Annual Report and Financial Statements 2023
Charity Number: 1094042
Table of Contents
.................................. 1 Legal and Administrative Information ........................................................... 2 Report of the Trustees ............................................... 7 Independent Auditors’ Report Statement of Financial Activities ......................................... 10 Balance Sheet as at 31 December 2023 ............................... 11 Notes to the Financial Statements ...................................... 12
University of Buckingham Foundation Annual Report and Financial Statements 2023
Legal and Administrative Information
Chair of the Board of Trustees
Mr Mark Rushton
Trustees who served during the year and up to the date the financial statements were approved:
Mr Mark Rushton, Member of The University of Buckingham (“the University”) Council Prof James Tooley, Vice-Chancellor of the University and Member of the University’s Council Mrs Carolyn Cumming Ms Lorinda Long Mrs Amanda Nicholson Mr David Cole, Chief Financial Officer of the University Mrs Camilla Soames, Vice-Chair of the University's Council
Registered Office and Principal Place of Business
Yeomanry House Hunter Street Buckingham MK18 1EG
Independent Auditors
MHA 6th Floor 2 London Wall Place London EC2Y 5AU
Investment Managers
Waverton Investment Management Ltd 16 Babmaes Street London SW1Y 6AH
Bankers
Barclays Bank plc Milton Keynes Grafton Court Leicester LE87 2BB
Santander UK plc Business Banking 301 St Vincent Street Glasgow G2 5NT
University of Buckingham Foundation Annual Report and Financial Statements 2023
1
Report of the Trustees
OBJECTIVES AND ACTIVITIES
Charitable Objects
academic community and purposes of The University of Buckingham as a whole; and
-
Managing endowment assets; and
STRUCTURE, GOVERNANCE AND MANAGEMENT
Trustees
the University’s Council and three or more who are independent. The trust deed requires that there be between
members, including the Chair.
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Report of the Trustees
Principal risks and uncertainties
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 strategic, business and operational risks which the Foundation faces. The principal 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 analysis and management of a diverse portfolio of assets. Performance is closely monitored through regular investment performance reports and reviews presented at Trustee meeting ~~s.~~
FINANCIAL REVIEW
£18,757 (2022: £17,926) was spent on investment management costs. Scholarships, prizes and grants in support of the University were £312,453 (2022: £414,840). Disbursements for the year included the final grant payment of
funding includes scholarship awards to 31 students during the year.
fundraising, to generate funds for more scholarship schemes but also other projects that will enhance the teaching
Reserves
which are detailed below.
| 31 December 2023 | 31 December 2022 | |
|---|---|---|
| £ | £ | |
| Endowment funds | 4,159,329 | 3,760,770 |
| Restricted funds | 313,943 | 309,399 |
| Unrestricted funds | 49,081 | 40,060 |
| 4,522,353 | 4,110,229 |
At the date of the signing of these accounts progress has been made on the review of Endowment and Restricted
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Report of the Trustees
£869,100).
Investment Performance
The long-term investment policy is to maintain the real value of the investments, while also earning an income to disburse for the purposes of the endowments – scholarships and research grants. The achievement of the policy is monitored against the Waverton Balanced Index, the benchmark adopted by the Trustees, along with a target
Managers, report for the year ending 31 December 2023 as at 06 April 2024, is as follows:
“2023 saw a recovery in markets after a difficult 2022. Returns were very much loaded towards the end of the period, however, once investors felt more comfortable about inflation being brought back under control and as the feeling grew that interest rates have peaked and may start to fall. Over the calendar year the portfolio produced a total return of +9.79% net of fees versus the Waverton Balanced Index benchmark which rose by +11.69% and 1 month cash which returned +4.67%. The performance exceeded that of the peer group, as measured by the ARC Balanced Asset Charity Index (net of fees) which was +6.05%.
In the first half (to 30th June) the portfolio produced a +2.31% total return. The total return of the benchmark over this period was +4.40%. For the second half the figures show a gain of +7.31% versus the benchmark total return of +6.98%.
