**Company Number: 3688493 Registered Charity Number: 1075405** ` **UNIVERSITY OF CALIFORNIA TRUST (UK) (A COMPANY LIMITED BY GUARANTEE)** **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023** ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2023** ||**CONTENTS**|| |---|---|---| |||**PAGE**| |Trustees and Advisors||3| |Report of the Trustees||4-11| |Statement of Trustees’ Responsibilities||12| |Report of the Independent Auditor||13-15| |Statement of Financial Activities||15| |Balance Sheet||16| |Cash Flow Statement||17| |Notes to the Financial Statements||18-29| |Appendices||30-34| 2 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** **REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2023** ## **Trustees and Directors** Mr. B.B. Barber Mr. D.M. Helson Ms. H.R. Kopeck Ms. D.L. Miller Mr. G.A. O’Neill Mr. S.P. White Ms. R.C. Duci Mr. C.C. Yen (Resigned on 3 October 2023) ## **Key Management** Mr. M.N. Daines (Resigned on 31 May 2023) Mrs. G. M. Paa-Kerner ## **Principal Address** Unit 25A, De Beauvoir Block 92-96 De Beauvoir Road London, N1 4EN ## **Banker** Barclays Bank Plc 180 Oxford Street, London W1D 1EA ## **Solicitor** Kingsley Napley 20 Bonhill St, London EC2A 4DN ## **Auditor** Azets Audit Services, Statutory Auditors 2[nd] Floor, Regis House, 45 King William Street, London EC4R 9AN 3 **REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2023** ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** The Trustees present their report and the audited accounts for the year ended 30 June 2023. **Structure, Governance and Management** ## Organisational Structure and Governing Document The Trust is a company limited by guarantee. The University of California Trust (UK) was incorporated in December 1998. The Trust is a registered charity under the laws of England and Wales, which is overseen by the United Kingdom Charity Commission. A Management Board is responsible for the activities of the Trust. The Board ensures that the mission of the Trust is implemented, and that the financial and management matters adhere to English and Welsh law. There are currently eight embers each giving a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. The governing document is the Articles of Association. ## Appointment of Trustees The appointment of Trustees is governed by the Articles of Association of the company. The number of trustees must consist of at least two but no more than ten individuals. All appointments must be approved in writing by a duly authorised officer of the University of California. The Trustees, who are also the directors for the purpose of company law who served during the year were: Mr. B.B. Barber Mr. D.M. Helson Ms. H.R. Kopeck Ms. D.L. Miller Mr. G.A. O’Neill Mr. S.P. White Ms. R.C. Duci Mr. C.C. Yen None of the Trustees had any beneficial interest in the company during the year. The day-to-day management of the Trust has been delegated by the Trustees to Matthew Daines until March 20[th] , 2023 and then delegated to a new Executive Director named Greta Paa-Kerner. ## Trustee induction and training The trustees assess the need to provide training to new trustees on an individual basis. Trustees are sent information on an on-going basis of any changes to charity regulations to ensure they are aware of the impact that this may have on their responsibilities. ## Risk management The Trustees have a risk management policy that includes: - An on-going review of the risks the charity may face; - Systems and procedures to mitigate those risks; and - Procedures designed to minimise any potential impact on the charity should those risks materialise The Board of Trustees is responsible for managing the risks faced by the Trust. Consideration of such risks is made on an on-going basis, and controls to mitigate such risks are also reviewed on an on-going basis. Although no formal codification of the risk management systems and procedures is in place for the Trust the Trustees are satisfied that identified risks are adequately mitigated. 4 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** **REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2023** ## **Objects and Activities** The objects of the charity are to advance the education of the students of the University of California in England and Wales and elsewhere and of students from institutions of higher education in England and Wales and elsewhere by: - a) advancing the education of students in the culture, history, institutions, intellectual, artistic, and economic life of the United Kingdom, Eire, and other countries by providing courses and lectures in academic subjects - b) arranging and administrating the provision of courses and lectures in academic subjects at institutions of higher and further education in England, Wales and elsewhere - c) maintaining and developing relations between institutions of higher education in England and Wales and elsewhere for the advancement of education of students - d) providing or assisting in the provision of grants or loans to students - e) providing services and assistance to students from institutions of higher education in England and Wales and elsewhere enrolling in the University of California: and - f) planning and carrying out joint projects related to the academic mission of the University of California and its partner institutions of higher education in England and Wales and elsewhere insofar as such projects are charitable. In setting the objectives and planning the activities the Trustees have given consideration to the Charity Commission’s general guidance on public benefit. ## **Management Team** A senior management team implements plans and programs as determined by the Trustees: an Executive Director who works in partnership with the Board of Trustees, themselves representatives of the University of California and its campuses, and a financial controller manages the Trust’s business affairs from California. At the end of 2023, the University of California Trust employed 6 full-time and 1 part-time staff members: an Executive Director, an Operations Manager, a Communications Officer, two Development Officers, a Documents Library Manager and Finance Coordinator. The Finance Coordinator is employed as a 60% FTE. In accordance with the Objects and Powers of the Trust, the Trust’s goals for FY 2022-23 (as in previous