Company registration number: 09102473 Charity registration number: 1158803
MIT Foundation (UK) Limited
(A company limited by share capital) Annual Report and Financial Statements
for the Year Ended 30 June 2023
Westlake Clark Audit LLP Chartered Accountants 7 Lynwood Court Priestlands Place Lymington Hampshire SO41 9GA
MIT Foundation (UK) Limited
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Statement of Trustees' Responsibilities | 4 |
| Independent Auditors' Report | 5 to 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Financial Statements | 12 to 18 |
MIT Foundation (UK) Limited
Reference and Administrative Details
| Trustees |
K Hammer |
|---|---|
| R Rishani | |
| C Norris (resigned on 22 September 2023) | |
| J Dodds (appointed on 11 October 2023) | |
| Secretary | E Flood |
| Principal Office | 19 Norcott Road |
| London | |
| N16 7EJ | |
| Registered Office | 19 Norcott Road |
| London | |
| N16 7EJ | |
| Company Registration Number | 09102473 |
| Charity Registration Number | 1158803 |
| Accountants | Westlake Clark Audit LLP |
| Chartered Accountants | |
| 7 Lynwood Court | |
| Priestlands Place | |
| Lymington | |
| Hampshire | |
| SO41 9GA |
Page 1
MIT Foundation (UK) Limited
DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 30 June 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objects of the charity, principal activities and organisation of our work
The MIT Foundation (UK) Limited was incorporated on 25 June 2014, registered as a charity on 7 October 2014, and commenced to operate on 7 October 2014.
The charity is incorporated and is constituted and governed by its memorandum and articles of association dated 25 June 2014.
The charity’s objects and its principal activities continue to be that of the advancement of education in particular by providing grants to Massachusetts Institute of Technology to assist in the advancement of students attending the institution.
Organisation
The Board of Trustees and Secretary are in regular contact and decisions are made by vote by the Trustees.
The Trustees elect new members as and when required. Any new appointments are at the unanimous recommendation of the board but after consultation with the ultimate controlling party, at least half the board members should be at such meeting.
Developments, activities and achievements
MIT Foundation (UK) Ltd has assisted Massachusetts Institute of Technology 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 the main source of philanthropy from constituents in the United Kingdom, the Foundation has played a vital role in helping to support MIT’s people and programmes. The Foundation is the lead source of support for the Institute in the United Kingdom.
Public benefit
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Future development
The future developments will be to continue to advance education by providing grants to Massachusetts Institute of Technology.
Page 2
MIT Foundation (UK) Limited
DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 30 June 2023
Transactions and financial position
The Statement of Financial Activities show net income for the year of £3,181 (2022: net expenditure of £1,705). Total reserves held at the year end were £6,060 (2022: £2,879).
Reserves policy
retaining modest reserves to meet day to day administrative costs as they fall due. The Trustees have resolved to commit as much of the charity's resources as possible to expenditure grants, whilst
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 administer the foundation;
(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 foundation be approved by two authorised signatories; and
(v) Final reconciliation by staff of Massachusetts Institute of Technology of MIT's donative and accounting records with the financials of the Foundation.
Small company provision
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
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 of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on_g/!/?._/t.Qt:f and signed on its behalf by:
KHammer Trustee
Page 3
MIT Foundation (UK) Limited
Statement of Trustees' Responsibilities
The trustees (who are also the directors of MIT Foundation (UK) 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:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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.
In so far as the trustees are aware:
• there is no relevant audit information of which the charitable company’s auditor is unaware; and
• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Approved by the trustees of the charity on ....2/28/2024........... and signed on its behalf by:
.........................................
K Hammer Trustee
Page 4
MIT Foundation (UK) Limited
Independent Auditor's Report to the Members of MIT Foundation (UK) Limited
Opinion
We have audited the financial statements of MIT Foundation (UK) Limited (the 'charity') for the year ended 30 June 2023, 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 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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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 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 the provisions available for small entities, in the circumstances set out in note to the financial statements, 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
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue .
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees' 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.
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MIT Foundation (UK) Limited
Independent Auditor's Report to the Members of MIT Foundation (UK) Limited
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.
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 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
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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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.
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.
