Company Number. 05114398 Registered Charity Number: 1109143 CAROLINA TRUST (A COMPANY UMITED BY GUARANTEE} REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
CAROUNA TRUST CONTENTS PAGE Referen and administrative detads Reporl of the Trustees 4-8 Stslement of Trustees, Respcffisibililies Independent Examinerfs Rep(*t 10 ststement of Financial Activities includirvJ In¢ome ar ExperKlilure Aeeount BaSance Sheet 12 Cash Flow Statement 13 Notes to the Financial Statements 14-23
CAROLINA TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 APRIL 2024 Charity number 1109143 Company number 05114398 TNstegs and DirectryS Lucia Halpem James Leloudis Richartl Wilmol-Sn¥th ChaFles Camer Peter Mallinson Key managgment Associate Dean for Honours College of Arts and Sciences University of North Carolina Director of tre Winston House Study Centre- Nicholas Collins Assistant Director of the Winston House Study Centre- Muhammad Patel(Left 30th April 2024) Assistant Direclor of th& Winston House Study Centre- Jacqueline Larrivee {From 24th June 2024} Prlnclpal Address 3 Bedford Square. LoThJon, WC1B 3RA Bankers The Royal 8ank of S(x)IlaNI. 62163 Thr&idneedle StreeL London. EC2R 8LA Solicitors King51ey Napley 14 St. John's Lane, Lorn, EC1M 4AJ Indèpendent èxaminer J Howard FCA Azets Audit Services Floor. Regis House 45 King William Street London EC4R 9AN
CAROLINA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 The Tfustees present their rekK)rt and the ffinanoal statements of the charity for the year ended 30 April 2024. The financi81 ststements have been prepared accordance wth Ihe Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accor(lance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {SORP FRS 1021 published on 16 July 2014 {as amended by Updated Bultin 1 wblished on 2 February 2016). Comparative figures are forthe year 1 May 2022 Ihrough 30 April 2023. iv s and activitles The objects of the charity are to advance the education ofthe Sdents of the University of North Carolina at Chapel Hill llhe Universi} and particularly the students of its College of Arts and Sciences 1.the College") and lo promote the scholarly interests of the University and co18 faculty in England and Wales and elsewhere by; Assisting wlh Ihe establishment and operalion of a London Study Centre to serve the Students. Faculty. Alumni and academic units of the University and in particulai the College,. The provisKin of academic courses, lereS and pwrams in the history, culture, politics 8nd society of the United Kingdom and Eire and other countries: Promoting relab.ons beeen the College and the University and institutions of higher education and further education in England and Wales and elsebthere: Providing or assisting in the provision of grants or loans lo Students. Faculty and academic units of the College and the University- Providing services and assistance lo 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 implernentation of joint projects related to the academic mission of the University and the College and ils partner inslilutions of higher education in England and Wales and elsewhere insofar as such projects are charilable. The strategies employed to achieve se objectives indude the follwrvJ: To provide and maintsin high stsndard living accommo(lation. high standard lecture 8nd classroom facilities for the students by using independent organisabons- and Promoting wider knowledge of the University and ils avns by erbcouraging us8 of the facilities during vacations by students, ieclurers and others. When plannin9 the aclivities of the charity the Trustees have considered the Charities Commission's guidance on public benefit and, in parttcular. Ihe specthc guidance on charitie5 for the advancement of education. In particular, the charity aims lo help students benefit from the social and (yjltural experiences gained frorn undertaking a period of sludy in tha Uniled Kingdcrfrt and op8rales nston House with the primary oty'ective of achieving these aims.
