs portfolio has been underweight in these stocks. This, coupled with underperfomiing infrastructure funds and the impact of higher interest rates on bonds, has contributed to actual returns during 2023 falling below this benchmark. The overall underperforniance is however rather less marked when measured against the more widely recognised ARC Balanced Asset benchmark {6.0% in 2023) and is partly attributed to portfolio reali8nment early in 2023 related to investments held prior to the Investment Advisers, appointment during 2022. Reserves Pollcy It is the policy of the charity to maintain unrestricted fvnds. which a free reserves of the charity (excluding listed investments and chattels held as fixed assets). of sufficient liquidity to cover approximately 24 months, expenditure. After allowing for anticipated property maintenance, this should ensure funds will remain available to meet management, administration and support costs as well as enabling commitment to the planned programme of grants for the coming year. Risk Management The Trustees take this area seriously and have considered the risks faced by the Trust. These include the risk of fraud and error, catastrophe. and reputational risks amongst others. Regular review and updating by the Trustees of the relevant procedures and processes already in place are designed to mitigate these risks. In the opinion of the Trustees, the key risk to the Trust continues to be ensuring that sufficient income can be generated to sustain a capability to meet property maintenance costs as and when required.
Plans for the Future In accordance with the objects of the charity, and as outlined above, the Trust fully intends to continue both the development of its visitor programme and the music scholarships during 2024 together with, subject to ongoing UnrtaIntieS affecting the global outlook. fvrther enhancements expected to be realisable for its beneficiaries generally. Trustees. Responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial ststements, the Trustees are required to: Select suitable accounting policies and then appty them consistently; Obserrfe the methods and principles in the Charities SORP 2015 {FRS 102): Make judgements and estimates that are reasonable and prudent: stste whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures di5c105ed and explained in the financial statements: and Prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable thern to ensure that the financial ststements comply with the Charities Act 2011. the Charity (Accounts and Reportsl Regulations 2(X)8 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf by: S J A Stuart-smith Date: 11 April 2024
INDEPENDENT EXAMINER'S REPORTTO THE TRusfEES OF THE ROBERT ANDERSON RESEARCH CHARITABLE TRusr I report on the financial ststements for the year ended 31 December 2023 set out on pages 8 to 14. Respective responslbllftles of the Trust and Examiner The trustees are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 Ithe 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the financial statements under section 145 of the 2011 Act: follow the procedures laid down in the general Dirertions gNen by the Charity Commission under section 145(5)(b) of the 2011 Att: and state whether particular matters have come to my attention. Basls of Independent Examinerfs Report My examination wa5 carried oirt in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or di5cIosures in the financial statements and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present a "true and fair vie, and the report is limited to those matters set out in the statement below. Independent Examlnerfs SLitement In connection with my examination. no matter has come to my attention: which gives me reasonable cause to believe that, in any material respect, the requirements: to keep accounting records in accordance with section 130 of the 2011 Act. and to prepare financial ststements which accord with the accounting records and comply with the accounting quIrernents of the 2011 Act have not been met: or to which. in my opinion, attention should be drawn in orderto enable a proper understanding of the financial ststements to be reached. C E Osborn ACA Brook Cottage Petworth Road Haslemere Surrey GU27 3BG Date: 11 April 2024
THE ROBERT ANDERSON RESEARCH CHARITABLE TRUST STATEMENT OF FINANCIAL AlTIEs FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted Funds Funds Total 2023 Total 2022 Notes Income from: Donations and Legacies Annual receipts under gift aid Other donations receivable Legacies Sale of grand piano Investment income Interest receivable Dividends receivable Rental income Totsl income 125 1.927 45.734 125 1,927 45,734 125 1,636 9,954 1,080 14.184 1,080 14,184 55 3,418 111619 Expenditure on: Cost of raising funds Property maintenance costs Charitable activities Academic grants Support costs Total expendlture 51.546 51.546 27,241 24.842 24,842 10,762 Net income / (expendfture) before £alns / Ilosses) on investments 18.757 12.977) 15,780 6,400 Other recognised galns and losses Reali5ed gains/ (losses) on disposal of listed investments Unrealised gain on revaluation of investment property Net unrealised gains / (losses) on listed investments {4,450) (4,450) 31,921 (2,977) 28.944 {10,551) Transfer between funds Net movement in funds 28.944 28,944 {10,551) Reconciliation of funds Total funds brought forward 2 704 241 4 710 208 7 414 449 7 425 000 Total funds carried forward The notes on pages 10 to 14form part of these financial statements.
