ANU (UK) FOUNDATION DIRECTORS AND TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
Company No: 06436055 (England and Wales) Charity No: 1123279
ANU (UK) FOUNDATION
CONTENTS
| Page | |
|---|---|
| Administrative Information | 1 |
| Directors and Trustees Report | 2 - 5 |
| Independent Examiners Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 13 |
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ANU (UK) FOUNDATION
ADMINISTRATIVE INFORMATION
DIRECTORS/TRUSTEES Professor B P Schmidt C Lyall B Miles C Crowe R G Clark S Backhouse SECRETARY Chapel & York Ltd COMPANY NUMBER 06436055 (England and Wales) CHARITY NUMBER 1123279 REGISTERED OFFICE c/o Chapel & York Unit 12, Lady Cross Business Park Hollow Lane Dormansland Lingfield Surrey RH7 6PB INDEPENDENT EXAMINERS Sargent & Co Chartered Accountants & Reporting Accountants 219 Croydon Road Caterham Surrey CR3 6PH BANKERS Royal Bank of Scotland London Drummonds Branch 49 Charing Cross London SW1A 2DX
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ANU (UK) FOUNDATION
COMPANY NO.06436055 (ENGLAND & WALES)
DIRECTORS AND TRUSTEES REPORT FOR THE YEAR ENDING 31 DECEMBER 2021
The members of the board, who are trustees for the purpose of charity law and directors of the company for the purpose of company law, present their annual report together with the financial statements of the foundation for the year ending 31 December 2021.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 (FRS102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES FOR PUBLIC BENEFIT
The purpose of the ANU (UK) Foundation is to facilitate the advancement of education. The trustees confirm that they have been referred to the Charity Commission's guidance on public benefit when reviewing the foundation's aims and objectives, in planning future activities, and setting the grant making policy for the year.
In 2021, the ANU (UK) Foundation activities were supporting the Australian National University (ANU) by establishing and advancing relationships with Alumni, friends and donors, and raising funds, supporting key programs and projects. These included the following:
London Alumni Scholarship
Fundraising for this Scholarship was a key activity for the Foundation in 2021. These funds will be used to support each year, in perpetuity, an AUD $8,000 scholarship to one ANU undergraduate student for the duration of their study (up to five years). Each student will also be invited to join our 12-month long First-Year Experience program, developed in response to our new admissions scheme to welcome students from regional, rural, remote and low-SES backgrounds and ensure they find appropriate support and a sense of community at ANU. The 2021 scholarship recipient provided a thank you letter to donors which was well received and has also provided a progress update in February 2022.
Sustainable Farming Initiative
The funds will be used to support the University's Sustainable Farming initiative. For two decades, researchers from ANU have collected data from farms across SouthEastern Australia as part of one of the largest, long-term studies of its kind in the world. Sustainable Farms expands upon this research and includes financial and mental health research designed to formally identify and characterise the relationship between improved environmental management of agricultural land, farm profitability and the mental health of farmers. The project will ensure farmers are properly educated on the environmental, financial and mental health benefits of adopting sustainable farming and in doing so, promote the uptake of these practices. Professor Ian Douglas raised his recurring gift from £60 per month to £75 per month + gift aid.
Dr Claire Clark Scholarship
Each year the ANU College of Asia and the Pacific may offer two awards known as the Dr Claire Clark Scholarship, focusing on International Relations and Public Policy. The Claire Clark Scholarship is awarded to students who have already demonstrated outstanding academic ability, as an indication of their future potential impact. The scholarship makes a lasting impact on a student's life - enabling and encouraging them to pursue further studies which in turn will positively impact their life as a student and their future professional career. The Claire Clark Scholarship is the highest level of scholarship offered by the College.
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ANU (UK) FOUNDATION
COMPANY NO.06436055 (ENGLAND & WALES)
DIRECTORS AND TRUSTEES REPORT FOR THE YEAR ENDING 31 DECEMBER 2021
Carbon Offset Research Project in the Southern Forest Region of New South Wales
These funds will be used to support a research paper, led by Professor Andrew Macintosh, discussing the financial viability of a carbon offset project which would involve stopping native forest logging in the southern forest region of New South Wales, combined with the establishment of plantation forests
RSES Earth Sciences Opportunity Scholarships
These funds support an ANU Undergraduate or Postgraduate student pursuing studies in Earth Sciences who experiences difficulties which require financial assistance to commence, continue or complete their studies.