years) were to: - Increase opportunities for prospective students from England and Wales and elsewhere to study at the University of California - Extend services and assistance to University of California students to study in Europe - Increase the number of joint projects related to the academic mission of the University of California between UC’s campuses and institutions of higher education in England and Wales and elsewhere in Europe - Stimulate philanthropy from Europe to the University of California campuses in order to further the advancement of University of California students and stimulate philanthropy of Europeans in the United States to further the advancement of prospective students to the University of California 5 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2023** ## **2022-23 Achievements & Performance** ## **Major Achievements** -  Hired a new Executive Director -  UC San Francisco became the third Campus Partner -  Participation in both online and in-person events hit an all-time high -  UC San Diego received its first 5-figure gift from an alumni in the UK -  Raised a record-breaking amount from the annual gala celebration -  Worked with UC Santa Cruz to host an evening at Tate Britain celebrating the work of worldrenowned installation artist and UCSC professor Sir Isaac Julien -  Launched an exclusive breakfast series with LGT Wealth Management -  Hosted or co-hosted events in the following cities: London, Paris, Edinburgh, Glasgow, Berlin, Dublin, Munich. -  Launched the Sustainability Committee, which included both online and in-person discussions -  Successfully ran the alumni mentorship/mentee programme including a face-to-face launch party -  Hosted a UK/US World Cup soccer viewing event -  Continued involvement in the alumni “Third Thirsty Thursday” event in London -  Accompanied the UCSD Chancellor Khosla to India -  Participated in the London Asics 10K and a 5K run in Edinburgh -  Hosted a dinner and discussion about artificial intelligence with 2 Glasgow-based professors ## **1. Events** |||||**Events (in-person & virtual)**|**Events (in-person & virtual)**|**Events (in-person & virtual)**|**Events (in-person & virtual)**|**Events (in-person & virtual)**|||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2022-23|Jul|Aug|Sep|Oct|Nov|Dec|Jan|Feb|Mar|Apr|May|Jun|Total| |In-Person|2|2|4|2|7|4|3|4|5|4|3|5|46| |Virtual|0|0|0|0|0|0|1|1|0|1|0|0|3| |Total|2|2|4|2|7|4|4|5|5|5|3|5|49| Many of the events throughout the year reflected the Trust’s strategy of providing activities that appeal to a wide cross section of alumni in various stages of life. Events span areas of interest in cultural enrichment, life-long learning, sport, social activities and team-building. ## **Fundraising** UC Irvine welcomed one of its largest donations to date of 250,000€ over a 5-year period. This generous gift was from an anonymous German entrepreneur and tinnitus patient, and it will support the groundbreaking work of Dr. Hamid Djalilian, a professor of otolaryngology, neurosurgery, and biomedical engineering and director of otology, neurotology, and skull base surgery at University of California, Irvine. 6 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2023** Donations continued to climb past a post-pandemic low and have continued to recover. Direct income to the University of California campuses (restricted income): **----- Start of picture text -----**
Income by Campus Year on Year
Campus 2018-19 2019-20 2020-21 2021-22 2022-23
Berkeley £299,781 £117,809 £135,760 £164,331 £1,724,983
Davis £1,789 £1,095 £592 £1,226 £ 852
Irvine £1,724 £25 £8 £688 £ 420
Los Angeles £485,169 £243,126 £190,303 £846,480 £1,341,600
Riverside £726 £203 £200 £1,937 £ 866
San Diego £2,030 £900 £1,350 £4,653 £ 25,336
San Francisco £5 £0 £0 £0 £ 10
Santa Barbara £2,420 £1,214 £1,137 £3,677 £ 5,001
Santa Cruz £355 £10 £35 £105 £ 153
Annual Income £793,979 £364,382 £329,385 £1,023,097 £ 3,099,221
**----- End of picture text -----**
National Philanthropic Trust (NPT) and CAF North American Donor Fund (cadf0 income: **----- Start of picture text -----**
Income by Campus Year on Year
Campus 2018-19 2019-20 2020-21 2021-22 2022-23
Berkeley $119,959 $18,000 $
Davis $2,000 $52,000 $15,000 $12,000
Los Angeles $187,299 $12,500 $23,752 $10,000
San Diego $308,533 $47,900
San Francisco $10,000 $10,000 $100,000 $4,110,000
Santa Barbara $3,099
Santa Cruz $496
Annual Income $598,846 $319,258 $386,628 $4,140,000 $10,000
**----- End of picture text -----**
Like the Trust’s income number, the donor count also increased steadily post-pandemic: **----- Start of picture text -----**
Donor Count by Campus (2019-2023)
Campus 2019-20 2020-21 2021-22 2022-23
Berkeley 36 23 44 51
Davis 12 10 6 7
Irvine 3 3 3 5
Los Angeles 38 34 55 47
Riverside 3 7 7 3
San Diego 11 8 41 46
San Francisco 1 1 4 1
Santa Barbara 10 8 18 19
Santa Cruz 1 3 0 1
* Multiple Campuses 3 4 12 11
Total 118 101 190 191
**----- End of picture text -----**
7 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2023** ## **Plans for 2023-24** Over the 2023/24 year the UC Trust (UK) will continue to set curiosity in motion. We will foster opportunities for innovation, research, cultural exchange, and business engagement between the UK, Europe and all 10 UC campuses. Some activities for the upcoming year include: Enrich the lives of alumni living in the UK & Europe: -  Maintain momentum with the highly engaged and well-organized UK alumni group through the Running Club, Gala Committee, Third Thirsty Thursday, and Sustainability Committee. -  Grow the engagement of the UK alumni network from UC campuses that are proportionally underrepresented through targeted LinkedIn and direct email outreach. -  Host a blend of networking, scholarly and cultural enrichment events throughout the UK and Europe. -  Expand the number of volunteer alumni groups throughout Europe. Enhance the international experience for UC students: -  Align activities more closely with the UK Education Abroad team to support visiting students including orientation, a welcome reception, and a program providing career advice about working abroad. -  Celebrate the 50th anniversary of the UC EAP program in Spain in partnership with the central UC EAP office and the UC Office of the President’s Provost. Promote knowledge exchange & enable innovation: -  Participate in the