Charity Number- 1094042 THE UNIVERSITY OF BUCKINGHAM FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE UNIVERSITY OF BUCKINGHAM FOUNDATION CONTENTS PAGE Legal and administrative informalion Report of the Trustees Independent Auditors, Report 8-10 Statement of Financial Aclivilies Balan Sheet 12 Notes to the Financial Statements 13-26
THE UNIVERSITY OF BUCKINGHAM FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Status The University of Buckingham Foundation was established by a trust deed on 12 July 2002 and registered as a charity on 4 October 2002, number 1094042. Chalr of the Board of Trustees Mi Mark Rushton (Appointed as Chair 23 June 20201 Mr Charles Jackson (Resigned as Chair 23 June 20201 Trustees who served durlng the year and up to the date thg flnanclal statements were approved Mr Mark Rushlon. Member of The University of Buckingham I'lhe University") Council Prof Jame5 T(K>ley, Vice-chancellor of the University and Member of the University's Counal (Appointed 8 October 20201 Mr Rory Tapner, Chair of the University's Council (resigned 1 November 20211 Mr Mark Rawlinson, Chalr of the University's Council lappoinled 1 December 2021 resigned 4 July 20221 Mrs Carolyn Cumming Ms Lorinda Long Mrs Amanda Nicholson Ms Elaine Williams, Head of Finance of the University (Appointed 2 June 2021-resigned 19 April 20221 Mr Charles Jackson (Resigned 23 June 20201 Sir Anthony Seldon, Vice-chancellor of the University. Member of the University's Council (Resigned 14 June 20201 Mr John Unsworth, Chief Financial Officer of the University (Resigned 11 March 20211 Mr David Cole. Chief Financial Officer of the University lappoinled 8 July 20221 Mrs Camilla Soames lappoinled 8 July 20221 Reglstered Offlce and Prlnclpal Place of Business Yeomanry House Hunter Street Bu¢kingham MK18 1EG Independent Audltors MHA Maclnlyre Hudson LLP 6th Floor 2 London Wall Pla London EC2Y SAU Bankers Barclays Bank plc Milton Keynes Grafton Court Leicester LE87 2BB Sanlander UKplc Business Banking 301 Sl Vincent Street Glasgow G2 5NT Investment Managers Waverton Inveslmenl Management Limited 16 Babmaes Streèt London SW1Y 6AH
THE UNIVERSITY OF BUCKINGHAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 {¢ontinuedl The Trustees present their report and audited financial statements for the year ended 31 December 2020. The financial slalemenls have been prepared in acCordanth accounting policies sel out in the notes lo Ihefinancial statements and in compliance Tmlh the Charities Act 2011. Tho Trustees have adopted the provisions of Accounting and Reporbng by Charitres.. Slalemenl of Recommended Pra¢lice ISORPI applicable lo charities preparing their financial slalemenls in accordance with the Financial Reporting standard applicable in the UK arid Republic of Ireland IFRS 1021 leffeclive 1 January20191. The completion of these 2020 Financial Slalements has been regrellably delayed as a result of the delays in the production of the University Group Financial Slalements which are in the process of being brought up to Llate. OBJECTIVES AND ACTIVITIES: Charltable Objects The objects of The University of Buckingham Foundation C'lhe Foundation. or'the Charily'l are.. al To advance the education of the public by, in particular, supporting and promoting the education (including social and physical training) of students attending The University of Buckingham and by benefiting the wider academic community and purposes of The University of Buckingham as a whole., and bl To promote research into academic and scientific fidds oflearning. Publlc Beneflt The Trustees have consldered the Charity Commission's requirement in respvl of Public Benefit. In theiT view the Foundation meets, in full, the criteria lo satisfy the lesl. The Trustees, annual report describes the activities undertaken to further ils charitable purposes for the public benefit. Actlvltles and achlevements of the Foundatlon Significant activities undertaken in relation to the delivery of the objects are.. al Receiving and investing donations., bl Managing the endowment assets.. and cl Dlslributing funds in accordance with donors, wishes. Donab'ons and legacies were the main source of income al £243,858 12019.. £50,100). Investment income w88 £108,452 12019.. £128,956), £61,200 12019.. £61.2001 of which was rentsl income eamed on three investment properties leased to The University of Buckingham. £14,59912019.' £14.5631 was spent on investment management costs, finan¢ed from endowment funds. There were no other significant costs of generating funds. Scholarships and other disbursements in support of the University were £362,291 12019.. £502,547). These disbursements showed a decrease on 2019, funding scholarships and the development of Bsc Business Enterprise and Innovation courses. supported by the Klallen endowment. The Foundation continues lo encourage the University lo ulilise the funds available to support Scholarships and Bursaries, through marketing and communications lo estIng and prospective students, embedding the support that is available lo students in the operations of the University. During 2020, in addition to the development activities funded through the Reslricled Klatlen Fund donation, over 30 students received new awards during the year.
