THE ROBERT ANDERSON RESEARCH CHARITABLE TRUST
REPORT AND FINANCIAL sTATEME￿rs
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
app￿ciation, 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 Kin￿5 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 pla￿S
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 Inc￿aSe 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 t￿nd. 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 Un￿rtaIntieS 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 A￿￿lTIEs
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 con￿rn 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 D1￿ctOr 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 c￿dItorS
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 InStan￿S 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 cornpa￿d with 2022.
14