Global Challenge Lab, which is hosted by Imperial College London. This opportunity enables student entrepreneurs to work with other like-minded students globally to help tackle the United Nation’s Sustainable Development Goals. -  Support the Sustainability Committee, which is a group of alumni volunteers and UC faculty, to continue to share research, brainstorm ideas and participate in an open dialog about cross-boarder sustainability cooperation. -  Host networking events supporting visiting and residential UC faculty who are subject matter experts from a range of UC campuses. Facilitate giving back: -  Run a series of workshops with transnational giving partners and development offices across the UC campuses. -  Support the transfer of donations from across Europe to their respective campuses. Highlight these successes in Trust communications and with relevant stakeholders. -  Organize the 7th Annual Gala, which will be held in London on 27th April 2024, to help raise funds to support many scholarships and initiatives – including EAP, athletics, disability provision and internship funds. With a well-considered engagement plan, the Trust will continue to advance cultural, educational, and philanthropic opportunities and, ultimately, continue to unleash the power of curiosity for the benefit of people and planet. 8 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **REPORT OF THE TRUSTEES YEAR ENDED 30 JUNE 2023** ## **Financial review** ## **1. Donations to the University of California from Europe** **----- Start of picture text -----**
Berkeley
Study abroad general support fund 1,222
Fund for International House 375
Haas School of Business - Scholarships 625
Human Mortality Database 71,324
Library 62
School of Law 913
Center for Human Compatible AI (CHAI) - FN3330 62,825
CAL Fund FX0222000 63
Quarterly Featured Funds 3
Goldman School of Public Policy 1,591,876
Sustainability Initiatives 81
UCLA
UK Undergraduate Study Abroad Scholarship Fund - 313070 16,606
Department of Linguistics - 5344O 50
Department of Musicology - 60724O 1,425
Library 413,462
Anderson School of Management Payments 278
GSEIS Dean's Scholars Fund - 30405O 142
UCLA Grand Challenge 700
Medical Research 80,336
Sustainability Initiatives 19
Quarterly Featured Funds 119
Medieval and European Faculty Support Fund 829,205
UC Davis
Study Abroad 805
Sustainability Initiatives 43
Santa Barbara
UK Donor Group - 30343 3,115
Area of Greatest Need A25000 147
Quarterly Featured Funds 5
Sustainability Initiatives 24
Santa Cruz
Study Abroad Fund - IN003F 153
San Diego
UK Alumni Education Abroad Program Scholarship - F2728 8,573
Diversity Award for Undergraduate Endowment K4075 33
Quarterly Featured Funds 58
Alumni Services 938
Athletics 10,291
The Basement Accelerator Innovation Fund 5,146
School of Global Policy and Strategy 150
Women's fund number (4969) 24
**----- End of picture text -----**
9 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **REPORT OF THE INDEPENDENT AUDITOR YEAR ENDED 30 JUNE 2023** **________________________________________________________________________________________** **----- Start of picture text -----**
Irvine
Irvine - Study Abroad 416
Riverside
Education Abroad Program - 200229 796
Environmental and Sustainability Research Endowment Fund 10
**----- End of picture text -----**
## **2. Restricted Donations to University of California Trust for expenditure in the UK** There were no direct donations to the University of California for expenditure in the UK. The net unrestricted resources for the year amounted to a surplus of £63,855 leaving unrestricted retained funds at 30[th] June 2023 of £90,413 ## Investment policy The majority of the charity’s funds are to be spent in the short-term meeting the Trust’s objectives rather than for long term investment. The Articles of Association authorises the Trustees to make and hold investments using the general funds of the charity. ## Reserves policy The trustees have established the level of reserves that the charity must maintain. The Trustees are aware of the negative reserve balance and are working towards changing this balance to a positive one. All funds received are currently used to achieve the objectives of the charity. Any surplus funds are used for the same purpose and at present the Trustees do not have a formal reserves policy. Over time the Trustees hope to invest surplus funds into other sources to generate further investment returns. ## Tax status The company has charitable status and is exempt from corporation tax on income arising from its activities. 10 UNNERsifY OF CAUFORNIA TRUST OJIQ (UMITED BY GUAPAp¥fEEI STATEMENT OF TRUSTEES. RESPONSI8ILmES YEAR ENDED 30 JUNE 2023 Tr￿lee$. responslb1l5￿S stat•m•nl Thetrustoès are responsibleforpreparing theTrustees' Annual Rèportand thefinanci815tstements in accordance wi¢h appI￿able law and Untted lQTh•Jom ktsJuntin9 Skndard8 (United Kingdom Generalty Accepted Accounling Praclicel. The law appluble to charihes in ErwJland & Waks requres the trustees to preparè fin¥nryal Staternents for each )Inancgal yearwhith give alru• and view ofthe state ofaffaiTS ofthe chanty and of the incoming resources and appltslw of resources of Ihe charity for that period. In preparing these finanaal statements, the trustèes are requir￿ lo.. select suitable ao))untirrfJ polKies and then appty them consislenty,. observe the methods and prinaples in the Charities SORP 2015 IFRS 1021., make judgements and eslimates that 8re reasonable and pnJdenL state whether applica￿6 accounting 51and¥ds have been followed, subject to any material departures disdosed and ex￿￿ne￿I in the financi￿ statemenls., prepare the finaniaal statements on the g￿r@ concern basis Lmless it is inappropriate lo prnsume that the tharity wll ry)ntinue in owation. The trustees are responsible for keepirv4 proFer accounting rec4Jrds that disdose wAh rèasonable accuracy at any time thefinanoal posib.on oflhe charity and enablethemto ensure thatthe financial statements Comp￿ with the Charrties Act 2011. the CharTty (Accounts and Reports) R8gulalk)ns 2008 and the provisions ofthe trust deed. They are also reswjnsible for safeguarding the assets of the charity and hence for takiThJ rea$￿)able steps for the prevention detection of fraud and olher irregularities. In so far as the trustees ¥re ¥4vare: Ihere is no reltr4a)t audrt ￿￿oI￿alK￿ ofwlith the (*ariVs audit￿ is unawarè,. and Ihe Iwstees h￿e taken al steps IhattFw cwght to have tsken to make thems•￿trs aware of any relevart audit In￿mmI￿ and to eslailth that the a￿Aitor is a•4are of that ￿lI￿r￿￿¢?