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 acCordan￿￿th 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 e￿stIng 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 a￿1
the University. At each of their meetings the Trustees receive an update on the University from the wi￿Chance110r 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 De￿mber 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 y8￿uS 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 ￿t￿M of the benchma￿ overlhis
periodwas +2.69%. Forlhe second half the figures showa g8in of +8. 62% Ye￿U$ 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 alSoperfo￿ned
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¢al￿e 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 AC￿pted 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 re￿ived, 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 part￿ular 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 I￿nSaction 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 seNI￿S 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 be￿een 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.
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