THE ROBERT ANDERSON RESEARCH CHARITABLE TRUST BALANCE SHEEr AS AT 31 DECEMBER 2023 Unrestricted Restricted Funds Funds Total 2023 Total 2022 Notes Flxed Assets Investment properties Listed investments Tan8ible fixed assets 6 2,375,otK1 4,375,£KX) 6,750,0 6,750,000 533,222 533,222 516,212 2 945 937 4 375 000 7 320 937 7 303 927 Current Assets Debtors Cash at bank and on hand 23 126 139 126,162 23 126 139 126.162 125 118 201 118.326 io Creditors: Amounts falling due within one year Net Current Assets li 122 456 122 456 110 522 Total assets less current liabilities 3,061,393 4.375.LKX) 7,443,393 7,414.449 Inter-fund balances 335 208 335 208 Totsl Net Assets Funds of the Charity Unrestricted funds Restricted funds- pemianent endowment Revaluation reseNe- freehold properties 860,036 860,036 831,092 2.288,771 2,288.771 2.288,771 1873 149 2 421437 4 294 586 4 294 586 Total Fund5 39 Approved by the Trustees on 11 April 2024 and signed on their behalf by: S J A Stuart-smith Miss E K Gray A C Berendt The notes on pages 10 to 14 fomi part of these financial ststements.
THE ROBERT ANDERSON RESEARCH CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparation The Robert Anderson Research Charitable Trust is a registered charity with the Charity Commission in the United Kingdom. The address of the registered office is gNen in the charity information on page l of these financial statements. The nature of the charit(s operations and principal activities isto applythe capital and income of theTrustto advancethe education of under%raduate and post-graduate students. whether from the United Kingdom or overseas, bythe provision of financial grants and research facilitiesto enable them to study in the fields of historical. archaeological. artistic and scientific research. The charity constitutes a public benefft entty as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) as amended by bulletin l. the Charities Act 2011, and UK Generally Accepted Practice as it applies from l January 2019. The financial statements are prepared on a going concern basis under the historical cost convention. modified to include certain iterns at fair value. The financial statements are prepared in sterlin& the fvnctional currency of the charity. and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise ststed. Funds Unrestricted general funds are fvnds which can be used in accordance with the charitsble objects at the discretion of the Trustees. The restricted fund represents investment property gifted by the Founder under a permanent endowment. to be held as capital which is not to be converted to income. Income recognition All income is included in the Statement of Financial Activities {SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it Is probable that the income will be received. Donations are included in full in the Statement of Financial Activities when receivable. Tax reclaimable in respect of deeds of covenant is accounted for when the income giving rise to the reclaim of tax is received. Investment income is included when receivable. Dividend and interest income is accounted for on an accruals basis. io
Legacy incorne is recognised in the Statement of Financial Activities provided that sufficient inft>nnation has been received to enable valuation of the charity's entitlement. Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and servi$ for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to SUPPOrt them. Governance costs include those incurred in the governance of the charity and are primarily associated with constitutional and statutory requirements. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Investments Investments are recognised initialty at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recogni5ed in 'net gains/(losses) on investmentg in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Investment properties a measured at valuation less impairment. subject to revaluations every 5 years. the most recent being undertaken in 2019. Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recogni5ed in expenditure. Going concern The financial statements have been prepared on a going conrn basis as theTrustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserve5 for the charity to be able to continue as a going concem. TRUSTEES. REMUNERATION AND STAFF COSTS The Trustees neither received nor waived any emoluments. Trusteeg expenses paid during the year were £nil {2022: £nil). Although the Trustees did not employ any stsff, the Coordinator is provided with rent free accommodation at Highgate. necessary to enable him properly to assist with visitor programmes at the properties in London and to carry out associated trust administration. In addition. the D1ctOr was awarded an honorarium of £7,5(X) (2022: £5.625).