ACHIEVEMENTS AND PERFORMANCE
The main achievement for the ANU (UK) Foundation this year is the number of donations received from new donors. This has been a priority for the ANU Advancement Team as it continues to build stronger relationships with their Alumni, friends and donors promoting the strategic priorities for ANU and encouraging support for the ANU (UK) Foundation. Of particular note are the generous donations from Mark Mills, Simon Beresford-Wylie, Allan Murray-Jones, Daniel Martin, Phillip Mitchell, Mark Dooley and Russell Clark to the ANU (UK) Foundation, and the events carried out in London (both in person and virtually in 2021) to highlight the work of the ANU.
Moving forward, the ANU (UK) Foundation Board are keen to build on the momentum gained over the last few years. Goals are to focus the Board's efforts on supporting strategic priorities, growth of the Board membership, broadening and deepening engagement of UK based Alumni, volunteers. friends and donors; and further encouraging philanthropic giving to the ANU (UK) Foundation
FINANCIAL REVIEW
The UK foundation is entirely reliant on donations and related gift aid. During this particular year, we are pleased to report income from this source of £239,433 (2020 - £89,330). This has enabled us to continue making grants to the ANU. Grants of £225,494 were approved for payment during this year (2020 - £145,305).
The ANU continues to support the UK foundation by meeting the governance and administration costs incurred by the UK foundation.
RESERVES POLICY
The UK foundation is a UK charity with little operational objectives and activities. Its primary aim is to help the furtherance of education, to ANU, however not restricted to. Therefore, reserves are not as necessary as a charity that has operational services that have beneficiaries’ dependant on the services carried out.
At the year end the charity had unrestricted reserves of £2,304 (2020 - £947). The policy of the trustees for the time being is to maintain only a small reserve within its unrestricted resources fund. This is because commitments will not be made beyond donations received and the Australia National University has agreed with Chapel and York and the Company that it will meet the costs of administering the company and the charity.
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ANU (UK) FOUNDATION
COMPANY NO.06436055 (ENGLAND & WALES)
DIRECTORS AND TRUSTEES REPORT FOR THE YEAR ENDING 31 DECEMBER 2021
GRANT MAKING POLICY
In furtherance of its charitable objectives noted above, the UK foundation has made grants solely to ANU. However, the trustees are open to assessing applications from any charitable organisation that is working in the field of education and will assess each application based on its ability to contribute to the strategic aims and the availability of funding.
RISK MANAGEMENT
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been, or will be, established to enable the necessary steps to be taken to lessen these risks.
The main risk to the charity is that donation income decreases which would significantly reduce the level of charitable activity possible.
PLANS
In the future, the UK foundation plans to continue to facilitate the advancement of education and expand upon its fundraising efforts in the UK, building stronger relationships with alumni. Funds raised will continue to be used in furtherance of the UK foundation's mission to support education.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The UK foundation is a registered Charity, number 1123279, and is constituted as a company limited by guarantee and therefore governed by a Memorandum and Articles of Association.
The charity is organised so its directors and trustees meet at various intervals and exercise responsibility for its governance. In the intervening periods the secretary deals with the routine business.
All trustees give their time freely and no trustee remuneration was paid in the year. In addition, no trustee had any beneficial interest in any contract with the charity during the year. Any out of pocket expenses reimbursed to the trustees are shown in the notes to the accounts.
REFERENCE AND DEMONSTRATIVE INFORMATION
The administrative information is set out on page 1 of these financial statements. The directors of the UK foundation are its trustees for the purposes of Charity Law. The trustees and officers serving during the year and since the year end were as follows: -
Professor R G McCorquodale (resigned 29 March 2021 Professor B P Schmidt C Lyall B Miles C Crowe R G Clark S Backhouse (appointed 17 May 2021)
The Board has the power to appoint additional trustees as it considers fit to do so.
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ANU (UK) FOUNDATION
COMPANY NO.06436055 (ENGLAND & WALES)
DIRECTORS AND TRUSTEES REPORT FOR THE YEAR ENDING 31 DECEMBER 2021
TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The UK foundation's trustees (who are also the directors of the UK foundation for the purposes of Company Law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom generally accepted Accounting Practice).
Company law requires the UK foundation trustees to prepare financial statements for each 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 that period. In preparing the financial statements, the trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable Accounting Standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the UK foundation will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the UK foundation and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to the small company exemption in the Companies Act 2006 in the Companies Act 2006.
