Annual Report and Financial Statements 2024
Charity Number: 1094042
Table of Contents
.................................. 1 Legal and Administrative Information ........................................................... 2 Report of the Trustees Independent Auditors’ Report ............................................... 8 Statement of Financial Activities ......................................... 11 Balance Sheet as at 31 December 2024 ............................... 12 Notes to the Financial Statements ...................................... 13
University of Buckingham Foundation Annual Report and Financial Statements 2024
Legal and Administrative Information
Chair of the Board of Trustees
Mr Mark Rushton - (Completed Term June 2024)
Mrs Camilla Soames – Appointed as Chair June 2024
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 - (Completed Term June 2024)
Prof James Tooley, Vice-Chancellor of the University and Member of the University’s Council Mrs Carolyn Cumming - (Completed Term June 2024)
Ms Lorinda Long - (Completed Term June 2024)
Mrs Amanda Nicholson - (Completed Term June 2024)
Mr David Cole, Chief Financial Officer of the University
Mrs Camilla Soames, Vice-Chair of the University's Council
Professor Harriet Dunbar-Morris, Pro Vice-Chancellor and Provost of the University and Member of the University’s Council – Appointed May 2024
Professor Dabarpita Bardhan-Correia, Executive Member of the University – Appointed May 2024 Mr Mark St John Qualter, Chair of the University’s Council – Appointed May 2024
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
National Westminster Bank plc Milton Keynes Branch Unit 164 166 Midsummer Boulevard Milton Keynes MK9 3BA
University of Buckingham Foundation Annual Report and Financial Statements 2024 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
trustees who are also independent trustees of the University of Buckingham, including the Chair.
University of Buckingham Foundation Annual Report and Financial Statements 2024 2
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 is 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 meetings ~~.~~
FINANCIAL REVIEW
Buckingham.
£21,259 (2023: £18,757) was spent on investment management costs. Scholarships, prizes and grants in support of the University were £84,081 (2023: £312,453). Disbursements in 2023 included the final grant payment of £117,395
during 2023. Other funding includes scholarship awards to 29 students during the year.
fundraising, to generate funds for more scholarship schemes but also other projects that will enhance the teaching and learning experience of students atending the University.
Reserves
which are detailed below.
| which are detailed below. The Foundation holds endowment, restricted |
restricted and unrestricted funds, the current | current and prior year-end balances of |
|---|---|---|
| 31 December 2024 | 31 December 2023 | |
| £ | £ | |
| Endowment funds | 4,200,202 | 4,159,329 |
| Restricted funds | 526,010 | 313,943 |
| Unrestricted funds | 59,120 | 49,081 |
| 4,785,332 | 4,522,353 |
At the date of the signing of these accounts progress has been made on the review of Endowment and Restricted
steps to be taken.
University of Buckingham Foundation Annual Report and Financial Statements 2024 3
Report of the Trustees
£853,660).
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 income return of between 2.0% and 2.5%.
Waverton Investment Management, the Foundation's Investment Managers, report as follows:
“2024 marked another positive year for equity investors, and particularly those focussed on the US market. The MSCI AC World Index rose by +19.6%, with the S&P500 index producing a return of +27.3% (both in £ terms) as the “Magnificent 7” technology shares continued their rapid ascent. These seven companies accounted for almost one third of the entire US market by the end of the year and as a result they have had a big distorting effect for performance comparators. Gilts, on the other hand produced a negative return of -4.1% as inflation concerns resurfaced in the wake of the first Labour budget and the election of Donald Trump. Over the calendar year the portfolio produced a total return of +8.41% net of fees versus the Waverton Balanced Index benchmark which rose by +12.13% and 1 month cash which returned +5.09%. The performance exceeded that of the peer group, as measured by the ARC Balanced Asset Charity Index (net of fees) which was +6.60%.
In the first half (to 30th June) the portfolio produced a +4.88% total return. The total return of the benchmark over this period was +7.15%. For the second half the figures show a gain of +3.36% versus the benchmark total return of +4.65%.