The best performance during the year came from Amazon , but the technology sector overall was strong as investors focussed on the potential of Artificial Intelligence (“AI”). Intuit, Alphabet and Microsoft all rose sharply as a result of this theme. Outside the technology space Inditex, the owners of Zara, also rose sharply as the consumer outlook improved and the strength of their business model was proven. On the negative side, Anglo American was very weak as the Chinese economy failed to recover from Covid related shutdowns as quickly as expected and the healthcare sector, including Astrazeneca and Thermo Fisher was also relatively weak. The “Alternatives” space continued to perform poorly as interest rates rose further during the year.
The overall asset allocation changed little compared to a year ago, although we did add to our holdings in the fixed interest space as we became more comfortable that bond yields were starting to offer value for the first time in many years. This change was made at the expense of our holdings in “Alternatives” and cash – the equity weighting was broadly unchanged. Portfolio sales are listed in the table below. New positions were purchased in Keyence (industrial robots), United Health (US healthcare provider) and Pepsico (food and beverages). We also added to existing holdings in the two Waverton bond funds during the year and purchased a longer dated UK Gilt which we expect to perform strongly once interest rates start to fall.
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Report of the Trustees
In terms of the outlook it is encouraging to see inflation falling back to more normal levels, although the final drop towards central bank targets may prove to be the trickiest part. There is a strong feeling that interest rates on both sides of the Atlantic have peaked and that they should start to fall as the year progresses – this is generally supportive of the economic backdrop and it is quite possible now that we witness a fabled “soft landing” in the US. Corporate results continue to be positive and earnings forecasts look realistic and are encouraging. Offsetting this are political and geopolitical concerns, with elections in the US and UK in particular being the focus of our attention and it appearing more likely that Donald Trump may regain the White House, with all the chaos that would entail. We are also concerned about the situations in the Middle East and Russia / Ukraine, as well as China’s economic and territorial ambitions. All of this means that we remain neutral in terms of our positioning as I write.”
GOING CONCERN
to the impact on the value of investment returns it can distribute to the University in grants, to support scholarships and bursaries.
the possible withdrawal of such services. The Trustees also consider the likelihood of the withdrawal of this support to be low.
FUTURE ACTIVITIES
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Report of the Trustees
are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the
Approved by the Trustees and signed on their behalf by:
MR MARK RUSHTON, CHAIR 15[th] May 2024
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Independent Auditors’ Report
Opinion
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally
-
and
Basis for opinion
provide a basis for our opinion.
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Independent Auditors’ Report (continued)
to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
We have nothing to report in this regard.
-
statements; or
whether due to fraud or error.
material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it 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
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Independent Auditors’ Report (continued)
suspected instances of fraud;
claims;
and other adjustments for appropriateness;
-
Performing audit work over the grant making and monitoring process;
Report.
Use of our report
trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
MHA
Statutory Auditor London, United Kingdom
~~15~~ [th] ~~May 2024~~ 27 May 2024
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Statement of Financial Activities
| Unrestricted | Restricted | Endowment | Total Funds | Total Funds | ||
|---|---|---|---|---|---|---|
| Note | funds | funds | funds | 2023 | 2022 | |
| £ | £ | £ | £ | £ | ||
| Income and endowments from: | ||||||
| 2 | Donations and legacies | 56,262 | 155,470 | 244,976 | 456,708 | 65,982 |
| 3 | Income from charitable activities | - | 61,200 | - | 61,200 | 61,200 |
| 4 | Investments | 8,834 | 67,400 | - | 76,234 | 65,833 |
| 65,096 | 284,070 | 244,976 | 594,142 | 193,015 | ||
| Expenditure on: | ||||||
| 5 | Raising funds | - | (18,757) | - | (18,757) | (17,926) |
| 6 | Charitable activities | (56,075) | (312,453) | (15,440) | (383,968) | (474,263) |
| (56,075) | (331,210) | (15,440) | (402,725) | (492,189) | ||
| Net gains/(losses) on investments | - | - | 220,707 | 220,707 | (249,504) | |
| Net Income/(expenditure) | 9,021 | (47,140) | 450,243 | 412,124 | (548,678) | |
| 15 | Transfers between funds | - | 51,684 | (51,684) | - | - |
| Net movement in funds | 9,021 | 4,544 | 398,559 | 412,124 | (548,678) | |
| Reconciliation of funds: | ||||||
| Total funds brought forward | 40,060 | 309,399 | 3,760,770 | 4,110,229 | 4,658,907 | |
| Total funds carried forward | 49,081 | 313,943 | 4,159,329 | 4,522,353 | 4,110,229 |
The notes on pages 12 to 24 form part of these financial statements.
