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2022-09-30-accounts

Friends of UCD Report of the Council of Management and Financial ststements Financial Year Ended 30 September 2022

Friends of UCD Directors. Report and Financial Statements 2022 CONTENTS Page COUNCIL OF MANAGEMENT AND OTHER INFORMATION REPORT OF THE GOUNGIL OF MANAGEMENT INDEPENDENT AUDITORS, REPORT STATEMENT OF COMPREHENSIVE INCOME BALANCE SHEET STATEMENT OF CHANGES IN FUNDS 10 NOTES TO THE FINANCIAL STATEMENTS

Friends of UGD COUNCIL OF MANAGEMENT AND OTHER INFORMATION Council of Manag8m8nt R8gistarèd Office Mr Williarn Ri¢h8rd Phelan Mr Tim Carroll Dr Stephen Dorgan Ms Nicole Black New address (04 October 2022) Friends of UCD Suite 1, 7th Floor 50 Broadway London SW1H OBL England P￿VIouS address Friends of UCD Suite 1, 3Id Floor 11-12 Sl. James's Square London SW1Y 4LB England Registered Number= 2843001 Bankers Secretaries AIB Bank 10 Berkeley Squaie London W1J 6AA England Jordan Company Secretaries Limited First Floor Ternpleback 10 Temple Back BS1 6FL England Audltors Pricewaterhousecoopers Chartered Accountants and Statutory Auditors One Spen￿r Dock North Wall Quay Dublin 1 Ireland

Friends of UGD REPORT OF THE COUNCIL OF MANAGEMENT The merllbers of the Council of Management present their report and the audited financial stalernenls of the company for the year ended 30 September 2022. Statement of council of managements, responsibilities The members of the council of management are responsible for preparing the eouneil of managements, report nd the finan￿al slalernenls in awoidan¢e with applicable law and regulations. Cotnpany law requires the tnernbers of the wunryl of management lo prepare finanoial statements lor each financial yeai. Under that law IhÈ members of the council of tnanagetnÈnt have prepared thè finantial statémènts in 8¢¢ordaneÉ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A￿epted Accounting Practice). including Financial Reporting Stsndard 102 'The Financial Reporting Slandaid Applicable in the UK and Republic ol Ireland IFRS 1021,. Under company law the mernbers of the council of rnanagement rnusl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the members of the counal of management are required to.. select suitable accounting policies and then apply them consistently., make judgements and accounting estimates that are reasonable and prudent., Statè whethÉr applicable United Kingdom Accounting Standards. including FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The mernbers of the council of management are responsible for keeping adequate a￿V￿lIng record5 that are sufficient lo show and explain the company's transactions and disclose with reasonable accuracy at any time the finanaal position of the cornpany and enable them to ensure that the financial slatements comply with the Cornpanies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. Principal risks and uncertainties We have reviewed our budget and cash forecasts for 2023 and for the period of 12 months from signing the financial statements and we do not anticipate any significant impact on our fvndraising income. We will ensure continuous communication with our stakeholders to rnitigate any risk. Diselosurè of information to auditors The tnernbers of the council of management in office al the dale of this report have each confirmed Ihal.. As far as the members of the council of management are aware, there is no relevant audit information of which the company's auditors are unaware., and The members of the council of management have taken all the steps that helshe ought to have taken as a members of the council of management in order to make himlherself aware of any relevant audit information and to establish that the company's auditors are aware of that information. Deficit and reserves Stg£ 2022 Stg£ 2021 Deficit retained for the financial year 223 156 Company status The company is a UK registered charity limited by guarantee and not having a share capital. Principal aetivitiès The oompany's sole a¢livity is fundraising for the purpose of the furtherance of education and research cairied out by Universty College Dublin.

Friends of UGD REPORT OF THE COUNCIL OF MANAGEMENT- continued Members of council of management The names of the persons who served as members of the Council of Management during the year ended 30 September 2022 are set out below. Mr William Richard Phelan Mr Tim Carroll Dr Stephen Dorgan Ms Nicole Black Events since the year end There have been no significant events affecting the company Sin￿ the year-end. Auditors The auditors, Pn￿waterhOUsec0opers, have indicated their willingness lo continue in office, and a resolution that they be appointed will be proposed at the annual general meeting. On behalf of the Members of the Council of Management Mr William Richard Phelan Dr Stephen Dorgan Dale 30-Mar-2023

Independent auditors’ report to the members of Friends of UCD

Report on the audit of the financial statements

Opinion

In our opinion, Friends of UCD’s financial statements:

We have audited the financial statements, included within the Report of the Council of Management and the Financial Statements, which comprise:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Report of the Council of Management and the Financial Statements other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or

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otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors’ Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors’ Report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’ Report for the year ended 30 September 2022 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related related to the operations of the Friends of UCD, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of manual journals to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions. Audit procedures performed included:

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There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of noncompliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: prepare financial statements in accordance with the small companies regime; take advantage of the small companies exemption in preparing the Directors’ Report; and take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.