￿. Audtto The audr(ors, A2ets Audit Servrces, be wOF0s￿ for T￿p￿Intment at the forthcoming Annual General Meeting. This TepNt ha5 been prepared in xcordance Wbth tho swaal provision6 of Part 15 of the Companies Act 2006 rdaling to small CoMpan￿s. Approv8d by ordw ofthe board OIC￿p￿the T￿￿tee$ and signed on ils behaw by: H.R. Kopeck Director Date.. **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITOR YEAR ENDED 30 JUNE 2023** **________________________________________________________________________________________** ## **Independent auditor’s report to the members of University of California Trust (UK)** ## **Opinion** We have audited the financial statements of University of California Trust (UK) (the ‘charitable company’) for the year ended 30 June 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 30 June 2023, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 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 charitable 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. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 in this regard. 12 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITOR YEAR ENDED 30 JUNE 2023** ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees' report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit **;** or - the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report **.** ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 trustees are responsible for assessing the charitable 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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s 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 auditor’s 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. 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: - Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; - Reviewing minutes of meetings of those charged with governance; - Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 13 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **REPORT OF THE INDEPENDENT AUDITOR YEAR ENDED 30 JUNE 2023** - Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standardsand-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditorsresponsibilities-for-audit.aspx. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. John Howard (Senior Statutory Auditor) For and on behalf of Azets Audit Services, Statutory Audit, Chartered Accountants 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN > Date: 2 January 2024 14 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **STATEMENTS OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) YEAR ENDED 30 JUNE 2023** **________________________________________________________________________________________** |Note
Voluntary income and
activities for generating funds
2
**Total Incoming Resources**
**Resources Expended**
**Total Resources Expended**
3
**Net Resources Retained**
**Funds at 1st July 2022**
**Transfer between funds**
**Funds at 30th June 2023**
13|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**Total**
**2023**
**2023**
**2023**
**2022**
£
£
£
£
673,556
3,098,821
3,772,377
1,427,850| |---|---| ||673,556
3,098,821
3,772,377
1,427,850| ||606,084
3,102,438
3,708,522
1,447,736
67,472
(3,617)
63,855
(19,886)
26,558
0
26,558
46,444
(3,617)
3,617| ||90,413
0
90,413
26,558| There were no recognised gains or losses other than those shown in the Statement of Financial Activities. There were no acquisitions or discontinued operations during either of the above two financial years. The accompanying accounting policies and notes on pages 18 to 29 form part of these financial statements. 15 UNp￿RSITy OF CAUFORNIA TRUST (UK) IUMtTED 8Y GUARANTEE) BALANCE SHEET YEAR ENDED JO JUPIE 2023 2023 2022 Flxgd A•• Tangibl• •$s¢ts Curr•nt A88•ts Debtors Cash al bank and in hand 127,034 43,008 Cr•dltorn - •mounts falllng du? wlthln on? y•ar 136.6211 116,8941 N•t Curr•nt IU•blllll••l AM•ts ,413 26,114 Total A8••t• LM• Currnnt Uabllltbo• 9).413 26,558 R•pr•g•nt•d by: Unr•stricted lunds Re$tri¢ted lund$ .413 28,558 ,413 26,558 The financial 8taternents were approved and av1h￿iled for wu8$ by th• Board. Signed on behalf ol Ihe bDard of Iwstses arbd directors H.R. Kopeck Dlr8¢tor 16 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **CASHFLOW STATEMENT YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** |**Notes**
**Cash flows from operating activities:**
Cash generated from operations
16
**Cash flows from investing activities:**
Purchase of tangible fixed assets
7
**Change in cash and cash equivalents in the reporting**
**period**
**Cash and cash equivalents at the beginning of the**
**reporting period**
**Cash and cash equivalents at the end of the reporting**
**period**|**2023**
£
84,026
**-**
84,026
43,008
127,034|**2022**
£
(17,799)
**-**| |---|---|---| |||| |||(17,799)| |||60,807
43,008| The accompanying accounting policies and notes on pages 18 to 29 form part of these financial statements. 17 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **1. ACCOUNTING POLICIES** The principal accounting policies adopted, judgements and key source of estimation uncertainty in the preparation of the financial statements are as follows: ## **(a) General Information** The University of California Trust (UK) Limited is a registered charity no 1075405. It 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 accounting policy note(s). The charity operates from Unit 25A, De Beauvoir Block, 92-96 De Beauvoir Road, London, N1 4EN. ## **(b) Basis of Accounting** 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 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015. University of California Trust (UK) Limited meets the definition of a public benefit entity under FRS 102. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity. The level of round adopted in the financial statements is to the nearest £1. ## **(c) Legal status** The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. ## **(d) Preparation of the accounts on a going concern basis** As a satellite office of the University of California, the Trust has reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future even in the event of the accounts showing a deficit and/or negative balance sheet. It has therefore continued to adopt the going concern basis in preparing its financial statements. The COVID-19 pandemic has been taken into consideration when performing the going concern assessment 18 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **1. ACCOUNTING POLICIES (continued)** ## **(e) Income** All income resources are 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. Income from charitable activities included grant income, other income and rent income. The grant income is expensed on the two main activities of the charity being donations to University of California and the awards of scholarships and grants to students. Other income and rent income are re-charges to related parties. This is disclosed in the financial statements. ## **(f) Expenditure** All expenditure is accounted for on an accruals basis and has been classified under heading that aggregate all the costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probably that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings: Expenditure on charitable activities includes donations to various campuses of the University of California. Support costs are indirect costs incurred in supporting the charitable activities and are allocated to charitable activities as disclosed in the notes. Fundraising costs are costs incurred during fundraising activities and includes costs for organising receptions and events. Governance costs comprise the expenditure incurred for the management of the charity and the compliance with constitutional and statutory requirements. The Charitable Company is no longer VAT registered. Expenditure includes VAT. ## **(g) Tangible fixed assets** Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows: Computer equipment - 33.33% straight line Fixtures, fitting and equipment - 25% reducing balance basis The trustees carry out an annual impairment review of the value of fixed assets to determine whether any adjustment to the value of the assets is required. The company has a specific policy regarding capitalisation of expenditure based on amounts incurred and no amounts under £1,000 are capitalised. ## **(h) Taxation** The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part II Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 19 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **1. ACCOUNTING POLICIES (continued)** ## **(i) Pensions** The Charity contributes to a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Charity in independently administered funds. The pension cost charge represents contributions payable by the Charity to the scheme. ## **(j) Operating Leases** Rentals payable under operating leases are charged to the Statement of Financial Activities on a straight-line basis. ## **(k) Fund accounting** Restricted funds - these are funds that can only be used for specific restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. ## **(l) Debtors** Trade debtors and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. ## **(m) Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less. ## **(n) Creditors** Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Accruals and other creditors are recognised at their settlement amount due. ## **(o) Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **(p) Foreign currency** Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. All exchange differences are reflected in the Statement of Financial Activities. 20 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **1. ACCOUNTING POLICIES (continued)** ## **(q) Judgements and key sources of estimation uncertainty** Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements: ## _Useful economic lives of tangible assets_ The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the property, plant and equipment, and note j for the useful economic lives for each class of assets. There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. ## **2. INCOME** |Grants received for charity’s activities (Unrestricted)
Rental income (Unrestricted)
Restricted donations (note 2.1)
Contributions to events (Unrestricted)
Other income (Unrestricted)
**2.1 Income – Restricted donations**
Berkeley
UCLA
Davis
Santa Barbara
Santa Cruz
San Diego
Irvine
Riverside
UC San Francisco
University of California Education Abroad Program
Scholarship and grants
Melanie Woiwode Memorial
London Grants Program||**2023**
**£**
651,340
-
3,098,821
20,484
1,732
**3,772,377**
**2023**
**£**
1,724,983
1,341,600
852
5,001
153
25,336
420
866
10
-
**3,099,221**|**2022**
**£**
387,333
-
1,023,313
15,882
1,322| |---|---|---|---| ||||**1,427,850**
**2022**
**£**
164,331
846,480
1,226
3,677
105
4,653
688
1,937
-
-
**1,023,097**| |||-|216| |||-|-| |||(400)|-| |||**3,098,821**|**1,023,313**| 21 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **3. EXPENDITURE** |**3.**
**EXPENDITURE**|||| |---|---|---|---| |**4.**
**Auditor’s remuneration**
Audit fee
(Over) / under accrual (Including VAT not claimable)
**Charitable Expenditure:**
Donations to University of California (restricted)
Travelling Expenses
Scholarships and Grants (restricted)
**Support costs:**
Rent and rates
Salaries and pensions (note 6)
Other premises costs
(Gain) on foreign exchange
Depreciation on tangible fixed assets
General administration costs
**Fundraising costs:**
Fundraising
Receptions and events (unrestricted)
Receptions and events (unrestricted)
Subscriptions
**Governance costs:**
Audit fees (note 4)
Professional and accountancy fees
Companies House filing fees
**Total**||**2023**
**2022**
**£**
**£**
3,102,438
1,020,407
57,751
18,520
-
1,240|| |||3,160,189
1,040,167
40,851
40,084
346,456
263,529
10,221
5,720
(7,514)
3,304
444
1,433
55,891
24,330|| |||446,349
338,400
10,773
4,188
71,742
52,734
-
-
3,985
3,917|| |||86,500
60,839
8,280
6,000
7,191
13
2,317
13|| |||15,484
8,330
**3,708,522**
**1,447,736**|| |||**Total**
**2023**
**£**
8,280
8,280
-
**8,280**|**Total**
**2022**
**£**
7,200| ||||7,200| ||||(1,200)
**6,000**| ## **5. TRUSTEES’ REMUNERATION AND BENEFITS** None of the trustees received any remuneration in the year (2022: £nil) ## **Trustees’ expenses** Total expenses reimbursed during the year was £nil (2022: £nil) other than as detailed in note 12. 22 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **6. STAFF COSTS** |Total staff emoluments for the year were as follows:
Wages and salaries
