COMPANY REGISTRATION NUMBER.. 06420929 CHARITY REGISTRATION NUMBER: 1127408 BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Unaudited Financial Statements 31 December 2023 SALEEMI ASSOCIATES Chartered accountants 792 Wickham Road Croydon CRO 8EA
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Financial Statements Year ended 31 December 2023 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position 10 Notes to the financial statements 11
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 December 2023 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023. Reference and administrative details Registered charity name BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Charity registration number 1127408 Company reglstratlon number 06420929 Princlpal offlce and reglstered CIO The Barbados High Commission office 1 Great Russell Street London WC1B 3ND The trustees Dr. Mark Richards (Chairl Mrs. Rosemarie Cadogan Mrs. Elizabeth Mullings-smith Mr. Rawle Parris Dr. Cezley Sampson Resigned on 15 Dec 2023 Independent examiner Mohammad Ashfaq Saleemi 792 Wickham Road Croydon CRO 8EA Banker HSBC Bank
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continu6dJ Year ended 31 December 2023 The Trustees, who are also directors of the charitable company, present their report and the independently examined financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity. Registered Charity Name and Registered Office The full name of the charitable company Is The British Foundation for the University of the West Indies (The BFUWII. Throughout this report the acronym BFUWI will be used to refer to the charilab company, The British Foundation for the University of the West Indies. The registered office and principal operating address of The British Foundation for the University of the West Indies Is in the Barbados High Commission In London, as established under a Memorandum of Understanding with the Government of Barbados. The address is as follows". 1 Great Russell Street London WC1B 3ND Structure, Governance and Management The Charitable Company The British Foundation for the University of the Wesl Indies IBFUWII is a company limited by guarantee with no share capital, registered In England and Wales (Company Registration No. 64209291 and registered as a charity Icharity Registration No. 11274081. Goveming Document The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. A copy of these Articles of Association resides in the BFUWI office, 1 Great Russell Street London. Patrons Sir Shridath Ramphal former Commonwealth Secretary General was the first patron and co-founder of The British Foundation for the University of the West Indies. Our other esteemed patrons include Mr. Andrew Ramroop OBE and the 12 English speaking Caribbean High Commissions in the United Kingdom namely.. Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, St Kitts and Nevis, Sl Lucia, Sl Vincent and the Grenadines and Trinidad and Tobago, as represented by their serving High Commissioners and Mission Leads. Trustees The Iruslees who served during the year and to the dale of this report were.. Mrs. Rosemarie Cadogan Mrs. Elizabeth Mullings-smith Mr. Rawle Parris Dr. Mark Richards Dr Cezley Sampson- resigned on 15 December 2023
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continu6dJ Year ended 31 December 2023 The trustees {directorsl, who are the key management team for the charitable company, do not receive any remuneration. Objectives and Activities Objectives The BFUWI through its activities, aims lo catalyse and strengthen the relationships within the wider Caribbean Diaspora in the UK, enable a better understanding of our shared cultural heritage and facilitate wider access lo learning and development. The charitable objectives of the BFUWI fulfil both public benefit and charitable obligations. The BFUWI objectives as follows". To contribute lo the cultural, educational and social enrichment of the Caribbean Diaspora community In the United Kingdom, 2. To enable the Caribbean diaspora in the UK to have access lo the skills and training which The UWI offers, 3. To raise funds lo provide scholarships and bursaries. to Caribbean Diaspora in need and for scholastic endeavors al The UWI which enable regional growth and development. Due lo the small size of the charity, the trustees collectively manage all business related lo our operations and meet quarterly. The Board of Trustees works with volunteers in developing our events and community engagement. The day-lo-day administration of the office is undertaken by a volunteer Office Coordinator, Ms Deidre Herbert, who oversees all office functions and provides site support at BFUWI events. The charity actively fundraises and is in receipt of donations from the public lo help the charity fulfil is charitable objects. The trustees exercise prudent stewardship of the charity's resources in fulfilment of our charitable objects. Activities for the period under Report An important activity of the BFUWI is ils contribution lo the improvement in the educational achievements and atlainmenl of Caribbean and other disadvantaged students in the UK. Work in this area has focused on raising our profile among the diaspora which we have achieved through the following themes.. Educational activities Cultural and social events Public representatives and researchers from Lectures from Academic the UWI Over previous years we have organized several successful events under these themes. However, for the period of this report the BFUWI did not host any activities. Policy Updates The focus this year has been mainly on operational strengthening. As such effort has been employed to ensure that the charity is compliant and well positioned lo enable its charitable objects. Policy documents centred around the management of charitsble funds have been updated lo reflect the requirement. The Charity is in receipt of donations for the purpose of the provision of scholarships, as such, the Iruslees are aware of the need lo mitigate the risk of money laundering by implementing an anti-money laundering IAMLI policy that incorporates the following Rlsk Assessment: Enabling the charity lo conduct a thorough assessment of the AML risks, taking into account factors such as donation sources, fundoising aclivilies, and international Iransaclions. This assessment procedure will help the charity identify areas of vulnerability and instruct and inform control measures.
