Company registration number: 07797410 Charity registration number: 1144702
The UK Friends of Georgetown Limited
(A company limited by share capital) Annual Report and Financial Statements for the Year Ended 30 June 2024
SKS Audit LLP Chartered Accountant 3 Sheen Rd Richmond TW9 1AD
The UK Friends of Georgetown Limited
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Statement of Cash Flows | 9 |
| Notes to the Financial Statements | 10 to 16 |
The UK Friends of Georgetown Limited
Reference and Administrative Details
Trustees A Barcia de Leiva D L Dubin R B Moore Secretary Temple Secretarial Limited Principal Office Third Floor 20 Old Bailey London EC4M 7AN Registered Office 19 Norcott Road London N16 7EJ The charity is incorporated in England. Company Registration Number 07797410 Charity Registration Number 1144702 Independent Examiner SKS Audit LLP Chartered Accountant 3Sheen Rd Richmond TW9 1AD
Page 1
The UK Friends of Georgetown Limited
Directors' and Trustees' Report For the Year Ended 30 June 2024
The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the financial year ended 30 June 2024, which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
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 (SORP) (effective 1 January 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Objectives and activities
Objects and aims
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
During the year under review, grants to Georgetown University of £334,658 (2023 - £375,618) 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
The Statement of Financial Activities shows total income for the year of £336,304 (2023: £373,532) and total expenditure of £336,631 (2023: £378,198). Overall net expenditure for the year was £327 (2023: £4,666) with total funds held at the year-end totaling £4,996 (2023: £5,323).
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 up to £5,000 to be retained in general reserves to meet administrative expenses.
Total unrestricted fund reserves carried forward at the year-end were £4,996 (2023: £5,323).
Page 2
The UK Friends of Georgetown Limited
Directors' and Trustees' Report For the Year Ended 30 June 2024
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
Aims and key objectives for future periods
The plans for future periods will be to continue to advance education by providing grants to Georgetown University.
Structure, governance and management
Nature of governing 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.
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.
Risk review
The Trustees have conducted their own review of the major risks to which the charity is exposed and have concluded that the following systems that have been established provide reasonable but not absolute assurance that those risks are adequately managed:
(i) The retention of a professional secretary to administrate the charity;
(ii) The retention of a professional accounting firm with experience in the area to conduct an examination;
(iii) The retention of a law firm with extensive experience in this area;
(iv) The requirement that any transfer of funds by the charity be approved by two authorised signatories; and
(v) Final reconciliation by staff of trust's donative and accounting records with the financials of the Charity. The trustees have also had due regard to guidance published by the Charity Commission on public benefit.
Page 3
The UK Friends of Georgetown Limited
Directors' and Trustees' Report For the Year Ended 30 June 2024
Financial instruments
Objectives and policies
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.
Small company provision
This report has been prepared in accordance with the small companies’ regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on 27 February 2025 and signed on its behalf by:
R. B. Moore (Mar 17, 2025 10:29 EDT)
.........................................
R B Moore Trustee
Page 4
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 purpose 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 Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
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 of affairs 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 2019 (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.
The trustees are responsible for the maintenance and integrity of the charity and the financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the trustees of the charity on 27 February 2025 and signed on its behalf by:
R. B. Moore (Mar 17, 2025 10:29 EDT)
......................................... R B Moore Trustee
Page 5
