Charity number: 1090141
The UK Friends of the University of Auckland
Unaudited
Trustees' Report and Financial Statements
For the Year Ended 5 April 2023
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 2023
Trustees
Mr Eric Tracey, Chair Ms Louise Chunn (resigned 31 December 2022) Professor Janice Rymer (resigned 31 December 2022) Mr Robert Whitehouse Mr Michael Butler Lady Rosemary Buchanan Mr Jon Vollemaere Mr Seth Rankin Mrs Natalie Baragwanath Mr Matthew Barrett (appointed 28 September 2022) Mrs Penelope Brook (appointed 30 March 2023) Mr Sean Topham (appointed 20 November 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 2023
The Trustees present their annual report together with the financial statements of the charity for the year 6 April 2022 to 5 April 2023.
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 £166,107 (2022: £266,545) 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 2023 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 2023
Achievements and performance
a. Review of activities
Total incoming resources for the year were £225,232 (2022: £201,333). The principal funding sources came from bequests and gifts from alumni and friends of the University of Auckland. The Trustees intend to continue to encourage gifts and bequests from alumni 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 £94,584 (2022: £42,774), of which £78,417 (2022: £470) were restricted funds. The free reserves of the charity are equal to the unrestricted funds which were £16,167 (2022: £42,304) 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 three times per year and oversee the management of the charity. Day to day operations were undertaken by the UK Friends Executive Director and Chapel & York Limited, both remunerated by the University of Auckland.
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.
Page 3
The UK Friends of the University of Auckland
Trustees' Report (continued) For the Year Ended 5 April 2023
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 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 irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr Eric Tracey Chair of Trustees Date:
Page 4
The UK Friends of the University of Auckland
Independent Examiner's Report
For the Year Ended 5 April 2023
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 2023.
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:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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: Dated:
Lucy Hammond, BSc FCA
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 2023
| 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 2023 £ 30,462 - 30,462 56,599 56,599 (26,137) 42,304 (26,137) 16,167 |
Restricted funds 2023 £ 194,770 - 194,770 116,823 116,823 77,947 470 77,947 78,417 |
Total funds 2023 £ 225,232 - 225,232 173,422 173,422 51,810 42,774 51,810 94,584 |
Total funds 2022 £ 201,332 1 |
|---|---|---|---|---|
| 201,333 273,711 |
||||
| 273,711 (72,378) 115,152 (72,378) |
||||
| 42,774 |
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.
Page 6
The UK Friends of the University of Auckland
Balance Sheet As at 5 April 2023
| Note Current assets Debtors 8 Cash at bank and in hand Net current assets Total net assets Charity funds Restricted funds 9 Unrestricted funds 9 Total funds |
18,216 76,368 94,584 |
2023 £ 94,584 94,584 78,417 16,167 94,584 |
21 42,753 42,774 |
2022 £ 42,774 |
|---|---|---|---|---|
| 42,774 | ||||
| 470 42,304 |
||||
| 42,774 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr Eric Tracey Chair of Trustees Date:
The notes on pages 8 to 15 form part of these financial statements.
Page 7
The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2023
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 financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
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.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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.
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The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2023
1. Accounting policies (continued)
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.
1.7 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.
1.8 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 2023
2. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 30,462 Donations |
Restricted funds 2023 £ 194,770 Unrestricted funds 2022 £ 201,332 |
Total funds 2023 £ 225,232 |
|---|---|---|
| Total funds 2022 £ 201,332 |
3. Other incoming resources
Total funds 2023 £
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Interest receivable | 1 | 1 |
4. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted | Restricted | ||
|---|---|---|---|
| funds | funds | Total | |
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Supporting students | 56,599 | 116,823 | 173,422 |
Page 10
The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2023
4. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Unrestricted | Restricted | ||
|---|---|---|---|
| funds | funds | Total | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Supporting students | 209,961 | 63,750 | 273,711 |
5. Analysis of grants
| Grants to Institutions 2023 £ Supporting students 166,107 Grants to Institutions 2022 £ Supporting students 266,545 Grants made during the year to the University of Auckland Foundation greater than £5,000 2023 £ Eric Tracey Fellowship in Infectious Diseases Research 108,073 UK Friends Kupe Scholarship & Bruce McLaren Scholarship 29,709 Mokaraka Maori Scholarship 9,375 Art Scholarship (Brook) 6,417 Ocular Surface Research - Law Alumni Scholarship - 153,574 Other grants to institutions 12,533 166,107 |
Total funds 2023 £ 166,107 |
|---|---|
| Total funds 2022 £ 266,545 |
|
| 2022 £ 63,750 - 12,550 6,250 170,000 5,000 |
|
| 257,550 8,995 |
|
| 266,545 |
Grants to institutions comprises expenditure of £116,823 (2022: £63,750) from restricted funds and £49,804 (2022: £202,795) from unrestricted funds.
