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2023-06-30-accounts

Charity Registration No. 1170799

Company Registration No. 10429661 (England and Wales)

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P Akritas
C C Devocelle
D G Dwyer
G Glas
U Hajj
C S Mathews
D C Meihart
J H Moore
Charity number 1170799
Company number 10429661
Registered office Third Floor
20 Old Bailey
London
EC4M 7AN
Auditor RSM UK Audit LLP
Chartered Accountants
25 Farringdon Street
London
United Kingdom
EC4A 4AB
Bankers CAF Bank Limited
PO BOX 289
25 Kings Hill Ave
Kings Hill
West Malling
Kent
ME19 4TA

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023

The Trustees present their report and financial statements for the year ended 30 June 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation's governing document, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The University of Illinois Foundation UK Limited is a registered charity (number 1170799) whose principal objectives are as follows:

The Trustees have paid due regard to public benefit guidance issued by the Charity Commission in deciding what activities the Foundation should undertake.

Achievements and performance

The Foundation is in its early stages of development but it has started to receive donations and paid a grant to the parent Foundation.

Financial review

In the current year, the Foundation received donations of £11,975 (2022: £7,037). In the current and prior year the parent undertaking has agreed to cover the Foundation's costs. In doing so a gift in kind of £34,874 (2022: £32,588) has been provided. The Foundation received a donation of £600 (2022: £5,026) during the year which was paid directly to their parent. The Foundation incurred professional fees of £32,030 (2022: £32,588), event costs of £2,844 (2022: £nil), donations to the US parent of £6,575 (2022: £2,990) and bank charges of £334 (2022: £152) resulting in a surplus for the year of £5,095 (2022: deficit £1,131).

The Foundation will carry forward unrestricted funds at the year end of £15,924 (2022: £12,079) and restricted

funds of £1,250 (2022: £nil).

The parent undertaking, University of Illinois Foundation, has formally indicated its intention to continue to provide financial support to the Foundation to meet its obligations as they fall due for the foreseeable future, and for a period of at least 12 months from the date of approval of these financial statements.

Reserves policy

The Foundation has a policy that its unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months' expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities. Consideration is given to ways in which additional funds may be raised. At the year end, the Foundation had free reserves of £15,924 (2022: £12,079), and restricted reserves of £1,250 (2022: £nil).

Fundraising

The Trustees confirm that the Foundation's fundraising activity is compliant with the recognised standards of fundraising as set out in the Code of Fundraising Practice, as well as those required under Charity Law. The Foundation does not employ the services of any third-party professional fundraising organisations.

Principal risk and uncertainties

The Trustees have assessed the major risks to which the Foundation is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future developments

In future years, the Trustees will look to fulfil the Foundation's objectives of the advancement of learning and education.

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2023

Structure, governance and management

The Foundation is a company limited by shares, as defined by the Companies Act 2006, incorporated on 14 October 2016 and registered as a charity on 16 December 2016. The Charitable Company is controlled by its governing document, its memorandum and Articles of Association, dated 14 October 2016. The sole subscriber is The University of Illinois Foundation, a nonprofit corporation incorporated in United States of America.

There is to be a minimum of three trustees and no maximum.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

P Akritas C C Devocelle D G Dwyer E F Ewald (Resigned 31 December 2022) G Glas U Hajj C S Mathews D C Meihart J H Moore

The shareholders may appoint a person who is willing to act as a trustee for such term as they shall see fit, either to fill a vacancy or as an additional trustee.

A retiring trustee may be reappointed. There shall be no limit to the number of times a trustee may be reappointed.

The Trustees are considered to be the Foundation's key management personnel. No members of the key management personnel receive remuneration.

The Trustees have control of the Foundation and its property and funds. They may regulate their proceedings as they think fit.

The share capital in issue has no right to receive a dividend or any other distribution.

Trustees indemnities

The Foundation has made qualifying third party indemnity provisions for the benefit of its Trustees which were made during the year and remain in force at the date of this report.

Auditor

The auditor, RSM UK Audit LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption.

The Trustees' Report was approved by the Board of Trustees.

.............................. J H Moore Trustee 23/11/23 Dated: .........................

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2023

The Trustees, who are also the directors of University of Illinois 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).

Company and charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation 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 Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

Opinion

We have audited the financial statements of University of Illinois Foundation UK Limited for the year ended 30 June 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

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 charitable company 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

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 other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED (CONTINUED)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company 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:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 3, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED (CONTINUED)

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011 and the charitable company’s governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to data protection. We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these law and regulations.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.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 members, 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 charitable company's members those matters we are required to state to them in an auditors' 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Nicholas Sladden (Senior Statutory Auditor) For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB United Kingdom 27/11/23

.........................

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Unrestricted
Restricted
funds
funds
Notes
£
£
Income from:
Donations and legacies
2
45,474
1,375
Investments
3
29
-
Total income
45,503
1,375
Expenditure on:
Charitable activities
4
41,658
125
Net income/(expenditure) for the year and
net movement in funds
3,845
1,250
Total funds brought forward
12,079
-
Total funds carried forward
15,924
1,250		 Total
2023
£
46,849
29
46,878
41,783
5,095
12,079
17,174		 Total
2022
£
39,625
-
39,625
40,756
(1,131)
13,210
12,079

Company Registration No. 10429661

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

BALANCE SHEET

AS AT 30 JUNE 2023

2023
Notes
£
Current assets
Debtors
9
22,769
Cash at bank and in hand
17,174
39,943
Creditors: amounts falling due within
one year
10
(22,769)
Net current assets
Income funds
Restricted funds
12
Unrestricted funds
General funds
15,923
Share capital
11
1		 2022
£
£
15,240
12,079
27,319
(15,240)
17,174
1,250
12,078
1
15,924
17,174		 £
12,079
-
12,079
12,079

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

23/11/23

The financial statements were approved by the Trustees on .........................

