2021-06-30-accounts

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Company registration number: 07797410 Charity registration number: 1144702

The UK Friends of Georgetown Limited . (Acompany limited by share capital) Annual Report and Financial Statements for the Year Ended 30 June 2021

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Westlake Clark Audit LLP Statutory Auditors , 7 Lynwood Court Priestlands Place Lymington Hampshire SO41 9GA

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Signed copy .

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The UK Friends of Georgetown Limited

Contents

Reference and Administrative Details		1
Trustees' Report		2 to 3
Statement ofTrustees’ Responsibilities		4
Independent Auditors’ Report		5to7
Statement ofFinancial Activities		8
Balance Sheet		9
Statement ofCash Flows		10
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NotestotheFinancialStatements		11to16

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The UK Friends of Georgetown Limited

Reference and Administrative Details

Trustees

A Barcia de Leiva

DL Dubin

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Secretary

Principal Office

Registered Office

Company Registration Number

Charity Registration Number

Auditor

RB Moore Temple Secretarial Limited

Third Floor 20 Old Bailey London EC4M 7AN

Third Floor 20 Old Bailey London . EC4M 7AN

The charity is incorporated in England. 07797410

1144702

Westlake Clark Audit LLP Statutory Auditors 7 Lynwood Court . Priestlands Place Lymington Hampshire SO41 9GA

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The UK Friends of Georgetown Limited

Trustees' Report (Including Directors' Report)

Thestatementstrustees,andwhoauditors'are directorsreport of thefor charitablethe purposescompanyof companyfor the yearlaw,endedpresent30 Junethe annual2021. report together with: the financial

Objectives and activities

Objects and aims

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The objective of the charity in the year under review was that of operating a registered charity, for the advancement of learning and education, in particular, at Georgetown University, and to assist in the advancement of students attending that institution.

Objectives, strategies and activities

The UK Friends of Georgetown Limited has assisted Georgetown University over the past year in various ways. It has done this through soliciting gifts from alumni, parents and friends, and has provided funding for student and faculty aid, capital renovations and research, As a main source of philanthropy from constituents in the United Kingdom, the Charity has played a vital role in helping to support Georgetown University's people and programs,

Public benefit

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During the year under review, grants to Georgetown University of £831,209 (2020 - £338,747) were made in furtherance of the aims of the charity, The trustees believe that the grants ultimately result in benefiting the wider public and mankind, The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Financial review

In the year under review, incoming source amount to £ 869,150 (2020- £174,516 ). Resources expended relating to education costs amounted to £ 831,209 ( 2020- £ 338,747 ).

Policy on reserves

To achieve its objectives, the charity has elected to donate all of its incoming resources less administrative expenses, to Georgetown University. Therefore, all funds are unrestricted, and as a policy, funds are not retained in general reserves, save for £5,000 to meet administrative expenses.

Total reserves carried forward at the year end were £41,451 (2020 - £4,471) all of which related to unrestricted funds,

Investment policy and objectives

In accordance with the charity's Memorandum of Association, the Trustees of the charity have the power to invest in such investments, securities, or property as they see fit. .

Funds are invested in accordance with the donors' wishes. In the absence of a specific request, donations received by the charity are placed on bank deposit until distribution.

Plans for future periods

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Aims and key objectives forfuture periods

The plans for future period will be to continue to advance education by providing grants to Georgetown University

Structure, governance and management

Nature ofgoverning document

The charity is controlled by its governing document, the Memorandum and Articles of Association dated 4 October 2011, and constitutes a limited company, as defined by the Companies Act 2006, having issued share capital of £1.

Recruitment and appointment of trustees

Additional trustees may be appointed by the sole shareholder, the governing body of Georgetown University.

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The UK Friends of Georgetown Limited

Trustees' Report (Including Directors' Report)

Induction and training of trustees

All new trustees are given in the view of the board sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charity's view of its progression. They are encouraged to attend internal and external training sessions to update themselves with current rules and regulations.

Organisational structure

A minimum of three trustees must be appointed and there have been three trustees throughout the period.

Major risks and management of those risks

The trustees carry out their duties diligently to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Financial instruments

Objectives andpolicies

The charity's activities expose it to a number of financial risks including credit risk and cash flow risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Cash flow risk

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates.