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Balance Sheet as at 31 December 2023
| Note | 31 December 2023 | 31 December 2022 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| 7 | Tangible assets | 853,660 | 869,100 |
| 8 | Investments | 3,157,989 | 2,945,624 |
| Total fixed assets | 4,011,649 | 3,814,724 | |
| Current assets | |||
| 9 | Investments | 87,388 | 84,615 |
| 10 | Cash at bank and in hand | 1,507,080 | 1,213,285 |
| Total current assets | 1,594,468 | 1,297,900 | |
| Current liabilities | |||
| 11 | Creditors: Amounts fallingdue within oneyear | (1,083,764) | (1,002,395) |
| Net current assets | 510,704 | 295,505 | |
| Total assets less current liabilities | 4,522,353 | 4,110,229 | |
| Total funds of the charity | |||
| 14,15 | Unrestricted funds | 49,081 | 40,060 |
| 14,15 | Restricted income funds | 313,943 | 309,399 |
| 14,15 | Endowment funds | 4,159,329 | 3,760,770 |
| Total charity funds | 4,522,353 | 4,110,229 |
15[th] May 2024 and are signed on its behalf by:
Mr Mark Rushton Professor James Tooley University of Buckingham Foundation Annual Report and Financial Statements 2023 11 as
Notes to the Financial Statements
1 ACCOUNTING POLICIES
to the University in grants, to support scholarships and bursaries.
such services. The Trustees also consider the likelihood of the withdrawal of this support to be low.
There are four main types of donations and endowments:
-
Restricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.
-
Restricted expendable endowments – the donor has specified a particular objective, and the Foundation has the power to use the capital.
-
Restricted donations – the donor has specified that the donation must be used for a particular purpose.
-
Unrestricted donations – the donor has not specified the use of the donation and it can be used for the general benefit of the Foundation.
Donated services:
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Notes to the Financial Statements (continued)
Funds
Trustees resolve to do so.
Expenditure
the cost of the services provided.
provided to The University of Buckingham, which the University use subsequently to provide scholarships and
Investments
Investments are recognised at market value at the balance sheet date. Any gains or losses on these investments
“Investments” within current assets. Cash deposits at banks, intended to be held for more than twelve months is
restricted income is recognised according to the terms applied to the individual endowment fund.
An investment property is a property (land or a building, or part of a building, or both) held to earn rentals or for
or b) sale in the ordinary course of business.
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Notes to the Financial Statements (continued)
than the carrying amount, the carrying amount is reduced to its recoverable amount.
Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes. Charitable status
Financial instruments
contractual arrangements entered into.
Financial assets:
Equity instruments: An equity instrument is any contract that evidences a residual interest in the assets of the
Cash and cash equivalents
These include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Notes to the Financial Statements (continued)
and considering statutory provisions and market research, the Trustees consider that 20% of the deemed cost relates to land and 80% to buildings, which is depreciated.
- Donated services provided by The University of Buckingham: The Trustees have made what they consider
statements.
2 DONATIONS AND LEGACIES
| Unrestricted | Restricted | Endowment | Total | Total | |
|---|---|---|---|---|---|
| funds | funds | funds | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Donations received | 262 | 155,470 | 244,976 | 400,708 | 25,982 |
| Donated services provided by The Universityof Buckingham |
56,000 | - | - | 56,000 | 40,000 |
| Total | 56,262 | 155,470 | 244,976 | 456,708 | 65,982 |
follows: £25,470 to Restricted funds and £512 to Unrestricted Funds. Donated Services provided by the University
3 INCOME FROM CHARITABLE ACTIVITIES
| 3 INCOME FROM CHARITABLE ACTIVITIES | |||
|---|---|---|---|
| Restricted | Total | Total | |
| funds | 2023 | 2022 | |
| £ | £ | £ | |
| Rental income from properties | 61,200 | 61,200 | 61,200 |
This income was recognised in the Gregory Restricted Fund in both years.