As indicated above, the best performance during the year came from the technology sector, led by Amazon, Alphabet and IBM, but there were also notable performances from T-Mobile in the US, Berkshire Hathaway and Gold Bullion. Anglo American, meanwhile, recovered somewhat from a very poor 2023. On the negative side, UPM Kymmene, the Finnish paper producer was very weak as commodity prices did not recover as expected and Sandvik also lost value due to delays in their order book. The “Alternatives” space generally (excluding gold) was also weak due to concerns about inflation and the slower than expected fall in interest rates – often these types of asset are high yielders in the portfolio and therefore what happens to rates does have a bearing on their returns.
University of Buckingham Foundation Annual Report and Financial Statements 2024 4
Report of the Trustees
Asset allocation changed moderately compared to a year ago - we increased the equity weighting as we gained confidence in the ongoing post-pandemic economic recovery and we reduced fixed interest as inflation proved to be “stickier” than expected. At the end of the year the equity weighting stood at 64.8% (versus 60% as at 31[st] December 2023), while the fixed interest weighting stood at 17.9% (versus 21.5%). Portfolio sales are listed in the table below. New positions were purchased in Ferguson (plumbing and heating products), United Rentals (construction and industrial equipment rental), Marsh & McLennan (insurance), Interactive Brokers (online trading platform), Sumitomo Mitsui Financial Group (Japanese bank) and Montlake Dunn (systematic trend following hedge fund). We also replaced one of the fixed interest holdings with a shorter duration (and therefore lower risk) UK 1.125% 31/01/39 Treasury Gilt.
Looking ahead, it is striking how much the world has changed in the last few months, with Trump’s return to the White House creating significant uncertainty for America’s friends and foes alike. For investors, the imposition of tariffs is the biggest concern, as it means the inflationary outlook has worsened and while interest rates are still expected to fall, the cuts will not be as much as had previously been priced in. Trump saying he is prepared to accept a recession in the short term in return for a rebooting of the US economy is not the message the markets want to hear. Add to this a very unstable geopolitical environment – once again Trump not helping to stabilise the Ukraine / Russia situation or relations with Canada, Europe and Mexico – and it is understandable that positioning has become more defensive. At this stage we do not expect to see a recession in the US, but we are closely monitoring data such as consumer confidence where there are signs of weakening.
As a result of the above, we have slightly reduced our equity weighting in 2025 and added to fixed income - this means that we are neutral in terms of our positioning as I write.
During the year income of £75,737.23 was generated and remitted to the Trustees. The yield on the portfolio was 2.3% as at 31[st] December which is within the range set by the Trustees.”
Gains / Losses Realised During 2024
| Gains / Losses Realised During 2024 | |||
|---|---|---|---|
| Stock Name | Cost (£) | Sales Proceeds (£) |
Profit / Loss (£) |
| T Mobile US | 18,045 | 33,071 | 15,026 |
| Interactive Brokers Group | 13,154 | 19,618 | 6,464 |
| Inditex | 9,836 | 20,503 | 10,687 |
| Tokyo Metro | 15,900 | 22,520 | 6,620 |
| UK Treasury1.25% 31/07/2051 | 63,204 | 62,594 | -610 |
| Pepsico Inc | 75,327 | 73,772 | -1,555 |
| Syncona | 55,190 | 43,059 | -12,131 |
| Redwheel Global EmergingMarkets | 58,211 | 47,994 | -10,217 |
| Gold Bullion Securities | 14,125 | 25,829 | 11,704 |
| Linde | 19,056 | 28,858 | 9,802 |
| Costco Wholesale Group | 42,085 | 94,152 | 52,067 |
| US TreasuryTIPS 1% 15/02/2046 | 64,015 | 59,432 | -4,583 |
University of Buckingham Foundation Annual Report and Financial Statements 2024 5
Report of the Trustees
GOING CONCERN
are limited 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
-
material departures disclosed and explained in the financial statements; and
are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the
University of Buckingham Foundation Annual Report and Financial Statements 2024 6
Report of the Trustees
Approved by the Trustees and signed on their behalf by:
MRS CAMILLA SOAMES, CHAIR 13[th] May 2025
University of Buckingham Foundation Annual Report and Financial Statements 2024 7 yy,
Independent Auditors’ Report (continued)
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2024
Opinion
We have audited the financial statements of the University of Buckingham Foundation (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation of the charity’s financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, including consideration of financial forecasts and cashflows, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
University of Buckingham Foundation Annual Report and Financial Statements 2024 8
Independent Auditors’ Report (continued)