Credit risk

The charity's principal financial assets are bank balances and cash, and other receivables.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The annual report was approved by the trustees of the charity on 16 December 2021 and signed on its behalf by:

RB Moore

Trustee

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The UK Friends of Georgetown Limited

Statement of Trustees’ Responsibilities

The trustees (who are also the directors of The UK Friends of Georgetown Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state ofaffairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

• ¢ select suitable accounting policies and apply them consistently;

• ¢ observe the methods and principles in the Charities SORP 2015 (FRS 102);

• ¢ make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and ofwhich they know the auditor is unaware.

Approved by the trustees of the charity on 16 December 2021 and signed on its behalf by:

RB Moore

Trustee

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; Independent Auditor's Report to the Members of The UK Friends of Georgetown Limited

The UK Friends of Georgetown Limited

Opinion

We have audited the financial statements of The UK Friends of Georgetown Limited (the 'charity’) for the year ended 30 June 2021, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, 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 United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice). .

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 30 June 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• • have been prepared in accordance with the requirements of the Companies Act 2006.

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 charity 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 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:

• • the trustees use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months ftom the date when the financial statements are authorised for issue.

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 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.

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The UK Friends of Georgetown Limited

Independent Auditor's Report to the Members of The UK Friends of Georgetown Limited

Opinion on other matters prescribed by the Companies Act 2006

• In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Report (incorporating the Directors’ Report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies' regime and take advantage of the small companies’ exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.

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Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 4), the trustees 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

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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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

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The UK Friends of Georgetown Limited

Independent Auditor's Report to the Members of The UK Friends of Georgetown Limited

we identified the laws and regulations applicable to the charity through discussions with the trustees and from our understanding and experience of audit issues which are relevant to charity;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity;

we assessed the extent of compliance with the laws and regulations through making enquiries of the management team and inspecting legal correspondence; and;

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) which comprised inquiries of management and the Board of Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review meeting minutes; testing the appropriateness ofjournal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud, documentation and review of the internal controls over funds received and expenditure paid out; sampling and testing both income and expenditure transactions for accuracy and completeness; review and audit based analysis of the underlying accounting records; checking and sampling accounting data back to original source documents.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is located on the Financial Reporting Council’s website at: https://www.fic.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's trustees, 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 charity's trustees 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Petertai (Senior Statutory Auditor)

For and on behalf of Westlake Clark Audit LLP, Statutory Auditor

7 Lynwood Court

Priestlands Place

Lymington Hampshire S041 9GA

16 December 2021

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The UK Friends of Georgetown Limited

Statement of Financial Activities for the Year Ended 30 June 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

		Unrestricted		Total
		funds		2021
	Note	£		£
Income and Endowments from:			;
Donations and legacies	2	869,150		869,150
Total income		869,150		869,150
Expenditure on:	.
Charitable activities	3	(832,170)		(832,170)
Total expenditure		(832,170)		(832,170)
Net income		36,980		36,980
Net movement in funds		36,980		36,980
Reconciliation offunds
Total funds brought forward		4,471		4,471
Total funds carried forward	1h	41,451		41,451
		Unrestricted		Total
		funds		2020
	Note	£		£
Income and Endowments from:
Donations and legacies	2	174,516		174,516
Total income		174,516		174,516
Expenditure on:	5
Charitable activities	3	(341,677)		(341,677)
Total expenditure		(341,677)		(341,677)
Net expenditure		(167,161)		(167,161)
Net movement in funds		(167,161)		(167,161)
Reconciliation offunds
Total funds brought forward		171,632		171,632
Totalfundscarriedforward	l-	4,471		4,471

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All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 and 2020 is shown in note II.

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The UK Friends of Georgetown Limited

(Registration number: 07797410) Balance Sheet as at 30 June 2021

		2021	2020
	Note	a	£
Current assets
Debtors	7	40,651	1,386
Cash at bank and in hand	8	4,030	23,300
		44,681	24,686
Creditors: Amounts falling due within one year	9	(3,229)	(20,214)
Net assets		41,452	4,472
Fundsofthe charity:	:
Unrestricted income funds
Called up share capital	10
Unrestricted funds	11	41,451	4,471
Total unrestricted funds		41,452	4,472
Totalfunds		41,452	4,472

The financial statements on pages 8 to 16 were approved by the trustees, and authorised for issue on 16 December 2021 and signed on their behalf by:

RB Moore

Trustee

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The UK Friends of Georgetown Limited

Statement of Cash Flows for the Year Ended 30 June 2021

		2021	2020
	Note	£	£
Cash flows from operating activities
Net cash income/(expenditure)		36,980	(167,161)
Working capital adjustments	.
(Increase)/decrease in debtors	7	(39,265)	715
(Decrease)/increase in creditors	9	(16,985)	20,214
Net cash flows from operating activities		(19,270)	(146,232)
Net decrease incash and cash equivalents		(19,270) -	(146,232)
Cash and cash equivalents at 1 July		23,300	169,532
Cashandcashequivalentsat30June		4,030	23,300

All of the cash flows are derived from continuing operations during the above two periods.