CAROUNA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 Achlevements and rforman¢g The Trustees are pleased to report on a year in which the charity fuffilled its objectives. All funds recetved during the year have been applied in meeting the Charity's charitsble 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 Ihe parent entity. These rents and grants are used to maintsin the buildings and irrfrastwclure at Winston House. The use of the facilities at Winston House by an increasing nurnber of insttbjlions continues. The trust has successfulty let roo in Winston HcMJse to third party oryanisations during the year and will conbnue to seek to increase the rental income tl receNes from the building. Any surpluses arising from fees aTrJ grants are held for the general benefft of the tharity's 4¥*erations. HI hll hts and Achlevem•nts for 2023- 2024 Th8 Car(Aina Trust is the Univetsty of North Carolina's European Study Centre in London and aims to "advance the education of the students of ihe University of North Carolina." 2023-24 marked our tsventielh aeademic year, and our second following the retum of students after the Covid pandemic. Continuing our streak of year-or¢-year growth. the Spring of 2024 saw us set a new semester enrolmenl record of 47 students. The programs hosted in the 202>24 were as fdlows Summer 2023 - Burch In London: Olymplcs and Global Hlstory Faculty: Matt Andrews, Department of History Summer 2023 - Burch in Gerniany• Thè Notherlands & London: Sustslnabillty Fa¢ulty- Greg Gangi. Institule for the Environment Summer 2023 - Conquesl and Colonlzatlon In the Engllsh Auantlc World Faculty: Jessica Wowe. Department of English and Comparative Literature Summer 2023 - Burch In London: CTlmlnal Justlce Faculty: John Rubin. School of Government. aNI Jane Pethns. Esq Summer 2023 - London Calling Faculty: James Leloudis. Department of Htstory & Associate Dean for Honors Carolina Fall 2023 - Honours Semester in London Faculty Diractor. Daniel Wallace. Deparknent of English and CoMparave Literature Spring 2024. Honours Semesler in London Faculty Director: David Baker. Department of English and Comparative Literature Shuford Track in Entrepreneurship Faculty Director: Jed Simmons. Department of Economu (Shuford Program in Entrepreneurship) In developing the eXperiere of students through study abroad, Winston House seeks to continue the relationship between graduates and UNC by building relationships Alumni. This includes several events hosted at Winston House, the Universivs European Study Centre which seek lo educate. entertain. and spoUighl Carolina faculty. alumni and global partners who are making a mark on the worfd through our "Oiscovery Series" Lecture rKogram. Among those friends and alumni who were featured are.. Octobor 2023- The Gkjbal Fight Against Grand Comjption Attended by our Fall semester students and UNC students studying on exchanges at British universities in London Speaker. Jeff Coleman. Acting Assistant Legal Attaché. wthin the FBIILegal Attaché
CAROLINA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 February 2024- The Global Fight Against Grand Conuption Attended by our Spring semester students and UNC students sludyng on exchanges at British universities in London Speakor. Jeff Coieman. AcliThJ Assistant Legal Attaché. within the FBIILegal Attaché Office March 2024- Authorltarlanlsm's Appeal: Why Ha Dictatorship Become So Popula Attended by our semester students and members of Ihe UNC alumni community in Britain Speakgr: Graem Robertson. Department of Political Scienc& Aprll 2024- The Polltlcs of the Israe14>alestlne Confllct Attended by our semester students and members of the UNC alumni communty in Britsin Speakor. Joff Spiner-Halev, Department of Polibcal Soence April 2024- An evening of conversatlon with UNC alumni working at thè US Embassy In London Attended by our semester student group and UNC students studwng on exchanges at British universities in London Speaker. Marc Derks, Amwican Citizen SeThices We have also developed several inlemships Ihrough our continued relationships w¢lh UNC Alumni based in London. These intemships lasl for eleven weeks throughout the Fall and Spring academic lem)s and find our students benefitting from real world experience a vallety of organizations across London wilhin sectors like Technology. Law, Non-Profit. Research, Public Relations. Finance. the and Theatre. We are enomousSy grateful to our Aumni who make these terrific opportunities wssible. In addition to the Drscovery Series. a Variety of alumni receptions were hosted in the space through a variety of different departments within the University induding the Gillings School of Global Public Health. Kenan- Flagler Business School, UNC Schwl of Med¢a and Joumalism, UNC Department of Exercise and Sport Science, Phi Beta Kappa London alumni community. and the Morehead£ain Scholarship Program. To enhance the stay of our visiting faculty. remodelling wths were undertaken in our onsite 118t. Following consultstion with an interior designer, all living room & dining room furniture was replaced in the style of mid- century modem. In addition. the lighting fixtures and fittings were upgraded in the living room and guest bedroom. Further flat improvements are pknned with the instauation of new carpet throughout due to tske place prior lo our Spring 2025 semester. 