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2023-04-30-accounts

Company Number: 05114398 Registered Charity Number: 1109143

CAROLINA TRUST (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

CAROLINA TRUST

CONTENTS

PAGE
Reference and administrative details 3
Report of the Trustees 4-8
Statement of Trustees’ Responsibilities 9
Independent Examiner’s Report 10
Statement of Financial Activities including Income and Expenditure Account 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Financial Statements 14-23

2

CAROLINA TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 APRIL 2023

________________

Charity number 1109143

Company number 05114398

Trustees and Directors

Lucia Halpern James Leloudis Richard Wilmot-Smith Charles Cameron Peter Mallinson

Key management

Associate Dean for Honours College of Arts and Sciences University of North Carolina Director of the Winston House Study Centre – Nicholas Collins

Assistant Director of the Winston House Study Centre – Aisling Henihan (Left 31[th] July 2022) Assistant Director of the Winston House Study Centre – Muhammad Patel(From 6[th] June 2022)

Principal Address

3 Bedford Square, London, WC1B 3RA

Bankers

The Royal Bank of Scotland, 62/63 Threadneedle Street, London, EC2R 8LA

Solicitors

Kingsley Napley 14 St. John's Lane, London, EC1M 4AJ

Independent examiner

J Howard FCA Azets Audit Services 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN

3

CAROLINA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

_____________

The Trustees present their report and the financial statements of the charity for the year ended 30 April 2023.

The financial statements have been prepared in accordance with the 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 (SORP FRS 102) published on 16 July 2014 (as amended by Updated Bulletin 1 published on 2 February 2016).

Comparative figures are for the year 1 May 2021 through 30 April 2022.

Objectives and activities

The objects of the charity are to advance the education of the students of the University of North Carolina at Chapel Hill (“the University”) and particularly the students of its College of Arts and Sciences (“the College”) and to promote the scholarly interests of the University and College faculty in England and Wales and elsewhere by;

The strategies employed to achieve these objectives include the following:

When planning the activities of the charity the Trustees have considered the Charities Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of education. In particular, the charity aims to help students benefit from the social and cultural experiences gained from undertaking a period of study in the United Kingdom and operates Winston House with the primary objective of achieving these aims.

4

CAROLINA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

________________

Achievements and performance

The Trustees are pleased to report on a year in which the charity fulfilled its objectives. All funds received during the year have been applied in meeting the Charity’s charitable objectives.

The Trust holds a lease relating to Winston House, 3 Bedford Square, London granted to it by the University of North Carolina at Chapel Hill Arts and Sciences Foundation. The Trust is funded by fees obtained from renting out classrooms and accommodation and from grants received from the parent entity. These rents and grants are used to maintain the buildings and infrastructure at Winston House. The use of the facilities at Winston House by an increasing number of institutions continues.

The trust has successfully let rooms in Winston House to third party organisations during the year and will continue to seek to increase the rental income it receives from the building.

Any surpluses arising from fees and grants are held for the general benefit of the charity’s operations.

Highlights and Achievements for 2022 – 2023

The Carolina Trust is the University of North Carolina’s European Study Centre in London and aims to “advance the education of the students of the University of North Carolina.” After reopening in the Fall of 2021, following the Covid pandemic, 2022-23 marked our nineteenth year and saw us host a record 40 students for the Spring 2023 semester. The programs hosted in the 2022-23 were as follows

In developing the experience of students through study abroad, Winston House seeks to continue the relationship between graduates and UNC by building relationships with Alumni. This includes several events hosted at Winston House, the University's European Study Centre which seek to educate, entertain, and spotlight Carolina faculty, alumni and global partners who are making a mark on the world through our "Discovery Series" Lecture program. Among those friends and alumni who were featured are:

5

CAROLINA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

_____________

We have also developed a number of internships through our continued relationships with UNC Alumni based in London. These internships last for eleven weeks throughout the Fall and Spring academic terms and find our students benefitting from real world experience with a variety of organizations across London within sectors like Technology, Law, Non-Profit, Research, Public Relations, Finance, the Arts and Theatre. We are enormously grateful to our Alumni who make these terrific opportunities possible.

