**Middlebury College UK Trust Limited Company Number: 04133294 Charity Number: 1086407**
**Report and Accounts for the year ended 30th June 2023**
**Wenn Townsend Chartered Accountants**
**Oxford**
## **Middlebury College UK Trust Limited**
## **Charity Information**
|**Trustees/Directors:**|Peter G Aspbury|
|---|---|
||Jason Bacon|
||Emily C Bartels|
||Eamon Delgiacco|
||Pamela D Johnston|
||Erika H Lederman|
||Jayne L W Maxwell|
||Chris Metzler|
||David Provost|
||Carlos J Velez-Blasini|
|**Company Secretary:**|Jayne L W Maxwell|
|**Principal:**|Guy Perry|
|**Registered Office:**|Middlebury College - CMRS|
||St Michael’s Hall|
||Shoe Lane|
||Oxford|
||OX1 2DP|
|**Company Number:**|04133294|
|**Charity Number:**|1086407|
|**Bankers:**|Handelsbanken|
||Oxford|
|**Examiner:**|Wenn Townsend|
||30 St Giles’|
||Oxford|
**Middlebury College UK Trust Limited**
## **Report of the Trustees (including the Directors Report) for the year ended 30th June 2023**
The Trustees present their report and the financial statements of the charity for the year ended 30th June 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
## **Structure, Governance and Management**
Middlebury College UK Trust Limited is a charitable company limited by shares and was set up on 27th December 2000. It is governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission (Charity No: 1086407). It has no liability to corporation tax on its charitable activities. Any surplus arising on the winding up of the charity after payment of all debts and liabilities shall be given or transferred to some other charitable body having similar objects to Middlebury College UK Trust Limited.
## **Trustees Induction and Training**
Any new trustees appointed are briefed by the board of Trustees of their legal obligation under charity and company law and the contents of the Memorandum and Articles of Association. They are given copies of the Memorandum and Articles of Association, recent trustees meeting minutes and the latest financial information. They are also directed towards the Charity Commission website, especially to booklets CC3, “The Essential Trustee” and CC3a “Charity Trustee: what’s involved”. Trustees are encouraged to attend appropriate training events which will help them to know their responsibilities.
## **Key Management Personnel Remuneration**
The Trustees consider the Board of Trustees and the Principal as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 7 and 15 to the accounts.
Trustees are required to disclose all relevant interests and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.
The pay of the Principal is reviewed annually and is normally increased in accordance with average earnings. The remuneration is reviewed to ensure that it is fair and not out of line with similar roles.
## **Organisational and Decision Making Structure**
For the year ended 30th June 2023, the Trustees have been responsible for all aspects of running the Charity.
## **Risk Management**
The Trustees have conducted their own review of the major risks to which the charity is exposed and systems and policies have been established to mitigate those risks.
## **Objectives and Activities**
The objective of the charity is to advance education. Principally, this is done through receiving grants from the President and Fellows of Middlebury College. These grants allow Study Abroad programs to be run for the benefit of Middlebury students, and for the benefit of all other students who attend these institutions.
The main strategy towards achieving this aim is to work closely with Middlebury College, and with the Trust’s partners in the UK, so as to permit the continuance, betterment and expansion of the M-CMRS educational programme.
The principal significant activity is the continuance, betterment and expansion of the M-CMRS educational program, which contributes to the advancement of education.
Owing to the levels of professionalism that are required to run such an educational program, the significance of volunteers in the Trust’s activities is low. It is confined, mainly, to the Board of Trustees.
**1**
## **Middlebury College UK Trust Limited**
## **Report of the Trustees (including the Directors Report) (continued) for the year ended 30th June 2023**
## **Public Benefit Statement**
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
## **Achievements and Performance**
The main charitable activities/achievements have been to continue to provide a high quality educational experience in an era of spiralling costs. In this respect, the charity has continued to perform very well against its main objective. The key performance indicators of this include pressure on admissions, student satisfaction, student achievement, and reports/feedback from a wide variety of internal and external stakeholders.