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Notes to the Financial Statements (continued)
4 INCOME FROM INVESTMENTS
| Unrestricted | Restricted | Total 2023 | Total 2022 | ||
|---|---|---|---|---|---|
| funds | funds | ||||
| £ | £ | £ | £ | ||
| Deposit account interest | 8,834 | - | 8,834 | 1,763 | |
| Dividends from listed investments | - | 67,400 | 67,400 | 64,070 | |
| Total | 8,834 | 67,400 76,234 |
65,833 |
In the year to 31 December 2022, £1,763 in income from deposit account interest was generated, allocated as follows: £1,654 to Restricted Funds and £109 to Unrestricted funds. Dividends from listed investments of £64,070 were allocated to Restricted Funds.
5 EXPENDITURE ON RAISING FUNDS
| 5 EXPENDITURE ON RAISING FUNDS | |
|---|---|
| Total 2023 | Total 2022 |
| £ | £ |
| Fees charged by Waverton Investment Managers 18,757 |
17,926 |
0.5% on the balance, plus VAT which is irrecoverable. These fees were charged to Restricted Funds.
6 EXPENDITURE ON CHARITABLE ACTIVITIES
Grants to the University are made from endowed or restricted funds in accordance with the donors’ wishes, or from
investment income and capital where allowable given the donors’ wishes.
students of The University of Buckingham studying courses within this Centre.
detailed Note 15.
| 2023 | Unrestricted | Restricted | Endowment | Total 2023 |
|---|---|---|---|---|
| funds | funds | funds | ||
| £ | £ | £ | £ | |
| Scholarships | 11,592 | 52,341 | 15,440 | 79,373 |
| Prizes | 179 | 1,049 | - | 1,228 |
| Grants | 44,304 | 259,063 | - | 303,367 |
| Total | 56,075 | 312,453 | 15,440 | 383,968 |
University of Buckingham Foundation Annual Report and Financial Statements 2023 16
Notes to the Financial Statements (continued)
| 2022 | Unrestricted | Restricted | Endowment | Total 2022 |
|---|---|---|---|---|
| funds | funds | funds | ||
| £ | £ | £ | £ | |
| Scholarships | 3,930 | 23,301 | 19,300 | 46,531 |
| Prizes | 43 | 471 | - | 514 |
| Grants | 36,084 | 391,134 | - | 427,218 |
| Total | 40,057 | 414,906 | 19,300 | 474,263 |
| Grant funding | Support | 2023 | Grant funding | Support | 2022 | |
|---|---|---|---|---|---|---|
| activities | Costs | Total | activities | Costs | Total | |
| £ | £ | £ | £ | £ | £ | |
| Scholarships | 64,589 | 14,783 | 79,373 | 40,701 | 5,830 | 46,531 |
| Prizes | 1,000 | 229 | 1,229 | 450 | 64 | 514 |
| Grants | 246,864 | 56,503 | 303,367 | 373,689 | 53,529 | 427,218 |
| Total | 312,453 | 71,515 | 383,968 | 414,840 | 59,423 | 474,263 |
| Analysis of support costs | Total 2023 | Total 2022 | ||||
| £ | £ | |||||
| Bank and other charges | 75 | 123 | ||||
| Depreciation | 15,440 | 19,300 | ||||
| Governance costs | 56,000 | 40,000 | ||||
| Total | 71,515 | 59,423 |
University of Buckingham Foundation Annual Report and Financial Statements 2023
17
Notes to the Financial Statements (continued)
7 TANGIBLE ASSETS
| Investment properties | |
|---|---|
| £ | |
| At 1 January2023 | 965,000 |
| At 31 December 2023 | 965,000 |
| Accumulated Depreciation | |
| At 1 January 2023 | (95,900) |
| Depreciation charge for theyear | (15,440) |
| At 31 December 2023 | (111,340) |
| Net Book Value | |
| At 31 December 2023 | 853,660 |
| At 31 December 2022 | 869,100 |
between land at 20% of the cost, which is not depreciated, and buildings at 80% of the cost, which is depreciated.
Equipment under the cost model.