THE UNIVERSITY OF BUCKINGHAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 {contlnuedl STRUCTURE GOVERNANCE AND MANAGEMENT: status The University of Buckingham Foundation was established as a TrL¢sI by a trust deed on 12 July 2002 and registered as a Charity on 4 October 2002, number 1094042. Trustees Trustees are appointed by a resolullon of the Trustees. Nomially. there will be three or more who are Members of the University's Council and three or more who are independent. The trust deed requires that there be between three and fifteen trustees and they will normally serve five-yearterms. Trustees may sland for re-appointment and will not normally serve for mole than two terms. Selection of new Trustees is undertaken by the existing Trustees. who identify the need for particular experience. The current composition of the Trustee Board Is three ind&pendenl members and four University nominated members, including the Chair. Organisatlon The Trustees are responsible for administering the Foundation. The composition of the Board of Trustees facililales the sharing of goals and information between the Foundation a1 the University. At each of their meetings the Trustees receive an update on the University from the wiChance110r or another senior officer of the University. The University's Finance. Eslales and Resources Committee receive8 regular updates about the Foundation. The day-to-day adminislralion and reporting of the Foundation has been devolved by IheTruslees lo the Chief Financial Officer and Registrar oflhe University who feed back lo the Trustees oflhe Foundation al the Trustee meetings. Prlnclpal rlsks and uncertalntles The Trustees are responsible for managing risk effectively to protect the assets of the Foundation, deliver satisfactory performance, and deliver sound corporate governance. During the year the Trustees examined the major slralegic. business and operational risks which the Foundation faces. The princip81 risk identified was partial loss of the value of Investments and related income. This risk is addressed by the engagement of professional investment managers, who manage the investment risk through detailed market analysi5 and management of a diverse portfolio of assets. Performance is closely monitored through regular investment performance reports and reviews presented al Trustee meetings.
THE UNIVERSITY OF BUCKINGHAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 Icontinuedl FINANCIAL REVIEW General The Foundation's financial performance for the year ended 31 December 2020 was nel income of £106,370 12019 {£159,04711. As at 31 December 2020, the Foundation had nel assets of £4,e41,02412019 £4.534,6541.The Trustees consider the financial position and performance lo b& salisfaclory. The continued strong stock market performance in 2020 resulted in gains in investment valuations of £190,248. compared with a gains in investment valuations of £257,007 in 2019. The fund allocation comprises.. Endowments of £3,768,78712019 £3,348.9371, Restricted funds of £832,754 12019 £1,143,646) and Unrestricted funds of £39,483 12019 £42,071). Reserves The Foundation holds endowment, reslricled and unreslricled funds, the CUTrenl and prior year*nd balances of which are detsiled below. 31 December 2020 31 December 2019 Endowment funds Reslricled funds Unreslricled funds 3,768,787 832,754 39,493 3.348,937 1,143,646 42.071 Total 4,641.024 4,534,654 The Trustees of Foundation consider holding unreslrlcled funds in the region of £40,000 lo be appropriate in order lo miligale the risks il faces, such as the University ceasing lo donate governance services. As detailed below. the FounLlalion held £39,493 of unrestricted funds as al 31 Dember 2020, which the Trustees consider adequate.
THE UNIVERSITY OF BUCKINGHAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 Icontinuedl Investment Performance- The long term investment policy is lo maintain the real value of the inveslmenls, while also earning an income to disburse for the purposes of the endowments - scholarships and research grants. The achievement of th& policy is monitored against the Waverton Balan¢ed Index. the benchmark adopted by the Trustees, along with a largel income relum of between 2.OOh and 2.5%. Waverton Investment Management. the Foundation's Investment Managers, report for the year ending 31 December 2020 as al 17 March 2022. is as follows.. "The year slarted extremely poorty, with a Sha market sell off as a r8suII of the COVID-19 pandemitt, bul equity markets staged a suwnsingly strong recovery afterthe inili&l shock as investors gained confidence that vaccines would enable the virus to be man&g&d and as govemments around the worfdput significant support packages in place. Over the calendar year the portfolio produced a total tUrn of +10. T9% n&1 of fees y8uS the Waverton Balanced Index benchma which rose by +10. 75% &nd cash which tuffled +0.21%. The performance exceedgd that of the peer group, as measured by the ARC Steady Growlh Index (net offees) which was +4.56%. In th8 first half (10 30th June) the portfolio produced a +2.00% 10181 return. The total tM of the benchma overlhis periodwas +2.69%. Forlhe second half the figures showa g8in of +8. 62% YeU$ th8 b8nchmark lolalrelum of +7.86%. The best performance during the yoar once again came frDm the US technology relal8d names such as Amazon, Microsoft and Inluil. Slrong performanc& also came from the likes of Rio Tinlo, Novo Nordisk and Home Depot. The weakeslperfom7ance was from UK names such 8s Royal Dutch, Astrazeneca andLondonmelric. As8hi alSoperfoned poorly as lockdowns affecled on Ir&de sales of beer. The ov&rall assgt allocation is broadly similarcompared to a yearago, wilh the equily weighting a161.2Yo, fixed interest at 17.50A, 'all8malives" a114.4% and cash al 6.9%. Portfolio sales are listed in the table below- during Ihe year we added new positions in Fidelily National Information Systems (electronic payments), Taiwan Semiconductor Manufacturing, S&quoia EconomK Infrastructure Debt. Hoya Corp (Specialist glass manuf8CtuTrr), Vulcan Materials (US aggregates), Costco (US wholesalerj. TE Conneclivily (sensors), Hilachi (electliGal equipment), Avery Dsnnison (US specialisl lab81s) and CME Group (derivaliv&s 8xchange). In tenns of the outlook forthe equity markets we encouraged by progress on Ihe v&¢cine fmnl and the polonlial for economic growth lo recover. As I write, corporate eamings 8ppear lo be well underpinnèd as managemenls have adapted quickly to new ways of working. Th& dislooalion crgaled by the hit lo earnings has, however, mad& equily mart(ets look optically 6xpensive in the short lem and this prevents us from being positive. We still expect interest rates lo remain al very low levels for Ihe foreseeable future, bul in the longerlerm inflation is INkely lo become more of an issue. We are happy with the current positioning of the inv6slmenls.' During the year income of £43,406 was generated and remilled lo the Trustees. The yield on the portfolio was 2.2Yo as al 31. December which is within the ran9e sel by the Trustees. Investment Propertles l Tanglble Assets In 2011 the Foundation purchased three Investment properties at a total cost of £684.191. They were revalued in 2016 and are held in the financial statements al 31 December 2020 al a value of £907,70012019'. £927.0001. Depreaalion was charged on these properties al 2% of their deemed cost. The proporties were classed as investment properties and have been fair valued under FRS102. The Foundation has taken a(fvanlag& of the triennial amendments lo FRS102 that are applicable for enlilies renting properties lo fellow group enlilies, for periods beginning on or after 1 January 2019. Accordingly. the properties are held al their value al the transition dale of 1 January 2018, rather than revaluing each year, by presenting their value al Iranskion as the 'deemed cost, and depreciating this deemed cost going forward. These propertie5 are owned by the Foundation and leased lo the University, which uses them for student accommodation.