Page 11
The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2023
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 2023 £ 166,107 Grant funding of activities 2022 £ 266,545 |
Support costs 2023 £ 7,315 Support costs 2022 £ 7,166 Activities 2023 £ 280 35 7,000 7,315 Activities 2022 £ 131 35 7,000 7,166 |
Total funds 2023 £ 173,422 |
|---|---|---|---|
| Total funds 2022 £ 273,711 |
|||
| Total funds 2023 £ 280 35 7,000 |
|||
| 7,315 | |||
| Total funds 2022 £ 131 35 7,000 |
|||
| 7,166 |
The charity's independent examination fee is paid for by Chapel & York Ltd who recover the costs from The University of Auckland, see note 11.
Page 12
The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2023
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 5 April 2023, no Trustee expenses have been incurred (2022 - £NIL).
8. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other debtors | 18,216 | 21 |
Page 13
The UK Friends of the University of Auckland
Notes to the Financial Statements For the Year Ended 5 April 2023
9. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Eric Tracey Fellowship in Infectious diseases research UK Covid 19 and infectious diseases research Bruce McLaren Internship Step Up scholarship in business or faculty of engineering Total of funds |
Balance at 6 April 2022 £ 42,304 470 - - - 470 42,774 |
Income £ 30,462 182,000 3,750 5,000 4,020 194,770 225,232 |
Expenditure £ (56,599) (108,073) (3,750) (5,000) - (116,823) (173,422) |
Balance at 5 April 2023 £ 16,167 |
|---|---|---|---|---|
| 74,397 - - 4,020 |
||||
| 78,417 | ||||
| 94,584 |
Restricted Funds
Eric Tracey Fellowship - Fellowship in infectious diseases research funding a post-doctoral student.
UK Covid-19 and infectious diseases research - funding for research into Covid-19 and infectious diseases.
Bruce McLaren Internship - funding for students to intern at McLaren Automotive and Racing in the UK.
Step Up Scholarship - funding for a student to study in the Faculty of Engineering or Business.
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Eric Tracey Fellowship in Infectious diseases research |
Balance at 1 April 2021 £ 50,932 64,220 |
Income £ 194,333 - |
Expenditure £ (202,961) (63,750) |
Balance at 5 April 2022 £ 42,304 |
|---|---|---|---|---|
| 470 |
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The UK Friends of the University of Auckland
Notes to the Financial Statements
For the Year Ended 5 April 2023
9. Statement of funds (continued)
Total of funds 115,152 194,333 (266,711) 42,774
10. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Debtors 16 Cash at bank and in hand 16,151 Total 16,167 |
Restricted funds 2023 £ 18,200 60,217 78,417 |
Total funds 2023 £ 18,216 76,368 |
|---|---|---|
| 94,584 |
Analysis of net assets between funds - prior year
| Debtors Cash at bank and in hand Total |
Unrestricted funds 2022 £ 21 42,283 42,304 |
Restricted funds 2022 £ - 470 470 |
Total funds 2022 £ 21 42,753 |
|---|---|---|---|
| 42,774 |
11. 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 2023 the University paid £7,000 (2022 - £7,000) to Chapel & York Ltd including £2,100 (2022 - £2,000) to the Independent Examiner.
In addition the University has also paid for the services of the Trust's Executive Manager to encourage donations to be made to the charity.
During the year Eric Tracey, a charity trustee and the chair of trustees, donated £148,600 (2022 - £nil) (excluding gift aid) to the charity towards a Fellowship in Infectious diseases research.
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