8 FIXED ASSET INVESTMENTS
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Listed investments | 3,111,935 | 2,864,775 |
| Cash held byInvestment Manager | 46,054 | 80,849 |
| Balance at 31 December | 3,157,989 | 2,945,624 |
| Listed investments – summary of transactions | ||
| Balance at 1 January | 2,864,775 | 2,383,522 |
| Purchases | 331,656 | 1,069,934 |
| Sales | (316,586) | (326,081) |
| Netgains/(losses)on investments | 232,090 | (262,600) |
| Balance at 31 December | 3,111,935 | 2,864,775 |
Of the total investment gains, £11,383 (2022: £13,095 loss) relates to investments held on behalf of the University
University of Buckingham Foundation Annual Report and Financial Statements 2023
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Notes to the Financial Statements (continued)
| Listed investments – geographic analysis | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| UK bonds | 678,365 | 535,912 |
| UK equities | 248,793 | 307,950 |
| Continental European equities | 308,758 | 357,921 |
| North American equities | 1,013,584 | 758,750 |
| Japanese equities | 269,967 | 234,863 |
| Asia Pacific equities | 49,168 | 86,822 |
| Emerging market equities | 43,698 | 45,115 |
| Alternatives | 499,602 | 537,442 |
| Balance at 31 December | 3,111,935 | 2,864,775 |
Total investments held with Waverton investments included funds held on behalf of the University of Buckingham
| Analysis of funds held and invested on behalf of | Analysis of funds held and invested on behalf of 2023 |
2022 |
|---|---|---|
| the University of Buckingham | ||
| £ | £ | |
| Balance brought forward | 200,824 | 211,497 |
| Investment income | 3,476 | 3,363 |
| Investment management charges | (967) | (941) |
| Unrealised investment losses | 11,383 | (13,095) |
| University investment held by the Foundation | 214,715 | 200,824 |
| Balance of legacy to be invested | 35,261 | - |
| Scholarships awarded by the University | (5,000) | - |
| Transferred to the Foundation with donor approval |
(244,976) | - |
| Balance carried forward | - | 200,824 |
permanent endowment fund created to hold the funds in the name of the donor, Ronald Swain.
| The historic cost of investments | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| Listed investments | 2,703,299 | 2,624,345 |
University of Buckingham Foundation Annual Report and Financial Statements 2023
19
Notes to the Financial Statements (continued)
| The historic cost of investments | % of total | 2023 | % of total | 2022 |
|---|---|---|---|---|
| market cost | £ | market cost | £ | |
| Waverton Sterling Bond Fund ‘B’ Inc £ | 10% | 304,983 | 9% | 264,928 |
| Waverton Global Strategic Bond Fund ‘I’ £ | 8% | 245,964 | 7% | 206,460 |
| Market value as at 31 December | 550,947 | 471,388 |
9 CURRENT ASSET INVESTMENTS
This cash deposit represents the part of the endowed and restricted funds held in bank or treasury deposit accounts.
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Santander deposit account | 87,388 | 84,615 |
| Balance at 31 December | 87,388 | 84,615 |
| 10 CASH IN BANK AND IN HAND | ||
| 2023 | 2022 | |
| £ | £ | |
| Barclays current accounts | 1,118,591 | 876,346 |
| Barclays deposit account | 388,489 | 321,303 |
| Cash in transit | - | 15,636 |
| Balance at 31 December | 1,507,080 | 1,213,285 |
Cash in transit relates to un-cleared lodgements as at the year-end date.
11 CREDITORS: AMOUNTS FALLING DUE IN ONE YEAR
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Amounts owed to group and associated undertakings |
1,083,764 | 1,002,395 |
| Balance at 31 December | 1,083,764 | 1,002,395 |
The creditors balance is the balance due to The University of Buckingham, a group undertaking. The balance is made up of £1,328,740 due to the University for Scholarships, Bursaries and other grants and prizes awarded, less
University of Buckingham Foundation Annual Report and Financial Statements 2023 20
Notes to the Financial Statements (continued)
12 TRUSTEE REMUNERATION AND EXPENSES
The Trustees neither received nor waived any emoluments during the year and previous year. No Trustee was
13 RELATED PARTY TRANSACTIONS
trustee, during the year (2022: £100).