THE UNIVERSITY OF BUCKINGHAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 {continuedl GOING CONCERN The Trusleos consider that whilst Covid-19 has had an impact on world markets and economies this has and is not anlicipaled lo have any impact on the Foundation continuing as a Going concern. other than disbursements from available funds. the Foundation has very limited unrestricted expenditure due lo the donation of the adminislralive and governance support costs from the University of Buckingham. The Trustees consider that the Foundation could, if necessary. continue ils activities for a period of at least 12 months form the signing of these accounts wilhoul such support,. Indeed the Foundation holds unreslricled funds in part lo cover the withdrawal of such seNices. Whilst the Trustees also consider the likelihood of the wilhdiawal of this support to be low, they recognise that the Foundation is Closely connected to the University, which has experienced challenges resulting from Covid-19 and continuing economic uncertainly. details of which are included in the University's accounts. Consitlering the above, the financial statements have been prepared on a going concern basis and the principal 8ccounling policies have been applied consistently throughout the year. The Trustees are not aware of any material uncertainties over the Foundation's abilily lo Continue as a going concern. FUTURE ACTIVITIES The University continues lo lead the fundraisirYJ efforts on behalf of the Foundatlon, with the Foundation focusing on managing investments and making disbursements in accordance with the donors. wishes. The Foundation expects lo continue recelving donations, notably those that are intended as endowments.
THE UNIVERSITY OF BUCKINGHAM FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 Icontlnued} STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible foi preparing the Trustees. Annual Report and the financial slalements in accordance th app51¢ale law and United Klngdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting Praclicel. The law applicable to Charities in England and Wales requires the Trustees lo prepare financial slalemenls for each financial year which give a IrLJe and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial slatemenls, the Trustees are requlred lo.. select suitable accounting policies and then apply them consistently. obseNe the methods and principles in the Charities SORP., make judgments and eslimales that are reasonable and prudent., slate whether applicable accounting standards, comprising FRS 102, have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the goino concern basis unless il is inappropriate lo presume that the charity will continue in business. The Tfuslees are responsible for keeping properaccounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial slalements Comply with the Charities Act 2011. the Chaiity (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 tsking reasonable steps for the prevention and detection of fraud and olherirregular'thes. he Trustees and signed on their behalf by.. Mr Mark Rushton, Chair Dale.. 21 December 2022
THE UNIVERSITY OF BUCKINGHAM FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE UNIVERSITY OF BUCKINGHAM FOUNDATION For the year ended 31 December 2020 Opinion We have audited the financial statements of the University of Buckingham Foundation (the 'Charily'l for the year ended 31 December 2020 which comprise the Slalement of Financial Aclivilies, the Balance Sheet and the related notes, 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 Republi¢ of Ireland. {Uniled Kingdom Generally Aecepled Accounting Praclicel. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Slalemenl of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations bul has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance wlh the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial stalemenls.. give a true and fair view of the state of the Charity's affairs as at 31 December 2020 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordan with United Kingdom Generally ACpted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accordan with International Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 lo provide a basis for our opinion. Concluslons relatlng to going concern In auditing the fin8nci21 slalements, we have concluded that the Trustees. use of the going concem 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 lo events or conditions that. individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. other Informatlon The other information comprises the information included in the Annual Report other than the financial slalemenls and our Auditors, Report Ihereon. 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 lo the extent othenNise explicitly slated in our report. we do not express any form of assurance conclusion thereon.
THE UNIVERSITY OF BUCKINGHAM FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE UNIVERSITY OF BUCKINGHAM FOUNDATION For the year ended 31 December 2020 (continued) Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsislenl 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 misstalemenls, we are required lo determine whether this gives rise to a material misslatemenl in the financial slalemenls themselves. If, based on the workwe have performed, we conclude that there is a material misslatemenl ofthis other infoimalion, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report lo you if, in our opinion.. the information given in the Trustees, Report is inconsislenl in any material respect with the financial slalements., or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Slalement of Trustees, ResF)onsibilities, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal wnlrol as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstslement, whether due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the charity's ability lo continue as a going concern. disclosing, as applicable. matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charity or lo cease operations, or have no realistic alternative but lo do so. Auditors. responslbllltles for the audit of the flnanclal statements We have been appointed as auditor under section 144 of the Charities knt 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslatemenl when il 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 resFK)nsibilities. outlined above, to detect material misstatements in respect of irregLJlarilies, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. Obtaining an understanding of the legal and regulatory framewofks that the entity operates in, focusing on those saws and regulations that had a direct effect on the financial stalemenls,.
