Charity number: 1090141
The UK Friends of the University of Auckland
Unaudited
Trustees' Report and Financial Statements
For the Year Ended 5 April 2022
The UK Friends of the University of Auckland
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 15 |
The UK Friends of the University of Auckland
Reference and Administrative Details of the Charity, its Trustees and Advisers For the Year Ended 5 April 2022
Trustees
Mr Eric Tracey, Chair Ms Louise Chunn Professor Janice Rymer Mr Robert Whitehouse Mr Michael Butler Lady Rosemary Buchanan Mr Jon Vollemaere Mr Seth Rankin (appointed 8 June 2021) Mrs Natalie Baragwanath Ms Colleen Toomey Mr Matthew Barrett (appointed 28 September 2022)
Charity registered number
1090141
Principal office
c/o Chapel and York, Unit 12, Ladycross Business Park, Hollow Lane, Dormansland, Lingfield, Surrey, RH7 6PB
Accountants and independent examiner
Kreston Reeves LLP, 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ
Bankers
LLoyds TSB Bank plc, 2nd Floor, 39 Threadneedle Street, London, EC2R 8AU
Solicitors
Bircham Dyson Bell, 50 Broadway, Westminster, London, SW1H 0BL
Page 1
The UK Friends of the University of Auckland
Trustees' Report For the Year Ended 5 April 2022
The Trustees present their annual report together with the financial statements of the charity for the year 6 April 2021 to 5 April 2022.
The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
a. Policies and objectives
The main activity centred on soliciting and receiving pledge payments and matching gifts intended to assist with student scholarships, academic fellowships and academic research.
The trustees granted £266,545 (2021: £80,650) to support scholarships and fellowships at the University of Auckland.
b. Strategies for achieving objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. In particular the Friends had charitable purposes for the public benefit in the year ending 5 April 2022 because:
i) They support the advancement of education in general and the activities of The University of Auckland, a tertiary educational institution, in particular;
ii) The benefits to the public are clear and include the education of students and the free dissemination of research results;
iii) These benefits are related to the aims of the Friends (which include the "advancement and promotion of education");
iv) There are no obvious detriments or harms resulting from the activities of the educational institutions that Friends support, which activities include educating students, conducting research under rigorous and commonly accepted research protocols and constructing facilities under the relevant local or national building and environmental codes;
v) The ultimate beneficiaries (students who attend the educational institutions, staff who carry out academic research there) are appropriate to the aims of the Friends;
vi) The educational institutions that Friends support are open to all who meet their academic standards, regardless of the student's country of origin, religion, ethnicity or gender;
vii) The educational institutions that Friends support offer significant support to people in poverty who meet their academic standards, including scholarships based on need which in addition to loans and direct governmental grants give people in poverty the opportunity to attend as students, furthermore their research results are normally available to be perused by, or applied for the benefit of, members of the public regardless of their socioeconomic status, and they offer public lectures on a regular basis at no charge;
viii) Any private benefits that might accrue are incidental.
Page 2
The UK Friends of the University of Auckland
Trustees' Report (continued) For the Year Ended 5 April 2022
Achievements and performance
a. Review of activities
Total incoming resources for the year were £201,333 (2021: £143,785). The principal funding sources came from bequests and gifts from graduates and friends of the University of Auckland. The Trustees intend to continue to encourage gifts and bequests from graduates and friends of the University of Auckland by means of personal approaches, general communications and special events.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Trustees consider that the objects of the charity are best met by keeping reserves as low as possible by maximising grants to the University of Auckland Foundation as soon as practically possible and generally at least twice a year, hence a formal reserves policy is not currently required.
At the year end the charity had total funds of £42,774 (2021: £115,152), of which £470 (2021: £64,220) were restricted funds. The free reserves of the charity are equal to the unrestricted funds which were £42,304 (2021: £50,932) at the balance sheet date.
Structure, governance and management
a. Constitution
The UK Friends of the University of Auckland is a registered charity, number 1090141, and is constituted under a Trust deed. The charity was registered on 2 August 2001 and commenced trading on 17 January 2002. The principal object of the charity is to provide the advancement and promotion of education and in particular any educational and charitable purposes connected with The University of Auckland in New Zealand.
b. Methods of appointment or election of Trustees
The Trustees of the UK Friends of the University of Auckland are appointed by unanimous resolution of the trustees. The Trustees appointed in this way are appointed for a term of 2 years.
c. Organisational structure and decision-making policies
The Trustees meet twice per year and oversee the management of the charity. Day to day operations were undertaken in part by the Trust's Executive Manager who is remunerated by the University of Auckland and in part by Chapel & York Limited.