14 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2023 | Unrestricted | Restricted | Endowment | Total funds |
|---|---|---|---|---|
| funds | funds | funds | 2023 | |
| £ | £ | £ | £ | |
| Fixed assets: | ||||
| Tangible assets | - | - | 853,660 | 853,660 |
| Investments | - | - | 3,157,989 | 3,157,989 |
| Current assets: | ||||
| Investments | - | 87,388 | - | 87,388 |
| Cash in bank and in hand | 49,081 | 1,310,319 | 147,680 | 1,507,080 |
| Creditors | - | (1,083,764) | - | (1,083,764) |
| Total current assets | 49,081 | 313,943 | 4,159,329 | 4,522,353 |
| 2022 | Unrestricted | Restricted | Endowment | Total funds |
| funds | funds | funds | 2022 | |
| £ | £ | £ | £ | |
| Fixed assets: | ||||
| Tangible assets | - | - | 869,100 | 869,100 |
| Investments | - | - | 2,945,624 | 2,945,624 |
| Current assets: | ||||
| Investments | - | 84,615 | - | 84,615 |
| Cash in bank and hand | 40,060 | 1,026,356 | 146,869 | 1,213,285 |
| Creditors | - | (801,572) | (200,823) | (1,002,395) |
| Total current assets | 40,060 | 309,399 | 3,760,770 | 4,110,229 |
University of Buckingham Foundation Annual Report and Financial Statements 2023
21
Notes to the Financial Statements (continued)
15 MOVEMENT IN FUNDS
| 15 MOVEMENT IN FUNDS | ||||||
|---|---|---|---|---|---|---|
| At 1 Jan | Incoming | Net gain on | Outgoing | At 31 Dec | ||
| Movement in funds 2023 | 2023 | resources | investment | Transfers | resources | 2023 |
| £ | £ | £ | £ | £ | £ | |
| Permanent endowments: | ||||||
| Gregory | 1,661,016 | - | 101,375 | - | (15,440) | 1,746,951 |
| Ondaatje | 419,528 | - | 23,802 | - | - | 443,330 |
| Swain | - | 244,976 | - | - | - | 244,976 |
| Brunner | 138,758 | - | 8,032 | - | - | 146,790 |
| Weston 1997 | 107,823 | - | 6,199 | - | - | 114,022 |
| Weston 1999 | 193,731 | - | 11,214 | - | - | 204,945 |
| Other | 300,750 | - | 17,341 | - | 318,091 | |
| Total permanent endowments | 2,821,606 | 244,976 | 167,963 | - | (15,440) | 3,219,105 |
| Expendable endowments | ||||||
| Desborough | 611,501 | - | 35,397 | - | - | 646,898 |
| Coase | 327,164 | - | 17,318 | (51,684) | - | 292,798 |
| Other | 499 | - | 29 | - | - | 528 |
| Total expendable endowments | 939,164 | - | 52,744 | (51,684) | - | 940,224 |
| Total endowment funds | 3,760,770 | 244,976 | 220,707 | (51,684) | (15,440) | 4,159,329 |
| Restricted funds: | ||||||
| Gregory | 127,526 | 92,158 | - | - | (28,849) | 190,835 |
| Ondaatje | 415 | 7,269 | - | - | (6,023) | 1,661 |
| Brunner | 2,951 | 2,453 | - | - | (683) | 4,721 |
| Weston 1997 | 1,542 | 1,893 | - | - | (527) | 2,908 |
| Weston 1999 | 4,121 | 3,425 | - | - | (953) | 6,593 |
| Desborough | 13,009 | 10,810 | - | - | (3,007) | 20,812 |
| Coase | (21,626) | 5,289 | - | 51,684 | (35,347) | - |
| Klatten | 117,395 | - | - | - | (117,395) | - |
| Other restricted funds | 64,066 | 160,774 | - | - | (138,427) | 86,413 |
| Total funds carried forward | 309,399 | 284,071 | - | 51,684 | (331,211) | 313,943 |
| Unrestricted funds | 40,060 | 65,096 | - | - | (56,075) | 49,081 |
| Total | 4,110,229 | 594,143 | 220,707 | - | (402,726) | 4,522,353 |
The transfer of £51,684 on the Coase expendable endowment relates to a transfer of funds to the Coase Restricted fund, to fund the balance of accumulated expenditure to 31 December 2023.