The UK Friends of Georgetown Limited Independent Examlner's Report to the Members of The UK Frlends of Georgetown I report to the trustees (who are also Directors for the PUTW)se of company law) on my examination of th¢ a¢¢ounts of tbe charity company for the year ended 30 Jun¢ 2024 which ¢omprise th¢ Statement of Financial A¢tiviti¢s, the Balance Sbeei and related notcs. This report is made Solely to thc charity's trustees. as a body. tn accordante with sethion 145 of the Charities Art 2011. My WOTk has been undertaken so that I might state to the chariry's trustees thos¢ matters l am rquired to state to them in an llndendent examiner's report attd for no oiber purpose. To the fullesl exlent perniiid by law, I do nol accept or assume responsibiliry lo anyone other than the charity and the charity's tntsiees as a body.. for my Tnd¢p¢ndent Examination. for this retK)rL or for the opinions I have fonned Respectlve responiibilities and b•sl$ of report As the charity's trustees (who are a150 the diTe¢tors of the company for the pun)oses of company law), you ar¢ responsible for the preparation of the accounts in accordance with the r¢quirements of the Companies Act 2(K)6 (he 21KJ6 AL%"). Having satisfied my.self that Ihe unt8 of the Cornpany are not required kn be audited for Ihis year under Part 16 or the 21x16 Act and are eligible for independcnt cxamination, I report in respect of my examination of your charity's accouTrts a5 carricd out under s10 145 of th¢ Charities Act 2011 {'%he 2011 Act"). In carrying out my examination. I have ftillowed th¢ Directiong giv¢n by the Charity Commission (under scction 145(5Xb) of th¢ 2011 Art). Independent exanther's ststemeDt J have completcd rny cxamination. Since UK Friend5 of Geor8etown Limitcd gross income exc¢¢ded £250.(MX> your examiner must be a member of a body listed in secli(M 145 of the 2011 Att I confinn that l am qualified to undertake the examination bU8¢ l am a mernber of ACCA, which is one of thc listcd bodies. I wnfirni that no material matters have come to my attention in connection with the examination which giv¢8 me cause to believe that in. any material respecL . accounting records were not kept in accordance with section 386 of the Companie5 Act 2006. or . the accounts do not accord with Such re¢ords' or . accounts do not comply with relcv8nt accounting requiremcnts Under swtion 396 of the Companies Art 21M)6 other than any requirement that the accounts givc 8 'trnt and fair. view w,hich is not a mattcr considerd as part of an independent examination" or . the Accounts have not been PTepared in sccordance with the methods 2nd prIlpleS of the Statement of Recommended Practice for accounting and rertIllg by charilkes [applicable to charities preparing their accounts in 0[dance with the Financial Reporting Standard appli¢4ble In the UK and Republic of Iland (FRS 102)1. I have no concerns and have wrne across DO other matters in connection with the exarninalion to which attention shoithl be drnwn in this report in order to enable a proper understanding of thc accounts to be reached. Mog elvanaigum FCCA or and on behalf of SKS Audit LLP Charter¢d AL¢ountants 3 Sheen Rd Ri¢bmond TW9 IAD Date = 24 March 2025 Page 6
The UK Friends of Georgetown Limited
Statement of Financial Activities for the Year Ended 30 June 2024 (Incorporating Income and Expenditure Account)
| Note Income and Endowments from: Donations and Legacies 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net expenditure Net movements in funds Reconciliation of funds Total funds brought forward (including share capital) Total funds carried forward 12 Note Income and Endowments from: Donations and Legacies 2 Total income Expenditure on: Charitable activities 3 Total expenditure Net expenditure Net movements in funds Reconciliation of funds Total funds brought forward (including share capital) Total funds carried forward 12 |
Unrestricted Total funds 2024 £ £ 336,304 336,304 336,304 336,304 (336,631) (336,631) (336,631) (336,631) (327) (327) (327) (327) 5,323 5,323 4,996 4,996 Unrestricted Total funds 2023 £ £ 373,532 373,532 373,532 373,532 (378,198) (378,198) (378,198) (378,198) (4,666) (4,666) (4,666) (4,666) 9,989 9,989 5,323 5,323 |
|---|---|
The Statement of Financial Activities also complies with the requirements of an income and expenditure account under the Companies Act 2006.
All amounts relate to continuing activities of the charitable company.
The Statement of Financial Activities includes all gains and losses recognized in the year.
Page 7
The UK Friends of Georgetown Limited
(Registration number: 07797410) Balance Sheet as at 30 June 2024
| Note Current assets Debtors 8 Cash at bank and in hand 9 Creditors: Amount falling due within one year 10 Net assets Funds of the charity: Unrestricted income funds Called up share capital 11 Unrestricted funds 12 Total unrestricted funds Total funds |
2024 2023 £ £ - 2,634 5,096 36,904 5,096 39,538 (100) (34,215) 4,996 5,323 1 1 4,995 5,322 4,996 5,323 4,996 5,323 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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 within part 15 of the Companies Act 2006.
The financial statements on pages 7 to 16 were approved by the trustees, and authorised for issue on 27 February 2025 and signed on their behalf by:
R. B. Moore (Mar 17, 2025 10:29 EDT)
......................................... R B Moore Trustee
Page 8
The UK Friends of Georgetown Limited
Statement of Cash Flows for the Year Ended 30 June 2024
| Note Cashflow from operating activities Net cash (expenditure)/income Working capital adjustments Decrease/(increase) in debtors 8 (Increase)/decrease in creditors 10 Net cashflows from operating activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents in 1 July Cash and cash equivalents at 30 June |
2024 2023 £ £ (327) (4,666) 2,634 5,663 (34,115) 2,123 (31,808) 3,120 (31,808) 3,120 36,904 33,784 5,096 36,904 |
|---|---|
All of the cash flows are derived from continuing operations during the above two periods.