## **Financial Review**
The results for the year are as shown on page 4.
Any future investments, investment policy and/or objectives would have to be formally approved by the Board of Trustees.
## **Reserves Policy**
The charity does not hold free reserves as it is funded by grants from President & Fellows of Middlebury College to meet its obligations to run the Middlebury College CMRS Oxford Humanities Programme and the Bread Loaf School of English at Lincoln College programme. Total funds held at the year end of c£772,000 (2022: c£640,000) are carried forward to meet the following year's obligations.
## **Plans for future periods**
The charity aims to continue with its existing operations as required by Middlebury College.
This report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006.
## **Signed by order of the Board**
**…………………………………..**
## **Eamon Delgiacco Trustee**
## **8th December 2023**
**2**
**Middlebury College UK Trust Limited**
## **Independent Examiner's Report to the Trustees of Middlebury College UK Trust Limited**
I report to the charity trustees on my examination of the accounts of the company for the year ended 30th June 2023 which are set out on pages 4 to 14.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors for the purposes of company 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 company’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 statement**
Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
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 that in any material respect:
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 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
**B Hayes FCA Responsible Individual Wenn Townsend, Chartered Accountants Oxford**
**8th December 2023**
**3**
## **Middlebury College UK Trust Limited**
## **Statement of Financial Activities (including income and expenditure account) for the year ended 30th June 2023**
|**Note**
**Unrestricted**
**Restricted**
**Funds**
**Funds**
**£**
**£**
**Income from:**
Grants from President & Fellows of Middlebury College 2
980,000
-
Donations
3
4,625
2,313
Government grant received – CJRS
-
-
Interest income
384
-
Other income
420
-
_______
_______
**Total income**
985,429
2,313
_______
_______
**Expenditure on:**
Charitable activities
4
848,812
-
Donations made to Middlebury College
4,711
2,313
_______
_______
**Total expenditure**
853,523
2,313
_______
_______
**Net income/(expenditure)**
131,906
-
═════
═════
**Reconciliation of funds carried forward**
Fund balances brought forward
640,500
-
Net movements in funds (above)
131,906
-
**_______**
**_______**
Funds balances carried forward
772,406
-
═════
═════|**Total**
**Unrestricted**
**Restricted**
**2023**
**Funds**
**Funds**
**£**
**£**
**£**
980,000
790,000
-
6,938
5,625
1,413
-
5,983
-
384
-
-
420
-
-
_______
_______
_______
987,742
801,608
1,413
_______
_______
_______
848,812
826,988
-
7,024
6,634
1,413
_______
_______
_______
855,836
833,622
1,413
_______
_______
_______
131,906
(32,014)
-
═════
═════
═════
640,500
672,514
-
131,906
(32,014)
-
**_______**
**_______**
**_______**
772,406
640,500
-
═════
═════
═════|**Total**
**2022**
**£**
790,000
7,038
5,983
-
-
_______
803,021
_______
826,988
8,047
_______
835,035
_______
(32,014)
═════
672,514
(32,014)
**_______**
640,500
═════|
|---|---|---|
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
**4**
## **Middlebury College UK Trust Limited**
## **Balance Sheet 30th June 2023**
|**Note**
**Fixed Assets**
Tangible assets
8
**Current Assets**
Debtors
9
Cash at bank and in hand
10
**Current Assets**
**Creditors: Amounts falling due within one year**
11
**Net Current Assets**
**Net Assets**
**Financed by:**
Share capital
12
Funds – restricted
13
Funds – unrestricted
13
**Total Charity Funds**
13|**2023**
**£**
590,484
2,775
218,350
_______
221,125
(39,203)
_______
181,922
_______
772,406
═════
100
-
772,306
_______
772,406
═════|**2022**
**£**
616,185
2,315
252,558
_______
254,873
(230,558)
_______
24,315
_______
640,500
═════
100
-
640,400
_______
640,500
═════|
|---|---|---|
For the year ending 30th June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Trustees’ responsibilities:
- The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with section 476;
- The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 applicable to small companies.