Social security costs
Pension contribution|**Total**
**2023**
**£**
293,955
28,781
23,720
**346,456**|**Total**
**2022**
**£**
230,646
15,240
17,643
**263,529**| |---|---|---| One employee’s emoluments fell within the band £80,001 - £90,000 (2022: one within £80,001 - £90,000). Pension contributions are made on behalf of the employees into a third-party pension scheme. Pension contributions totalling £23,720 (2022: £17,643) were made into a third-party pension scheme. ## **Number of employees** The average monthly number of employees, during the year was: ||**2023**|**2022**| |---|---|---| |Administration|5|5| The key management of the charity is the Executive Director, as per page 2 of the financial statements. The total employee benefits of the key management personnel were £132,027 (2022: £108,313). ## **7. TANGIBLE FIXED ASSETS** |**.**
**TANGIBLE FIXED ASSETS**|||| |---|---|---|---| |**Cost or valuation**
1 July 2022
Additions
30 June 2023
**Depreciation**
1 July 2022
Charge for the year
30 June 2023
**Net Book Value**
**30 June 2023**
30 June 2022|**Computer**
**Equipment**
**£**
6,791
-
6,791
6,347
444
6,791
**-**
**444**|**Fixtures,**
**Fittings &**
**Equipment**
**£**
59,823
-
59,823
59,823
-
59,823
**-**
**-**|**Total**
**£**
66,614
-| ||||66,614
66,170
444| ||||66,614
**-**
**444**| The net book value at 30 June 2023 represents fixed assets used for management and administration of the charity. 23 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **8. DEBTORS** |Other debtors
Prepayments and accrued income
Gift Aid
VAT|**Total**
**2023**
**£**
-
-
-
-
**-**|**Total**
**2022**
**£**
-
-
-
-
**-**| |---|---|---| ## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade Creditors
Other taxation and social security
Accruals and deferred income
Other creditors|**Total**
**2023**
**£**
18
18,346
8,280
9,977
**36,621**|**Total**
**2022**
**£**
3,468
11,915
7,200
(5,689)
**16,894**| |---|---|---| ## **10. OPERATING LEASE COMMITMENTS** At the 01 March 2021 the charity had three years commitment with a breaking point every year operating lease for land and buildings expiring as follows: |Less than one year
Two to five years
More than five years|**2023**
**£**
17,400
-
-
17,400| |---|---| ## **11. ULTIMATE CONTROLLING PARTY** The ultimate parent entity is the University of California, a not-for-profit entity based in the United States. ## **12. RELATED PARTY TRANSACTIONS** During the year, University of California Trust UK received total grants from University of California Office of the President (UCOP) of £651,340 during the year (2022: £387,333). During the year, the University of California Education Abroad Program (‘UCEAP’) utilised space in the Trust offices to advance the objects of the Trust. Rental charges of £0 (2022: £0) and operating expenses of £0 (2020: £0) were charged. This amount was settled as a part of the grant received from UCOP above. During the year, the University of California, Los Angeles (‘UCLA’) utilised space in the Trust offices to advance the objects of the Trust. Rent amounts of £7,233 (2022: £8,490) and operating expenses of £118,474 (2022: £161,205) were incurred. These costs are covered via the grant received from UCOP above. During the year, the University of California, San Diego (‘UCSD’) utilised space in the Trust offices to advance the objects of the Trust. Rent amounts of £7,578 (2022: £6,484) and operating 24 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** expenses of £88,740 (2022: £83,567) were incurred. These costs are covered via the grant received from UCOP above. During the year, grants totalling £3,102,438 (2022: £1,020,407) were transferred to ten different campuses of the University of California as follows (the grants awarded to the Universities include minor foreign exchange differences); £1,729,369 was transferred to University of California Berkeley (2022: £165,072) ; £1,342,342 was transferred to University of California Los Angeles (2022: £842,476) ; £848 was transferred to University of California Davis (2022: £971); £3,291 was transferred to University of California Santa Barbara (2022: £4,346); £25,213 was transferred to University of California San Diego (2022: £4,668); £153 was transferred to University of California Santa Cruz (2022: £104); £416 was transferred to University of California Irvine (2022: £750); £806 was transferred to University of California Riverside (2022: £2,020). ## **13. Analysis of Net Assets between Funds** |Restricted Funds
Unrestricted General Funds
Total Funds|**Tangible Fixed Assets**
**£**
**-**
**-**
**0**|**Net Current Assets**
**£**
(3,617)
94,030
**90,413**|**Total**
**£**
(3,617)
94,030
**90,413**| |---|---|---|---| ## **14. Restricted Funds – US** The University of California Trust (UK) receives donations for designated campuses of the University of California (i.e. restricted donations) and these are passed on to the University of California Office of the President as grants. **----- Start of picture text -----**
Transfer
Brought Carried
Income Expenditure between
Forward Forward
funds
Berkeley
Study abroad general support fund - 1,690 (1,222) 468 -
Fund for International House - 325 (375) (50) -
Haas School of Business - Scholarships - 687 (625) 62 -
Human Mortality Database - 71,702 (71,324) 378 -
Library - 66 (62) 4 -
School of Law - 938 (913) 25 -
Center for Human Compatible AI (CHAI) - FN3330 - 63,844 (62,825) 1,019 -
CAL Fund FX0222000 - 66 (63) 3 -
Quarterly Featured Funds - 3 (3) 0 -
Goldman School of Public Policy - 1,585,552 (1,591,876) (6,324) -
Sustainability Initiatives - 110 (81) 29 -
- 1,724,983 (1,729,369) (4,386) -
**----- End of picture text -----**
25 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** **----- Start of picture text -----**
UCLA
UK Undergraduate Study Abroad Scholarship - 18,383 (16,606) 1,777 -
Fund - 313070
Department of Linguistics - 5344O - 62 (50) 12 -
Department of Musicology - 60724O - 1,550 (1,425) 125 -
Library - 415,395 (413,462) 1,933 -
Anderson School of Management - 278 (278) 0 -
GSEIS Dean's Scholars Fund - 30405O - 155 (142) 13 -
UCLA Grand Challenge - 495 (700) (205) -
Medical Research - 82,048 (80,336) 1,712 -
Sustainability Initiatives - 19 (19) 0 -
Quarterly Featured Funds - 119 (119) 0 -
Department of History at UCLA -Medieval and