In addition to the Discovery Series, a variety of alumni receptions were hosted in the space through a variety of different departments within the University including The Carolina Club, the Gillings School of Global Public Health, Kenan-Flagler Business School, UNC School of Media and Journalism, UNC Department of Exercise and Sport Science, Phi Beta Kappa London alumni community, and the Morehead-Cain Scholarship Program.

2022-23 was another exciting year at Winston House. Summer programs returned, the Discovery Series lecture program restarted and Spring semester enrolment surpassed pre-pandemic levels. From here, we are well-positioned to grow our programming in 2023-24 and beyond.

Trustees Annual Meeting

The trustees met via phone and email consultation in early January 2023 to review ongoing programs and expenditures at Winston House, to review and approve new programs scheduled for Summer 2023.

Plans for future periods

The plans for the future periods are covered within the objectives and activities section of the trustees’ and directors’ report.

6

CAROLINA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

________________

Structure, Governance and Management

Organisational Structure and Governing Document

The Trust is a company limited by guarantee. The Carolina Trust was incorporated on 28[th] April 2004. It is registered as a charity with the Charity Commission.

The Trust is a registered charity under the laws of England and Wales, which is overseen by the United Kingdom Charities Commission. The Trustees have appointed a facility manager who is responsible for the activities of the Trust and the day to day management. The Board ensures that the mission of the Trust is implemented and that the financial and management matters adhere to English and Welsh law.

There are currently six members each giving a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. The governing document is the Articles of Association.

Appointment of Trustees

The appointment of Trustees is governed by the articles of Association of the company. The number of trustees must consist of at least two but no more than ten individuals. All appointments must be approved in writing by a duly authorised officer of the College of Arts and Sciences.

The Trustees, who are also the directors for the purpose of company law, who served during the year, were:

Lucia Halpern James Leloudis Richard Wilmot-Smith Charles Cameron Peter Mallinson

None of the Trustees had any beneficial interest in the company during the year.

The Trustees have taken out indemnity insurance.

Trustee induction and training

The trustees assess the need to provide training to new trustees on an individual basis. Trustees are sent information on an ongoing basis of any changes to charity regulations to ensure they are aware of the impact that this may have on their responsibilities.

Risk management

The Trustees have an informal risk management strategy which comprises:

The Board of Trustees is responsible for the management of the risks faced by the Trust. Consideration of such risks is made on an informal ongoing basis and controls to mitigate such risks are reviewed on an ongoing informal basis. A review and assessment of these controls is undertaken on an annual basis.

Through the above, the Trustees are satisfied that the major risks identified are adequately mitigated where necessary. It is recognised that systems can only provide reasonable not absolute assurance that major risks have been adequately managed.

7

CAROLINA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

_____________

Key management

The key operational management personnel of the charity are the Associate Dean for Honours, College of Arts and Sciences, University of North Carolina (who serves as a Trustee) and the Director of the Winston House Study Centre.

The Trustees are kept abreast of matters at an annual meeting and any matters concerning management and personnel, contracts, construction, etc. are brought for consideration by the Trustees.

All Trustees give their time freely and do not receive remuneration in any form from the Charity.

The pay of the Director and Program Manager of the Winston House Study Centre is reviewed annually by the Trustees. Salaries for the Director and Program Manager are recommended by the Associate Dean for Honours and approved by the Trustees.

Related parties

Details of related parties are included in the notes to the financial statements.

