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2024-02-29-accounts

REGISTERED COMPANY NUMBER: 02681599 (England and Wales) REGISTERED CHARITY NUMBER: 1029656

REPORT OF THE DIRECTORS AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

FOR

CANADA-UNITED KINGDOM COUNCIL

Hetherington & Co Chartered Certified Accountants Second Floor, 289 Green Lanes Palmers Green London N13 4XS

CANADA-UNITED KINGDOM COUNCIL

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

Page
Report of the Directors 1-3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7-12
Page not forming part of the financial statements
Detailed Income and Expenditure Account 13

CANADA-UNITED KINGDOM COUNCIL

(REGISTERED NUMBER: 02681599)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 28 FEBRUARY 2024

The Directors, who are also the Trustees of the Company for the purpose of the Charities Act 2011, present their annual report with the unaudited financial statements for the year ended 28 February 2024.

The financial statements comply with the Companies Act 2006, the Charities Act 2011, the Memorandum and Articles of Association and the '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 the Republic of Ireland (FRS 102) effective 1st January 2015.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02681599 (England and Wales)

Registered Charity number

1029656

Registered office

Second Floor 289 Green Lanes Palmers Green London N13 4XS

Directors

Philip Peacock Sir Andrew Burns KCMG Timothy Faithfull Nicolas Maclean CMG Anthony Cary CMG Dr.Tony McCulloch Professor Michael James Norton Professor Alan Smith Leslie Stephenson William Finian Paul Swords - Resigned 25.3.2023 Margo Ellen Schwartz - Appointed 25.4.2023 Thomas Nightingale - Appointed 1.3.2024

Page 1

CANADA-UNITED KINGDOM COUNCIL

(REGISTERED NUMBER: 02681599)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 28 FEBRUARY 2024

REFERENCE AND ADMINISTRATIVE DETAILS - Continued

Independent examiner

M Koureas FCCA Hetherington & Co Chartered Certified Accountants Second Floor 289 Green Lanes, Palmers Green, London N13 4XS

Bankers

CAF Bank 25 Kings Hill Avenue West Malling, Kent ME19 4TA

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Company is governed by its Memorandum and Articles of Association and is a Company limited by guarantee.

Recruitment and appointment of new Directors

Newly appointed Directors are recruited by invitation of the Council.

Induction and training of new Directors

Newly appointed Directors are given an informal briefing as to the role of the Council.

Risk management

The Directors have identified and reviewed the risks to which the Company is exposed and have ensured appropriate controls are in place to provide reasonable assurance against fraud and error.

OBJECTIVES AND AIMS FOR THE PUBLIC BENEFIT

The Canada-United Kingdom Council aims, on a bilateral basis, to increase knowledge and educate the public about the advantages to be drawn from the close and dynamic relationship between Canada and the United Kingdom.

The Directors confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Company's aims and objectives and planning for future activities.

In order to achieve this objective the Company:

Page 2

CANADA-UNITED KINGDOM COUNCIL

(REGISTERED NUMBER: 02681599)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 28 FEBRUARY 2024

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The main activities over this financial year included:

FINANCIAL REVIEW

Results for the year and principal funding sources

The results for the year are set out on page 5.

The company received £28,000 (2023: £100) by way of personal and corporate donations/sponsorships.

For the year under review the Company generated a net surplus of £17,770 (2023: deficit: £30,175). At the year-end date the Company's unrestricted funds stood at £25,914.

Reserves policy

In order for the Company to meet its stated objectives it continues to be dependent on private sponsorship and individual donations. The level of support needed in any given year can depend on whether the Colloquium is held in the UK as opposed to Canada and the support received can depend on the nature of the topic discussed. Consequently the Directors consider it appropriate only to carry forward a sufficient level of reserves to meet its immediate needs.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Anthony Cary- Chairman

Date: 2024

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF CANADA-UNITED KINGDOM COUNCIL

I report to the Company's directors on my examination of the accounts of the Canada-United Kingdom Council for the year ended 28 February 2024 set out on pages five to twelve.