THE UNIVERSITY OF BUCKINGHAM FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE UNIVERSITY OF BUCKINGHAM FOUNDATION Forthe year ended 31 December 2020 {continuedl Enquiry of management and those charged with governance lo identify any instances of known or suspected instances of fraud., Enquiry of management and those charged with govemance around actual and polenlial litigation and claims., Enquiry of management about any instances of non-compliance with laws and regulations., Performing audit work over the risk of management override of controls, including testing of journal entries and other adjuslmenls for appropriateness., Evaluating the business rationale of significant transactions outside the normal course of business Reviewing accounting estimates for bias.. Perft)rming audit work over the grant making and monitoring process.. Reviewing minutes of meetings of those charged with governance,. Reviewing financial statement dis¢losures and testing to supporting documenlallon lo assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not delect 811 iriegularities, including those leading lo a material misstatement in the fi'nancial 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 refiecled in the financial slalements, 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 for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.org.uklaudilorsresponsibililies. This description forms parl of our Auditors, Report. Usg of our report This report is made solely to the charity's Trustees, as a body. in accordance with Part 4 of the Charities IAccounts and Reporlsl Regulations 2008. Our auditwork has been undertaken so that we might slate to the charity's Trustees those mallers we are required lo stale to them in an Auditors, 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 charity and ils trustees, as a body. for our audit work, for this report, or for the opinions we have formed. MHA Maclntyre Hudson Slalulory Auditor London, United Kingdom Dale.. 6 January 2023 MHA Maclnlyre Hudson are eligible lo act as auditors in terms of section 1212 of the Companie5 Act 2006. 10
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Statement of flnancial activities for the year ended 31 December 2020 Unrestrlcted Restricted Endowment Total Funds funds funds funds 2020 Total Funds 2019 Note Income and endowments from: Donations and legacies Investments 40,863 48 1.374 3,798 201.621 104,606 243,858 108,452 50,100 128,956 Total 40.911 5,172 306.227 352,310 179,056 Expendlture on: Raising funds Charitable activities Other 114,5961 142,7271 {19,3001 114,5961 1402,2911 119,3QOI 114,5631 1542.5471 138,0001 143,500} 1316,0641 Total 143.5001 1316,0641 176,6231 1436,187} 595.1101 Net gains on Invèstments 190,247 190,247 257,007 Net Incomellexpenditurel 12,5891 1310.8921 419.851 106,370 1159,0471 Transfers bètween funds Net movement In funds 2,689 310 892 419,851 106,370 159,047 Reconciliation of funds: Total funds brought forward 42.072 1,143,646 3,348,936 4.534.654 4,693,701 Total funds carried forward 39.483 832.754 3,768 787 4.641.024 4,S34,6S4 The statement of financial activities includes all gains and losses recognised in the year. The notes on pages 10 to 25 form part of these financial slalemenls.
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Balance sheet as at 31 December 2020 Note 31 December 2020 31 Dgcember 2019 Fixed assets Tangible assets Investments 907,700 2,251,432 927,000 2,075,650 Total flxed assets 3,159,132 3,002.6SO Current assets Debtors Investments Cash at bank and in hand 1,877 1,032,594 1,000,080 10 333,812 1,195,079 Total current assets 1,528.891 2.034.661 Current Ilabllltl&s CredilDrs'. Amounts falling due within one year 12 146,9991 1502,5471 Ngt current assets 1.481.892 1,532,004 Total assets less current liabilities 4,641.024 4,534.654 Totsl funds of the charlty Endowment funds Reslricled income funds Unrestricted funds 15, 16 15, 16 15, 16 3,768,787 832,754 39,483 3.348,937 1.143,646 42,071 Total char5ty funds 4.641,024 4,534.664 The notes on pages 13 10 26 form part of these financial slalemenls. The fina 21 Dec talemenls on pages 11 to 26 were approved by the Board of Trustees and aulhorised for Issue on mber2 nd are signed on its behalf by.. Mr Mark Rushton Professor James Tooley 12
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial statements for the year ended 31 December 2020 1 Accountlng pollcles al Basis of accounllng The financial slalemenls have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities who prepare their finanaal ststemenls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a'lrue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 onSy lo the exlenl required lo provide a 'lrue and fair, view, In accordance wllh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Vvhilst the Foundation receives donated governance services from the University, the Trustees consider that the Foundation could, if necessary, continue ils activities for a period of al least 12 months from the signing of these accounts without such support,. indeed the Foundation holds unrestri¢led funds in part lo cover the withdrawal of su¢h services. VM)ilsl the Trustees also consider the likelihood ol the withdrawal of this support to be low, they recognise that the Foundation is closely connected to the University, which has experienced challenges as a result of Covid-19 and Continuing economi¢ Ljncertainly, details ol which are included in the University's accounts. In light of the above. the financial slalements have been prepared on a going concern basis and the principal accounting policies have been applied consistently throughout the year. The Trustees are not aware of any material uncertainties over the Foundation's ability to continue as a going concern. The Trustees are therefore confident that the Foundatlon's outlook wll remain satisfactory, notwithstanding the financial position of the University. The Foundation has taken advantage of the exemption in FRS 1a2 from prepaTing a statement of cash flows, on the basis that it is a qualifying enlily and the consolidated statement of cash flows of The University of Buckingham's Financial Statements in¢ludes the Foundalion's Cash fiows. bl Income recognltlon Donatlons and endowments: Donations and similar incoming resources are included in the period in which they are reived, namely when the Foundation becomes enlilled to the resources. There are four main types of donatlons and endowments.. 