8

CAROLINA TrUST STATEMETrif OF TRUSTEES RESPONSIBILMES FOR THE YEAR ENDED 30 APRIL 2023 Trnt￿. rttpoMlbllldo• statsm•nt The Iwstees l%th are atso thie¢ttys of IM Cardina Trust for Ihe purpo888 of conyrty lawl are respo￿1￿1? yepariNJ the Truse8' AnNal Report Ihe financaal slaternents in accrydance appk¢•b￿ kn 8nd UNt8d ￿￿Jd0M Accountmg StsThYarfs IUThled I&￿10M Gwalty Aoxpied A¢twntiffj PradicAI. Cc¢npaty law re4uiw the TnL4tees to wepar? financial slalements for fimnraal year, whith give a tr and fair view of tr state of affairs of the caritat compary and ol the nwrrur¥J ¥r¥J oppli￿l10n of r88(xJrces. IndL1iThJ the InccffieaTrJ exwTrJilure. of dwriiable ¢Lm￿nY Iwtheyear. In prepariw tttes¢ fin•rKial statements. Trtotees •fft 10. 4elect Suitab￿ accthth￿r¥J polKies Ih8n appty th8m con&slenlty', ob8•rye Ihe melhjds and prrrip￿ in ts Charl￿$ S(NiP 2015 (FR$ 1021.. make judgemwls aThJ e81imolos Ihal arn rna80￿b￿ whj w￿jer1.. •tste %4fiether apWKable ac(tyJnlw have bven fdbxd. S￿18¢4 to 8ny mot¢rl•l deparbJr•s d￿dosed ar¥J explwned in ￿on￿l $ta¢))ents,' prepare Ihe fi￿rK#a1 Statements cffj the gLyrvJ coKem bows 11 Is I￿p￿￿o￿l•l? lo that dmrity ti￿•r￿ in ¢)P8rniKM. TrpJ•io••' mPOMlbllltl•• •tsm•nt trusiee• 4re resporlbl¢ fw ko¢pwMJ adequate ac£wnlry recordb that dia(Jae ilh reason8b￿ acwracy 818ny tr.me the finonaal poth.on of the (8rilabSe coryany afvj •n•blo thom ￿ In￿re th81 Ihe fin&￿ill

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th• ¢h8ri18Ne ¢(y))p8ny ond i•kirKa reo$4JWle steps lor Ihe prevention and delection of Iraud and olh•f Ind•p•nd•n¢•x•mln•r Tho chority 1$ exempi examknern r•pr*t Lwthr lh• Ch￿tiO1 SORP 2015 (FRS 1021. Byfyderoffv Bo8rd dj8 D•te. Zqa 2b

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF CAROLINA TRUST FOR THE YEAR ENDED 30 APRIL 2023

________________

Independent Examiner's Report to the Trustees of Carolina Trust

I report to the charity trustees on my examination of the accounts of the company for the year ended 30 April 2023 which are set out on pages 11 to 21.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

J Howard FCA Azets Audit Services 2[nd] Floor, Regis House 45 King William Street London EC4R 9AN

Date[25 January 2024]

10

CAROLINA TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2023 including Income and Expenditure Account

Notes
Income:
Donations and legacies
2
Charitable activities
3
Rental income
4
Other
5
Total Income
Expenditure on:
Charitable activities
Total Expenditure
6
Net Resources Retained
Funds at 1 May 2022
Funds at 30 April 2023		 2023
Unrestricted
Funds
£
(4,324)
703,005
62,359
8,447
769,487
(816,736)
(816,736)
(47,249)
121,367
74,118		 2022
Unrestricted
Funds
£
4,651
330,646
8,693
3,445
347,435
(310,064)
(310,064)
37,371
83,996
121,367

There were no recognised gains or losses other than those shown in the Statement of Financial Activities.

There were no acquisitions or discontinued operations during either of the above two financial years.