## **Approved by the Board of Trustees on 8th December 2023 and signed on their behalf by :**
…………………….
**Eamon Delgiacco Trustee**
## **Company number: 04133294**
**The notes on page 7 to 14 form part of these financial statements**
**5**
## **Middlebury College UK Trust Limited**
## **Statement of Cash Flows for the year ending 30th June 2023**
|**Note**
**Cash flow from operating activities**
14
**Cash flows from investing activities**
Interest income
Purchase of tangible fixed assets
**Cash used in investing activities**
Increase in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
**Total cash and cash equivalents at the end of the year**|**2023**
**£**
(27,135)
_______
384
(7,457)
_______
(7,073)
_______
(34,208)
252,558
_______
218,350
═════|**2022**
**£**
105,839
_______
-
(125,412)
_______
(125,412)
_______
(19,573)
272,131
_______
252,558
═════|
|---|---|---|
**6**
**Middlebury College UK Trust Limited**
## **Notes to the Accounts**
## **for the year ended 30th June 2023**
## **1 Summary of Significant Accounting Policies**
## **Basis of Preparation**
Middlebury College UK Trust Limited is a charitable company in the United Kingdom. The address of the registered office is given in the charity information at the front of these financial statements. The nature of the charity's operations and principal activities are noted in the Trustees Report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
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, and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Income Recognition**
All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Grants from the parent entity are recognised with their receipt.
In the prior year, the charity received government grants in respect of the Coronavirus Job Retention Scheme. Income from this grant is recognised in income on a systematic basis over the periods in which the charity recognises the related costs for which the grant is paid to compensate.
## **Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of those resources.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes costs that can be allocated directly to such activities, and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
## **Grants Payable**
Grants are payable to charitable organisations in accordance with the charity's governing instruments. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the grant will be paid.
**7**
## **Middlebury College UK Trust Limited**
**Notes to the Accounts (continued) for the year ended 30th June 2023**
## **1 Summary of significant accounting policies (continued)**
## **Tangible Fixed Assets and Depreciation**
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Leasehold improvements - 20 years (or term of the lease, whichever is shorter) Fixtures, fittings and equipment - 7 years, straight line
Surpluses arising on the disposal of fixed assets are adjusted for in the depreciation charge for the year. The standard capitalisation threshold for capitalising assets has been established as US $5,000 following the parent company's Fixed Asset Policy.
## **Rare Books**
Rare books are capitalised and included at cost or donated value.
These items are not depreciated, as is appropriate to their nature.
## **Fund Accounting**
Income received for specified purposes is considered to be restricted and may only be applied to those purposes. Income which may be applied to any of the charity's objectives is treated as unrestricted.
## **Foreign Currency**
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the SOFA.
## **Operating Leases**
Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred.
## **Employee benefits**
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
## **Debtors and Creditors Receivable/Payable Within One Year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Tax**
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and 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.
## **Going Concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising the financial statements. They have included an assessment of the continued potential impact of significant global macro-economic factors on these forecasts. The budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern.
**8**
## **Middlebury College UK Trust Limited**
## **Notes to the Accounts (continued) for the year ended 30th June 2023**
## **2 Grant income**
This grant income comprises funds transferred from the Presidents and Fellows of Middlebury College at Middlebury, VT, USA to finance the operations of the Oxford programmes.