PROPERTY MAINTENANCE Cosrs 2023 2022 Council tax and water rates Buildings insurance Utilities Repairs and maintenance 8.387 3,632 12.746 ,057 3,154 8,004 ACADEMIC GRAKrs 2023 2022 Jean Middlemiss Award Ilona Eibenschutz Award Travel costs paid directly- visitors from Egypt Visitor expenses while in London Academic fees etc. for longer term visitors from Ukraine Other grants 5,000 5.988 5.980 1.725 4,712 800 250 SUPPORT Cosrs 2023 2022 Bank Charges Honorarium for director Independent examination fee Investment advisers, fees Other expenses 105 7,500 109 5,625 1.750 2,908 5,103 FIXED ASSET INVESTMENT PROPERTIES Unrestricted Funds Restricted Funds Total 2023 Total 2022 Freehold property: Openin8 market value Net unrealised gains/(losses) on revaluation Closing market value 2,375,0 4,375,0 6,750,IXM) 6,750,0 Restrlcted Funds represents property under a permanent endowment. The freehold property was valued during 2019 on the basis of. and subject to. the ongoing tenancies. FIXED ASSET LISTED INVEsfMErirs 2023 2022 Opening market value Additions- retained dividends Additions- funds placed with investment advisers Investment advi*rg fees Disposals- proceeds Net unrealised gains / (losses) Net realised gains / (lossesl Closing market value 516,212 12,742 50,000 (5,103) {53,793) 17,614 82,652 3,418 450,001 {2.9081 (16,951) 12
FIXED Ass LISTED INVEsfMENTS (continued) 2023 2022 The closin8 market value comprises: Equities Bonds Commodities Real Estate Other investments Cash held by investment advisers pending investment 308.256 117.070 9,852 19.466 63,131 280,617 81.020 4,511 19,915 65,625 TANGIBLE FIXED ASSETS 2023 2022 Library and sundry chattels- at cost DEBTORS 2023 2022 Income tax recoverable io CASH AT BANKAND ON HAND 2023 2022 Barclays Current accounts Barclays Short Temi Deposit account 5,030 121109 18,137 li CREDITORS- Amounts falling due within one year 2023 2022 Other cdItorS 12 VALUATION OF ACCOMMODATION BENEFIT These financial statements a required to reflect the charivs contractual rights and obligations as well as the grants made to beneficiaries from its financial resources. indicated in the Trustees, Report, and in addition to such cash grants, a primary objective of the charity is the provision of accommodation to students. This supplementary note provides an indication of the value of such provision. referred to below as a subsidy. The format that is required in these financial Statements does not enable this value readily to be identified, nor for a corresponding comparison to be made with the previous year. This is partly because the costs associated with this provision cannot easily be separated from those costs incurred on the maintenance of the charitVs properties as a whole. which include costs also attributable to the generation of rentsl income. In this context. it is not considered that attempting such a cost allocation would either be justified or helpful. The whole of this expenditure is accordingly disclosed, in the Statement of Financial Activities. within the c05t of raising funds. Indeed, given the fluctuations in expenditure on property repairs from one yearto another, a valuation of the provision of accommodation based simply on annual costs incurred would be likely to prove misleading.
With the above in mind, this note summarises analysis undertaken based on the rental opportunities foregone arising from the designation of rooms within each property as available for students rather than to be let to generate income for the trust. The main assumptions adopted forthi5 analysis are: The basement flat at each property. being self-contained and pernianently let solely to provide income. is excluded from this anatysis. The rental values reflected, comparable with those charged to students at London University halls of residence. are for larger rooms £686 pm (2022 - £650) and for smaller rooms £633 pm (2022 - £6LXJ). In those InStanS where rooms are made availableto students at a concessionary charge, the actual rent charged is netted off the above rates in arrivin8 at the value of the related subsidy. The maximum annual subsidy thereby derived is not attenuated in respect of the student visitor season beginning in April and closing at the end of November. work necessarily being undertaken from December to March bein8 regarded as integral to the charitys provision of thi5 accornrnodation. Nonetheless. some recognition is desirable to illustratethe impact of the actual occupancy achieved as a proportion. where relevant, of the length of the visitor season. Such proportion will be 100% as regards a room occupied by a long-temi student throughout the year. The actual annual Subsidy is thus the maximum annual subsidy multiplied by the occupancy percentage. The results of thls analysis are summarised thus: 2023 2022 Maximum Annual Subsidy £38,364 £37,752 Occupancy {%) 87% 85% Actual Annual Subsidy £33,380 £31,964 While the increase in the subsidy reflects the experted rise in market rents for this type of accommodation in London. the increase indicated is as modified by the effect of the increased amount received during 2023 under the Homes for Ukraine scheme as cornpad with 2022. 14