Responsibilities and basis of report

As the Company's directors (and also its trustees for the purposes of charity law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's report

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

M Koureas FCCA Hetherington & Co Chartered Certified Accountants Second Floor 289 Green Lanes Palmers Green London N13 4XS

Date: 2024

Page 4

CANADA-UNITED KINGDOM COUNCIL STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 28 FEBRUARY 2024

Notes
INCOME AND ENDOWMENTS FROM:
Donations and Legacies
2
Other Income
3
Total income
EXPENDITURE ON:
Charitable activities
4
Totalexpenditure
NET (EXPENDITURE) / INCOME AND
NET MOVEMENT IN FUNDS FOR THE YEAR
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 28.2.2024
28.2.2023
Unrestricted
funds
Unrestricted
funds
£
£
28,000
100
25
28
28,025
128
10,255
30,303
10,255
30,303
17,770
(30,175)
8,144
38,319
25,914
8,144

The notes form part of these financial statements

Page 5

CANADA-UNITED KINGDOM COUNCIL

(REGISTERED NUMBER: 02681599)

BALANCE SHEET AT 28 FEBRUARY 2024

Notes
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
13
TOTAL FUNDS		 Unrestricted
funds
Unrestricted
funds
28.2.2024
28.2.2023
£
£
-
-
10,181
-
18,204
15,304
28,385
15,304
(2,471)
(7,160)
25,914
8,144
25,914
8,144
25,914
8,144
25,914
8,144		 Unrestricted
funds
Unrestricted
funds
28.2.2024
28.2.2023
£
£
-
-
10,181
-
18,204
15,304
28,385
15,304
(2,471)
(7,160)
25,914
8,144
25,914
8,144
25,914
8,144
25,914
8,144
8,144
8,144
8,144

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for

(a) ensuring that the Company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b) preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 2024 and were signed on its behalf by:

Anthony Cary- Chairman

The notes form part of these financial statements

Page 6

CANADA-UNITED KINGDOM COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024

1. ACCOUNTING POLICIES

The principal accounting policies, all of which have been applied consistently throughout the year, were as follows:-

1.1 Basis of Accounting

The financial statements have been prepared in accordance with the 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) (effective 1st January 2015), the Companies Act 2006 and the Charirties Act 2011.

The Company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

1.2 Going concern

The Directors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast doubt on the ability of the Company to continue as a going concern.

The Directors have assessed the impact the downturn in the global economy (including the cost of living and energy crisis) may have on the Company’s forecast and projections and have made this assessment for a period of at least one year from the date of approving these financial statements.

The Company has concluded that it has sufficient resources to continue in operational existence for the foreseeable future and consequently it is appropriate to continue to adopt the going concern basis in preparing its financial statements.

1.3 Income

Voluntary income including donations, gifts, legacies or grants from various individuals, corporations and charitable foundations are recognised where there is entitlement, any conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Such income is only deferred when:

a) The donor specifies that the grant or donation must only be used in future accounting periods. b) The donor has imposed conditions which must be met before the charity has unconditional entitlement.

Income generated from fund raising events is recognised when earned.

Income tax recoverable in relation to donations received under gift aid or deeds of covenant is recognised at the time of the donation.

All incoming resources are reported gross before expenses.

1.4 Donated services and facilities

Donated services and donated facilities are recognised as income when the Company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Company of the item is probable and that economic benefit can be measured reliably by the Directors using best estimates.

Page 7

CANADA-UNITED KINGDOM COUNCIL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 28 FEBRUARY 2024

ACCOUNTING POLICIES - continued

1.5 Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.6 Taxation and Miscellaneous

As the Company is a registered charity it is not liable to income tax on its charitable activities (and it does not undertake any non-charitable trading). The Company is unable to recover VAT, and all expenditure is thus stated inclusive of VAT where applicable.

Other policies are explained within the notes on specific aspects of the accounts.

1.7 Allocation of support costs

Support costs are those functions that assist the work of the Company but do not directly undertake charitable activities. Support costs include office costs, finance, personnel, payroll and governance costs which support the Company's activities. These costs have been allocated entirely to the the cost of the Colloquium which is the sole activity of the Company. The basis on which support costs have been allocated are set out in note 4.

1.8 Tangible fixed assets

All tangible fixed asset expenditure is capitalised at cost. Provision is made for depreciation on all tangible fixed assets, at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life as follows:

Plant and machinery - 25% on reducing balance

1.9 Impairment of fixed assets

At each reporting end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Page 8

CANADA-UNITED KINGDOM COUNCIL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 28 FEBRUARY 2024

ACCOUNTING POLICIES - continued

1.11 Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' and Section 12 ‘Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.12 Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.13 Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.14 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Company. Designated funds are unrestricted funds of the Company which the Directors have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Company's work or for specific projects being undertaken by the Company.

