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← Carolina Trust

2025-04-30-accounts

Company Number: 05114398 Registered Charity Number: 1109143

CAROLINA TRUST (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

CAROLINA TRUST

CONTENTS

PAGE
Reference and administrative details 3
Report ofthe Trustees 4-8
Report ofthe Independent Auditor 9
Independent Examiner’s Report 10-12
Statement of Financial Activities including Income and Expenditure Account 13
Balance Sheet 14
Cash Flow Statement 15
NotestotheFinancialStatements 16-25

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CAROLINA TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 APRIL 2025

Charity number 1109143 Company number 05114398

Trustees and Directors

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

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

Auditor

J Howard FCA Azets Audit Services 2"4 Floor, Regis House 45 King William Street London EC4R 9AN

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CAROLINA TRUST

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REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 APRIL 2025
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eee
The Trustees present their report and the financial statements of the charity for the year ended 30
April 2025.
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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).
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Comparative figures are for the year 1 May 2023 through 30 April 2024.

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;

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.

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CAROLINA TRUST

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REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 APRIL 2025
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Achievementseeand 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 2024 — 2025

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.” 2024-25 marked our twenty-first academic year, and our third following the return of students after the Covid pandemic. Continuing our streak of year-on-year growth, the Spring of 2025 saw us set a new semester enrolment record of 48 students. The programs hosted in the 2024-25 were as follows

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CAROLINA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025

ESSE 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:

e March 2025 - Adolescent Brains and Social Media: What Does the Science Say? Attended by our semester students and members of the UNC alumni community in Britain o Speaker: Mitch Prinstein, Department of Psychology and Neuroscience

¢ April 2025 — Improving the Efficiency of the Healthcare System to Deliver Superior Social and Financial Returns Attended by our semester students and members of the UNC alumni community in Britain o Speaker: Andrea Pontil ‘85, Manging Partner & Founder GHO Capital

We have also developed several 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 UNC School of Media and Journalism, UNC Department of Exercise and Sport Science, UNC Department of Anthropology, UNC Department of Psychology & Neuroscience, Phi Beta Kappa London alumni community and the Morehead-Cain Scholarship Program. We also established relationships with sister schools within the wider University of North Carolina system. We hosted a program for NC State that plans to return this summer and hope to add a program from UNC-Charlotte in future.

The remodelling works of our onsite flat, started in 2023-24, continued with the installation of a new carpet throughout. In addition, plumbing work was undertaken to improve both the water pressure and temperature in the flat's shower. Both improvements were ready for visiting faculty to enjoy from Spring 2025. 2024-25 was another exciting year at Winston House. Our Summer programming continued to grow and, in addition to our own Honors programs, we welcomeda total of three programs from the UNC Study Abroad Office. From here, we will continue to strive to grow our programming on-site in 202526 and ongoing.

Trustees Annual Meeting

The trustees met by phone and email consultation in October 2024 to review expected enrollments, income, and expenses for Spring 2025 and Summer 2025 academic programs at Winston House, and again in May 20285 to review the same for Fall 2025 academic programs.

Plans for future periods

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

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CAROLINA TRUST

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REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 APRIL 2025
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ee

Structure, Governance and Management

Organisational Structure and Governing Document

The Trust is a company limited by guarantee. The Carolina Trust was incorporated on 28" 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:

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

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

The Trustees have taken out indemnity insurance.

Trustee induction and training

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

Risk management

The Trustees have an informal risk management strategy which comprises:

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

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CAROLINA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2025

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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.

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.