Page 6
MIT Foundation (UK) Limited
Independent Auditor's Report to the Members of MIT Foundation (UK) Limited
Auditor 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 Auditors' 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and distributable profits legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and appropriateness of other entries in the nominal ledger; reviewing transactions around the end of the reporting period; and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 7
MIT Foundation (Uk) Llmittd Independent Auditor's Report to the Members of MIT Foundation {UK) Limited of oT report Thi5 iepon is made soldi to th¢ dtaritable compan)'s ITLEiee5. A% ts both.. in 8¢cOrd 1th Ch8pl¢r 3 ofpart 16 of the Companies Act 2n(16. Ow a.1 OrK has been undertak.en so thAI sh'e might sthte 10 the ¢hants's tsustees those matters Ive are Tequired io slate to them in an audiior s repon and for no other PUFpose. To the fullesl extent perrnitted bj laii". sie do not accepi ¢)r nssom¢ reSnsI.]ih' to om'one otheT than the dwrithbl¢ compom. and its trUseS &8 a both., foy OUT 4uth"I M(trrL for thi's rem or for the opinions kne h4¥¢ forn)d. Mog 4. Cheli'onaigum FCCA (Senioi A.rI FOT ond on behr0[WeStlake Clark Ail LLP Chartered AccowltaT & Ststutor). Audi Chartered Ac¢out)thnts 7 Li'nii'ood Court PD'esUDnJs Place Ll'mington Hompshire S0419GA Date.. Pase 8
MIT Foundation (UK) Limited
Statement of Financial Activities for the Year Ended 30 June 2023 (Incorporating Income and Expenditure Account)
| Income and Endowments from: Note Donations and legacies 2 Investments 3 Total Income and Endowments Expenditure on: Charitable activities 4 Total Expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 Note Income and Endowments from: Donations and legacies 2 Investment income 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 |
Unrestricted £ 5,434,381 78 5,434,459 |
Total 2023 £ 5,434,381 78 |
|---|---|---|
| 5,434,459 | ||
| (5,431,278) (5,431,278) 3,181 3,181 2,879 6,060 Unrestricted funds £ 1,338,421 70 1,338,491 |
(5,431,278) | |
| (5,431,278) | ||
| 3,181 | ||
| 3,181 2,879 |
||
6,060 Total 2022 £ 1,338,421 70 |
||
| 1,338,491 | ||
| (1,340,196) (1,340,196) (1,705) (1,705) 4,584 2,879 |
(1,340,196) | |
| (1,340,196) | ||
| (1,705) | ||
| (1,705) 4,584 2,879 |
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 recognised in the year.
Page 9
MIT Foud•lio• IUK) Llmi¢¢d (Registration Dumber: 09102473) Blauce Shttt •¥ A¢ 30 2023 2023 2021 N•tt Cmrreut •uets l)elMors 4.758 1.605.383 63 6.135 6.191 {3,318} Cl01 Amowts f#Jlltyi dy¢ whbl yur 10 (1,604,080) 061 2.880 of ihe ¢hTIty: Unrutrirted kncomt f•ndi ckd up Bhart epithl UDrni¢d 2.879 Totsl untC5tri(d 12 2.810 Tol#l f¥A 'lTht financial sthtemenls 00 py 9 kn 18 Mtre by the InL¢% audKYixi for i3Ju¢ OD . . sig on theirbehaifby.. Pylo
MIT Foundation (UK) Limited
Statement of Cash Flows for the Year Ended 30 June 2023
| Cash flows from operating activities Note Net cash income/(expenditure) Adjustments to cash flows from non-cash items Investment income 3 Working capital adjustments Decrease/(Increase) in debtors 8 (Decrease)/increase in creditors 10 Net cash flows from operating activities Cash flows from financing activities Investment income Net decrease in cash and cash equivalents Cash and cash equivalents at 1 July Cash and cash equivalents at 30 June |
2023 £ 3,181 (78) 3,103 (4,694) 1,600,761 1,599,170 78 1,599,248 6,135 1,605,383 1,605,383 |
2022 £ (1,705) (70) |
|
|---|---|---|---|
| (1,775) 876 (5,352) |
|||
| (6,251) 70 |
|||
| (6,181) 12,316 6,135 6,135 |
All of the cash flows are derived from continuing operations during the above two periods.
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MIT Foundation (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
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) and the Companies Act 2006.
General information and basis of preparation
MIT Foundation (UK) Limited is a Charitable Company limited by share capital, incorporated in England. The address of the 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 the advancement of education in particular by providing grants to Massachusetts Institute of Technology to assist in the advancement of students attending the institution.