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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 to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent 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 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 information, 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 to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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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 Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 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 responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
University of Buckingham Foundation Annual Report and Financial Statements 2024 9
Independent Auditors’ Report (continued)
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Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements;
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Enquiry of management and those charged with governance to identify any instances of known or suspected instances of fraud;
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Enquiry of management and those charged with governance around actual and potential litigation and claims;
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• Enquiry of management about any instances of non-compliance with laws and regulations;
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Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness;
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Evaluating the business rationale of significant transactions outside the normal course of business;
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Reviewing accounting estimates for bias;
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Performing audit work over the grant making and monitoring process;
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Reviewing minutes of meetings of those charged with governance;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial 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 reflected in the financial statements, 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 FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
MHA, Statutory Auditor
London, United Kingdom
Date: 29 May 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
MHA Audit Services LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
University of Buckingham Foundation Annual Report and Financial Statements 2024 10
Statement of Financial Activities
| Unrestricted | Restricted | Endowment | Total Funds | Total Funds Total Funds |
||
|---|---|---|---|---|---|---|
| Note | funds | funds | funds | 2024 | 2024 2023 |
|
| £ | £ | £ | £ | £ £ |
||
| Income and endowments from: | ||||||
| 2 | Donations and legacies | 61,767 | 25,470 | - | 87,237 | 87,237 456,708 |
| 3 | Income from charitable activities | - | 61,200 | - | 61,200 | 61,200 61,200 |
| 4 | Investments | 9,331 | 75,737 | - | 85,068 | 85,068 76,234 |
| 71,098 | 162,407 | - | 233,505 | 233,505 594,142 |
||
| Expenditure on: | ||||||
| 5 | Raising funds | - | (21,259) | - | (21,259) | (21,259) (18,757) |
| 6 | Charitable activities | (61,059) | (84,081) | (16,004) | (161,144) | (383,968) |
| (61,059) | (105,340) | (16,004) | (182,403) | (182,403) (402,725) |
||
| Net gains on investments | - | - | 211,877 | 211,877 | 211,877 220,707 |
|
| Net Income | 10,039 | 57,067 | 195,873 | 262,979 | 262,979 412,124 |
|
| 15 | Transfers between funds | - | 155,000 | (155,000) | - | - - |
| Net movement in funds | 10,039 | 212,067 | 40,873 | 262,979 | 262,979 412,124 |
|
| Reconciliation of funds: | ||||||
| Total funds brought forward | 49,081 | 313,943 | 4,159,329 | 4,522,353 | 353 4,110,229 |
|
| Total funds carried forward | 59,120 | 526,010 | 4,200,202 | 4,785,332 | 4,785,332 4,522,353 |
The notes on pages 13 to 25 form part of these financial statements.
University of Buckingham Foundation Annual Report and Financial Statements 2024 11
Balance Sheet as at 31 December 2024
| Note | 31 December 2024 | 31 December 2023 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| 7 | Tangible assets | 837,656 | 853,660 |
| 8 | Investments | 3,348,608 | 3,157,989 |
| Total fixed assets | 4,186,264 | 4,011,649 | |
| Current assets | |||
| 9 | Investments | - | 87,388 |
| 10 | Cash at bank and in hand | 683,149 | 1,507,080 |
| Total current assets | 683,149 | 1,594,468 | |
| Current liabilities | |||
| 11 | Creditors: Amounts fallingdue within oneyear | (84,081) | (1,083,764) |
| Net current assets | 599,068 | 510,704 | |
| Total assets less current liabilities | 4,785,332 | 4,522,353 | |
| Total funds of the charity | |||
| 14,15 | Unrestricted funds | 59,120 | 49,081 |
| 14,15 | Restricted income funds | 526,010 | 313,943 |
| 14,15 | Endowment funds | 4,200,202 | 4,159,329 |
| Total charity funds | 4,785,332 | 4,522,353 |
13[th] May 2025 and are signed on its behalf by:
wih Go SESS Mrs Camilla Soames David Cole University of Buckingham Foundation Annual Report and Financial Statements 2024 12 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 2024 13
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 2024 14
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 2024 15
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 | 2024 | 2023 | |
| £ | £ | £ | £ | £ | |
| Donations received | 767 | 25,470 | 25,470 - |
26,237 | 400,708 |
| Donated services provided by The Universityof Buckingham |
61,000 | - | - | 61,000 | 56,000 |
| Total | 61,767 | 25,470 | 25,470 - |
87,237 | 456,708 |
follows: £155,470 to Restricted funds, £244,976 to Endowment funds and £262 to Unrestricted Funds. Donated
Unrestricted Funds.
