Charity number: 1103965
Friends of the University of Sydney
Unaudited
Trustees' report and financial statements
For the year ended 31 March 2022
Friends of the University of Sydney
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Trustees' responsibilities statement | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
Friends of the University of Sydney
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 March 2022
| Trustees | Mrs Melissa J. Hardee |
|---|---|
| Prof. Andrew JS. Coats | |
| Mr John Dauth | |
| Mr Anton Eisdell | |
| Ms Pauline M. Lyle-Smith | |
| Mr Geoffrey Robertson | |
| Mr Nicholas Street | |
| Charity registered number 1103965 Principal office 12 Lady Cross Business Park Hollow Lane Dormansland Lingfield Surrey RH7 6PB Accountants Kreston Reeves LLP Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ |
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Friends of the University of Sydney
Trustees' report For the year ended 31 March 2022
The trustees present their annual report and financial statements of the charity for the period ended 31 March 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s constitution, the Charities Act 2011 and Accounting and Reporting by Charites: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 (effective 1 January 2019).
OUR PURPOSE AND ACTIVITIES FOR THE PUBLIC BENEFIT
The principal objects of the charity are the advancement and promotion of education and, in particular, any educational and charitable purposes connected with the University of Sydney, Australia, and its past and present students.
The charity was established under a Declaration of Trust dated 17 May 2004 to collect and disperse gifts and bequests from United Kingdom residents for the benefit of the University of Sydney. It was registered as a charity with the Charity Commission on the 26th May 2004.
ACHIEVEMENTS AND PERFORMANCE
There has been an increase in net income in the year to 31 March 2022 compared to the year to 31 March 2021 due to donations received. The charity's overhead costs remain minimal.
FINANCIAL REVIEW
During the year ended 31 March 2022 donations of £29,502 including gift aid (2021 - £9,319) were received by the charity.
Statement of public benefit
The Trustees consider that the Friends of the University of Sydney has complied with the duty in Section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission and in accordance with its objectives which are the advancement and promotion of education for the past and present members of the University of Sydney Australia.
Trustees
The Trustees, as shown on page 1, received no remuneration or expenses in respect of their services to the charity.
Reserves policy
The policy of the Trustees for the time being is to maintain only minimal reserves. This is because commitments will not be made beyond donations received and operating costs are expected to be minimal. Reserves are currently £26,009 (2021 – £8,359) and it is intended that the reserves will be cleared by further gifts being made to the University of Sydney.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Appointment of Trustees
Trustees are appointed by resolution of the University of Sydney.
Organisation and Administration
The Trustees generally meet once a year and oversee the management of the Charity. Day-to-day operations are undertaken by Chapel & York Limited. Administration, fundraising and governance costs are met by the University of Sydney.
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Friends of the Unlv•rslty of Sydney Trustees. report Icontinuedl For the year ended 31 March 2022 Approved by order of the members of the board of Trustees and signed on their behaw by." Mrs Melissa J. Hardee Dale.. Zrl,IL3 Page 3
Friends of Ihg University of Sydney Statement of Trustees. responsibtlities For the year ended 31 March 2022 The Trustees are responsible for preparing the Trustees. report and the financial statements in aceordanee wrth applicable law and United Kingdom Accounting Standards (Unrted Kingdom Generalty Accepted Accounting Practicel. The law applicable lo charrties in England & WaS requires the Tnjstees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the Charity and of its incoming resourees and application of resources. including its incon and expenditure. for that period. In preparing these financial statements. the Trustees are requiied to". select suitable accounting policies and then appty tbem consislenlty". observe the methods and principles of the Charities SORP IFRS 102}," make judgments and accounting estimates Ihat are reasonab and prudent", slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject lo any material departu$ disc105ed and explained in the financial statements.. ppare the financial slalements on the 90ing wn¢em basis unless it is inappropriate to presume that the Chanty will continue in business. The Trustees are responsible for keeping adeque accounting records that are sufficient lo show and explain the Chartys transactions and disclose with 850nable accuracy al any time the financial posrtion of the Charity and enable them to ensu that the financial statements compty wrth the Charlties Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also SPOnsible for safeguarding the assets of the Charrty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrties. Approved by order of the members of the t*)ard of Trustees and signed on rts behaff by.. Mrs Melissa J. Hardee Date.. z4,/23 Page 4
Friends of the University of Sydney
Independent examiner's report For the year ended 31 March 2022
Independent examiner's report to the Trustees of Friends of the University of Sydney ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2022.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 21 March 2023
Lucy Hammond BSc FCA
Kreston Reeves LLP
Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ
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Friends of the University of Sydney
Statement of financial activities For the year ended 31 March 2022
| Note Income from: Donations and legacies 2 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2022 £ 17,500 17,500 - - 17,500 - 17,500 17,500 |
Unrestricted funds 2022 £ 11,552 11,552 11,402 11,402 150 8,359 150 8,509 |
Total funds 2022 £ 29,052 29,052 11,402 11,402 17,650 8,359 17,650 26,009 |
As restated Total funds 2021 £ 9,319 |
|---|---|---|---|---|
| 9,319 12,026 |
||||
| 12,026 (2,707) 11,066 (2,707) |
||||
| 8,359 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 13 form part of these financial statements.