The Trustees who served in the year and subsequently are set out in the legal and administrative information section at the front of this report.
d. Administration and governance costs
All fundraising, administration and governance costs are met by the University of Auckland.
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Th• UK Frf•nd• of th• Unlv•rnity of Auckland Trustees. Report (contlnu•dl For th• Year Ended S April 2022 &amo1)È of i N¥i008 r8spon8iDllltlas The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordanco wlh applicable law and United Kingdom Accounting Stsndards (United Kingdom Ge[allY Acwled AUnting Practi) -. he law applicab to chanb.es in England & Wales requi the Trustees to prepare financial stslements for each financial which give a true and fair view of the stste of affaifs of the charity and of its incoming sOurceS and application of resources. including ils income and expenditure. for that period. In preparing these financial statements. the Twstees a required lo.. select suitable aceounling policies and then apply them consistently.. observe the methods and principles of the Charities SORP IFRS 102),. make judgments and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards {FRS 1021 have been followed. subject to any material departures disclosed and explained in the financial ststemenls.. prepare the financi81 statements on the going eoncem basis unless it is inappropriate lo presume that the charity will continue in business. The Trustees are responsible for keeping adequate aceounts.ng records that are suffioent to show and explain the charitls transactions and disclose with reasonable accuraw at any lime the financial posilw)n of the charity and enable them to ensure that the finaneial statements comply with the Charitses Act 2011, ihe Charity (AOUnts arml Reports) Reguktions 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregul81ities. Approved by order of the members of the t*)ard of Trustees and signed on their behalf by: Mr Erl¢ Tra¢•y Chair of Trustees Date.. Page 4
The UK Friends of the University of Auckland
Independent Examiner's Report
For the Year Ended 5 April 2022
Independent Examiner's Report to the Trustees of The UK Friends of the University of Auckland ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2022.
Responsibilities and Basis of Report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
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:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed: Lucy Hammond, BSc FCA
Dated: 30 January 2023
Kreston Reeves LLP
Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ
Page 5
The UK Friends of the University of Auckland
Statement of financial activities For the Year Ended 5 April 2022
| Note Income from: Donations and legacies 2 Other income 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 201,332 1 201,333 209,961 209,961 (8,628) 50,932 (8,628) 42,304 |
Restricted funds 2022 £ - - - 63,750 63,750 (63,750) 64,220 (63,750) 470 |
Total funds 2022 £ 201,332 1 201,333 273,711 273,711 (72,378) 115,152 (72,378) 42,774 |
As restated Total funds 2021 £ 143,785 - |
|---|---|---|---|---|
| 143,785 | ||||
| 86,790 | ||||
| 86,790 | ||||
| 56,995 | ||||
| 58,157 56,995 |
||||
| 115,152 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
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Th• UK Frf•nd• ol th• Unlvgrnlty ol Auckland Balan¢& Sh•et A8 at 5 Aprll 2022 2022 2021 Nol• CumDt •wts Oeblo Cash at tAnk arKI in hand 21 42,753 1,266 124.336 42.774 125.602 Credito. amounts falling due within one (10,450) Net Current assets 42,774 115.152 T¢)tal not a$s•ts 42,774 115.152 Charlty funds Restricted funds Unfeslricted fijnds 64,220 50.932 11 11 470 42,304 42,774 115.152 Total fvnds The finarKial ststements were approved and authorised for issue by the Trustees and signed on Iheir behalf by: Mr Erk Tra¢ Chair of T stees Dale.. notes on p•Jo$ 8 to 15 fomi part of these financTr81 swements.
The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The UK Friends of the University of Auckland 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.