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continu6dJ Year ended 31 December 2023 Donation Acceptance: Establish clear procedures for accepting and vetting donations. This includes a requirement to undertake due diligence on both the donors and the sources of funds lo ensure their legitimacy. This due diligence process helps miligale the risk of inadvertently receiving funds derived from criminal aclivilies. Financial Activity Monitoring: Implement mechanisms lo monitor financial activities within the organizalion, especially large cash transactions, wire transfers, and international transactions and lo obtain from the beneficiaries Beneficiary reporting: An important aspect of the AML is the receipt of proof from all beneficiaries on the reIpt of funds and proof of the funds being used for intended use. The charity is seeking additional advice on AML lo ensure that best endeavours are being applied. As the charity is in receipt of donations for the purpose of the provision of scholarships, the trustees are aware of the need lo have in place a Grant Award Policy. It was the intent to have this complete and fully operational, but there was need lo understand the changing landscape of the beneficiary and to ensure that the reporting pathways referred to in a Grant making Policy and scholarship agreements were aligned lo the operational framework of our Main beneficiary. It is our intent to have this in place by the end of the year lo ensure that the charity is compliant and transparent in its grant making process, inclusive of the requirement for all beneficiaries to report annually on the progress of scholarship recipients as per the scholarship agreements. Public Benefit Although the BFUWI is a relatively small charity, it has enabled robust relationships through friend making and past fundraising, with a focus on the reconnection of alumni and friends of the UWI in the UK. Strategic Report The following sections for achievements and Performan and financial review form the strategic report of the charity. Achievements and Performance Main achievements for the charity have not been cenlred around public events, but have been focused on operational streamlining post Covid-19. Achievements for the reporting period include. Registration of the charity for Gift Aid with HMRC Updating document storage and database safeguards Updating charity policies and procedures Financial Review The charitable company is financially healthy and can meet its future obligations. During the year, there were no significant events that negatively impacted on the financial position. The Iruslees do not anticipate any significant changes to the activities of the charitable company in the foreseeable future, al least twelve months from the date of signing the financial statements, hence, the Iruslees continue to adopt the going concern basis in preparing the financial slatemenls. However, il is noted by trustees that the charitsble company does not have in place a reserves policy. To this end il was agreed that going forward the trustees prepare a reserves policy in the upcoming financial year.