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CAROLINA TRUST

STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 30 APRIL 2025

Trustees’ responsibilities statement

The trustees (who are also directors of the Carolina Trust for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Trustees are required to:

Trustees’ responsibilities statement

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of Corporate Trustees and signed on its behalf by:

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LAN:
oudis
Director
pate (¥ February 2026
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i}

CAROLINA TRUST

REPORT OF THE INDEPENDENT AUDITOR FOR THE YEAR ENDED 30 APRIL 2025

Independent auditor’s report to the members of Carolina Trust

Opinion

We have audited the financial statements of Carolina Trust (the ‘charitable company’) for the year ended 30 June 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and the provisions available for small entities, in the circumstances set out in note 1 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be

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CAROLINA TRUST REPORT OF THE INDEPENDENT AUDITOR FOR THE YEAR ENDED 30 APRIL 2025

materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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CAROLINA TRUST

REPORT OF THE INDEPENDENT AUDITOR FOR THE YEAR ENDED 30 APRIL 2025

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Krebs ALAN Series

John Howard (Senior Statutory Auditor)

For and on behalf of Azets Audit Services, Statutory Auditor

2"¢ Floor, Regis House

45 King William Street London EC4R 9AN

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CAROLINA TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2025 including Income and Expenditure Account

eee

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Unrestricted|Unrestricted| |Funds|Funds| |Notes|£|£| |Income:| |Donations|and|legacies|2|-|:| |Charitable|activities|3|1,154,798|940,060| |Rental|income|4|47,270|40,997| |Other|5|32,714|18,267| |Total Income|1,234,782|999,324| |Expenditure|on:| |Charitable|activities|(1,067,258)|(1,141,897)| |Total|Expenditure|6|u ,067,258)|(1 141 897)| |Net Resources|Retained|167,524|(142,573)| |Funds|at|1|May 2024|(68,455)|74,118| |Funds|at 30 April 2025|99,069|(68,455)| |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.|

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The notes on pages 16 to 25 form part of these financial statements

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CAROLINA TRUST
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BALANCE SHEET (Company number 05114398)
FOR THE YEAR ENDED 30 APRIL 2025
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Note 2025 2024
£ £ £ £
Fixed Assets
Tangible assets 10 §8,202 62,984
Current Assets
Debtors 11 46,056 2
Cash at bank and in hand 240,597 264,534
286,653 264,536
Creditors - amounts falling
due within one year 12 (245,786) (395,975)
Net Current (Liabilities) Assets 40,867 (131,439)
Total Assets Less Current
Liabilities 99,069 (68,455)
Represented by:
Unrestricted funds 13 99,069 (68,455)
99,069 (68,455)
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The Trustees acknowledge their responsibilities for:

a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

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Signed on behalf of the board of trustees
LAnh
- Director
é:~- =
eam: CS Februwy 2026
The notes on pages 16 to 25 form part of these financial statements
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CAROLINA TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2025

CASH FLOW STATEMENTSTATEMENT
FOR THE YEARTHE YEARYEAR ENDED 30 APRILAPRIL 2025		 CASH FLOW STATEMENTSTATEMENT
FOR THE YEARTHE YEARYEAR ENDED 30 APRILAPRIL 2025		 CASH FLOW STATEMENTSTATEMENT
FOR THE YEARTHE YEARYEAR ENDED 30 APRILAPRIL 2025		 CASH FLOW STATEMENTSTATEMENT
FOR THE YEARTHE YEARYEAR ENDED 30 APRILAPRIL 2025
—eee
Notes 2025 2024
£ £
Cash flowsfrom operating activities:
Cash generated from operations 16 (8,659) 124,042
Cashflowsfrom investing activities:
Purchase oftangiblefixed assets 10 (15,278) (3,540)
Change incash and cash equivalents in the reporting
period		 (23,937) 120,502
Cash and cash equivalents at the beginning of the
reporting period		 208534 144,032
Cashandcashequivalents attheendofthe reporting
period		 240.597
=e		 264,534
ee

The accompanying accounting policies and notes on pages 16 — 25 form part of these financial statements.

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CAROLINA TRUST

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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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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.
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CAROLINA TRUST

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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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  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.