1.16 Critical accounting estimates and judgements

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Page 9

CANADA-UNITED KINGDOM COUNCIL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 28 FEBRUARY 2024

2. VOLUNTARY INCOME

Sponsorship Donations

3. OTHER INCOME

Bank Interest

28.2.2024
£
27,000
1,000
28,000
28.2.2024
£
25
25		 28.2.2023
£
-
100
100
28.2.2023
£
28
28
4. CHARITABLE ACTIVITIES COSTS
Colloquium
Publication and promotion costs		 Direct costs
£
8,608
418
9,026		 Support
costs
(see note 5)
£
1,229
-
1,229		 Total
28.2.2024
£
9,837
418
10,255		 Total
28.2.2023
£
29,260
1,043
30,303

5. SUPPORT COSTS

The Company initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are allocated entirely to the Colloquim, being the Company's sole activity.

An analysis of support costs is given below:

Independent examiners fee
Bank charges
Office costs		 Governance
£
1,125
-
-
1,125		 Office
expenses
£
-
91
13
104		 Total
28.2.2024
£
1,125
91
13
1,229		 Total
28.2.2023
1,575
93
-
1,668

Support costs have been charged solely to the cost of the Colloquium.

6. NET INCOMING/(OUTGOING) RESOURCES

NET INCOMING/(OUTGOING) RESOURCES
Net resources are stated after charging/ (crediting):
Independent examiners fee		 28.2.2023
£
1,125		 28.2.2022
£
1,575

Page 10

CANADA-UNITED KINGDOM COUNCIL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 28 FEBRUARY 2024

7. DIRECTORS' REMUNERATION AND BENEFITS

No Directors' remuneration or other benefits were paid for the year ended 28 February 2024 or for the year ended 28 February 2023.

Directors' expenses

There were no reimbursement of expenses paid to Directors during the year.

8. STAFF COSTS

The Charitable Company did not employ any staff during the year under review or in the previous year.

9. TANGIBLE FIXED ASSETS
COST
At 1 March 2023
Disposal
At 28 February 2024
DEPRECIATION
At 1 March 2023
Disposal
At 28 February 2024
NET BOOK VALUE
At 28 February 2024
At 28 February 2023
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Sundry debtors and prepaid expenses
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors
Accrued expenses		 28.2.2024
£
10,181
28.2.2024
£
-
-
2,471
2,471		 Office
Equipment
£
407
(407)
-
407
(407)
-
-
-
28.2.2023
£
-
28.2.2023
£
-
2,057
5,103
7,160

Page 11

CANADA-UNITED KINGDOM COUNCIL

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 28 FEBRUARY 2024

12. TAXATION

The Canada-United Kingdom Council, as a registered charity, is potentially exempt from taxation of income and gains falling within section 505 of the Income and Corporation Taxes Act 1988 and section 256 of the Taxation of Chargeable Gains Act 1992. No tax charge has arisen in the year.

13. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.3.2023
£
8,144
8,144		 Net
movement
in funds
At
28.2.2024
£
£
17,770
25,914
17,770
25,914

14. RELATED PARTY TRANSACTIONS.

During the year the Charity paid £1,006 for flights in order for two trustees to attend the Colloquium in Toronto (2023: £Nil).

Page 12

CANADA-UNITED KINGDOM COUNCIL

The following page does not form part of the statutory financial statements

CANADA-UNITED KINGDOM COUNCIL

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2024

INCOMING RESOURCES
Voluntary income
Sponsorships
Donations
Other Income
Bank Interest
Total incoming resources
RESOURCES EXPENDED
Charitable activities
Cost of Colloquium
Publication and promotion
Support costs
Finance
Bank charges
Accountancy
Office Expenses
Total resources expended
Net (expenditure)/surplus for the year		 28.2.2024
£
27,000
1,000
25
28,025
28,025
8,608
418
9,026
91
1,125
13
10,255
17,770		 28.2.2023
£
-
100
28
128
128
27,592
1,043
28,635
93
1,575
-
30,303
(30,175)

Page 13