1. Reslricled donations- the donor has specified that the donation must be used for a particular purpose. 2. Unreslricled donations- the donor has not specified the use of the donation and il can be used for the general benefit of the Foundation. 3. Reslricled expendable endowments- the donor has specified a partular objective and the Foundation has the power to use the capital. 4. Reslricled pemianenl endowments- the donor has specified that the fund is lo be permanently invested lo generate an income stream lo be applied lo a particularobjeclive. Donated servlces: These aTe recognised as income when the Foundation has received such services and any associated Conditions, if any, have been complied with. The Foundation CeIved donated services from The University of Buckingham. These comprised business administration services provided by the University, plus the University paid for the cost ol the external audit of the Foundation. Donated services are recognised al fair value, being the value lo the foundation. 13
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial statements for the year ended 31 DECEMBER 2020 Icontinuedl 1 Accounting policlg$ Icontlnuedl cl Funds Permanent endowments are funds which are reslricled lo the extent the Foundation cannot draw down the capital but the income is used lo provide 8n income lo fund scholarships, staff research and sludenl prizes, in accordance wlh the donors, respective wishes. Expendable endowments are funds where the capitsl can be disbursed in addition to income generated if the Trustees resolve lo do so. Reslrided funds comprise monies where a reslriclion has been placed Dn their use by a donor (for a purpose which falls within, bul is narrower than the general charitable objeclivesl. Restricted funds are distributed in accordance with the terms of the original restriction. The Foundation has full access lo the capital and income generated. d} Expèndlture Expenditure relates lo raising lunds, charitable aclivllies, and the adminislralion and governance of the Foundation. All administration and governance costs are borne by The University of Buckingham Such services are recognised a5 donated setvices and corresponding notional recharge is reflected in these financial slalemenls lo recognise the cost of the servlces provided. Costs of raising funds relates primarily lo inveslmenl management fees. Costs of charitable activities relates lo grants provided to The University of Buckingham, which the Universlly uses subsequently to provide scholarships and education resources. el Investments Inve51menls are Te¢ognised at market value at the balance sheet dale. Any gains or losses on these investments is included in the Slalemenl of Financial Activities. Cash deposits al banks, intended to be held more than three months and up to 1ve months. is classified as °Inveslmenls' within currenlassels. Cash deposits al banks, intended lo be held for more than twelve months. is classified as'lnveslmenls" within fixed assets. Inveslment income and appreciation of endowments is recognisod as income in the year in which il arises and restricted income is recognised according lo the terms applied lo the individual endowment fund. 14
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial ststements for the year ended 31 DECEMBER 2020 Icontinuedl Accounting pollcles lcontlnuedl f) Property. plant and equlpment I tangible assets I Inv8stmgnt properties An investment property is a propety Iland or a bulldlng, or part of a building, or both) held lo earn rentals or for capital 8ppre¢ialion or both, rather than for.. al use in the supply of goods or services or for adminislralive purposes., or bl sale in the ordinary course of business. As the properties are rented out lo other group companies. the Foundation has chosen lo adopt the policy choice, as part of the triennial review amendment in FRS102 for investment property accounting (applicable from 1 January 20191, to transfer the properties lo Property. Plant and Equipment under the cost rnodel. The properties were classed previous as investment properties and under FRS102 have been fair valued. From the financial year commencing 1 January 2019. the Foundation has taken Ihe advantage of the triennial amendments lo FRS102 that are applicable for entities renting properties to fellow group enlilies (for period beginning on or after 1 January 20191 and hold the carrying value al the transition date of 1 January 2018, as deemed cost, rather than fair value each year, and depre¢ialing such deemed cost as per ils estsmated useful The properties are depreciated al 2% of co81 annually, in order to write off theiT cost or valuation evenly over their 50-year expected useful life. gl Impalrment of non.financial assets At each balance sheet dale non-financial assets not carried al fair value are assessed lo determine whether there is an indication that the asset lor asset'5 cash generating unill may be impaired. 11 there is such an indication the recoverable amount of the asset lor asset's cash generating unit) is compared lo the carrying amount of the asset lor asset's cash generating unill. The recoverable amount of the asset lor asset's cash generating unill is the higher of the fair value less costs to sell and value in use. If the recoverable amount of the asset lor asset's cash generating unill is estimated to be lower than the carrying amount. the carrying amount is reduced lo ils recoverable amount. h) Taxation and charltable status The Foundation is a Registered Charity.111S 8 charity within the meaning of Paragraph 1, Schedule 6. Finance Act 2010 and therefore exempl from taxation in respect of income or capital gains received within categories covered by section 478 - 488 of the Corpoialion Tax Act 2010 ICTA 20101 or section 256 of the Taxation of Chargeable Gains Ael 1992, to the exlenl that such income or gains are applied to exclusively charitable purposes. Charitable status provides no similar exemption from VAT. 15
