**REGISTERED COMPANY NUMBER: 05624514 (England and Wales) REGISTERED CHARITY NUMBER: 1121978** ## **Report of the Trustees and** **Unaudited Financial Statements for the Year Ended 30 November 2021** ## **for** ## **Columbia UK Fund Limited** Nielsens The Gatehouse 453 Cranbrook Road Ilford Essex IG2 6EW **Columbia UK Fund Limited** ## **Contents of the Financial Statements for the Year Ended 30 November 2021** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Independent Examiner's Report**||4|| |**Statement of Financial Activities**||5|| |**Balance Sheet**||6|| |**Cash Flow Statement**||7|| |**Notes to the Cash Flow Statement**||8|| |**Notes to the Financial Statements**|9|to|12| |**Detailed Statement of Financial Activities**||13|| **Columbia UK Fund Limited** ## **Report of the Trustees** ## **for the Year Ended 30 November 2021** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 2021. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objectives of the charity are to advance and promote education and research at Columbia University in the State of New York, a US institution of tertiary education ('the University'). The charity aims to benefit the public by making educational grants, including those to support the attendance at the University by students who would not otherwise be able to afford to attend; and to support the provision of a high quality programme of undergraduate and graduate education. ## **Public benefit** The trustees confirm that they have regard to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and that such activities benefit the public in general. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The charity operates as a grant making charity and accepts charitable donations from alumni, friends and members of the public, mainly located in or connected to the UK. The charity concentrates its resources on making periodic grants to the University. All grants are approved by the board of trustees. In the year under review gross income amounted to £937,649 (2020 - £572,527). The trustees made grants in the period, for educational purposes to Columbia University of £1,856,632 (2020 - Nil). The plan for future periods is to continue to further refine the charity's internal procedures in respect of donation acceptance and grant making and to continue with these activities. This is achieved by soliciting gifts from alumni, friends and members of the public, mainly in the UK, which has enabled funding for the public benefit, by making grants to the University. ## **FINANCIAL REVIEW** ## **Financial position** The company had reserves of £629,149 (2020 - £1,655,468) available for making educational grants to meet the charity's objectives. ## **Investment policy and objectives** Funds not immediately required for charitable grantmaking are placed on deposit with financial institutions. The Charity may consider making financial investments with financial institutions and in doing so may consider obtaining advice from financial experts. ## **Reserves policy** As a grant making charity with no employees and minimal overheads, there is limited need for the charity to hold substantial sums as reserves against future expenditure and accordingly the charity only maintains sufficient funds to meet annual administrative expenses, which on average do not exceed £5,000. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Company is a registered charity governed by its Memorandum and Articles of Association dated 16 November 2005, as amended on 21 November 2007, which set out its objects, powers and governance. The charity is a limited company,as defined by the Companies Act 2006, having a share capital of £100. The charity's Memorandum of Association requires its assets to be solely applied to its charitable purposes and expressly states that no dividends shall be paid to shareholders. Page 1 **Columbia UK Fund Limited** **Report of the Trustees for the Year Ended 30 November 2021** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees** Any new appointments are at the recommendation of the Committee or by the University as shareholder. ## **Organisational structure** Under the Articles of Association, the trustees manage the activities of the charity and are empowered to exercise all of the powers of the charity pursuant to its objects. The charity is a small organisation. and has no employees but receives the services of a consultant administrator. All decisions on grant making by the charity are by the trustees. At present the board of trustees must comprise of at least four persons, without an upper limit. Trustees cease to hold office until they resign or on the happening of certain events as laid out in the governing document. Decisions may be taken by the trustees either in a meeting or in writing as long as the decision is either unanimous or, if by majority, decision, where at least 75%.% of the votes cast are in favour of a particular conclusion on that matter. There has been an average of five trustees throughout the period. ## **Induction and training of new trustees** No new trustees were appointed in the period under review, but it is the charity Committee's aim that all new trustees be given sufficient information and/or training to supplement their existing knowledge of their specific field and experience so as to enable them to understand the nature of the charity and fully comply with the charity's current status and its progression. They are required to participate in an orientation day to ensure they are aware of both their legal and professional regulatory responsibilities under charity and company law. Frequent reviews are carried out by experienced staff members to ensure that they are all sufficiently managing their duties and the charity may consider internal and external training sessions where appropriate. ## **Key management personnel** The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the trustees of the charity. The trustees are not remunerated for their role. ## **Related parties** The principal beneficiary of the charity is the corporation known as The Trustees of Columbia University in the City of New York which is also the sole shareholder and,acting as a group, the ultimate controlling party. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 05624514 (England and Wales) ## **Registered Charity number** 1121978 ## **Registered office** 19 Norcott Road London N16 7EJ ## **Trustees** A Ahuja B Golden A M Hoffman A Alverson P Keenan ## **Company Secretary** E Flood Page 2 **Columbia UK Fund Limited** ## **Report of the Trustees for the Year Ended 30 November 2021** ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Independent Examiner** Nielsens The Gatehouse 453 Cranbrook Road Ilford Essex IG2 6EW 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 trustees on 11 July 2022 and signed on its behalf by: P Keenan - Trustee Page 3 **Independent Examiner's Report to the Trustees of Columbia UK Fund Limited** ## **Independent examiner's report to the trustees of Columbia UK Fund Limited ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 November 2021. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Chartered Accountant which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Dipakkumar Shah FCA Chartered Accountant Nielsens The Gatehouse 453 Cranbrook Road Ilford Essex IG2 6EW 11 July 2022 Page 4 **Columbia UK Fund Limited** ## **Statement of Financial Activities** ## **(Incorporating an Income and Expenditure Account) for the Year Ended 30 November 2021** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**EXPENDITURE ON**
**Charitable activities**
3
Educational grants
Other
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|30.11.21
Unrestricted
funds
£
937,649
1,856,632
107,336
1,963,968
(1,026,319 )
1,655,468
629,149|30.11.20
Total
funds
£
572,527
-
43,348| |---|---|---| |||43,348| |||529,179
1,126,289| |||1,655,468| The notes form part of these financial statements Page 5 **Columbia UK Fund Limited** ## **Balance Sheet** ## **30 November 2021** |Notes
**CURRENT ASSETS**
Debtors
8
Cash at bank
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
**TOTAL FUNDS**|30.11.21
Unrestricted
funds
£
44,622
584,527
629,149
629,149
629,149
629,149
629,149
629,149|30.11.20
Total
funds
£
35,785
1,619,683| |---|---|---| |||1,655,468| |||1,655,468| |||1,655,468| |||1,655,468| |||1,655,468| |||1,655,468| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021. The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that 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 Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 11 July 2022 and were signed on its behalf by: P Keenan - Trustee The notes form part of these financial statements Page 6 ## **Columbia UK Fund Limited** ## **Cash Flow Statement** ## **for the Year Ended 30 November 2021** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Tax paid
Net cash (used in)/provided by operating activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|30.11.21
£
(1,026,319 )
(8,837)
(1,035,156 )
(1,035,156 )
1,619,683
584,527|30.11.20
£
529,179
(29,038)
500,141
500,141
1,119,542
1,619,683| |---|---|---| The notes form part of these financial statements Page 7 **Columbia UK Fund Limited** ## **Notes to the Cash Flow Statement** ## **for the Year Ended 30 November 2021** ## **1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**OPERATING ACTIVITIES**||| |---|---|---| |**Net (expenditure)/income for the reporting period (as per the**
**Statement of Financial Activities)**
**Adjustments for:**
**Net cash (used in)/provided by operations**|30.11.21
£
(1,026,319 )
(1,026,319 )|30.11.20
£
529,179| |||529,179| 2. **ANALYSIS OF CHANGES IN NET FUNDS** |**Net cash**
Cash at bank
**Total**|At 1.12.20
£
1,619,683
1,619,683
1,619,683|Cash flow
£
(1,035,156 )
(1,035,156 )
(1,035,156 )|At 30.11.21
£
584,527| |---|---|---|---| ||||584,527| ||||584,527| The notes form part of these financial statements Page 8 **Columbia UK Fund Limited** ## **Notes to the Financial Statements** ## **for the Year Ended 30 November 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** 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 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Columbia UK Fund Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Exemption from preparing a cash flow statement The Charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. ## Going concern The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Allocation and apportionment of costs** Costs are all allocated to the main activity being the collection of funds to enable grants to be made to educational institutions. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Where applicable, further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Foreign currencies** Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. continued... Page 9 **Columbia UK Fund Limited** ## **Notes to the Financial Statements - continued for the Year Ended 30 November 2021** |**2.**
**DONATIONS AND LEGACIES**
Gifts
Donations
Gift aid
**3.**
**CHARITABLE ACTIVITIES COSTS**
All grants are payable to educational institutions.