2023-24 was another exciting year al WM)ston House. Our Summer programming continued to grow and our London Calling program, for incoming freshman Honors students. retumed for Ihe first time since before the Covid pandemic. We once again hosted 8 summer program. on behalf ofthe Study Abroad Office, and we are in conversations to bring more of their programs to Winston House in the Summer of 2024. From here. we will continue to strive to grow our programming on-site in 2024-25 and ongoing. Trustoes Annual Mootin The trustees met via phone and email consultstion in eaty January 2024 to revw ongoing pro9rams and expenditures al Winston House. to review and approve new programs scheduled for Summer 2024. Plans for firture griods The plans for the fulure peri(rfJs are covered vmthin Ihe obiecbves and activibes secbon of the tfUStees' and directors, report.
CAROLINA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 Structure Governance and Mana ment ni I Structure and Govemin Document The Trust is a cornpany limited by guarantee. The Carolina Trust was inc0rated on 28th April 2004. It is registered as 8 charity wih the Charity Commission. The Trust is a registered charity under the lavB of England and Wales. which is overseen by the United Kingdom Chanties Commission. The Trustees have 8ppNJinled a facility manager who is responsible for the activities of Iha Trust and the day lo 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 currenty six members each gwing a guarantee to (ontrbute a sum. not exceeding £1, to the company should it be wound up. The goveming document is the ArtKles of A$slatIon. intm fT The appointmentofTnJslees ts govemed bythe articles of Associalth of the company. The number of trustees must consist of at least Iwo bul no more than len individuals. All appointments must be approved in writing by duly aulhorised officer of the College ofArts and Sciences. The Trustees, who are also the directors for the pUse of company law. who served during the year. were: Lucia Hdpem James Leloudis Richard Wilmot-smith Charfe5 Cameron Peter Mallin None of the Truslees had any benefiryal interest in the company during the year. The Trustees have taken out indemnity insurance. Trustee indu on nd trainin The trustees assess the need lo provide training lo new trustees on an indNldual basts. Twstees are sent infomialion on an ongoing basis of any changes to charity regulations lo ensure they are aware of the impact that this may have on their SpOnsIbl11t1eS. Risk mana ement The Trustees ha an informal risk management strategy which comprises.. Ongoin9 review of the risks the charity may face: Establishment of systems and procedures to mÉtigate those risks.. and Implementstion of procedures designed lo minimise any potential impact on the charity should those risks materialise The Board of Trustees reSnsib for the management of the risks faced by the Trust. Consideration of such risks is made on an informal ongoing basis and controls to mib'gate such risks are reviewed on an on90ing informal basis. A review and assessment of these controls is undertaken on an annual basis. Through the above. the Trustees are sab'sfied that the major risks idenbfied are adequately mitigated where necessary.11 is recognised that sysfrms can only provide reasonable not absolute assurance that major risks have been adequatety managed.
CAROLINA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2024 Ke mana em The key operational management pene1 of the charity are the Assockgle Dean for HOnou. College of Arts and Sciences, Universty of North Carolina {who seryes as a Trustee) and the Director of the Winston House Study Centre. The Trustees are kept abreast of matter5 at an annual meeting and any matteTS ujncerrting management and personnel, contracts, conStructn. elc. are brought for 9]derat)n by the Trustees. Al Trustees give their time freely and do not receive remuneration in any I( fr(Mn the Charity. The pay of the Director and Program Manager of the Winston House Study Centre is reviewed annualty by the Trustees. Salaries for the Director and Program Manager are recommended by the Associate Dean for Honours an(J approved by the Trustees. Related artles Details of related parties are wKluded in the noles to the finanoal statements.