## **3 Donation income**
||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|
||||**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|Donations|4,625|2,313|6,938|7,038|
||═════|═════|═════|═════|
**9**
## **Middlebury College UK Trust Limited**
## **Notes to the Accounts (continued) for the year ended 30th June 2023**
## **4 Expenditure**
|**Basis of**
**Allocation**
**Charitable expenditure**
**Academic costs:**
Wages and benefits
Time
Tuition and exam fees
Direct
Bodleian Library
Direct
Keble Fellowship
Direct
Field trips & meeting refreshments
Direct
Dues and membership
Direct
Library
Direct
Support costs (note 5)
Usage
**Accommodation costs:**
Advertising
Direct
Association fees
Direct
Repairs and maintenance
Direct
Rent and rates
Direct
Cleaning and laundry
Direct
Accommodation utilities
Direct
Insurance
Direct
Junior Deans’ wages and benefits
Direct
Support costs (note 5)
Usage|**Staff**
**Other**
**Support**
**Total**
**Total**
**Costs**
**Costs**
**Costs**
**2023**
**2022**
**£**
**£**
**£**
**£**
**£**
171,310
-
-
171,310
133,785
-
116,333
-
116,333
101,685
-
46,663
-
46,663
36,260
-
27,397
-
27,397
38,122
-
33,857
-
33,857
27,094
-
15,797
-
15,797
11,786
-
2,236
-
2,236
4,192
43,972
-
41,973
85,945
98,611
215,282
242,283
41,973
499,538
451,535
-
-
-
-
340
-
100,579
-
100,579
76,514
-
40,299
-
40,299
41,896
-
49,562
-
49,562
100,412
-
5,717
-
5,717
2,608
-
23,390
-
23,390
29,465
-
8,559
-
8,559
7,079-
25,861
-
-
25,861
30,460
25,650
-
24,484
50,134
57,523
51,511
228,106
24,484
304,101
346,297|
|---|---|
## **Governance costs**
|**Basis of**
**Allocation**
Legal and professional
Direct
Examiner’s fees
- examination work
Direct
- other work
Direct
Wages and benefits
Time
Support costs (note 5)
Usage
**Total charitable expenditure**|**Staff**
**Other**
**Support**
**Total**
**Total**
**Costs**
**Costs**
**Costs**
**2023**
**2022**
**£**
**£**
**£**
**£**
**£**
-
25,338
-
25,338
7,555
-
4,790
-
4,790
4,565
-
5,095
-
5,095
6,069
2,789
-
-
2,789
2,749
3,664
-
3,497
7,161
8,218|
|---|---|
||6,453
35,223
3,497
45,173
29,156|
||273,246
505,612
69,954
848,812
826,988|
**10**
## **Middlebury College UK Trust Limited**
## **Notes to the Accounts (continued) for the year ended 30th June 2023**
## **5 Allocation of support costs**
|**Allocation of support costs**|||
|---|---|---|
|**60%**
**35%**
**5%**
**Charitable**
**Charitable**
**Governance**
**Programme**
**Accommodation**
**Costs**
**£**
**£**
**£**
Administrator’s salary & benefits
43,972
25,650
3,664
Computer
3,967
2,314
330
Travelling
2,588
1,510
215
Office supplies
10,650
6,213
888
Other contracted services
4,680
2,730
390
Sundry
97
56
8
Depreciation
19,895
11,605
1,658
Bank charges
96
56
8
_______
_______
_______
85,945
50,134
7,161
═════
═════
═════|**Total**
**2023**
**£**
73,286
6,611
4,313
17,751
7,800
161
33,158
160
_______
143,240
═════|
**Total**
**2022**
**£**
108,032
14,201
1,483
7,757
4,848
159
27,741
130
|
|||_______
164,351
═════|
## **6 Staff costs and numbers**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Wages and salaries|246,212|248,107|
|Social security costs|19,895|19,530|
|Pension costs|7,139|7,389|
||─────|─────|
||273,246|275,026|
||═════|═════|
During the year, the average number of employees and the number of full-time equivalent (FTE) staff, analysed by function was:
|analysed by function was:|||||
|---|---|---|---|---|
|||**2023**||**2022**|
||FTE|
Number|FTE|
Number|
|Education and accommodation|7|
9|7|
10|
||═════|
═════|═════|
═════|
No employees earned between £60,001-£70,000 during the year (2022: one). One employee earned between £70,001-£80,000 during the year (2022: none)
## **7 Trustees and key management personnel remuneration and expenses**
The Trustees neither received nor waived any remuneration or reimbursement for expenses during the year (2022: £Nil).
The Trust considers its Key Management Personnel comprise the Board of Trustees and Principal. The total amount of employee remuneration received by key management personnel during the year was £81,155 (2022: £79,936).