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continu6dJ Year ended 31 December 2023 Income.. Donations and Legacy The charity received substantial income for the year under reporting, in the form of regular donations, donations for a specific UWI Alumni Endowment and a bequeathment. For the year under POrt, the Charitable Company received £297,500 as restricted funds and £16,478 as unreslricled funds. To enhance our large lump sum bequeathment income, Trustees, agreed to place it into a secured money market account, where it is Irealed as an investment that matures monthly and then is re-invested for another month, on a rolling basis until instructed otherwise. This was to enable the charity to grow this restricted fund, while the instructions as outlined in the will of the bequeslor are put in pla. Donations UK-based alumni of the faculty of Medicine, University of the West Indies, donated £50,000 to the BFUWI lo be gifted lo The UWI Medical Alumni Association Endowment. This donation benefited from Gift Aid which was facilitated through the Charitable company's successful registration with HMRC for Gift Aid. The total amount issued by the BFUWI as a grant lo The UWI Medical Alumni Association Endowment was £47,500 IUS$56,947.721. Future Plans The Iruslees expect funding to continue and therefore grants to continue to be made in the future and do not anticipate any factors will adversely affect the financial position of the charitable company going forward. Trustees Responsibilities The Iruslees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. Company law requires the charity trustees lo prepare financial statements for each year which give a true and fair view of the stale of affairs of the charitable company and the incoming resources and application of reSoUrs, including the income and expenditure, for that period. In preparing these financial statements, the Iruslees are required to.. select suitable accounting policies and then apply them consislenlly", observe the methods and principles in the Charities SORP 2019IFRS 1021., make judgements and estimates that are reasonable and prudent., slate whether applicable accounting stsndards have been followed, subject to any material departures disclosed and explained in the financial slatemenls", prepare the financial slalemenls on the going concern basis unless it is inappropriate to assume that the company will continue on that basis. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and lo enable them to ensure that the financial slalements comply with the Companies Act 2006. The Iruslees are also responsible for safeguarding the assets of the charity and taking reasonable steps to prevent fraud and other irregularities.
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continu6dJ Year ended 31 December 2023 The Iruslees. annual report and the strategic report were approved on 301h Oct 2024 and signed on behalf of the board of trustees by.. E Mullings-smith Trustee M Richards Trustee
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Independent Examiner's Report to the Trustees of BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Year ended 31 December 2023 I report lo the Iruslees on my examination of the financial statements of BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES I'the charily'l for the year ended 31 Dember 2023. Responsibilities and basis of report As the trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'the 2006 Acl'l. Having satisfied myself that the accounts of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's statement Since the charity s gross income exceeded £250,000 your examiner must be a member of a k)ody listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Inslilule of Chartered Accountsnts in England and Wales IICAEWI, which is one of the listed bodies. I have completed my examination. I confirm that no mallers have come to my attention in connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair, view which is not a maller considered as part of an Independent examination., or the financial statements 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 accordanTr with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Independent Examiner's Report to the Trustees of BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Icontinuedj Year ended 31 December 2023 I have no concerns and have come across no other matters in connection with the examination to which allenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ee MASaleÈmi (Ott 30, 2024 14..46 GMT) Mohammad Ashfaq Saleemi Independent Examiner 792 Wickham Road Croydon CRO 8EA 30th Oet 2024
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowments Donations and legacies Investment income Other income 15,533 945 297,500 313,033 945 1,265 Total income 16,478 297,500 313,978 1,265 Expenditure ExpendilLJre on raising funds.. Costs of raising donations and legacies Expenditure on charitable activities Total expendlture 47,500 47,500 1,560 9,10 1,560 305 1,560 47,500 49,060 305 Net income and net movement in funds 14,918 250,000 264,918 960 Reconciliation of funds Total funds brought forward Total funds carried forward 11.786 11,786 10,826 26,704 250,000 276,704 11,786 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The note5 on pages 11 to 18 form part of these financial ststements.