CAROLINA TRUST STATEMENT OF TRUSTEES RESPONSIBILMES FOR THE YEAR ENDED 30 APRIL 2024 Trustees. responslblllties ststement The trustees (who 8re 81so directors of the Carolina Trusl for the purposes of company law) are responsible for preparing the Twstees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards {United KIn10M Generally Accepted ACunts.ng Practice). Company law requires the Tnjstees to prepare financial statements for each financial year, which give a true and fair view of the state of affai of the charitable company and of Ihe ineoming resources and application of resources. induding the income and expenditure, of the charilabie company for the year. In preparing these financial statements. the TnJstees are required to: select suitable accounting policw and then appty them consislenty" obserye the methods and principles in the Charities SORP 2015 IFRS 102); make judgements and estimates that are reasonable arKI prudent" state whether applicable accounting standards have been followed. subject lo any material departures disdosed and explained in the financial statements; prepare the financial statements on the going corKem basis unless il is inappropriate to presume that the charity will continue in operation. Truslees. responsibilities statèmènt The trustees are responsible for keeping adequate accounting records thal disclose with reasonable accuracy at any bme the financial position of the ehatitable (MpanY and enable them to ensure that the financial statements comply wth the Companies Acl 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsking reasonable sleps for Ihe prevention and detection of fraud and other irregularitses. Indepondènt examlner The charity is exempt from audit tt requires an independent examiners rewrt under the Charities SORP 2015 IFRS 1021. By Order of the Board udis Director 1125 Date:
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CAROLINA TRUST FOR THE YEAR ENDED 30 APRIL 2024 Ind•pénd8nt Examlnefs Report to the Trustees of Carollna Trust I report to the charity trustees on my examination ofthe accounts of the company for the year ended 30 April 2024 which are Set out on pages 11 to 21. Responslbllltlos and basls of roPQrt As the charlty trustees of the company (and also ils directors for the purposes of cnmpany law) you are responsible for the preparation of the accounts in acc(ffdarKe with the requirements of the Companies Acl 20061'lhe 2006 Acl'l. 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 ex8minalion. I fewrt in Spect0f my examination of your company s accounts as carried oul under section 145 of the Charities Act 2011 Ilhe 2011 Act.). In carrying out my examination I have foU¢)wed the Directi(Jns given by the Charity Commission under section 14515llbl of the 2011 Act. Independent •xaminerfs ststgment I have completed my examination. I confirm that no matters have come to my attenlion in connection with the examination giving me cause lo believe that in any material respect= accounting records were not kept in respect of the company as required by section 386 of the 2006 Act.. or the accounts do not accord wlh those records.. or the accounts do not compty with the accounting requirements of seclion 396 of the 2006 Acl other than any reqU1ment that the accounts gwe a 'tnJe and fair view wh¢ch is not a matter considered as part of an independent examination., or 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 lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns arKI have come across no other matters In connection the examination to which attention should be drawn in this report in txder to enabl8 a proper understanding of the accounts to be reached. J Howard FCA Azets Audit Services 2nd Floor. Regis House 45 King William Street London EC4R 9AN Date31 January 2025
CAROLINA TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024 including Income and Expenditure Account 2024 Unrestricted Funds 2023 Unrestrlcted Funds Notes Income: Donations and legacies (4.324) Charitable activities 940,060 703,005 Rental ino)me 40.997 62.359 Other 18,267 8,447 Total Income 999,324 769,487 Expenditure on: Charitae activities {1.141.897) (816,7361 Total Expendlture 1.141.897 816.736 Net ReSoU•S Retalned {142.5731 (47.2491 Funds at 1 May 2023 74,118 121,367 Funds at 30 April 2024 68.455 74,118 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 ofthe above finanual years. The notes on pages 14 to 23 form part of these financial statements