**4.**
**GRANTS PAYABLE**
Educational grants
**5.**
**SUPPORT COSTS**
Other resources expended
**6.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration for non audit work
**7.**
**TRUSTEES' REMUNERATION AND BENEFITS**|Finance
£
105,536|30.11.21
£
7,213
768,499
161,937
937,649
30.11.21
£
1,856,632
Governance
costs
£
1,800
30.11.21
£
1,800||30.11.20
£
7,383
484,894
80,250|30.11.20
£
7,383
484,894
80,250| |---|---|---|---|---|---| |||||572,527|| |||||30.11.20
£
-|| |||||Totals
£
107,336|| |||||30.11.20
£
1,800|| ||||||| There were no trustees' remuneration or other benefits for the year ended 30 November 2021 nor for the year ended 30 November 2020. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 November 2021 nor for the year ended 30 November 2020. continued... Page 10 **Columbia UK Fund Limited** ## **Notes to the Financial Statements - continued for the Year Ended 30 November 2021** ## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Tax
**9.**
**MOVEMENT IN FUNDS**
At
1.12.20
£
**Unrestricted funds**
General fund
1,655,468
**TOTAL FUNDS**
1,655,468
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
937,649
**TOTAL FUNDS**
937,649
**Comparatives for movement in funds**
At
1.12.19
£
**Unrestricted funds**
General fund
1,126,289
**TOTAL FUNDS**
1,126,289
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
572,527
**TOTAL FUNDS**
572,527|30.11.21
£
44,622
Net
movement
in funds
£
(1,026,319 )
(1,026,319 )
Resources
expended
£
(1,963,968 )
(1,963,968 )
Net
movement
in funds
£
529,179
529,179
Resources
expended
£
(43,348)
(43,348)|30.11.20
£
35,785
At
30.11.21
£
629,149
629,149
Movement
in funds
£
(1,026,319 )
(1,026,319 )
At
30.11.20
£
1,655,468
1,655,468
Movement
in funds
£
529,179
529,179| |---|---|---| |||| |||| |||| Retained Funds include £100 represented by the called-up, allotted and fully paid share capital of 100 ordinary shares of £1 each, held by the ultimate controlling party. continued... Page 11 **Columbia UK Fund Limited** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 30 November 2021** ## **10. RELATED PARTY DISCLOSURES** The principal beneficiary of the charity is the corporation known as The Trustees of Columbia University in the City of New York which is also the sole shareholder and,acting as a group, the ultimate controlling party. Grants made to The Trustees of Columbia University in the City of New York in furtherance of the charity's purposes were £1,856,632 (2020 - Nil) The company's accountancy (£1,800) and bank charges (£5,413) were met by the ultimate controlling party (2020 Total -£7,383). ## **11. ULTIMATE CONTROLLING PARTY** The shares in the charity are wholly owned by The Trustees of Columbia University in the City of New York, a corporation organised and existing under and by virtue of a charter granted by the City of New York, U.S.A., which the trustees regard as the ultimate controlling party. In the event of the dissolution of the company, the reserves and capital of the company may only be utilised for a charitable purpose, or as directed by the Charity Commission. Page 12 **Columbia UK Fund Limited** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Gifts
Donations
Gift aid
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Grants to institutions
**Support costs**
**Finance**
Bank charges
Exchange rate differences
**Governance costs**
Auditors' remuneration for non audit
Total resources expended
**Net (expenditure)/income**|**Detailed Statement of Financial Activities**
**for the Year Ended 30 November 2021**
work|30.11.21
£
7,213
768,499
161,937
937,649
937,649
1,856,632
4,580
100,956
105,536
1,800
1,963,968
(1,026,319 )|30.11.20
£
7,383
484,894
80,250| |---|---|---|---| ||||572,527| ||||572,527
-
4,830
36,718| ||||41,548
1,800| ||||43,348| ||||529,179| This page does not form part of the statutory financial statements Page 13