This report was approved by the board on 17[th] May 2022 and signed on their behalf by:
.................................................................. Director and Trustee – C Crowe
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ANU (UK) FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
Summary of Income and Expenditure Account
| Summary of Income and Expenditure Account | ||||||
|---|---|---|---|---|---|---|
| Note Income Donations and Gift Aid 3 Other Income Total Income Expenditure Charitable activities 4 Total Expenditure Net Income and net movement in funds for the year Balance brought forward Balance carried forward |
Restricted Funds £ 214,869 - 214,869 202,469 202,469 12,400 350 12,750 |
2021 Unrestricted Funds £ 24,564 100 24,664 23,307 23,307 1,357 947 2,304 |
Total Funds £ 239,433 100 239,533 225,776 225,776 13,757 1,297 15,054 |
2020 £ 89,330 - 89,330 145,361 145,361 (56,031) 57,328 1,297 |
||
| Funds £ 24,564 100 24,664 23,307 23,307 1,357 947 2,304 |
||||||
The statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 12 form part of these financial statements.
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ANU (UK) FOUNDATION
COMPANY NO.06436055 (ENGLAND & WALES)
BALANCE SHEET AS AT 31 DECEMBER 2021
| Note CURRENT ASSETS Debtors 7 Cash at Bank and in Hand CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 8 NET CURRENT ASSETS NET ASSETS FUNDS Restricted Funds 9 Unrestricted Funds 9 MEMBERS FUNDS |
2021 £ 2,538 25,980 28,518 (13,464) 15,054 15,054 12,750 2,304 15,054 |
2020 £ - 32,543 32,543 (31,246) |
2020 £ - 32,543 32,543 (31,246) |
2020 |
|---|---|---|---|---|
| 1297 1,297 350 947 1,297 |
||||
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with Section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the Small Companies Regime and in accordance with FRS102 SORP.
The financial statements were approved by the Board of Directors and authorised for issue on 17[th] May 2022 and are signed on its behalf by:
............................................................................ Director and Trustee – C Crowe
The notes on pages 9 to 12 form part of these financial statements.
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ANU (UK) FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
a) Basis of Preparation of Financial Statements
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 (FRS102) - (Charities SORP 2019 (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Charities Act 2011.
The ANU (UK) Foundation meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements are prepared on a going concern basis, as no material uncertainties exist, and under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity.
b) Income
Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the foundation has been notified in writing of both the amount and settlement date.
c) Expenditure
Expenditure is recognised once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be reliably measured.
All expenditure is accounted for on an accruals basis however at the present time the administration and governance expenditure for the Foundation is paid by the Australian National University. For more information on this please see Note 11 below.
d) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for a particular area of the Foundation's work or for specific projects undertaken by the Australian National University.
e) Debtors
Debtors are recognised at the settlement amount due once it has been established that the Foundation is entitled to the income.
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ANU (UK) FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES (Continued)
f) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly lucrative assets with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar account.
g) Creditors and provisions
Creditors and provisions 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. Creditors and provisions are normally recognised at their settlement amount
2. LEGAL STATUS OF THE TRUST AND COMPANY INFORMATION
The trust is a private company, incorporated in England and Wales, limited by guarantee and has no share capital. In the event of the charity being wound up the liability in respect of the guarantee is limited to £1 per member of the Charity. The registered office is 12 Lady Cross Business Park, Hollow Lane, Dormansland, Lingfield, Surrey, RH7 6PB.
3.
4.
| DONATIONS AND GIFT AID Restricted Funds £ Donations 174,119 Gift Aid Recoverable 40,750 214,869 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Grants to Australian National University Bank Charges and other costs |
Unrestricted 2021 Funds Total £ £ 24,311 198,430 253 41,003 24,564 239,433 2021 £ 225,494 282 225,776 |
Unrestricted 2021 Funds Total £ £ 24,311 198,430 253 41,003 24,564 239,433 2021 £ 225,494 282 225,776 |
|
|---|---|---|---|
| 24,564 | |||
The Charity undertakes charitable activities through grant making and awarded grants to the Australian National University in the furtherance of its charitable activities.
5. TAXATION
As the Charity is to facilitate the advancement of education it is not subject to Corporation Tax.