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Note Current assets Cash at bank and in hand 277,304 12,386 Creditors: amount$ falling due within one year Net current assets 15 600 600 276,704 11,786 Total assets less current liabilities 276,704 11,786 Net assets 276,704 11,786 Funds ofthe charity Restricted funds Unreslricled funds 250,000 28,704 11,786 11,786 Total charity funds 16 276,704 For the year ending 31 December 2023 the charity was enlilled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors. responsibilities.. 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", The directors acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to eompanies subject lo the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 30th Ocl 2024, and are signed on behalf of the board by.. fvffvji E Mullings-smith Trustee M Richards Trustee The note5 on pages 11 to 18 form part of these financial ststements. 10-
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 General information The charity is a public benefit enlily and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office Is Barbados House, 1 Great Russell Street, London, WC1 B 3ND. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. Accountlng pollcles Basls of preparatlon The financial ststemenls have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entrfy. Going concern There are no material uncertainties about the charity's ability lo continue. Fund accounting Unreslricled funds are available for use at the discretion of the trustees lo further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the Iruslees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes.. reslricled income funds or endowment funds. 11
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Incoming resources All incoming resour5 are included in the statement of financial activities when enlillemenl has passed to the charity., it is probable that the economic benefits associated with the transaction will flow lo the charity and the amount Can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is eviden of enlitlemenl to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and enlillement is established. income from donated goods is measured at the fair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as Ljnrestricted funds unless there is a conlraclual requirement for il lo be spent on a particular purpose and returned if unspent, in which case il may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which il relates.. expenditure on raising funds inclLJdes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs Incurred by a charity in undertaking activities that further ils charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated lo expenditure calOrIeS reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they Contribute lo on a reasonable, justifiable and consislenl basis. 12-
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Tangiblg assgts Tangible assets are Initially recorded al cost, and subsequently staled al cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded al the fair value at the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless il reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which il offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Equipment 150/0 reducing balance Impairment of fixed assets A review for indicators of impairment is carried out at each reporting dale, with the recoverable amount being eslimaled where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting dale. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unil lo which the asset belongs. The cash-generating unil is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment lesling of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating Ljnits that are expected lo benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned lo those units. Flnanclal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. 13-
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (continued) Financial instruments (continued) Current assets and current liabilities are subsequently measured at the cash or other consideration expected lo be paid or reiVed and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequently measured at fair value with changes In fair value recognised in income and expenditure. All other such investments are subsequenlly measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed al a rate of interest that is not a market rate, in which case the asset is measured al the present value of the future payments discounted al a market rale of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial aclivits'es, with the exptIOn of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impairment, an impaimienl loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significan, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characlerislics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exTreds what the carrying amount would have been had the impairment not previously been recognised. Limited by guarantee Company is limited by guarantee wthout share capital. The liability of each member is limited to £1. The company is a registered charity under the Charities Act Iregistered charity number 11274081. Donatlons and legacles Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations Gift aid 2,678 12,500 297,500 300,178 12,500 14-
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Donations andlogacies (continued) Unreslricled Funds Restricted Total Funds Funds 2023 Subscriptions Membership fees 355 355 15,533 297,500 313,033 Unrestricted Funds Restricted Total Funds Funds 2022 Donations Donations Gift aid Subscriptions Membership fees Investment income Unrestricted Total Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Income from cash investments 945 945 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other income 1,265 1,265 Costs of raising donations and legacies Restricted Total Funds Funds 2023 Restricted Total Funds Funds 2022 Donations paid 47,500 47,500 15-
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Expenditure on charitable activitigs by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Support costs 1,560 1,560 305 305 10. Expenditure on charitable activities by activity type Support Total funds costs 2023 Totsl fund 2022 Charitable activities Governance costs 960 600 960 600 300 1,560 1,560 305 11. Independent examination fees 2023 2022 Fees payable to the independent examiner for.. Independent examination of the financial statements 600 12. Staff costs The average head count of employees during the year was Nil12022.' Nill. No employee received employee benefits of more than £60,000 during the year12022'. Nill. 13. Trustee remuneration and expenses None of the trustee or management committee member were remunerated or paid any expenses. 14. Tangible fixed assets Equipment Cost At 1 January 2023 and 31 December 2023 Depreciation At 1 January 2023 and 31 December 2023 Carrying amount At 31 December 2023 743 743 At 31 December 2022 16-
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 15. Creditors.. amounts falling due within ong year 2023 2022 Accruals and deferred income 600 600 16. Analysis of eharitable funds Unrestricted funds At 1 January 20 23 At 31 Decembe r 2023 Income Expenditure Geneol funds 11,786 16,478 11,5601 26,704 At 1 January 20 22 At 31 December 2022 Income Expenditure General funds 10,826 1,265 13051 11,786 Restricted funds At 1 January 20 23 At 31 Dgcembg r 2023 Income Expenditure Restricted Fund 297,500 147,5001 250,000 At 1 January 20 22 At 31 December 2022 Income Expenditure Restricted Fund 17-
BRITISH FOUNDATION FOR THE UNIVERSITY OF WEST INDIES Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 17. Analysis of not assots between funds Unreslricled Funds Restricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net assets 27,304 16001 26,704 250,000 277,304 1600} 276,704 250,000 Unrestricted Funds Restricted Total Funds Funds 2022 Current assets Creditors less than 1 year Net assets 11,786 11,786 11,786 11,786 18-