The notes on pages 14 to 23 form part of these financial statements

11

CAROUMA TRUST BALANCE SHEEf ICc¥npany numt4r 051143981 FOR THE YEAR ENDED 30 APRIL 2023 2023 2022 Flx¢d A•vts Tgngitkn assets 10 75.443 73,139 Curr•ntA•sots Oeblor8 Cash at bk iThJ •) 4.424 28,112 148.486 277.610 du• wlthln on• y••r 12 149 781 Il•t¢urr•nl ILl•bllllkn•l A•••l• Total As••ts L•s• Curr•nt Ll•bllltl•• R•prn••nt•d by: Unr¢ilrtt¢d fwd• 13 74.118 121,367 74.118 ¢￿￿1blO ctm￿rry to •xiJnktyl Irthn awjil Sethon 477 0lth• CompwnMAc¢ 2C￿ for the y•8r 30 20rJ. The m8mber8 ha% not required the thantat48 to obta"n an ￿th1of118 finand¥ $latom¢N• ￿the y¢gron 30April 2022 in 8cc(rtaKe with Secon 476 01 the Ad 21th. Tru•teg$ 0(Mwledg¢ IW resFxv41rtI8str. al en8unThJ that the company keepB KO￿ti[¥ record8thKh Djrnthwith S¢thn$ 386 ond 387 of Ihtr C￿panIeS Act 21Xk8 and bl p￿paring finanoal gNe a and f8ir ¥iewolthe State of of IhB th8rit#blo company 88 al the end oleath finanoal yearand of 11$ fAJrpAJ$ wtlefvl for each fina￿￿81 year In accJJrdanc8 wlh Ihe fwuirewls olts ¢￿Par1e$ AL# 2(Th rel•br4 io fin&Thial s18knn￿. x+ far ￿ 8p￿Kabkn lo Ihe tharilat4e ojmpary. The fina￿]91 slatements ha¥¢ 7Mth tr of P8rt 15 of the Comparies Acl 2LY)6 rela￿ to Smal LaritaL48 comparmes. fmawl Sthtements 8pprol by fv Boarf olTrt￿ett •rKI signed M its bahawby.. s19￿d on tehawoflhe b rd of kntees JLel dis- Dire£4or 14 J•J•Wy ZQa nths on p¥lle$ 14 ￿ 23 f(*m ￿ o111￿ finants￿ Stateme 12

CAROLINA TRUST

CASHFLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2023

_____________

Notes
Cash flows from operating activities:
Cash generated from operations
16
Cash flows from investing activities:
Purchase of tangible fixed assets
10
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period		 2023
£
(87,454)
(18,012)
(105,466)
249,498
144,032		 2022
£
251,602
(12,910)
238,692
10,806
249,498

The accompanying accounting policies and notes on pages 14 to 23 form part of these financial statements.

13

CAROLINA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

_____________

1. ACCOUNTING POLICIES

The principle accounting policies adopted, judgements and key source of estimation uncertainty in the preparation of the financial statements are as follows:

(a) General Information Carolina Trust is a company limited by guarantee, without share capital in the United Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 2.

(b) Basis of Accounting The charity constitutes a public benefit entity as defined by FRS 102. 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 applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The charitable company have early adopted the Charity SORP (FRS 102) Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

The financial statements are presented in sterling (£).

(c) Preparation of the accounts on a going concern basis The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

(d) Fund accounting:

Funds held by the charity are:

Unrestricted funds – these funds 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.

14

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

________________

1. ACCOUNTING POLICIES (continued)

(e) Income:

All income resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Donations are recognised in the Statement of Financial Activities when the charity is convinced that there is entitlement to the income, there is certainty of receipt and the amount in question is measurable.

Income from charitable activities includes grant income this is recognised in the Statement of Financial Activities when received, unless they are related to a specific future period, in which case they are deferred.

Rental income is recognised in the Statement of Financial Activities for the period it relates to and deferred or accrued accordingly.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. The grants received in the year relate to The Coronavirus Job Retention Scheme. This income has been disclosed as Other Income.

(f) Expenditure:

All expenditure is accounted for on an accruals basis and has been classified under heading that aggregate all the costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probably that the settlement will be required and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes all costs directly attributed to one of the functional categories of resources.

Support costs are indirect costs incurred in supporting the charitable activities and are allocated to charitable activities. Governance costs comprise the expenditure incurred for the management of the compliance with constitutional and statutory requirements.

The charity is not registered for VAT and expenditure is shown gross of irrecoverable VAT.

(g) Taxation The charity has been confirmed to be exempt from Corporation Tax upon any surpluses arising from its activities as long as those surpluses are held for the purpose of the charity’s objects.

(h) Tangible fixed assets:

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Leasehold - 10% straight line Computer equipment - 33.33% straight line Fixtures, fitting and equipment - 20% straight line

The trustees carry out an annual impairment review of the value of fixed assets to determine whether any adjustment to the value of the assets is required. The charity has a specific policy regarding capitalisation of expenditure based on amounts incurred and no amounts under £1,000 are capitalised.

15

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

________________

1. ACCOUNTING POLICIES (continued)

(i) Debtors

Trade debtors and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

(j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less.

(k) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Accruals, Deferred income and other creditors are recognised at their settlement amount due.