1.2 Going concern
The charity is able to amend its grant giving activities as appropriate to match the income received and on this basis the Trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2022
1. Accounting policies (continued)
1.7 Liabilities
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.8 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2022
2. Income from donations and legacies
| Donations Donations 3. Other incoming resources Interest receivable 4. Analysis of expenditure on charitable activities Summary by fund type Supporting students Supporting students |
Unrestricted funds 2022 £ 201,332 As restated Unrestricted funds 2021 £ 80,035 Unrestricted funds 2022 £ 1 Unrestricted funds 2022 £ 209,961 As restated Unrestricted funds 2021 £ 74,590 |
Restricted funds 2022 £ - Restricted funds 2021 £ 63,750 Total funds 2022 £ 1 Restricted funds 2022 £ 63,750 Restricted funds 2021 £ 12,200 |
Total funds 2022 £ 201,332 |
|---|---|---|---|
| As restated Total funds 2021 £ 143,785 |
|||
| Total funds 2021 £ - |
|||
| Total 2022 £ 273,711 |
|||
| As restated Total 2021 £ 86,790 |
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The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2022
5. Analysis of grants
| Grants to Institutions 2022 £ Supporting students 266,545 Grants to Institutions 2021 £ Supporting students 80,650 Grants made during the year to the University of Auckland Foundation greater than £5,000 2022 £ Ocular Surface Research 170,000 Eric Tracey Fellowship in Infectious Diseases Research 63,750 Mokaraka Maori Scholarship 12,550 Art Scholarship (Brook) 6,250 Law Alumni Scholarship 5,000 Economics Master Scholarship - 257,550 Other grants to institutions 8,995 266,545 |
Total funds 2022 £ 266,545 |
|---|---|
| Total funds 2021 £ 80,650 |
|
| 2021 £ 57,000 12,200 - - - 6,250 |
|
| 75,450 5,200 |
|
| 80,650 |
Grants to institutions comprises expenditure of £63,750 (2021: £12,200) from restricted funds and £202,795 (2021: £68,450) from unrestricted funds.
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The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2022
6. Analysis of expenditure by activities
| Supporting students Supporting students Analysis of support costs Bank charges and other fees Legal fees Admin fees Bank charges and other fees Legal fees Admin fees |
Grant funding of activities 2022 £ 266,545 Grant funding of activities 2021 £ 80,650 |
Support costs 2022 £ 7,166 As restated Support costs 2021 £ 6,140 Activities 2022 £ 131 35 7,000 7,166 As restated Activities 2021 £ 105 35 6,000 6,140 |
Total funds 2022 £ 273,711 |
|---|---|---|---|
| As restated Total funds 2021 £ 86,790 |
|||
| Total funds 2022 £ 131 35 7,000 |
|||
| 7,166 | |||
| As restated Total funds 2021 £ 105 35 6,000 |
|||
| 6,140 |
The charity's independent examination fee is paid for by Chapel & York Ltd who recover the costs from The University of Auckland, see note 13.
Page 12
The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2022
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 5 April 2022, no Trustee expenses have been incurred (2021 - £NIL).
8. Debtors
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Other debtors | 21 | 1,266 |
9. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Grants accrued - institutional | - | 10,450 |
10. Prior year adjustments
The financial statements have been amended to recognise donated administrative services of £6,000 as income and expenditure (see note 13 for further information). This has had £nil impact on both the overall movement in funds and the total funds as at 5 April 2021.
Page 13
The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2022
11. Statement of funds
Statement of funds - current year
| Balance at 6 April 2021 £ Income £ Unrestricted funds General Funds 50,932 194,333 Restricted funds Eric Tracey Fellowship in Infectious diseases research 64,220 - Total of funds 115,152 194,333 Restricted Funds Eric Tracey - academic fellowship in infectious diseases research. Statement of funds - prior year Balance at 1 April 2020 £ Income £ Unrestricted funds General Funds 45,487 74,035 Restricted funds Eric Tracey Fellowship in Infectious diseases research 12,670 63,750 Total of funds 58,157 137,785 |
Expenditure £ (202,961) (63,750) (266,711) Expenditure £ (68,590) (12,200) (80,790) |
Balance at 5 April 2022 £ 42,304 |
|---|---|---|
| 470 | ||
| 42,774 | ||
| Balance at 5 April 2021 £ 50,932 |
||
| 64,220 | ||
| 115,152 |
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The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2022
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Debtors 21 Cash at bank and in hand 42,283 Total 42,304 |
Restricted funds 2022 £ - 470 470 |
Total funds 2022 £ 21 42,753 |
|---|---|---|
| 42,774 |
Analysis of net assets between funds - prior year
| Debtors Cash at bank and in hand Creditors due within one year Total |
Unrestricted funds 2021 £ 1,266 60,116 (10,450) 50,932 |
Restricted funds 2021 £ - 64,220 - 64,220 |
Total funds 2021 £ 1,266 124,336 (10,450) |
|---|---|---|---|
| 115,152 |
13. Related party transactions
The University of Auckland has agreed that it will meet the costs and disbursements of an administrative service provided by Chapel & York Ltd including accounts preparation and independent examination. During the year ended 5 April 2022 the University paid £7,000 (2021 - £6,000) to Chapel & York Ltd including £2,000 (2021 - £1,500) to the Independent Examiner.
In addition the University has also paid for the services of a fundraiser to encourage donations to be made to the charity.
During the year Eric Tracey, a charity trustee and the chair of trustees, donated £nil (2021 - £51,000) (excluding gift aid) to the charity towards a Fellowship in Infectious diseases research.
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