At the date of the signing of these accounts progress has been made on the review of Endowment and Restricted
Purpose of restricted and endowment funds
University of Buckingham Foundation Annual Report and Financial Statements 2023
22
Notes to the Financial Statements (continued)
Gregory Scholarships in Business, Humanities and Brunner Scholarships in Business and Law Ondaatje Scholarships for postgraduate study Weston Scholarships in Business and Law Swain Scholarships across all subject areas Desborough Scholarships and funding for Business Studies Other Scholarships and prizes across all subject areas
The Coase and Desborough expendable endowments are also invested but their base capital as well as income can be used to fund disbursements in accordance with the donors’ wishes, being to fund Economics and Business
Buckingham studying courses within this Centre.
| At 1 Jan | Incoming | Net gain on | Outgoing | At 31 Dec | |
|---|---|---|---|---|---|
| Movement in Funds 2022 | 2022 | resources | investment | resources | 2022 |
| £ | £ | £ | £ | £ | |
| Permanent endowments: | |||||
| Gregory | 1,791,226 | - | (110,910) | (19,300) | 1,661,016 |
| Ondaatje | 447,219 | - | (27,691) | - | 419,528 |
| Brunner | 147,917 | - | (9,159) | - | 138,758 |
| Weston 1997 | 114,940 | - | (7,117) | - | 107,823 |
| Weston 1999 | 206,518 | - | (12,787) | - | 193,731 |
| Other | 320,601 | - | (19,851) | - | 300,750 |
| Total permanent endowments | 3,028,421 | - | (187,515) | (19,300) | 2,821,606 |
| Expendable endowments | |||||
| Desborough | 651,863 | - | (40,362) | - | 611,501 |
| Coase | 348,758 | - | (21,594) | - | 327,164 |
| Other | 532 | - | (33) | - | 499 |
| Total expendable endowments | 1,001,153 | - | (61,989) | - | 939,164 |
| Total endowment funds | 4,029,574 | - | (249,504) | (19,300) | 3,760,770 |
| Restricted Funds: | |||||
| Gregory | 60,355 | 89,848 | - | (22,677) | 127,526 |
| Ondaatje | (1,706) | 7,111 | - | (4,990) | 415 |
| Brunner | 1,254 | 2,355 | - | (658) | 2,951 |
| Weston 1997 | 225 | 1,828 | - | (511) | 1,542 |
| Weston 1999 | 1,752 | 3,288 | - | (919) | 4,121 |
| Desborough | 5,530 | 10,380 | - | (2,901) | 13,009 |
| Coase | (3,542) | 5,545 | - | (23,629) | (21,626) |
| Klatten | 489,582 | 1,355 | - | (373,542) | 117,395 |
| Other restricted funds | 36,386 | 30,684 | - | (3,004) | 64,066 |
| Total funds carried forward | 589,836 | 152,394 | - | (432,831) | 309,399 |
| Unrestricted funds | 39,497 | 40,621 | - | (40,058) | 40,060 |
| Total | 4,658,907 | 193,015 | (249,504) | (492,189) | 4,110,229 |
University of Buckingham Foundation Annual Report and Financial Statements 2023
23
Notes to the Financial Statements (continued)
16 OPERATING LEASES
| 16 OPERATING LEASES | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Rent receivable within 1 year | 61,200 | - |
| Rent receivable after 1year but within 5years | 163,200 | - |
| Balance at 31 December | 224,400 | - |
Operating leases relate to the rental of tangible fixed assets to the University to be used as student accommodation. The formal lease expired in 2022 and was renewed in 2023.
17 ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY
The Trustees consider that The University of Buckingham, incorporated by Royal Charter (number RC000730) and a Registered Charity (number 1141691), 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 Buckingham Foundation, with three Trustees of the Foundation normally being Members of the Council or senior executives of The University of 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 training) of students attending the University of Buckingham and by benefitting 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 statements can be obtained from the address below:
Finance Department The University of Buckingham Yeomanry House Hunter Street Buckingham MK18 1EG
No other group financial statements include the results of the Foundation.
University of Buckingham Foundation Annual Report and Financial Statements 2023
24