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(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
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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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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1. ACCOUNTING POLICIES (continued)
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(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.
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Accruals, Deferred income and other creditors are recognised at their settlement amount due.
(!) 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 straight-
line 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.
(0) 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" April
2024 there were five members.
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CAROLINA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 —eee 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 conceming 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.

  1. INCOME FROM DONATIONS AND LEGACIES
Total Total
2025 2024
£ £
Gifts and donations - -
Gifts and donations transferred to UNC - -
3. INCOME FROM CHARITABLE ACTIVITIES
Total Total
2025 2024
£ £
Grants received forcharity's activities 1,154,798 940,060
4. RENTAL INCOME
Total Total
2025 2024
£ £
Rent received 47,270 40,997
Deferred income b/fwd
Deferred income c/fwd		 (3,333)
3,333		 (3,333)
3,333
47,270 40,997

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

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CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

NOTES TO THETO THETHE FINANCIAL STATEMENTS
FOR THE YEARTHE YEARYEAR ENDED 30 APRILAPRIL 2025		 NOTES TO THETO THETHE FINANCIAL STATEMENTS
FOR THE YEARTHE YEARYEAR ENDED 30 APRILAPRIL 2025		 NOTES TO THETO THETHE FINANCIAL STATEMENTS
FOR THE YEARTHE YEARYEAR ENDED 30 APRILAPRIL 2025		 NOTES TO THETO THETHE FINANCIAL STATEMENTS
FOR THE YEARTHE YEARYEAR ENDED 30 APRILAPRIL 2025
——
eee
5. OTHER INCOME
Total Total
2025 2024
£ £
OtherIncome 32,714 18,267
32,714 18,267
6. TOTAL RESOURCESEXPENDED
Total Total
Charitable costs are made up of: 2025
£		 2024
£
Cleaning andmaintenance
ComputerCosts		 53,479
130		 64,502
:
CouncilTax
Depreciation
Heat, light, waterandTVLicense
Legaland professional fees
Managementagent fees		 3,527
16,450
12,788
4,597
-		 2,376
18,999
12,412
1,967
-
Printing, postageand stationary
Ratesand insurance
Rentpayable
SecurityCosts
StaffCosts
Pension Contributions
Telephoneand internet
Travel and events
Entertainment
Accommodation
Bankcharges
TheatreTicketsand tours
Facultyandteaching fee
OfficeExpense
Books, DVD'setc
Subscriptions and Library cards
StaffTraining
Marketing		 1,383
32,000
4,100
-
116,935
2,515
10,475
124,884
589
§39,546
1,057
51,411
57,976
1,634
202
10,338
-
342		 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
-
Internshipplacements
Governancecosts aremade up of:		 14,900 19,700
Independent examiner's fees
Bookkeeping and accountancyfees		 9,000
:		 3,840
:
1,067,258 1,141,897
aaa —————

20

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

jfeee 7. NET INCOME/(EXPENDITURE) FOR THE YEAR

Total Total
2025 2024
£ £
Net income is stated after charging:
Depreciation oftangible fixed assets
Independent examinerfees
Operatingleasecosts		 16,450
9,000
100		 15,999
3,840
100
  1. TRUSTEES’ REMUNERATION AND BENEFITS

None of the trustees received any remuneration in the year (2024: £nil)

Trustees’ expenses

Total expenses reimbursed during the year was £nil (2024: £nil) other than as detailed in note 16.

STAFF COSTS

Total Total
2025 2024
Total staffemoluments forthe yearwere as follows: £ £
Wages andsalaries
Social security costs
Pension Contributions		 119,880
6,480
2,515		 136,100
7,924
2,516
128.875 146,540
=SS—aeE—E—_ Soa

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 £2,515 (2024: £2,516) were made into a third party pension scheme.

Included in the above are teaching fees of £0 (2024: £0), which are included in faculty and teaching fees.

Number of employees

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

2025 2024
£ £
Administration i) §
5
——————_		 —

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 and part-time finance officer.