(l) 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.

(m) Operating Leases:

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straightline basis.

(n) Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. All exchange differences are reflected in the Statement of Financial Activities.

`

(o) Employee benefits

The charity recognises an accrual for accumulated annual leave accrued by employees as a result of services rendered in the current period for which employees can carry forward and use within the year. The accrual is measured at the salary cost of the respective employee in relation to the period of absence .

(p) Legal Status

The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 30[th] April 2023 there were five members.

16

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

1. ACCOUNTING POLICIES (continued)

(q) Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 10 for the carrying amount of the property, plant and equipment, and note h for the useful economic lives for each class of assets.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2. INCOME FROM DONATIONS AND LEGACIES

Gifts and donations
Gifts and donations transferred to UNC
3.
INCOME FROM CHARITABLE ACTIVITIES
Grants received for charity’s activities
4.
RENTAL INCOME
Rent received
Deferred income b/fwd
Deferred income c/fwd		 Total
2023
£
566
(4,890)
(4,324)
Total
2023
£
703,005
Total
2023
£
62,359
(3,333)
3,333
62,359		 Total
2022
£
4,651
-
4,651
Total
2022
£
330,646
Total
2022
£
5,360
-
3,333
8,693

The deferred income relates to rental income received in advance of the rental period.

17

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

________________

5. OTHER INCOME

Other Income
6.
TOTAL RESOURCES EXPENDED
Charitable costs are made up of:
Cleaning and maintenance
Computer Costs
Council Tax
Depreciation
Heat, light, water and TV License
Legal and professional fees
Management agent fees
Printing, postage and stationary
Rates and insurance
Rent payable
Security Costs
Staff Costs
Pension Contributions
Sundry Expense
Telephone and internet
Travel and events
Entertainment
Accommodation
Bank charges
Theatre Tickets and tours
Faculty and teaching fee
Office Expense
Books, DVD’s etc
Subscriptions and Library cards
Staff Training
Internship placements
Governance costs are made up of:
Independent examiner's fees
Bookkeeping and accountancy fees		 Total
2023
£
8,447
8,447
Total
2023
£
28,293
34
5,016
15,708
18,556
12,666
4,094
1,725
47,233
2,140
3,217
82,820
2,053
-
11,244
93,443
2,074
352,663
1,111
25,610
69,570
2,863
1,076
4,518
-
18,838
3,600
6,571
816,736		 Total
2022
£
3,445
3,445
Total
2022
£
21,602
-
2,491
11,449
11,584
1,640
13,839
897
26,418
623
1,489
58,123
1,117
(48)
5,993
41,362
168
21,090
989
17,779
37,973
1,836
533
3,642
1,500
-
2,520
23,457
**310,064 **

18

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

________________

7. NET INCOME/(EXPENDITURE) FOR THE YEAR

Net income is stated after charging:
Depreciation of tangible fixed assets
Independent examiner fees
Operating lease costs		 Total
Total
2023
2022
£
£
15,708
11,449
3,600
2,520
100
100

8. TRUSTEES’ REMUNERATION AND BENEFITS

None of the trustees received any remuneration in the year (2022: £nil)

Trustees’ expenses

Total expenses reimbursed during the year was £nil (2022: £nil) other than as detailed in note 16.

9. STAFF COSTS

Total staff emoluments for the year were as follows:
Wages and salaries
SMP received
Social security costs
Pension Contributions		 Total
2023
£
107,431
(17,103)
10,346
2,053
102,727		 Total
2022
£
60,635
(8,199)
5,687
1,117
59,240

There were no employees whose annual emoluments were £60,000 or more.

Pension contributions are made on behalf of the employees into a third party pension scheme. Pension contributions totalling £2,053 (2022: £1,117) were made into a third party pension scheme.

Included in the above are teaching fees of £0 (2022: £0), which are included in faculty and teaching fees.

Number of employees

The average monthly number of employees, during the year was:

Administration 2023
£
3
3		 2022
£
2
2

The key management of the charity comprises of the: Associate Dean for Honours, College of Arts and Sciences, University of North Carolina, Director of the Winston House Study Centre, the Assistant Director of the Winston House Study Centre.