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial statements for the year ended 31 DECEMBER 2020 (contlnued) Accountlng pollcles Icontlnuedl 11 Flnanclal Instruments The Foundation has elected lo adopt Sections 11 and 12 of FRS 102 in respect of the recognition, measuTemenl, and disclosure of financial inslrumenls. Financial assets and liabilities are recognised when the Foundation becomes party lo the contractual provision of the instrument and they are classified according lo the substance of the ¢onlra¢lual arrangements entered into. Financial instruments are classified and accounted for according lo the substance of the contracllsal arrangement as finan(aal assets, financial liabililies or equity inslrumenls. Financial assets.. Basic financlal assets, which include trade debtors, other debtors, accrued in¢ome, amounts due from the parent undertaking and other debtors, are measured initially al transaction price including InSaction costs and are carried subsequently al amortisod cost. Financial liabili11gs'. Basic financial liabilities, which include bank overdraft, loans, trade cretlitors. accruals, and deferred income are measured initially al transaction price including transaction costs and are carried subsequently al amortised cost. Equity inslrumenls.. An equity instrument is any contract that evidences a residual Interest in the assets of the enlily after deductin9 all of ils liabilities. 11 Cash and cash equlvalents These include cash in hand, deposits held al call with banks, other short-tgrm highly liquid investments with original malurilies of three months or less. kl Critical estlmates and ludgements In the application of the Foundation's accounting pollcies, the Trustees are required lo make judgements, eslimales and assumpllons that may not readily be apparent from other sources. Eslirnales and associated assumptions are based on historical experience and other factors the Trustees judge are relevant. Actual results may differ from eslimales. The Trustees have exercisod their judgement when applying the Foundation's accounting policies. In particular.. 1. Impaim)enl of inv&slmenl properties.. The Trustees have considered an exlemal valuation performed during 2020 and judged that Ihefe 18 no need lo impair the value of investment properties as recorded at 31 December 2020. 2. Donated servlces provided by The University of Buckingham.. The Trustees have made what they consider a fail estimate of the value of services donated by The University of Buckingham, further lo discussion with relevant officers of the University. and are recognised accordingly in the finanaal Statements. 18
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the flnancial statements for the year ended 31 DECEMBER 2020 {contlnued) 2 Donations and legacies Unrestricted Restrlcted funds funds Endowment funds Total 2020 Total 2019 Donations in the year from third parties 863 1.374 201,621 203,858 10.100 Donated services provided by The University of 8uckingham 40,000 40,000 40,000 40,863 1,374 201,621 243.868 50,100 In the year lo 31 December 2019, £10,100 in donations were received from third parties and were allocated as follows.. £9,600 to Reslricled funds and £500 to Unreslricled Funds. Donated Services provided by the University of Buckingham in the year ended 31 December 2019 We allocated entirely lo Unreslricled Funds. Income frorn Investments Unrestricted Restrlcted Endowment funds funds funds Total funds 2020 Totsl funds 2019 Deposit a¢¢ounl interest Dividends from listed investments Rental incorne from investment properties 48 3.798 3,846 43,406 14,936 52.820 43,406 61.200 61,200 61,200 Total 48 3,798 104.606 108.462 128.956 In the year lo 31 December 2019, £14.936 in income from deposit account Interest was generated. The income was allocated as follows.. £630 to Endowment Funds, £14,001 to Restricted Funds, £305 to Unrestricted Funds. Dividends for listed investments of £52,820 were all allocated to Endowment Funds and Rental Income of £61,200 was allocated lo Endowment Funds. Expendlture on ralslng funds 2020 2019 Fees charged by Waverton Investment Managers 14,596 14,563 14,596 Investment managers, costs comprise a full year's fees at the rale of 1 Yo ol the first £1 million of fund value and 0.50% on the balance, plus VAT which is irrecoverable. 17
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial statements for the yearended 31 DECEMBER 2020 (continued) Scholarshlps and other dlsbursements 2020 Unrestrl¢tsd funds Restricted funds Endowment funds Total 2020 Scholarships 3,500 4,273 42,727 50,500 Prizes Grants 311.791 311,791 3.500 316.064 42,727 362.291 2019 Unrestrlcted funds Restricted fund5 Endowment funds Total 2019 Scholarships 70,661 75,448 146,109 Prizes 1,000 1.000 Grants 352.938 2,500 355,438 423,599 78,948 602,547 All dlsbursemenls have been made from endowed or reslricled funds in accordance with Ihg donors, wishes. OT from unrestricted funds at the Trustees, discretion. Disbursements of endowment funds have been made from investment income and capital where allowable given the donors, wishes. The Osborn, Desborough, and certain smaller endowment funds calegorised among "Olhert within Note 16 are used to pay for scholarships. Sludenl prizes are paid from the Jewkes Fund, whi¢h is calegorised among 'Olherf' within Note 16. Scholarships were also funded by Paul E H Davis Reslricled Fund. Staff and research grants are paid from the Dennison fund. Grants were also awarded from the Klatten Fund lo fund the development of the Entrepreneurship and Innovation Centre, the developrnenl of the Bsc Business Enterprise and Innovation course, plus the award of scholarships lo students of The University of Buckingham sludwng courses wilhinthis Cenlre. The table below analyses the ¢harilable activities of the Foundation. The Foundation itself does not make direct disbursements to beneficiaries. All of the Foundation's a¢tiwlies were performed by the provision of grant funding lo The University of Buckingham. which then disbursed funding lo benefiaaries for the purposes of the relevant funds detailed Note 16. 18