Page 9
The UK Friends of Georgetown Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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) Revised), 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 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 Charity’s Financial Statements show total income of £336,304 (2023: £373,532) for the year and free reserves of £4,996 (2023: £5,323). The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements with respect to a period of at least one year from the date of approval of these financial statements including considering the impact of cost of living on the charity's income, expenditure and reserves, and its beneficiaries. They have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern and are fully engaged on a strategy to create a sustainable and resilient organisation. The Charity continues to have financial support from its parent company (Georgetown University based in USA). Therefore, the trustees are of the opinion that the financial statements for the year ended June 2024 can be prepared on a going concern basis.
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.
Page 10
The UK Friends of Georgetown Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
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 includes the cost attributable to the charity compliance with constitutional and statutory requirements, including independent examination, strategic management and trustees meeting and reimbursed expenses for the period ended June 2024.
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.
Page 11
The UK Friends of Georgetown Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Creditors
Other creditors include the amount payable to Georgetown University.
Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).
Other exchange differences are recognised in the Statement of Financial Activities in the period in which they arise except for:
1) exchange differences on transactions entered into to hedge certain foreign currency risks (see above);
2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and
3) in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee’s discretion in furtherance of the objectives of the charity.
Significant Judgments and Estimates
In the application of the charity's accounting policies, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 12
The UK Friends of Georgetown Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
2 Income from donations and legacies
| Donations and legacies: Donations from individuals Gift aid reclaimed |
Unrestricted funds General £ 283,118 53,186 336,304 |
Total Total 2024 2023 £ £ 283,118 333,480 53,186 40,052 336,304 373,532 |
|---|---|---|
The donations and legacies in 2023, totaling £373,532 attributable to unrestricted funds.
3 Expenditure on charitable activities
| Grants payable - Georgetown University | Activity undertaken directly £ 334,658 |
Activity support costs £ 1,973 |
2024 2023 £ £ 336,631 378,198 |
|---|---|---|---|
The total above includes £336,631 (2023: 378,198) attributable to unrestricted funds and £Nil (2023: £Nil) to restricted fund.
Basis of allocation
All support cost has been allocated to grant making. This includes foreign exchange and bank charges associated with holding foreign currency bank accounts.
Page 13
The UK Friends of Georgetown Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
4 Analysis of support cost
| Grants payable - Georgetown University | Finance costs £ 1,973 |
Total Total 2024 2023 £ £ 1,973 2,580 |
|---|---|---|
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.
6 Independent Examiner’s fees
Independent Examiner’s fees are paid for by Georgetown University (the parent company) on behalf of the charity. Fees payable in respect of 2024 are £2,040 gross of VAT (2023 : £1,896 gross).
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
8 Debtors
| Gift aid debtor 9 Cash and cash equivalents Cash at bank 10 Creditors: amounts falling due within one year Other creditors |
2024 2023 £ £ - 2,634 2024 2023 £ £ 5,096 36,904 2024 2023 £ £ 100 34,215 |
|
|---|---|---|
Page 14
The UK Friends of Georgetown Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
| 11 Share capital Ordinary shares of £1 each 12 Funds Unrestricted funds General fund (including share capital) Unrestricted funds General fund (including share capital) |
No. £ 1 1 2024 Balance at Incoming 01/07/2023 resources £ £ 5,323 336,304 Balance at Incoming 01/07/2022 resources £ £ 9,989 373,532 |
No. 1 2023 Resources expended £ (336,631) Resources expended £ (378,198) |
£ 1 Balance at 30/06/2024 £ 4,996 |
|
|---|---|---|---|---|
| Balance at 30/06/2023 £ 5,323 |
13 Analysis of net assets between funds
| Total funds at | Total funds at | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Current assets | 5,096 | 39,538 |
| Current liabilities | (100) | (34,215) |
| Total net assets | 4,996 | 5,323 |
Page 15
The UK Friends of Georgetown Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
14 Related party transactions
During the year the charity made the following related party transactions:
Georgetown University (Parent company)
Grants paid to Georgetown University under the charitable objectives this year totaled £334,658 (2023: £375,618). Administrative expenses are settled directly by Georgetown University, including the independent examiner's fee of £2,040 (2023: £1,896). At the balance sheet date, the amount due to/from Georgetown University (Parent company) was £Nil (2023 - £Nil).
15 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 charity's immediate parent and controlling interest is the governing body of Georgetown University.
Page 16