3 INCOME FROM CHARITABLE ACTIVITIES
| 3 INCOME FROM CHARITABLE ACTIVITIES | |||
|---|---|---|---|
| Restricted | Total | Total | |
| funds | 2024 | 2023 | |
| £ | £ | £ | |
| Rental income fromproperties | 61,200 | 61,200 | 61,200 |
This income was recognised in the Gregory Expendable Endowment Fund in both years.
University of Buckingham Foundation Annual Report and Financial Statements 2024 16
Notes to the Financial Statements (continued)
4 INCOME FROM INVESTMENTS
| 4 INCOME FROM INVESTMENTS | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total 2024 | Total 2023 | |
| funds | funds | |||
| £ | £ | £ | £ | |
| Deposit account interest | 9,331 | - | - 9,331 |
8,834 |
| Dividends from listed investments | - | 75,737 | 737 75,737 |
67,400 |
| Total | 9,331 | 75,737 | 75,737 85,068 |
76,234 |
In the year to 31 December 2023, £8,834 in income from deposit account interest was generated, allocated as follows: £8,834 to Unrestricted funds. Dividends from listed investments of £67,400 were allocated to Restricted Funds.
5 EXPENDITURE ON RAISING FUNDS
| 5 EXPENDITURE ON RAISING FUNDS | ||
|---|---|---|
| Total 2024 | Total 2023 | |
| £ | £ | |
| Fees charged byWaverton Investment Managers | 21,259 | 18,757 |
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.
detailed Note 15.
| The University of Buckingham, which then disbursed funding to beneficiaries for the purposes of the relevant funds detailed Note 15. |
The University of Buckingham, which then disbursed funding to beneficiaries for the purposes of the relevant funds | The University of Buckingham, which then disbursed funding to beneficiaries for the purposes of the relevant funds | The University of Buckingham, which then disbursed funding to beneficiaries for the purposes of the relevant funds | The University of Buckingham, which then disbursed funding to beneficiaries for the purposes of the relevant funds |
|---|---|---|---|---|
| 2024 | Unrestricted | Restricted | Endowment | Total 2024 |
| funds | funds | funds | ||
| £ | £ | £ | £ | |
| Scholarships | 42,536 | 53,718 | 16,004 | 112,258 |
| Grants | 18,523 | 30,363 | - | 48,886 |
| Total | 61,059 | 84,081 | 16,004 | 161,144 |
University of Buckingham Foundation Annual Report and Financial Statements 2024 17
Notes to the Financial Statements (continued)
| 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 | |||
| Grant funding | Support | 2024 | Grant funding | Support | 2023 | ||
| activities | Costs | Total | activities | Costs | Total | ||
| £ | £ | £ | £ | £ | £ | ||
| Scholarships | 58,573 | 53,685 | 112,258 | 64,589 | 14,783 | 79,373 | |
| Prizes | - | - | - | 1,000 | 229 | 1,229 | |
| Grants | 25,508 | 23,378 | 48,886 | 246,864 | 56,503 | 303,367 | |
| Total | 84,081 | 77,063 | 161,144 | 312,453 | 71,515 | 383,968 | |
| Analysis of support costs | Total 2024 | Total 2023 | |||||
| £ | £ | ||||||
| Bank and other charges | 59 | 75 | |||||
| Depreciation | 16,004 | 15,440 | |||||
| Governance costs | Governance costs | 61,000 | 56,000 | ||||
| Total | 77,063 | 71,515 |
University of Buckingham Foundation Annual Report and Financial Statements 2024 18
Notes to the Financial Statements (continued)
7 TANGIBLE ASSETS
| Investment properties | |
|---|---|
| £ | |
| At 1 January2024 | 965,000 |
| At 31 December 2024 | 965,000 |
| Accumulated Depreciation | |
| At 1 January 2024 | (111,340) |
| Depreciation charge for theyear | (16,004) |
| At 31 December 2024 | (127,344) |
| Net Book Value | |
| At 31 December 2024 | 837,656 |
| At 31 December 2023 | 853,660 |
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