Aisling Fitzgerald (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Auditors Dublin 30 March 2023

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Friends of UGD STATEMENT OF COMPREHENSIVE INCOME Financial Year Ended 30 September 2022 2022 Stg£ 2021 Stg£ Incomè Income received under covenant and pledges 95,076 106,576 Expenditure Bank charges Transfers to University College Dublin 12231 195.0761 195,2991 11581 1106.5761 1106,7321 Net expenditure for the financial year 12231 11561 Total comprehensive expense for the year 12231 11581

Friends of UGD BALANCE SHEET As at 30 September 2022 2022 Stg£ 2021 Stg£ Currènt assèts Cash at bank and in hand 97,465 2,612 urrent liabilities Creditors 196,1791 11,1031 Net o$$ets 1,286 1.509 Rèpr•s•ntèd by Accumulaled surplus 1,286 1,509 On bèhalf of thè Mèmbèrs of thè Cauneil of Managèment Mr William Richard Phelan Dr Stephen Dorgan Dale 304lar-2023

Friends of UGD STATEMENT OF CHANGES IN FUNDS Financial Year Ended 30 September 2022 Total Accumulated surplus Stg£ Stg£ Balan¢e at 1 O¢tober 2020 1,665 1.665 Total comprehensive expense for the year 11561 11561 Balance at 30 September 2021 1,509 1.509 B8lance at 1 October 2021 1,509 1.509 Total cornprehensive expense for the year 12231 12231 Balance at 30 September 2022 1,286 1.286 10

Friends of UGD NOTES TO THE FINANCIAL STATEMENTS 1 General information lal The company is limited by guarantèe and does not have a sharè capital. Evèry member is liable for the debts and liabilities ol the company in the event of a winding-up, for such amount as may be required, bul In any event not exoeeding Slg£1 each. The nutnbei of metnbeis al 30 September 2022 w85 4 12021". 41. There are 4 on the Counryl of Management al 30 September 202212021 41. {bl The company is permitted under Section 60 of the Companies Act 2006 to omit the word limited from its name. Icl The sole purpose ft)rwhich the comp8ny was established was lo engage in fundr81sing 8Ctivilies ft)r the purpose of the furtheiance of education and research cairied out by University College Dublin. {dl The company is recognised as a charity for tax purposes and accordingly is exempt from corporation tax. 2 Statsment of compliance The individual financial statements of Friends of UCD have been prepared in compliance with United Kingdom Accounting Standards. including Finanaal Reporting Standard 102. 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" I'FRS 102,1 and the Companies Act 2006. 3 Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial slalernenls are set out below. Basis of preparation The entity finanaal statements have been prepared under the historical cost convention. Going Concern These financial statements have been prepared on a going concern basis. Any decrease in fvndraising income arising will result in a reduction in transfers to University College Dublin, which is the only real outgoing expense which this entity has. We are satisfied that the going con￿rn basis of accounting is still appropriate, and that this organisation will be in a position lo meel its obligations as they fall due for the period of at least 12 months from signing. Fund-raising receipts Fund-raising receipts are recognised in the income and expenditure account of the period in which they are re￿ived. Paymènts to projècts Payrnenls lo projects are Irealed as expenditure in the period in which they fall due. Operating expenses Operating expenses are ￿cOgnised in the in¢ome and expendrture account in the period in which the ¢osl is incurièd. Cash flow ststement The company has availed of the exernption in Section 1A of FRS 102 not to prepare a cash flow statement.

Friends of UGD NOTES TO THE FINANCIAL STATEMENTS- continued 4 Related party The company is closely associated wrfth University College Dublin and its solè purpose is to raise funds for the furtherance of education and research carried out by the University in its pursuit of education. teaching 8nd research. Funds amounting 10 £95.078 12021." £106,576) were iaised by the Company for transfer lo University College Dublin In the year ended 30 September 2022. Amounts of £96.17912021". £1.1031 were due to University Collège Dublin at 30 Sèptèmbèr 2022. S Deficit for the year The loss for the ¢uirent year was £22312021.. £1561. 6 Events since the year end There have been no significant events affecting the company since the year-end. 7 Approval of financial ststements The directors approved the financial statements on 30-Mar-2023 12