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;
- Assisting with the establishment and operation of a London Study Centre to serve the Students, Faculty, Alumni and academic units of the University and in particular the College;
- The provision of academic courses, lectures and programs in the history, culture, politics and society of the United Kingdom and Eire and other countries;
- Promoting relations between the College and the University and institutions of higher education and further education in England and Wales and elsewhere;
- Providing or assisting in the provision of grants or loans to Students, Faculty and academic units of the College and the University;
- Providing services and assistance to students from institutions of higher education in England and Wales and elsewhere enrolling to the University and in particular the College; and
- Assisting in the implementation of joint projects related to the academic mission of the University and the College and its partner institutions of higher education in England and Wales and elsewhere insofar as such projects are charitable.
The strategies employed to achieve these objectives include the following:
- To provide and maintain high standard living accommodation, high standard lecture and classroom facilities for the students by using independent organisations; and
- Promoting wider knowledge of the University and its aims by encouraging use of the facilities during vacations by students, lecturers and others.
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
- **Summer 2022 - Nationalism, Immigration and Identity in London & Berlin** `o` **Faculty:** Jeff Spinner-Halev, Department of Political Science
- **Summer 2022 - Romantic Literature and Contemporary Issues: British Romantacism and the Environmental Imagination**
- **Faculty:** Joseph Fletcher, Department of English and Comparative Literature
- **Summer 2022 - Making and Unmaking a Criminal: The Intersection of Criminal Justice and Health Law and Policy** `o` **Faculty:** John Rubin, School of Government, and Jane Perkins, Esq
- **Summer 2022 - London: Science, Literature, and Infectious Disease** `o` **Faculty:** Ann G. Matthysse, Department of Biology
- **Summer 2022 - Conquest and Colonization in the English Atlantic World** `o` **Faculty:** Wayne E. Lee, Department of History
- **Fall 2022 - Honours Semester in London**
- **Faculty Director:** Pam Silberman, Department of Health Policy and Management
- **Fall 2022 - Musical Perspectives in London and Florence**
- **Faculty Director:** Donald L. Oehler, Music Department
- **Spring 2023 - Honours Semester in London**
- **Faculty Director:** Michelle Robinson, Department of American Studies
- **Shuford Track in Entrepreneurship Faculty Director:** Jed Simmons, Department of Economics (Shuford Program in Entrepreneurship)
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:
- **October 2022** – **Can We Ever Stop Climate Change?** Attended by our semester students and members of the UNC alumni community in Britain
- **Speaker:** James W. C. White, Craver Family Dean of the College of Arts & Sciences
5
## **CAROLINA TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023**
**_______________________________________________________________________________**
- **November 2022** – **An evening of conversation with UNC alumni working at the US Embassy in London** Attended by our two semester student groups and UNC students studying on exchanges at British universities in London
- **Speakers** : Kathryn Crockart, Minister Counselor for Public Affairs (and former Diplomat in Residence at Chapel Hill), and V. Sindhu Chidambaram, Vice Counsul
- **January 2023** – **An evening of conversation with UNC alumni working at the US Embassy in London** Attended by our semester student group and UNC students studying on exchanges at British universities in London
- **Speakers:** Kathryn Crockart, Minister Counselor for Public Affairs (and former Diplomat in Residence at Chapel Hill!), Marc Derks, American Citizen Services, V. Sindhu Chidambaram, Vice Counsul, and Jeff Coleman, Acting Assistant Legal Attaché, within the FBI/Legal Attaché Office
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:
- Ongoing review of the risks the charity may face;
- Establishment of systems and procedures to mitigate those risks; and
- Implementation of procedures designed to minimise any potential impact on the charity should those risks materialise
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
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## **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 b*k iThJ •)
4.424
28,112
148.486
277.610
du• wlthln on• y••r
12
149 781
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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
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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