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Friends of the Unlversity of Sydney Balance sheet As at 31 March 2022 2022 2021 Note Current assets Debtors 3.694 22.315 Cash al bank and in hand 8.31 S 8.509 Credrtors. amounts falling due within one year {1501 Net current assets 26.009 8,359 Total ngt assots 26,009 8,359 Charlty funds Reslricled funds Unrestricted funds 17.500 8,509 8,359 Total funds 26,009 8,359 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Mrs Melissa J. Hardee Date. ?rl, Iz3 The notes on pages 8 to 13 form part of these financial slatemenls. Page 7
Friends of the University of Sydney
Notes to the financial statements For the year ended 31 March 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Friends of the University of Sydney meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
1.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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Friends of the University of Sydney
Notes to the financial statements For the year ended 31 March 2022
1. Accounting policies (continued)
1.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
1.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2. Income from donations and legacies
| Donations Gift Aid Donations |
Restricted funds 2022 £ 14,000 3,500 17,500 |
Unrestricted funds 2022 £ 11,552 - 11,552 As restated Unrestricted funds 2021 £ 9,319 |
Total funds 2022 £ 25,552 3,500 |
|---|---|---|---|
| 29,052 | |||
| As restated Total funds 2021 £ 9,319 |
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Friends of the University of Sydney
Notes to the financial statements For the year ended 31 March 2022
3. Analysis of expenditure by activities
| Advancement and promotion of education Advancement and promotion of education All costs in 2022 and 2021 were from unrestricted funds. |
Support costs 2022 £ 11,402 As restated Support costs 2021 £ 12,026 |
Total funds 2022 £ 11,402 |
|---|---|---|
| As restated Total funds 2021 £ 12,026 |
||
Analysis of support costs
| Accountancy fees Insurance Admin fees Accountancy Fees Insurance Reversal of prior year error Admin fees |
Support costs 2022 £ 1,950 452 9,000 11,402 Support costs 2021 £ 300 423 2,303 9,000 12,026 |
Total funds 2022 £ 1,950 452 9,000 |
|---|---|---|
| 11,402 | ||
| Total funds 2021 £ 300 423 2,303 9,000 |
||
| 12,026 |
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Friends of the University of Sydney
Notes to the financial statements For the year ended 31 March 2022
4. Independent examiner's remuneration
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 1,200 | - |
| Fees payable to the Charity's independent examiner in respect of: | ||
| All other services not included above | 900 | - |
5. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL).
6. Debtors
| Due within one year Other debtors |
2022 £ 3,694 3,694 |
2021 £ 194 |
|---|---|---|
| 194 |
7. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | - | 150 |
8. Prior year adjustments
The financial statements have been amended to recognise donated administrative services of £9,000 as income and expenditure (see note 11 for further information). This has had £nil impact on both the overall movement in funds and the total funds as at 31 March 2021.
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Friends of the University of Sydney
Notes to the financial statements For the year ended 31 March 2022
9. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds The Edna Briggs Scholarship in Physics Total of funds Statement of funds - prior year Unrestricted funds General Funds |
Balance at 1 April 2021 £ 8,359 - 8,359 Balance at 1 April 2020 £ 11,066 |
Income £ 11,552 17,500 29,052 As restated Income £ 9,319 |
Expenditure £ (11,402) - (11,402) As restated Expenditure £ (12,026) |
Balance at 31 March 2022 £ 8,509 |
|---|---|---|---|---|
| 17,500 | ||||
| 26,009 | ||||
| Balance at 31 March 2021 £ 8,359 |
The Edna Briggs Scholarship in Physics
A postgraduate research scholarship - This scholarship provides financial support to students conducting research in physics.
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Friends of the University of Sydney
Notes to the financial statements For the year ended 31 March 2022
10. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Current assets Total Analysis of net assets between funds - prior year Current assets Creditors due within one year Total |
Restricted funds 2022 £ 17,500 17,500 |
Unrestricted funds 2022 £ 8,509 8,509 Unrestricted funds 2021 £ 8,509 (150) 8,359 |
Total funds 2022 £ 26,009 |
|---|---|---|---|
| 26,009 Total funds 2021 £ 8,509 (150) |
|||
| 8,359 |
11. Related party transactions
The University of Sydney has agreed that it will meet the costs and disbursements of an administrative service provided by Chapel & York Limited including accounts preparation and independent examination. During the year ended 31 March 2022 the university paid £9,000 (2021: £9,000) to Chapel & York Limited and accounts preparation and independent examination fees of £2,100 inclusive of VAT (2021: £150).
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