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ANU (UK) FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
6. TRUSTEES
No remuneration was paid to any trustee during the year, neither were any other benefits from employment with the charity received and no expenses were paid out. None of these occurred in the previous year
In addition, no trustee received payment for any professional or other services supplied to the Foundation.
| 7. 8. |
DEBTORS Other debtors Income Tax Recoverable CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants payable Other creditors and Accruals |
2021 £ - 2,538 2,538 13,425 39 13,464 |
2020 £ - - - 31,237 9 31,246 |
2020 |
|---|---|---|---|---|
9. FUNDS
| FUNDS | |||||
|---|---|---|---|---|---|
| Unrestricted Fund: Restricted Funds: RSES Equity Scholarships London Alumni Scholarship Carbon Offset Research Dr Claire Clark Scholarship |
Balance at 1 January 2021 £ 947 - 350 - 350 |
Income £ 24,664 25,000 108,900 55,000 25,969 214,869 |
Expenditure £ (23,307) (25,000) (96,500) (55,000) (25,969) (202,469) |
Balance at 31 December 2021 |
|
| £ 2,304 - 12,750 - - 12,750 |
RSES Equity Scholarship - The purpose of the fund is to support, through RSES in Earth Sciences Opportunity Scholarships, an ANU Undergraduate or postgraduate student pursuing studies who experience difficulties which require financial assistance to commence, continue or complete their studies.
Dr Claire Clark Scholarship - Each year the ANU College of Asia and the Pacific may offer two awards known as the Dr Claire Clark Scholarship, focusing on International Relations and Public Policy. The Claire Clark Scholarship is awarded to students who have already demonstrated outstanding academic ability, as an indication of their future potential impact. The scholarship makes a lasting impact on a student's life - enabling and encouraging them to pursue further studies which in turn will positively impact their life as a student and their future professional career. The Claire Clark Scholarship is the highest level of scholarship offered by the College.
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ANU (UK) FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
9. FUNDS (Continued)
London Alumni Scholarship Fund will award each year and in perpetuity scholarships of up to AUD $40,000 to ANU undergraduate students (AUD $8,000 per annum for the duration of their study, up to five years).
Carbon Offset Research - The purpose of the fund is to support a research paper discussing the financial viability of a carbon offset project which would involve stopping native forest logging in the southern forest region of New South Wales, combined with the establishment of plantation forests.
| Prior year Unrestricted Fund: Restricted Funds: RSES Equity Scholarships London Alumni Scholarship Dr Claire Clark Scholarship |
Balance at 1 January 2020 £ 1,078 25,000 31,250 - 56,250 |
Balance at 1 January 2020 £ 1,078 25,000 31,250 - 56,250 |
Balance at 1 January 2020 £ 1,078 25,000 31,250 - 56,250 |
Income £ 10,788 - 21,125 57,417 78,542 |
Expenditure £ (10,919) (25,000) (52,025) (57,417) (134,442) |
Balance at 31 December 2020 |
|---|---|---|---|---|---|---|
£ 1,078 25,000 31,250 - 56,250 |
£ 947 - 350 - 350 |
|||||
RSES Equity Scholarship - The purpose of the fund is to support, through RSES in Earth Sciences Opportunity Scholarships, an ANU Undergraduate or postgraduate student pursuing studies who experience difficulties which require financial assistance to commence, continue or complete their studies.
Dr Claire Clark Scholarship - Each year the ANU College of Asia and the Pacific may offer two awards known as the Dr Claire Clark Scholarship, focusing on International Relations and Public Policy. The Claire Clark Scholarship is awarded to students who have already demonstrated outstanding academic ability, as an indication of their future potential impact. The scholarship makes a lasting impact on a student's life - enabling and encouraging them to pursue further studies which in turn will positively impact their life as a student and their future professional career. The Claire Clark Scholarship is the highest level of scholarship offered by the College.
London Alumni Scholarship Fund will award each year and in perpetuity scholarships of up to AUD $40,000 to ANU undergraduate students (AUD $8,000 per annum for the duration of their study, up to five years).
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ANU (UK) FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||||
|---|---|---|---|---|
| Balance at Debtors Cash at bank and in hand Creditors |
Restricted Funds £ 2,500 21,175 (10,925) 12,750 |
Unrestricted Funds £ 38 4,805 (2,539) 2,304 |
Total £ 2538 25,980 (13,464) |
|
15,054 |
11. RELATED PARTIES
Administration and governance expenditure amounting to £1,750 (2020 - £19,650) was paid by the Australian National University during the year ended 31 December 2021 to ensure that all donations received in the UK will be utilised for the objectives of the Foundation. This included the Independent Examiners fees for the year ended 31 December 2020 of £1,400.
In addition the Australian National University has also paid board meeting costs for ANU (UK) Foundation of nil in 2021 but $1127AUD in 2020.
Finally, during the yerar a charity trustee donated £22,969(2019 – 45,934) (excluding gift aid) to the charity towards the Dr Claire Clark Scholarship.