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, Lor￿n, 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 Bul￿tin 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 S￿dents 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 co1￿8 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, le￿reS and pwrams in the history, culture, politics 8nd
society of the United Kingdom and Eire and other countries:
Promoting relab.ons be￿een 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 CoMpara￿ve 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 eXperier￿e 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 inc0￿rated 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$s￿latIon.
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 pU￿￿se 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 reS￿nsib￿ 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 pe￿ne1 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, conStruct￿n. 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 KIn￿10M Generally Accepted AC￿unts.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 t￿t 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 reqU1￿ment 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:
Charita￿e 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 a￿j11 un(ler Section 477 ofthe Companies Act 2￿6 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 C￿￿panIeS 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 appl￿bLe 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 v￿th the level of reserves for the charity to be able to
continue as a going con￿rn.
(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￿$ V*hen the charity is convinced that
there is entillemenl to the ncome, there is certainty of receipt and the amount in question is
meaSura￿e.
Income from charitatAe actNibes indudes grant income this is recognised in the Statement of
Financial Activities when received. un￿S they are related to a speafic future period, in which case
they are deferred.
Rentsl income recogrmsed in the Statementof Financial ACbvi￿SfOrth8 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 CO￿avI1vS 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 charita￿e aclivitses incl￿eS 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 incU￿ed fLY the management of the
compliance wilh constitutrjnd and ststuty requirements.
The charity 15 not registered for VAT and ex￿lItUre is shown gross of irrecoverable VAT.
Ig)
Taxation
The charity has been confirTned to be exempt from COrpora￿n 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 ac0￿￿UlaIed deweaation. Depreciation is provided at rates
calculated to write off the Cost less eslwnaled resh*Jal value of eath asset Ovor ts expectsd useful lrfe as
follows..
Leasehold
Computer eqUipn￿nI
F￿lUreS, 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) 0￿ratIng Leases:
Rentals payable underoperating leases are charged to Ihe Statsment of FInar￿la1 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 fo￿tsr￿ 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 dep￿lation 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 t￿8$ of assets.
There ar& no key assumptions con￿mIng 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 transfe￿ed 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 Ir￿rne
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 a￿OuntancY 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 em￿oYeeS 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 eM￿0yee benefits ofthe key m￿agernent 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 nor￿an￿lIable 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 compan￿8 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 donat￿n5 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 acti￿lIeS
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