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 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 £5,434,459 (2022: £1,338,491) for the year and free reserves of £6,060 (2022: £2,879). 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 Ukraine crisis and 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 during challenging times. The Charity continues to have financial support from its parent company (MIT International Inc. based in USA). Therefore, the trustees are of opinion that the financial statements for the year ended June 2023 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.
Donations and legacies
Donations are recognized 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 recognized 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.
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MIT Foundation (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Expenditure
All expenditure is recognized 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.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
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.
Investments
Investment includes interest on cash deposits.
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.
Debtors
Other debtors are amounts due from HMRC in respect of gift aid due on donations.
Creditors
Other creditors include the amount payable to MIT International Inc.
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.
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MIT Foundation (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
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.
Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Significant Judgments and Estimates
In the application of the company'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 on going basis. Revisions to accounting estimates are recognized 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.
2 Income from donations and legacies
| Donations and legacies; Donations to major appeals Other income from donations and legacies Gift aid reclaimed 3 Investment income Other investment income |
Unrestricted General £ 5,410,738 9,996 13,647 5,434,381 Unrestricted funds General £ 78 |
Total 2023 £ 5,410,738 9,996 13,647 5,434,381 Total 2023 £ 78 |
Total 2022 £ 1,239,162 9,997 89,262 1,338,421 Total 2022 £ 70 |
|---|---|---|---|
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MIT Foundation (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
4 Expenditure on charitable activities
| Grant payments made to Massachusetts Institute of Technology |
Activity undertaken directly £ 5,383,059 |
Grant funding of activity £ 48,219 |
2023 £ 5,431,278 |
2022 £ 1,340,197 |
|---|---|---|---|---|
5 Analysis of governance and support costs
Raising funds expenditure
| Support costs allocated to charitable activities Grant payments made to Massachusetts Institute of Technology |
Finance costs £ 37,245 |
Other support costs £ 10,974 |
Total 2023 £ 48,219 |
Total 2022 £ 3,327 |
|---|---|---|---|---|
6 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.
7 Auditors' remuneration
| Other fees to auditors Audit of the financial statements All other non-audit services |
2023 £ 2,250 1,080 3,330 |
2022 £ 1,086 1,336 2,422 |
|---|---|---|
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MIT Foundation (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
| 8 Debtors Other debtors 9 Cash and cash equivalents Cash at bank 10 Creditors: amounts falling due within one year Other creditors Accruals 11 Share capital Allotted, called up and fully paid shares 2023 No. £ Share capital of £1 each 1 1 |
2023 £ 4,758 2023 £ 1,605,383 2023 £ 1,600,750 3,330 1,604,080 2022 No. 1 |
2022 £ 63 |
|
|---|---|---|---|
| 2022 £ 6,135 |
|||
| 2022 £ 1,146 2,172 3,318 £ 1 |
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MIT Foundation (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
| 12 Funds Unrestricted funds General Unrestricted funds Unrestricted funds General Unrestricted income fund 13 Analysis of net assets between funds Current assets Current liabilities Total net assets Current assets Current liabilities Total net assets |
Balance at 1 July 2022 £ 2,879 Balance at 1 July 2021 £ 4,584 |
Incoming resources £ 5,434,459 Incoming resources £ 1,338,491 |
Resources expended £ (5,431,278) Resources expended £ (1,340,196) Unrestricted funds General £ 1,610,141 (1,604,080) 6,061 Unrestricted funds General £ 6,198 (3,318) 2,880 |
Balance at 30 June 2023 £ 6,060 Balance at 30 June 2022 £ 2,879 Total funds at 30 June 2023 £ 1,610,141 (1,604,080) 6,061 Total funds at 30 June 2022 £ 6,198 (3,318) 2,880 |
|---|---|---|---|---|
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MIT Foundation (UK) Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
14 Related party transactions
During the year the charity made the following related party transactions:
Massachusetts Institute of Technology
During the year ended 30 June 2023, Massachusetts Institute of Technology donated to MIT Foundation (UK) Limited £9,995 (2022 - £9,995). At the balance sheet date the amount due to/from Massachusetts Institute of Technology was £Nil (2022 - £Nil).
Ramzi Rishani
(Trustee)
During the year ended 30 June 2023, Ramzi Rishani made a donation of £40,555 to MIT Foundation (UK) Limited (2022-£Nil).
15 Parent and ultimate parent undertaking
The company's immediate parent is MIT International Inc. however the foundation is controlled on a day to day basis by the Trustees who are all directors of the company.
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