The total employee benefits of the key management personnel were £78,133 (2022: £56,253)

19

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

_____________

10. TANGIBLE FIXED ASSETS

Cost or valuation
1 May 2022
Additions
30 April 2023
Depreciation
1 May 2022
Charge for the year
30 April 2023
Net Book Value
30 April 2023
30 April 2022		 Leasehold
Property
£
64,372
10,342
74,714
30.263
6,660
36,923
37,791
34,109		 Computer
Equipment
£
43,455
-
43,455
39,645
1,272
40,917
2,538
3,810		 Fixtures,
Fittings &
Equipment
£
81,165
7,670
88,835
45,945
7,776
53,721
35,114
35,220		 Total
£
188,992
18,012
207,004
115,853
15,708
131,561
75,443
73,139

The net book value at 30 April 2023 represents fixed assets used for support of the charity.

11. DEBTORS

Trade debtors
Prepayments and accrued income
Other debtors		 Total
2023
£
4,424
-
-
4,424		 Total
2022
£
-
28,112
-
28,112

20

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

________________

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Accruals
Deferred Income (note 12.1)
Other taxation and social security
Rent deposits held		 Total
2023
£
118,826
9,145
2,870
3,333
5,607
10,000
149,781		 Total
2022
£
49,427
309
2,630
164,986
2,029
10,000
229,382

12.1 Deferred Income

At 1 July 2022
Deferred income during the year
Amounts released to income during the year
At 30 June 2023		 Total
2023
£
164,986
3,333
(164,986)
3,333		 Total
2022
£
-
164,986
-
3,333

Deferred income relates to Grant income received pre year-end which relates to a period post year end.

13. UNRESTRICTED FUNDS

Total Total

At 1 May 2022/2021
Surplus for the period
At 30 April 2023/2022		 2023
£
121,367
(47,249)
74,118		 2022
£
83,996
37,371
121,367

14. OPERATING LEASE COMMITMENTS

At 30 April 2023 the charity had annual commitment under non-cancellable operating lease for land and buildings of £100. The lease expires after 25 years from 1[st] September 2005. This is split as follows:

Within one year
Within two to five years
After more than five years		 2023
£
100
400
200
700		 2022
£
100
400
400
900

21

CAROLINA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

_____________

15. RELATED PARTY DISCLOSURE

The University of North Carolina (UNC) is a related party by virtue of the company’s memorandum and articles of association stating that the objects of the company are limited to “advance the education of the students of the University of North Carolina”. All members of the Management Board must be approved by the UNC College of Arts and Sciences

During the year the Trust received grants totalling £703,005 (2022: £330,646) from University of North Carolina, which included £62,359 (2022: £8,693) of rental charges charged between the period of 1st May 2022 and 30th April 2023.

During the year, the Trust transferred donations totalling £4,890 (2022: £0) to University of North Carolina

16. Reconciliation of net income to net cash flow from operating activities

Net income / (expenditure) for year
Depreciation of tangible fixed assets
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities		 2023
£
(47,249)
15,708
23,688
(79,601)
(87,454)		 2022
£
37,371
11,449
(1,102)
203,884
251,602

22

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

________________

17. Statement of Financial activities (Previous year)

Notes
Income:
Donations and legacies
2
Charitable activities
3
Rental income
4
Other
5
Total Income
Expenditure on:
Charitable activities
Total Expenditure
6
Net Resources Retained
Funds at 1 May 2021
Funds at 30 April 2022		 2022
Unrestricted
Funds
£
4,651
330,646
8,693
3,445
347,435
(310,064)
(310,064)
37,371
83,996
121,367		 2021
Unrestricted
Funds
£
351
128,225
19,947
12,019
160,542
(160,867)
(160,867)
(325)
84,321
83,996

There were no recognised gains or losses other than those shown in the Statement of Financial Activities.

There were no acquisitions or discontinued operations during either of the above two financial years.

17. UNRESTRICTED FUNDS (Previous year)

Total Total

At 1 May 2021/2020
Surplus for the period
At 30 April 2022/2021		 2022
£
83,996
37,371
121,367		 2021
£
84,321
(325)
83,996

23