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Listed investments | 3,320,067 | 3,111,935 |
| Cash held byInvestment Manager | 28,541 | 46,054 |
| Balance at 31 December | 3,348,608 | 3,157,989 |
| Listed investments – summary of transactions | ||
| Balance at 1 January | 3,111,935 | 2,864,775 |
| Purchases | 527,656 | 331,656 |
| Sales | (531,401) | (316,586) |
| Netgains on investments | 211,877 | 232,090 |
| Balance at 31 December | 3,320,067 | 3,111,935 |
University of Buckingham Foundation Annual Report and Financial Statements 2024 19
Notes to the Financial Statements (continued)
| Listed investments – geographic analysis | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| UK bonds | 598,112 | 678,365 |
| UK equities | 214,109 | 248,793 |
| Continental European equities | 283,579 | 308,758 |
| North American equities | 1,257,460 | 1,013,584 |
| Japanese equities | 352,513 | 269,967 |
| Asia Pacific equities | 52,544 | 49,168 |
| Emerging market equities | - | 43,698 |
| Alternatives | 561,750 | 499,602 |
| Balance at 31 December | 3,320,067 | 3,111,935 |
In 2023, total investments held with Waverton investments included funds held on behalf of the University of
| The historic cost of investments | 2024 | 2023 | ||
|---|---|---|---|---|
| £ | £ | |||
| Listed investments | 2,782,937 | 2,703,299 | ||
| Individual investments in the listed investments | portfolio that are 5% or more ofthe | total are: | ||
| The historic cost of investments | % of total | 2024 | % of total | 2023 |
| market cost | £ | market cost | £ | |
| Waverton Sterling Bond Fund ‘B’ Inc £ | 9% | 293,821 | 10% | 304,983 |
| Waverton Global Strategic Bond Fund ‘I’ £ | 7% | 244,805 | 8% | 245,964 |
| Market value as at 31 December | 538,626 | 550,947 |
9 CURRENT ASSET INVESTMENTS
This cash deposit represents the part of the endowed and restricted funds held in bank or treasury deposit accounts.
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Santander deposit account | - | 87,388 |
| Balance at 31 December | - | 87,388 |
During 2024, the Santander deposit account was closed and the remaining balance transferred into a newly opened accounts at NatWest, in order to align with the rest of the University’s banking arrangements.
University of Buckingham Foundation Annual Report and Financial Statements 2024 20
Notes to the Financial Statements (continued)
10 CASH IN BANK AND IN HAND
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| NatWest / Barclays Current Accounts | 46,496 | 1,118,591 |
| NatWest / Barclays Deposit Accounts | 636,653 | 388,489 |
| Balance at 31 December | 683,149 | 1,507,080 |
During 2024, the three Barclays accounts were closed and the remaining balances transferred into newly opened accounts at NatWest, in order to align with the rest of the University’s banking arrangements.
11 CREDITORS: AMOUNTS FALLING DUE IN ONE YEAR
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Amounts owed to group and associated undertakings |
84,081 | 1,083,764 |
| Balance at 31 December | 84,081 | 1,083,764 |
The creditors balance is the balance due to The University of Buckingham, a group undertaking. The balance is made up of £84,081 due to The University of Buckingham for Scholarships, Bursaries and other grants and prizes awarded.
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
£9,000).
The University of Buckingham for the University to disburse as scholarships, prizes and grants to its students. As detailed in Note 11, £84,081 (2023: £1,083,764) was owed to the University at the year-end.
during the year (2023: £100).