**11**
## **Middlebury College UK Trust Limited**
## **Notes to the Accounts (continued) for the year ended 30th June 2023**
## **8 Tangible fixed assets**
|**Leasehold**
**Rare Books**
**Improvements**
**& Equipment**
**£**
**£**
**Cost**
At 1st July 2022
200,000
469,790
Additions
-
7,457
_______
_______
At 30th June 2023
200,000
477,247
_______
_______
**Depreciation**
At 1st July 2022
-
70,614
Charge for the year
-
27,488
_______
_______
At 30th June 2023
-
98,102
_______
_______
**Net book values**
At 30th June 2023
200,000
379,145
═════
═════
At 30th June 2022
200,000
399,176
═════
═════
**Debtors**
Prepayments and accrued income
**Bank and cash in hand**
Bank accounts
Petty cash|**Fixtures,**
**Fittings**
**£**
48,664
-
_______
48,664
_______
31,655
5,670
_______
37,325
_______
11,339
═════
17,009
═════
**2023**
**£**
2,775
═════
**2023**
**£**
218,172
178
_______
218,350
═════|**Total**
**£**
718,454
7,457
|
|---|---|---|
|||_______
725,911
|
|||_______
102,269
33,158
|
|||_______
135,427
|
|||_______
590,484
═════
616,185
═════
**2022**
**£**
2,315
═════
**2022**
**£**
252,215
343
_______
252,558
═════|
## **9 Debtors**
## **10 Bank and cash in hand**
**12**
## **Middlebury College UK Trust Limited**
## **Notes to the Accounts (continued) for the year ended 30th June 2023**
## **11 Creditors**
|Deferred income
Accrued expenses
Taxation and social security
**Share Capital**
Authorised:
100 Ordinary shares of £1 each
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
**Statement of funds**
**At 30th**
**June 2022**
**£**
Unrestricted funds
640,500
Restricted funds:
Scholarship fund
-
_______
Total restricted funds
-
_______
Total funds
640,500
═════
**At 30th**
**June 2021**
**£**
Unrestricted funds
672,514
Restricted funds:
Scholarship fund
-
_______
Total restricted funds
-
_______
Total funds
672,514
═════|**Income**
**£**
985,429
2,313
_______
2,313
_______
987,742
═════
**Income**
**£**
801,608
1,413
_______
1,413
_______
803,021
═════|**2023**
**2022**
**£**
**£**
-
150,000
33,607
73,282
5,596
7,276
_______
_______
39,203
230,558
═════
═════
**2023**
**2022**
**£**
**£**
100
100
═════
═════
100
100
═════
═════
**At 30th**
**Expenditure**
**June 2023**
**£**
**£**
(853,523)
772,406
(2,313)
-
_______
_______
(2,313)
-
_______
_______
(855,836)
772,406
═════
═════
**At 30th**
**Expenditure**
**June 2022**
**£**
**£**
(833,622)
640,500
(1,413)
-
_______
_______
(1,413)
-
_______
_______
(835,035)
640,500
═════
═════|
|---|---|---|
## **12 Share Capital**
## **13 Statement of funds**
**13**
## **Middlebury College UK Trust Limited**
## **Notes to the Accounts (continued) for the year ended 30th June 2023**
## **14 Reconciliation of net movement in funds to net cash flow from operating activities**
|Net movement in funds
Depreciation charge
Interest income
(Increase)/decrease in debtors
(Decrease)/increase in creditors
**Net cash flow from operating activities**|**2023**
**£**
131,906
33,158
(384)
(460)
(191,355)
_______
(27,135)
═════|**2022**
**£**
(32,014)
27,741
-
3,089
107,023
_______
105,839
═════|
|---|---|---|
## **15 Parent undertaking and related party transactions**
Since 30th June 2015, the holding company is President & Fellows of Middlebury College Inc., a registered company incorporated in the U.S.A.
Aside from monies transferred from the parent, detailed in note 2, there were no related party transactions in the period (2022: none).
**14**