CAROLINA TRUST BALANCE SHEET (Company number 05114398) FOR THE YEAR ENDED 30 APRIL 2024 Nota 2024 2023 Flxed Assets Tangible assets 10 62.984 75.443 Current Assets Debtors Cash at bank and In hand 11 4,424 144.032 148.456 264.534 264.536 Creditors - amounts falllng due wlthln one year 12 149.781 Net Current ILlabllltlesl Assels 131.439 1.325 Total Assèts Less Current Llabllltles 68.455 74.118 Represented by: Unrestricted funds 13 (68.455) 74.118 68.455 74.118 The charitable company is enlitted lo exempbon fr(*n aj11 un(ler Section 477 ofthe Companies Act 26 for the year ended 30 April 2024. The members have not required the charitable lo obtsin an audit of ils financial statements for the year ended 30 April 2022 in accordance with secti 476 of Ihe CpanIeS Act 2(M)6. The Trustees acknowledge their responsibilities for: a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Ad 2006 and b) preparing financial statements which give a true and fair wew of the stale of affairs of the charitable company as al Ihe end of each financial year and of ils surplus or deficit for each financial year in accordance with the requirements of the CompaThes Act 2006 relating lo financial statements. so far as applbLe lo the charitsble company. The financial statements have been prepared in accordance with the Spea provisions of Part 15 of the Companies Act 2006 relating lo small charitable companies. The financi statements were approved by Ihe Board of Trustees and were sig on 115 behalf by: Signed on behalf of the board of trustees JLe udis - Director 3& Zozs The notes on page5 14 to 23 fom part ofthese financial statements
CAROLINA TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2024 Notos 2024 2023 Cash flows from operating activlties: Cash generated from operations 16 124,042 (87.454) Cash flows from investing activities: Purchase of tangible fixed assets 10 3.540 18,012 Change in cash and cash equlvalents In the reportlng period 120,502 (105.466) Cash and cash equivalents at the beginning of the reportlng perlod 144.032 249.498 Cash and cash oqulvalents at the end of the reporting period 264.534 144,032 The accompanying accounting policies and notes on pages 14 - 23 fom part of these financial statements.
CAROLINA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 ACCOUNTING POLICIES The principle accounting poliues adopted. judgements and key source of estimation unc*rtalnty In the preparation of the ffinancial statements are as ft)Uows: (a General Information Carolina TNst is a company limited by guarantee. without share capital in the Uniled Kingdom. The address of Ihe registered office 15 given in the charity information on page 1 of these financial ststements. The nature of the chanty's operations prinapal aclrvities are sel out on page 2. Ib) Basls of Accounting The charity conslilules a public benefft entity as defined by FRS 102. The financial statements have been prepared in accordancewilh Accounting and Reporting by Charities: Stslemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting applicable in the UK and Republic of Ireland {FRS 1021 issued on 16 July 2014, the Financial Repofting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102). the Charities Act 2011 and UK Generally Accepted Prdctice as tt applies from 1 January 2015. The charitable company have earfy adopted the Charity SORP IFRS 102) Update Bulletin 1 as published on 2 Febwary 2016 and does not indude a cash flow stalement on the grounds Ihat il is applying FRS 102 Section 1 The finarrial ststements are presented in sterfing {£). (c) Preparatlon of the accounts on a golng concern basls The financial statements have been prepared on a going concem basis as the InJstees believe that no material uncertainlies exist. The trustees have considered Ihe level of funds held and the expected level of income and expenditure for 12 months from authorising these financial ststements. The budgeted income and expenditure is sufficient vth the level of reserves for the charity to be able to continue as a going conrn. (d) Fund accountlng: Funds held by the charity are= Unrestricted funds- Ihese funds are availatAe for use at the discretion of the trustees in fvrtheranc8 of the general objectives of the charity and which have not been designated for other purposes.