University of Buckingham Foundation Annual Report and Financial Statements 2024 21
Notes to the Financial Statements (continued)
14 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2024 | Unrestricted | Restricted | Endowment | Total funds |
|---|---|---|---|---|
| funds | funds | funds | 2024 | |
| £ | £ | £ | £ | |
| Fixed assets: | ||||
| Tangible assets | - | - | 837,656 | 837,656 |
| Investments | - | - | 3,348,608 | 3,348,608 |
| Current assets: | ||||
| Cash in bank and in hand | 59,120 | 455,091 | 168,938 | 683,149 |
| Transfer of funds | - | 155,000 | (155,000) | - |
| Creditors | - | (84,081) | - | (84,081) |
| Total current assets | 59,120 | 526,010 | 4,200,202 | 4,785,332 |
| 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 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 |
University of Buckingham Foundation Annual Report and Financial Statements 2024 22
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 2024 | 2024 | resources | investment | Transfers | resources | 2024 |
| £ | £ | £ | £ | £ | £ | |
| Permanent endowments: | ||||||
| Gregory | 1,746,951 | - | 93,395 | - | (16,004) | 1,824,342 |
| Ondaatje | 443,330 | - | 21,447 | - | - | 464,777 |
| Swain | 244,976 | - | 11,807 | (256,783) | - | - |
| Brunner | 146,790 | - | 7,303 | - | - | 154,093 |
| Weston 1997 | 114,022 | - | 5,636 | - | - | 119,658 |
| Weston 1999 | 204,945 | - | 10,196 | - | - | 215,141 |
| Other | 318,091 | - | 15,775 | (62,126) | - | 271,740 |
| Total permanent endowments | 3,219,105 | - | 165,559 | (318,909) | (16,004) | 3,049,751 |
| Expendable endowments | ||||||
| Desborough | 646,898 | - | 32,181 | - | - | 679,079 |
| Coase | 292,798 | - | 14,112 | (30,000) | - | 276,910 |
| Swain | - | - | - | 131,783 | - | 131,783 |
| Other | 528 | - | 25 | 62,126 | - | 62,679 |
| Total expendable endowments | 940,224 | - | 46,318 | 163,909 | - | 1,150,451 |
| Total endowment funds | 4,159,329 | - | 211,877 | (155,000) | (16,004) | 4,200,202 |
| Restricted funds: | ||||||
| Gregory | 190,835 | 94,585 | - | - | (25,630) | 259,790 |
| Ondaatje | 1,661 | 7,666 | - | - | (6,277) | 3,050 |
| Brunner | 4,721 | 2,612 | - | - | (2,108) | 5,225 |
| Weston 1997 | 2,908 | 2,014 | - | - | (565) | 4,357 |
| Weston 1999 | 6,593 | 3,644 | - | - | (1,523) | 8,714 |
| Desborough | 20,812 | 11,503 | - | - | (28,230) | 4,085 |
| Coase | - | 5,044 | - | 30,000 | (34,354) | 690 |
| Swain | - | 4,221 | - | 125,000 | (1,629) | 127,592 |
| Other restricted funds | 86,413 | 31,118 | - | - | (5,024) | 112,507 |
| Total funds carried forward | 313,943 | 162,407 | - | 155,000 | (105,340) | 526,010 |
| Unrestricted funds | 49,081 | 71,098 | - | - | (61,059) | 59,120 |
| Total | 4,522,353 | 233,505 | 211,877 | - | (182,403) | 4,785,332 |
The transfer of £30,000 on the Coase expendable endowment relates to a transfer of funds to the Coase restricted fund, to fund expenditure in 2024. The Trustees approved the use of this capital.
At the date of the signing of these accounts progress has been made on the review of Endowment and Restricted
adjustments have been made as at 31 December 2024. The Swain Permanent Endowment balance of £256,783 was reclassified and £131,783 was transferred to Expendable Endowments and £125,000 to Restricted Funds. Headley Trust Permanent Endowment balance of £62,126 was transferred to Expendable Endowment Funds. Weston 1999
be taken.
University of Buckingham Foundation Annual Report and Financial Statements 2024 23
Notes to the Financial Statements (continued)
Purpose of restricted and endowment funds
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, Desborough and Swain 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
| 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 |
University of Buckingham Foundation Annual Report and Financial Statements 2024 24
Notes to the Financial Statements (continued)
16 OPERATING LEASES
| 16 OPERATING LEASES | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Rent receivable within 1 year | 61,200 | 61,200 |
| Rent receivable after 1year but within 5years | 102,000 | 163,200 |
| Balance at 31 December | 163,200 | 224,400 |
Operating leases relate to the rental of tangible fixed assets to the University to be used as student accommodation. The formal lease 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 2024 25