The total employee benefits of the key management personnel were £79,343 (2024: £87,730)

21

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

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—Eee
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10. TANGIBLE FIXED ASSETS

Fixtures,
Leasehold Computer Fittings&
Property Equipment Equipment Total
£ € £ £
Cost orvaluation
1 May2024
Additions		 78,254 43,455
1,809		 88,835
13,469		 210,544
15,278
30 April2025 78,254 45,264 102,304 225,822
Depreciation
1 May2024 44,399 ~42,189 60,972 147,560
Charge fortheyear 7,716 1,266 11,078 20,060
30April2025 §2,115 43,455 72,050 167,620
Net BookValue
30April2025
30April2024		 26,139
33,855		 1,809
1,266		 30,254
27,863		 §8,202
62,984

The net book value at 30 April 2025 represents fixed assets used for support of the charity.

11. DEBTORS

Total Total
2025 2024
£ £
Trade debtors 2 2
Prepayments and accrued income
Other debtors		 46,054
-		 -
:
46,056 2

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Total Total
2025 2024
£ £
Trade creditors 48,971 149,877
Othercreditors 6,807 6,976
Accruals 16,196 3,110
Deferred Income (note 12.1)
Other taxation and social security		 157,866
5,946		 216,142
9,870
Rent deposits held 10,000 10,000
245,786 395,975

22

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

eS

12.1 Deferred Income

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||||||| |---|---|---|---|---|---| |Total|Total| |4|2025|2023| |£|£| |At|1|May 2024|216,142|3,333| |Deferred|income|during|the year|157,866|216,142| |Amounts|released to income during the year|(216,142)|(3,333)| |At 30 April 2025|157,866|216,142|

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

  1. UNRESTRICTED FUNDS

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|||||| |---|---|---|---|---| |.|Total|Total| |2025|2024| |E|£| |At|1|May 2024/2023|(68,455)|74,118| |Surplus|for the period|167,524|(142,573)| |At 30 April 2025/2024|99,069|(68,455)|

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  1. OPERATING LEASE COMMITMENTS At 30 April 2025 the charity had annual commitment under non-cancellable operating lease for land and buildings of £100. The lease expires after 25 years from 1° September 2005. This is Split as follows:

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||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Within one year|100|100| |Within|two|to|five years|400|400| |After more than|five|years|:|100| |=|SS|500Se|EE600|

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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 £1,154,798 (2024: £940,060 from University of North Carolina, which included £47,270 (2024: £40,997) of rental charges charged between the period of 1st May 2024 and 30th April 2025.

During the year, the Trust transferred donations totalling £0 (2024: £0) to University of North Carolina

23

CAROLINA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

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

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Net income|/ (expenditure)|for year|167,524|(142,573)| |Depreciation|of tangible|fixed|assets|20,060|15,999| |(Increase)|/ decrease|in debtors|(46,054)|4,422| |Increase|/ (decrease)|in|creditors|(150,189)|246,194| |Net cash|flow from|operating|activities|(8,659)|124,042| |17.|Statement of Financial|activities|(Previous year)| |2024|2023| |Unrestricted|Unrestricted| |Funds|Funds| |Income:|Notes|£|3| |Donations and legacies|2|:|(4,324)| |Charitable|activities|3|940,060|703,005| |Rental|income|4|40,997|62,359| |Other|5|18,267|8,447| |Total|Income|999,324|769,487| |Expenditure|on:| |Charitable activities|(1,141,897)|(816,736)| |Total Expenditure|6|(4,144 897)|(816,736)| |Net Resources|Retained|(142,573)|(47,249)| |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 of the above two financial|years.|

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CAROLINA TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
TT
18. UNRESTRICTED FUNDS (Previous year)
Total Total
2024 2023
At £ £
1 May 2023/2022 74,118 121,367
Surplus for the period (142,573) (47,249)
At 30 April 2024/2023 (68,455) 74,118
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