CAROLINA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES (continued) Income: l income r8sources are included in the SLqtement of Financial Activities when the charity is legally entitled lo the income after any perfomiance conditions have been 1. the amunt can be measured reliably and it is probable that the income will be received. Donations are recogni5ed Ni the Statement of Fwianual Actsvit$ Vhen the charity is convinced that there is entillemenl to the ncome, there is certainty of receipt and the amount in question is meaSurae. Income from charitatAe actNibes indudes grant income this is recognised in the Statement of Financial Activities when received. unS they are related to a speafic future period, in which case they are deferred. Rentsl income recogrmsed in the Statementof Financial ACbviSfOrth8 pariod it relates to and deferred Of accrued ac£ordingty. Govemmentgrants relating to tumover are reccgni59J as irthme overthe periods when the related costs are incurred. The grants recewed in the year relate to Th8 COavI1vS Job Retenticffl Scheme. This income has been as Other Income. Expenditure: l expenditure is act(yJnted for on an accrua15 basE and has been classified under heading that aggregate all the costs related lo the category. Expenditure is recognised where there is a legal or construclive obligation lo make payments to third partves. it is prr)bably that the settlementwill be required and the amount of the oblvJation can be measured reliably. Expendilure on charitae aclivitses incleS all costs dirth attributed lo one of the fundional categories of resources. Support costs are indirect costs incurred in $upportiThJ Ihe tharitable actmties and are allocated to charitable activities. Govemance costs comprise the expenditure incUed fLY the management of the compliance wilh constitutrjnd and ststuty requirements. The charity 15 not registered for VAT and exlItUre is shown gross of irrecoverable VAT. Ig) Taxation The charity has been confirTned to be exempt from COrporan Tax upon any surpluses arising from its activities as long as those surpluses are held for the purpose of Ihe charity's objecls. {h) Tangible fixed assets: Tangible fixed assets are stsled at cost less ac0UlaIed deweaation. Depreciation is provided at rates calculated to write off the Cost less eslwnaled reshJal value of eath asset Ovor ts expectsd useful lrfe as follows.. Leasehold Computer eqUipnnI FlUreS, fft11 and equipment 10% straight fine 33.33010 straight line 20% straight Ine The twstees cary out an annual impaimient review ofthe vaue offixed assets to detemine Ythelher any adjustment to the value ofthe assets is required. The chartty has a specffic policy regarding capitalisation of expendiiure based on amounts incurred and no amounts under £1.0(K) are capitalised.
CAROLINA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES (contlnued) Debtors Trade deblors and otherdebtlHS are recognised at the setuementamount due. Prepayments are valued at the amount prepaid. til Cash at bank and in hand Cash at bank and cash in hand indudes cash and short temi highly liquld Investments with a short maturity of three months or less. {k) Crodltors Creditors are recognised where charity has a present obligation TesultirwJ from a past evenl that will probably result in the transfer of funds to a third paty and Ihe amrAJnl due to setue the oblHJation can be measured or estimated reliably. Accruals. Deferred incom8 and otsr edItorS are recognised at their setuement amount due. Financial instruments The charity onty has financial assets and financial liabilities of a kind that qualify as basic financial instwments. Basic financial instruments are iniiially recognised at trnns8ction value and subsequenty measured at their s6tt1ement valu6. Im) 0ratIng Leases: Rentals payable underoperating leases are charged to Ihe Statsment of FInarla1 Acbvibes on a straight- line basi8. Foroign currency Assets and liabilities in foreign currencies are translated into steding at the rates of exchange al the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the (late of the transaction. All exchange differences are rellected in the Ststement of Flnancial Aclivib'es. {0) Employee banofits The charity Tecognises an accrual for accumulated annual leave accrued by employees as a resull of seryices rendered in the current period for whiL* employees can cary fotsr and use within the year. The accrual is measured at Ihe salary cost of the respective employee in relation to the period of absence. (p) Legal Ststus The company is limited by guarantee and does Th)t have a share capilal. Each member gives a guarantee lo contribute a sum, not exceeding £1. to the cx)mpany should il be wound up. Al 30th April 2024 there were five members.