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The UK Friends of Georgetown Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

General information and basis of preparation

The UK Friends of Georgetown University Limited is a charitable company limited by share capital, incorporated in England. The address of its 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 given on page 2.

The Charity 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.

The financial statements contain information about The UK Friends of Georgetown Limited as an individual charitable company only.

The financial statements are presented in pound sterling, which is the functional currency of the Charity and rounded to the nearest £1.

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 and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

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The UK Friends of Georgetown Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

This include the cost attributable to the charity compliance with consititutional and statutory requirements, including audit, strategic management and trustees meeting and reimbursed expenses

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Debtors

Other debtors are amounts due from HMRC in respect of gift aid due on donations.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

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The UK Friends of Georgetown Limited

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Notes to the Financial Statements for the Year Ended 30 June 2021

2 Income from donations and legacies

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|;| |funds| |Total|Total| |General|2021|2020| |£|£|£| |Donations|and|legacies;|°| |Donations|from|individuals|770,461|770,461|160,833| |Gift|aid|reclaimed|98,689|98,689|13,683| |869,150|869,150|174,516| |3|Expenditure|on|charitable|activities| |Activity| |undertaken|Activity|Total|Total| |directly|support|costs|2021|2020| |£|£|°*|£|£| |Grants|payable|-|Georgetown University|831,209|961|832,170|341,667|

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£832,170 (2020 - £341,677) of the above expenditure was attributable to unrestricted funds and £Nil (2020 - £Nil) to restricted funds.

4 Analysis of support costs

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Support costs allocated to charitable activities :
Total Total
Finance costs 2021 2020
£ £ £
Grants payable - Georgetown University 961 961 2,930
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The UK Friends of Georgetown Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

5 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

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6 Taxation :
The charity is a registered charity and is therefore exempt from taxation.
7 Debtors .
2021 2020
£ £
Gift Aid debtor 40,651 1,386
8 Cash and cash equivalents .
2021 2020
£ £
Cash at bank 4,030 23,300
9 Creditors: amounts falling due within one year
2021 2020
£ £
Other creditors ; 3,229 20,214
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9 Creditors: amounts falling due within one year

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The UK Friends of Georgetown Limited

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Notes to the Financial Statements for the Year Ended 30 June 2021

10 Share capital

Allotted, called up and fully paid shares

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2021 . 2020
No. £ No. £
Ordinary shares of £1 each 1 1 1 1
11 Funds ,
Balance at 1 Incoming Resources Balance at 30
July 2020 resources expended June 2021
£ £ £ £
:
Unrestricted funds
General
General Fund 4,471 869,150 (832,170) 41,451
Balance at 1 Incoming Resources Balance at 30
July 2019 resources expended June 2020
£ £ £ £
Unrestricted funds
General ,
General Fund 171,632 174,516 (341,677) 4,471
12 Analysis of net assets between funds
Unrestricted
funds
General Total funds
£ £
Current assets ; 44,681 44,681
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The UK Friends of Georgetown Limited

Notes to the Financial Statements for the Year Ended 30 June 2021

13 Related party transactions

During the year the charity made the following related party transactions:

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Georgetown University

(Parent)

Grants paid to Georgetown University under the charitable objectives this year totalled £ 831,209 (2020 - £338,747). Administrative expenses are settled directly by Georgetown University, including the independent auditor's fee of £1,980 (2020 - £1,956), At the balance sheet date the amount due to/from Georgetown University was £Nil (2020 - £Nil).

14 Parent and ultimate parent undertaking

The parent of the largest group in which these financial statements are consolidated is Georgetown University, incorporated in the USA.

The address of Georgetown University is:

Georgetown University, 37th and O Streets, N.W., Washington D.C. 20057

The company's immediate parent and controlling interest is the governing body of Georgetown University,

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