European Faculty Support Fund - 823,096 (829,205) (6,109) -
- 1,341,600 (1,342,342) (742) -
UC Davis
Study abroad - 799 (805) (6) -
Quarterly Featured Funds - 10 - 10 -
Sustainability Initiatives - 43 (43) -
- 852 (848) 4 -
Santa Barbara
UK Donor Group - 30343 - 4,818 (3,115) 1,703 -
Area of Greatest Need A25000 - 154 (147) 7 -
Quarterly Featured Funds - 5 (5) - -
Sustainability Initiatives - 24 (24) - -
- 5,001 (3,291) 1,710 -
Santa Cruz - Study Abroad Fund - IN003F - 153 (153) - -
San Diego
UK Alumni Education Abroad Program Scholarship - F2728 - 8,704 (8,573) 131 -
Endowment K4075Diversity Award for Undergraduate - 33 (33) - -
Quarterly Featured Funds - 58 (58) - -
Alumni Services - 938 (938) -
Athletics - 10,286 (10,291) (5)
The Basement Accelerator Innovation Fund - 5,143 (5,146) (3)
School of Global Policy and Strategy - 150 (150) -
Women's fund number (4969) - 24 (24) -
- 25,336 (25,213) 123 -
Irvine - Study Abroad - 420 (416) 4 -
**----- End of picture text -----**
26 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** **----- Start of picture text -----**
Riverside -
Education Abroad Program - 200229 - 866 (796) 70
Environmental and Sustainability Research
Endowment Fund - - (10) (10)
- 866 (806) 60
UC San Francisco - 10 - 10
- -
3,099,221 (3,102,438) (3,217)
**----- End of picture text -----**
## **15. Restricted Funds – Others** The University of California Trust (UK) also receives donations for its scholarship programs in the United Kingdom, namely the Allan Buch and Melanie Woiwode Memorial Scholarship Funds. These are retained in the UK and disbursed to students on the University of California Education Abroad Program. |Scholarship Funds
Scholarship and grants
Melanie Woiwode
Memorial
London Grants Program
Other Income –
Restricted
Total Restricted
movements|**Brought**
**Forward**
**Income**
**Expenditure**
**Transfer**
**to funds**
**Carried**
**Forward**
-
-
-
-
-
-
-
-
-
-
-
**(400)**
-
**(400)**
-| |---|---| ||**-**
**(400)**
**-**
**(400)**
**-**| ||-
-
-
-
-| ||**-**
**-**
**-**
**-**
**-**| ||| ||**-**
**3,098,821**
**(3,102,438)**
**(3,617)**
**-**| ## **16. Reconciliation of net income to net cash flow from operating activities** |Net income / (expenditure) for year
Depreciation of tangible fixed assets
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities|**2023**
**£**
63,855
444
-
19,727
**84,026**|**2022**
**£**
(19,886)
1,433
3,035
(2,381)
**(17,799)**| |---|---|---| 27 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **17. Statement of Financial activities (Previous year).** |Note
Voluntary income and activities
for generating funds
2
**Total Incoming Resources**
**Resources Expended**
**Total Resources Expended**
3
**Net Resources Retained**
**Funds at 1st July 2021**
**Transfer between funds**
**Funds at 30th June 2022**
13|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**Total**
**2022**
**2022**
**2022**
**2021**
£
£
£
£
404,537
1,023,313
1,427,850
713,446| |---|---| ||404,537
1,023,313
1,427,850
713,446| ||426,089
1,021,647
1,447,736
693,726
(21,552)
1,666
(19,886)
19,720
46,444
0
46,444
26,724
1,666
(1,666)| ||26,558
0
26,558
46,444| ## **18. Restricted Funds – US (Previous year)** The University of California Trust (UK) receives donations for designated campuses of the University of California (i.e. restricted donations) and these are passed on to the University of California Office of the President as grants. **----- Start of picture text -----**
Transfer
Brought Carried
Income Expenditure between
Forward Forward
funds
Berkeley
Study abroad general support fund - 1,763 (1,670) 93 -
Fund for International House - 594 (544) 50 -
Haas School of Business - Scholarships - 688 (688) 0 -
Human Mortality Database - 49,816 (49,883) (67) -
Library - 63 (62) 1 -
School of Law - 825 (811) 14 -
Center for Human Compatible AI (CHAI) - - 110,015 (110,748) (733) -
FN3330
CAL Fund FX0222000 - 63 (62) 1 -
The Fiat Lux Scholarship FL0504000 - 384 (484) (100) -
Quarterly Featured Funds - 120 (120) - -
**----- End of picture text -----**
28 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** **----- Start of picture text -----**
- 164,331 (165,072) (741) -
UCLA
UK Undergraduate Study Abroad Scholarship - 7,827 (7,817) 10 -
Fund - 313070
Fellowships International Students / United - 248 (289) (41) -
Kingdom - 31332O
Department of Linguistics - 5344O - 125 (125) - -
Department of Musicology - 60724O - 1,500 (1,500) - -
Library - 835,138 (831,054) 4,084 -
Anderson School of Management - 401 (513) (112) -
School of Law - 35 (35) - -
GSEIS Dean's Scholars Fund - 30405O - 150 (150) - -
UCLA Grand Challenge - 500 (545) (45) -
School of Arts & Architecture - 321 (313) 8 -
Medical Research - 100 - 100 -
Sustainability Initiatives - 135 (135) - -
- 846,480 (842,476) 4,004 -
UC Davis
Study abroad - 1,221 (966) 255 -
Quarterly Featured Funds - 5 (5) - -
- 1,226 (971) 255 -
Santa Barbara
UK Donor Group - 30343 - 3,460 (4,126) (666) -
Area of Greatest Need A25000 - 187 (190) (3) -
Quarterly Featured Funds - 30 (30) - -
- 3,677 (4,346) (669) -
Santa Cruz - Study Abroad Fund - IN003F - 105 (104) 1 -
San Diego
UK Alumni Education Abroad Program - 3,851 (4,658) (807) -
Scholarship - F2728
COVID-19 Emergency Response Fund - F6882 - 317 - 317 -
Student Foundation Endowment Fund K2118. - 158 - 158 -
Endowment K4075Diversity Award for Undergraduate - 317 - 317
Quarterly Featured Funds - 10 (10) -
- 4,653 (4,668) (15) -
Irvine - Study Abroad - 688 (750) (62) -
Riverside - Education Abroad Program - - 1,937 (2,020) (83) -
200229
- 1,023,097 (1,020,407) 2,690 -