CAROLINA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ACCOUNTING POLICIES {continuedl Iq) Judgements and key sources of estlmatlon uncertalnty Accounting estimates andjudgements are conb"nualty evaluated and are based on historical experience and other factors, including expectstions of fuiure events that are believed to be reasonable under the circumstances. The following judgements (apart from those invofving estimates) have been made in the process of applying the above accounting policies that have had Ihe most significant effect on amounts recognised in the financial statements= Us8fv1 economic Irrfes oltangible assets The annual deplation 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 currenl estimates, based on technological advancemenl. future investments. economic utilisation and the physical condition of the assets. See note 10 for the carying amunt of the property. plant and equipment. and note h for the seful economic lives for each t8$ of assets. There ar& no key assumptions conmIng the future and other key sources of estimation uncertainty at the reportir¥J date Ihat have a significant risk of causiNJ a material adjustrnent lo the carrying amounts of assets ano liabililies within the nexl financial year. INCOME FROM DONATIONS AND LEGACIES Total 2024 Total 2023 Gifts and donations Gifts and donations transfeed to UNC 566 4,890 4.324 INCOME FROM CHARITABLE ACTMTIES Total 2024 Total 2023 Granls received for charity's activities 940.060 703.005 RENTAL INCOME Total 2024 Total 2023 Rent received 40.997 62.359 Deferred income bthvd Deferred income cjfv 13,333} 3,333 40.997 {3,333) 3,333 62,359 The deferred income rdates to rental income received in athance of the rental period.
CAROLINA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 OTHER INCOME Total 2024 Totsl 2023 Other Irrne 18.267 18.267 8.447 8.447 TOTAL RESOURCES EXPENDED Totsl 2024 Total 2023 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 Telephone and internel Travel and events Entertainment Accommodatic Bank charges Theatre Tickets and tours Faculty and teaching fee Office Expense Books. DVD'S etc Subscriptions and Library cards Staff Training Intemship placements Govemance costs are made up ofr. Independent examinerfs fees Bookkeeping and aOuntancY fees 64.502 28.293 2,376 15,999 12.412 1.967 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 1.406 31.267 1.350 3.176 119.559 2.516 11.862 109.557 290 628.744 1.497 41.640 63.190 1.537 1.263 1,978 269 19.700 18.838 3.840 3.600 6.571 816,736 1.141,897
CAROLINA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 NET INCOMEI(EXPENDITURE) FOR THE YEAR Total 2024 Total 2023 Nel income is stated after charging: Depreciation of tangible fixed assets Independent examiner fees Operating lease costs 15.999 3.840 100 15,708 3.600 100 TRUSTEES. REMUNERATION AND BENEFITS None of the trustees 1Ved any remuneration in the year12023: £nl) Trustees. expenses Total expenses reimbursed during Ihe year was £nil {2023: £nill other than as detsiled in note 16. STAFF COSTS Tolal 2024 Total 2023 Total stsff emoluments for the year were as follows: Wages and salaries SMP received Social security costs Pension ntributIonS 136,100 107,431 117.103} 10,346 2.053 7.924 2.516 146.540 102.727 There were no emoYeeS whose annual emoluments were £60.IXKI or more. Pension contributions are made on behalfofthe employees into a third party pensw)n scheme. Pension ¢onlributions totalling £2,516 (2023: £2.0531 were made into a third paty pension scheme. Included in the above are teachlng fees of £0 {2023.' £0), which are included in faculty and teaching fees. Number of ernployees The average monthly number of employees. duriNJ the year was: 2024 2023 Administration The key management ofthe charity comprises ofthe: Associate Dean for Fbnours. College of Arts and Sciences. University of North Carolina. Director of the Winston House Study Centre. the Assistant Director of the Winston Hwse Study Centre and part-time finance officer. The total eM0yee benefits ofthe key magernent personnd We £87.73012023.. £78.133)