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financlal statements for the year ended 31 DECEMBER 2020 Icontlnued) Scholarships and other disbursements {contlnuedl 2020 All grant funding was provided lo The University of Buckingham, which applied this 9rant funding foi the purpose5 as below. Activltlos undertaken dlrectly Provision of grant funding Support costs Total 2020 Scholarship awards made 50.500 50.500 Prize awards made Grants 311.791 311,791 362,291 362,291 2019 All grant funding was provided to The University of Buckingham, which applied this grant fundi for the purposes as below. Actlvilies undertaken dlrectly Provislon of grant fundlng Support costs Total 2019 Scholarship awards made 146,109 146,109 Prize awards made 1,000 1,000 Grants 355,438 355.438 $02,547 602,547 Governance and audlt costs No staff were employed directly by the Foundalion12019'. nill. Governance costs for this year are estimated al £40,00012019'. £40.0001. None of these costs relate specifically to raising funds or the delivery of charllable activities. The £40.000 estimated governance costs relate lo the provision of corporate adminislralion and corporate governance of the Foundation,. within that figure is the provision of external audit seNIS of an eslimaled £20,000 in value. Governance services are provided as a donation in kind by The University of Bu¢kingham. Expenditure listed al Note 16 comprises direct expenditure from the relevant funds. 19
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial statements forthe year ended 31 DECEMBER 2020 (continued} Tanglble assets Investment propertles Total Property> plant and equlpment Cost At 1 January 2020 965,000 965,000 Al 31 December 2020 965,000 965.000 Accumulated Depreclatlon Al 1 January 2020 Depreciation charge for the year 38.000 19,300 38,000 19,300 At 31 December 2020 57,300 57.300 Net book value Al 31 December 2020 907,700 907,700 Al 31 December 2019 927,000 927,000 Tangible assets comprise three freehold residential properties in Bu(J(ingham that are leased lo The University of Buckingham and which were purchased in 2011 for £684.191. These properties were revalued in 2016 wth market value of £965,000 were carried at this value unli12018. As the investment properties are rented out to The University of Buckingham, being another group entity, the Foundation has chosen lo adopt the policy choice given as part of triennial review amendment in FRS102 for investment property accounting (applicable from 1 January 20191 lo transfer the properties to Property, Plant and Equipment unLlerthe cost model. Flxed asset Investments 2020 2019 Listed investments Cash held by the Investment Manager 2,134,892 116,540 1,931,856 143,794 Balance at31 December 2,251,432 2,075,650 al Llsted Investmgnts- summary of transactlons 2020 2019 Balance al 1 January Purchases Sales Nel gains I Ilossesl on investments 1,931,856 583,723 1570,9341 190,247 1,816,637 350,273 1492,0611 257,007 Balance at 31 December 2,134,892 1,931,856 The realised {lossl on disposal of investments was1£1,428112019.' £37,488). 20
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial statements for the year ended 31 DECEMBER 2020 {continuedl Fixed asset Snvestments Icontlnuedl 2020 2019 bl Llsted investmonts- geographlc analysis Bonds UK equities Continental European equities North American equities Japanese equilies Asia Pacifi¢ equities Emerging market equities Alternatives 403,988 248,198 252,366 457,28fj 160.880 172,325 56,607 383,247 362,754 276,789 202,594 479,449 134,732 118,840 57,818 298,880 2,134,892 1.931,856 cl The hlstoric cost of Investments 2020 2019 Listed investments 1,709,283 1,572,896 Individual investments in the listed investments portfolio that are 5% or more of the total are.. 'A of total market cost 2020 °h of total market cost SQ 94,073 11% 215,100 2019 Waverton Global Strategic Bond Fund Waverton Sterling Bond Fund Findlay Park American Fund US$ {Inslitulionall Waverton Asia Pa¢ific Fund 'A' £ Waverton European Dividend Growth Fund'L' £ BF5KV40' Waverton Sterling Bond Fund 'B' Inc £ Waverton Global Strategic Bond Fund .1, £ Waverton Real Assets Fund 'A' Inc 5% 93,332 118,840 5Qh 100,650 1 OOA 230,965 6% 136,119 5% 112,010 Market value as al 31 December 479,094 621,995 Debtors 2020 2019 Oulslanding gift aid claims 1,877 1.877 21
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial statements for the year ended 31 DECEMBER 2020 Icontinuedl 10 Current asset Investments These cash deposits represent the part of the endowed and reslricled funds held in bank or treasury deposit accounts. The Trustees have delermlned the intended holding lime is beeen three and twelve months. 2020 2019 Barclays treasury deposit Sanlander deposit account 700.000 332,594 333.812 Balance at 31 December 333,812 1.032,594 11 Cash at bank and In hand 2020 2019 Barclays current accounts Barclays deposit account Cash in Iransil 986,784 197,750 10,545 852,385 136,419 11,276 Balance at 31 December 1,195,079 1,000,080 Cash in transit relates ID un-cleared lodgemenls as al the year-end dale. 12 Credltors- Amounts falllng due wlthln oneyear 2020 2019 Amounts owed lo group and associated undertakn'ngs 46.999 502,547 46,999 502.547 The creditors balance rewesenls the balance due lo The Unlverslty of Buckingham, a group undertaking. for Scholarshlps, Bursaries and other grants and prizes awarded, being £46,99912019.' £502.5471. The amount payable lo the University was approved by the Foundation prior lo the year-end. 13 Trustee remuneratlon and expenses The Trustees neither received nor waived any emoluments during the year and previous year. No Trustee was reimbursed for any expenses by the Foundation during the year and previous year. 22
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial statements for the year ended 31 DECEMBER 2020 Icontlnued) 14 Related party transactlons The University of Buckingham is the beneficiary of £362,29112019'. £502,54n of charitable disbursements made by the Foundation. of which £48,99912019". £502.5471 was outstanding al the year-end. All of the Foundation's running costs are mel by the University, as mentioned below. The University also leases three properties from the Foundation al a rental cost of £61.20012018.. £61.2001 perannum. The Foundation received donated seryices pfovided by The University of Buckingham. These included business administration services and the c0510l the external audit of the Foundation. The Trustees and the Chief Financial Officer of the University have between themselves estimated the fair value of such donated services as £40,000 12019 £40,000) made up of business administration services, including Èxlemal audit service5 of an eslimaled value of £20,00012019 £20,000). A reslricled donated of £100 to the Dickens Online Journal fund was received from Amanda Nico150n. a Iruslee, during the year. 15 AnaSysls of nat assets between fvnds 2020 Unrestricted funds Restrlcted funds Endowment funds Total funds 2020 Flxed assets Investments Tangible Assets Net current assets Investments Other net Current assets 2.251,432 907,700 2.251.432 907,700 333,812 498,942 333.812 1,195,080 39.483 609,655 39.483 832,754 3.768.787 4,641,024 2019 Unrestricted funds Restrlcted funds Endowment funds Total funds 2019 Flxed assets Investments Tangible Assets Net current assets Investments Other nel curienl assets 2,075,650 927.000 2,075,650 927,000 1,032,594 111,052 1,032,594 499,410 42,071 346,287 42.071 1,143,646 3.348,937 4,534,654 23