**----- End of picture text -----**
29 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** **APPENDICES YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **Appendix 1 – Student Support Activities** ## **a) Study Abroad Programs created by the University of California Trust (UK) in partnership with University of California campuses** 2008 UC Berkeley/International House - Gateway Fund (Inbound - for African students to study at UC Berkeley) - 2009 Allan Buch Memorial Scholarship Fund - (Outbound - for UC Berkeley students to study at the University of East Anglia) UEA/UC Berkeley (Inbound – for UEA students to study at UC Berkeley) - 2010 UCLA – Fund for Study Abroad in Germany (Outbound - for UCLA students to study at Freie University, Berlin) - 2011 UC Santa Barbara – London Ambassadors Program (Outbound - for UC Santa Barbara students to study on EAP at participating British universities) - 2014 UC Davis (Outbound - for UC Davis students on Study Abroad programs in the United Kingdom) (Inbound - for British students to study at UC Davis) ## UCLA (Outbound - for UCLA students on Study Abroad programs in the United Kingdom) (Inbound - for Postgraduate British students to study at UCLA) - 2015 UC San Diego (Outbound - for UCSD students on Study Abroad programs in the United Kingdom) - 2016 UCLA (Outbound - for UCLA students on Study Abroad programs in Continental Europe) - 2019 UC Davis (Outbound - for UC Davis students on Study Abroad programs in the United Kingdom) - 2021 UCLA (Inbound for graduate students to undertake research into the work of Oscar Wilde at UCLA) ## **b) Enrichment Programs created by the University of California Trust (UK) in partnership with the Education Abroad Program (since 2008)** -  Academic Curriculum Extras (ACE)  Melanie Woiwode Scholarship Fund -  Student Travel Awards -  Student Tickets -  Student Mentorship Program -  Student Career Evenings 30 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE) APPENDICES YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **Appendix 2 – Fundraising Activities** ## **a) Donor Count by Campus (2018-2023)** **----- Start of picture text -----**
Campus 2018-19 2019-20 2020-21 2021-22 2022-23
Berkeley 38 36 23 44 51
Davis 12 12 10 6 7
Irvine 5 3 3 3 5
Los Angeles 45 38 34 55 47
Riverside 7 3 7 7 3
San Diego 11 11 8 41 46
San Francisco 1 1 1 4 1
Santa Barbara 16 10 8 18 19
Santa Cruz 1 1 3 0 1
* Multiple Campuses 11 3 4 12 11
Total 147 118 101 190 191
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## **b) Restricted Donations to the University of California Campuses (Gift Count)** **----- Start of picture text -----**
Campus 2018-19 2019-20 2020-21 2021-22 2022-23 5-year Total
Berkeley 122 91 86 133 151 583
Davis 81 64 58 31 24 258
Irvine 30 3 5 7 7 52
Los Angeles 281 216 230 270 252 1249
Riverside 28 29 49 36 31 173
San Diego 51 45 62 92 115 365
San Francisco 2 1 1 1 5
Santa Barbara 59 60 69 107 93 388
Santa Cruz 4 2 8 4 4 22
Annual Total 658 511 568 680 678 3095
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31 ## **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **APPENDICES YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **c) Direct Income to the University of California Campuses (Restricted Income)** **----- Start of picture text -----**
5-year
Campus 2018-19 2019-20 2020-21 2021-22 2022-23
Total
Berkeley £299,781 £117,809 £135,760 £164,331 £1,724,983 £2,442,664
Davis £1,789 £1,095 £592 £1,226 £852 £5,554
Irvine £1,724 £25 £8 £688 £420 £2,865
Los Angeles £485,169 £243,126 £190,303 £846,480 £1,341,600 £3,106,678
Riverside £726 £203 £200 £1,937 £866 £3,992
San Diego £2,030 £900 £1,350 £4,653 £25,336 £34,269
San Francisco £5 £0 £0 £0 £10 £15
Santa Barbara £2,420 £1,214 £1,137 £3,677 £5,001 £13,449
Santa Cruz £355 £10 £35 £105 £153 £658
Annual Total £793,979 £364,382 £329,385 £1,023,097 £3,099,221 £5,610,064
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## **d) National Philanthropic Trust (NPT) and CAF North American Donor Fund (CADF) Income** **----- Start of picture text -----**
Campus 2018-19 2019-20 2020-21 2021-22 2022-23 Total
Berkeley $119,959 $18,000 $137,959
Davis $2,000 $52,000 $15,000 $12,000 $81,000
Los Angeles $187,299 $12,500 $23,752 $10,000 $233,551
San Diego $308,533 $47,900 $356,433
San Francisco $10,000 $10,000 $100,000 $4,110,000 $4,230,000
Santa Barbara $3,099 $3,099
Santa Cruz $496 $496
Annual Income $319,258 $386,628 $186,652 $4,140,000 $10,000 $5,042,538
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32 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** ## **APPENDICES YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **e) Campus Units Supported** **----- Start of picture text -----**
Berkeley UCLA
Study abroad general support fund UK Undergraduate Study Abroad Scholarship
Fund for International House Department of Linguistics
Haas School of Business - Scholarships Department of Musicology
Human Mortality Database Library
Library Anderson School of Management
School of Law GSEIS Dean's Scholars
Center for Human Compatible Grand Challenges
CAL Fund FX0222000 Medical Research
Quarterly Featured Funds Sustainability Initiatives
Goldman School of Public Policy Quarterly Featured Funds
Sustainability Initiatives Department of History at UCLA -Medieval and
European Faculty Support Fund
Riverside Santa Barbara
Education Abroad UK Donor Group - 30343
Environmental and Sustainability Research Area of Greatest Need A25000
Endowment Fund
Quarterly Featured Funds
UC Davis Sustainability Initiatives
Study Abroad
Quarterly Featured Funds Irvine
Sustainability Initiatives Study Abroad
San Diego Santa Cruz
UK Alumni Education Abroad Program
Study Abroad
Scholarship
Diversity Award for Undergraduate Endowment
Quarterly Featured Funds
Alumni Services
Athletics
The Basement Accelerator Innovation Fund
School of Global Policy and Strategy
Women's fund number (4969)
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33 **UNIVERSITY OF CALIFORNIA TRUST (UK) (LIMITED BY GUARANTEE)** **APPENDICES YEAR ENDED 30 JUNE 2023** **_____________________________________________________________________________________** ## **Appendix 3 – Alumni & Volunteer Activity** ## **a) Total Alumni Participation in Events** **----- Start of picture text -----**
Campus 2018-19 2019-20 2020-21 2021-22 2022-23
Berkeley 102 56 28 85 114
Berkeley-Haas 12 3 1 2 19
Davis 22 65 12 28 21
Irvine 7 12 3 7 15
Los Angeles 102 145 383 167 226
UCLA - Anderson 64 70 0 73 39
Merced 0 0 0 0 1
Riverside 17 8 6 13 13
San Diego 32 23 44 72 121
San Francisco 0 0 0 0 1
Santa Barbara 27 19 23 33 103
Santa Cruz 2 1 5 4 29
*Multiple Campus 16 5 4 16 69
*No Campus Affiliation 33 12 17 18 60
Total Attendees 436 419 526 518 825
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## **b) Alumni Constituencies UK – LinkedIn** **----- Start of picture text -----**
Country City Number of Alumni on Total Alumni in
LinkedIn in the city the country
England Bristol 829 27,258
Cambridge 438
London 15,741
Manchester 923
Oxford 616
Northern Ireland Belfast 152 228
Scotland Edinburgh 628 1,571
Glasgow 569
Wales Cardiff 230 468
Total 20,126 29,525
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