CAROLINA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 10. TANGIBLE FIXED ASSETS Flxlures. Flttings & Equlpment Leasehold Property Computer Equlpmenl Total Cost or valuatlon 1 May 2023 Additions 30 April 2024 74.714 43,455 88,835 207.004 3,540 210.544 78,254 88.835 Depreclalion 1 May 2023 Charge for the year 30 Aprd 2024 36.923 7.476 44.399 40.917 1.272 42.189 53.721 7.251 131,561 15,999 147,560 Net Book Value 30 April 2024 30 April 2023 62.984 75,443 37.791 2.538 35.114 The net book value at 30 April 2024 Tepre50nts fixed ass6ts used for support of the charity. 11. DEBTORS Total 2024 Tolal 2023 Trade debtors Prepayments and accrued income Other debtors 4,424 4.424 12. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR Total 2024 Total 2023 Trade creditors Other creditors Accruals Deferred Income {note 12.1) Other taxation and swial se(yJrity Rent deposits held 149,877 6,976 3.110 216.142 9,870 10,000 395.975 118.826 9.145 2.870 3.333 5.607 10,0(10 149.781
CAROLINA TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2024 12.1 Deferrnd In¢¢)mo Total 2024 Total 2023 At 1 Juty 2023 Deferred income during the year Amounts released to income during the year At 30 June 2024 3.333 216,142 3,333 216 142 164,986 3.333 164.986 Deferred income relates to Grdnt incx)me received pre year-end which relates to a period post year end. 13. UNRESTRICTED FUNDS Total 2024 Total 2023 At 1 May 202312022 74.118 121.367 Surplus for the period {142,573) (47,2491 At 30 April 202412023 68,455 74.118 14. OPERATING LEASE COMMITMENTS At 30 April 2024 the charity had annual commitment under noranlIable operating lease for land and buildings of £100. The lease expires after 25 yeats from 151 September 2005. This is split as follows.. 2024 2023 Within one year Within two to fiv8 years After more than five yearJ 100 400 100 600 100 400 200 700 15. RELATED PARTY DISCLOSURE The University of North Carolina IUNCI is a related party by virtue of the compan8 memorandum and artides 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 TNst received grants totJling £960.060 {2023.. £703.005) from University of North Carolina. which included £40.99712023: £62.359) of rental charges charged belween the riod of 1st May 2023 and 30th Apr 2024. During the year. the Trust transferred donatn5 totslling £0 {2023." £4.890} lo Univernity of North Carolina
CAROLINA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 16. Reconciliation of net Income to net cash flow from operating activitios 2024 2023 Net incom8 1 (expenditure) for year (142,573) (47,249) Depreciation of tangible fixed assets (Increase) I decrease in debtors Increase l {decrease) in credito 15.999 4,422 246.194 15.708 23,688 (79.601) Net cash flow from operating activiti8S 124,042 87,454 17. Slatsment of Flnanclal activltios (Previous ygar) 2023 Unrestricted Funds 2022 Unrestrlcted Funds Notes Incom•: Donations and legacies 14,324} 4,651 Charilabie actilIeS 703.005 330.646 Rental income 62,359 8.693 Other 8.447 3,445 Totsl Incom• 769.487 347.435 Expenditure on: Charitable aclivities 1816,736) (310.064) Total Expgnditure 816.736 310.064 Net Resources Retained (47,249} 37,371 Funds al 1 May 2022 121.367 83.996 Funds at 30 Aprll 2023 74.118 121,367 There were no recognised gains or losses other than those shown in the Statement of Financial Acttvities. There were no acquisitsons or discontinued operations during either of the above Iwo financial years.
CAROLINA TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2024 18. UNRESTRICTED FUNDS {Prevlous year) Totsl 2023 Total 2022 At 1 May 2022r2021 121.367 83.996 Suwus for the period 147.249) 37.371 At 30 April 202312022 74.118 121.367