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Note5 to the financial statements for the year ended 31 DECEMBER 2020 Icontinuedl 16 Movement In funds At1Jan 2020 2020 Incoming resources Net Outgolng At31 galnlllossl on resources Dec 2020 Investment Permanent endowments Gregory Ondaatje Brunner Weston 1997 Weston 1999 Other 1,376,076 394,432 129,232 100,420 183,095 282,004 280.657 5,112 1,675 1,302 2,373 3.655 78.173 22.407 7.341 5,706 10,401 16.020 149,626) 1,685,280 15,669) 416,282 1563) 137,685 1438) 106,989 13,637) 192,232 13,256) 298,423 Total permanent endowments 2.466.259 294.774 140,047 163,189) 2,836,891 Expendabl& endowments Desborough Coase Grosvènor Trust 569,516 313,697 465 7.382 4.066 32,353 17.821 26 12,482} 608,769 110,952) 324,632 12) 495 Total expendable endowments 883.678 11,454 50.200 113.4361 931,896 Total endowment funds 3,348,937 306,228 190.247 176,6251 3.768,787 Restricted funds Klallen Other reslricled funds 1.105.476 38.170 3,755 1.418 1311.7921 797,439 14.2731 35,31 S Total restrlcted funds 1.143.646 5.173 1316.0651 832,754 Unr8strlcted funds 42.071 40,912 143,5001 39,483 Total 4,534,654 352,313 190.247 1436,1901 4,641,024 All of the incoming resources for permanent endowments and expendable endowments, shown in the previous table, arise from investment incorne. Al the dale of the signing of these accounts the Trustees were performing bul had not yet completed a review of the Foundations Endowment, Restricted and Unrestricted funds, and the presentation of income and expenditure associated with the Foundation endowment funds. Purpose of restrlcted and endowment funds The permanent endowments are invested to provide an in¢ome to fund scholarships, staff research and sludenl prizes al The University of Buckingham, in accordance with the donors, respective wishes. Gregory Ondaatje Brunner Weston 1997 Weston 1999 Other Scholarships in Business, Humanities and Sclence General bursaries for students Scholarships for Business and Law Scholarships for Business and Law Scholarships for Business and Law Scholarships for Law 24
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial statements for the year ended 31 DECEMBER 2020 (continued) 16 Movement In funds (contlnuedl The Coase and Desborough expendatrAe endowments are also invosled bul their base capital as well as income Can be used to fund disbursements in accordance with the donors. wishes, being lo fund Economics and Business scholarships respeclively.Olher reslri¢ted funds are disbursed in accordance with the donors, wishes, the main unexpended element being the Klallen Fund. The purpose of thi5 fund is to further the development of the Entrepreneurship and Innovation Centre plus fund the costs of scholarships to students of The University of Buckingham studying courses within this Cenlre. 2019 Restated At1 Jan 2019 Incoming Net gainlllossl Outgolng At31 resource5 on Investment resources Dec 2019 Permanent endowm9nts Gregory Ondaatje Brunner Weston 1997 Weston 1999 Other 1.250.646 368.097 122.062 98,957 167,214 266,215 82.449 6,254 2,074 1,681 2,841 4.524 103,390 30.430 10.091 8,181 13,823 22,012 (60,4091 1,376,076 {10,3491 394,432 14,9951 129,232 18.3991 100,420 17831 183,095 110,747) 282.004 Total pemianent endowments Expendablg endowments Deslx>rough Coase Grosvenor TrLtsl 2,273,191 99,823 187.927 (95,6821 2,46S,259 531,646 303,529 425 9,434 5,386 43,952 25,093 35 115.5161 120,3111 12) 569,516 313,697 485 Total expendable endowments 835,600 14.827 69,080 135,8291 883,678 Total endowment funds 3,108.791 114,650 257.007 {131,5111 3,348,937 Restricted funds Klallen Other restricted funds 1,501,719 41,925 13,970 9,631 1410,2131 1,105.476 13,386 38.170 Total restricted funds 1.543,644 23,801 1423,5991 1,143,646 42,071 Unrestrlcted funds 41,266 40,805 140,0001 Total 4.693,701 179,056 257,007 {595.1101 4.534,654 17 Operatlng Leases Rent receivable under non-cancellable operating leases is as follows.. 2020 2019 Rent receivable within 1 year Rent receivable after 1 year but before S years 61.200 61,200 122,400 183,600 122,400 Leases relate to the rental of tangible fi'xed assets lo the University lo be used as sludenl accommodation. 25
THE UNIVERSITY OF BUCKINGHAM FOUNDATION Notes to the financial statements for the year ended 31 DECEMBER 2020 Icontlnuedl 18 Ultimate parent undertaking and Controlling party Thè Trustees consider that The Unlversity of Buckingham, incorporated by Royal Charter (number RC000730} and a Re9islered Charity {number 11416911, is the immediate and ultimate controlling party by virtue of the Trust Deed. Also, there is shared membership of the boards of The University of Buckingham and The University of Bu¢kingham Foundation, with three Trustges of the Foundation normally being Members of the Council of The University ol Buckingham. The charitable objects of the Foundation are listed earlier, within the Trustees, report. The charitable objects of the University are.. To advance the education of the public by, in particular. supporting and promoting the education {including social and physical Irainingl of students allending the University of Buckingham and by benefilling the wider academic community and purposes of the University of Buckingham as a whole. To promote research into academic and scientific fields of learning. Consolidated financial statements that include the Foundation's financial slalemenls can be obtained from the address below. Finance Department The University of Buckingham Yeomanry House Hunter Street Buckingham MK18 1EG No other group financial slalemenls include the results of the Foundation. 26