..............................

J H Moore

Trustee

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

University of Illinois Foundation UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, 20 Old Bailey, London, EC4M 7AN.

Accounting convention

The financial statements have been prepared in accordance with the Foundation's governing document, the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019). The Foundation is a Public Benefit Entity as defined by FRS 102.

The Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

The parent undertaking, University of Illinois Foundation, has formally indicated its intention to continue to provide financial support to the Foundation to meet its obligations as they fall due for the foreseeable future, and for a period of at least 12 months from the date of approval of these financial statements.

Charitable funds

Unrestricted

These are funds that can be used in accordance with the charitable objects at the discretion of the Board of Trustees.

Restricted

These are funds that can only be used for particular restricted purposes within the objects of the charitable company. The restrictions arise by the donor or when the funds are raised for a specific purpose.

Income

Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Governance costs are those incurred in connection with the administration of the Foundation and compliance with constitutional and statutory requirements.

Cash and cash equivalents

Cash includes cash in hand, there are no cash equivalents.

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies (Continued)

Financial instruments

The Foundation has applied the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

The Foundation is a registered charity and as such its income and gains falling within Section 371 to 489 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 and are exempt from corporation tax to the extent that they are applied to its charitable objectives.

2 Donations and legacies

Unrestricted
funds
Restricted
funds
£
£
Donations and gifts
10,600
1,375
Donations in kind
34,874
-
45,474
1,375
For the year ended 30 June 2022
39,625
-
Investments
Interest receivable		 2023
£
11,975
34,874
46,849
2023
£
29		 2022
£
7,037
32,588
39,625
39,625
2022
£
-

3 Investments

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

4 Charitable activities

Unrestricted
Fund
Restricted
Fund
Total
2023
£
£
£
Grant funding of activities (see note 5)
6,450
125
6,575
Share of support costs (see note 6)
18,348
-
18,348
Share of governance costs (see note 6)
16,860
-
16,860
41,658
125
41,783
For the year ended 30 June 2022
40,256
500
5
Grants payable
2023
£
Grants to institutions:
University of Illinois Foundation
6,575		 Total
2022
£
8,016
20,020
12,720
40,756
40,756
2022
£
8,016

The grant made to the University of Illinois Foundation was to provide student scholarships and faculty support. Of the £6,575 (2022: £8,016) grants made, £125 (2022: £500) was attributable to restricted funds and £6,450 (2022: £7,516) to unrestricted funds.

6 Support costs

Support costs
Support
costs
Governance
costs
£
£
Bank charges
334
-
Legal and professional
15,170
-
Event costs
2,844
-
Audit fees
-
13,980
Other non-audit fees paid to the auditor
-
2,880
18,348
16,860		 2023
£
334
15,170
2,844
13,980
2,880
35,208		 2022
£
152
19,868
-
9,960
2,760
32,740

All support and governance costs are attributable to charitable activities.

7 Employees

There were no employees during the current or previous year and no payroll costs were incurred.

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

8 Trustees

None of the Trustees, who are considered to be the Foundation's key management personnel, (or any persons connected with them) received any remuneration or benefits from the Foundation during the year (2022: £nil).

No trustee expenses were incurred during the year (2022: £nil).

9 Debtors

Amounts falling due within one year:
Amount due from parent undertaking
10
Creditors: amounts falling due within one year
Accruals
11
Share capital
Ordinary share capital
Issued
1 Ordinary share of £1 each		 2023
£
22,769
2023
£
22,769
2023
£
1		 2022
£
15,240
2022
£
15,240
2022
£
1

The share capital in issue has no right to receive a dividend or any other distribution.

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

12 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Current year Balance at 1 Income **Expenses ** Balance at 30
July 2022 June 2023
£ £ £ £
Student Scholarship Support - 1,375 (125) 1,250
- 1,375 (125) 1,250
Movement in funds
Prior year Balance at 1 Income **Expenses ** Balance at 30
July 2021 June 2022
£ £ £ £
Student Scholarship Support 500 (500) -
500 - (500) -

Student Scholarship Support are donations made to provide scholarship support to students attending the University of Illinois.

13 Analysis of net assets between funds

Current year
Unrestricted
Fund
Restricted
Fund
£
£
Fund balances at 30 June 2023 are represented by:
Current assets/(liabilities)
15,924
1,250
Analysis of net assets between funds
Prior year
Unrestricted
Fund
Restricted
Fund
£
£
Fund balances at 30 June 2022 are represented by:
Current assets/(liabilities)
12,079
-		 Total
£
17,174
Total
£
12,079

UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

14 Related party transactions

The parent and ultimate parent undertaking is University of Illinois Foundation, a charitable entity incorporated in the United States of America, ENI number 37-6006007 (IRS Classification - Charitable Organisation). Its place of business is 1305 West Green Street, Urbana, IL 61801-2962. Its principal activity is the administering and encouraging of private gifts made to further the mission of the University of Illinois. There are currently no consolidated financial statements prepared which include University of Illinois Foundation UK Limited.

University of Illinois Foundation controls the Foundation through its 100% corporate shareholding.

During the year the Foundation received an unrestricted donation in kind of £34,874 (2022: unrestricted donation in kind of £32,588) from their parent to cover professional fees of £32,030 (2022: £32,588) and event costs of £2,844 (2022: £nil). During the year the Foundation paid a cash grant of £5,850 (2022: £2,990). The Foundation received a donation of £600 (2022: £5,026) during the year which was paid directly to their parent. As at the reporting date £22,769 (2022: £15,240) was owed from the parent.

During the year four (2022: one) trustees made donations to the Foundation of £9,750 (2022: £5,626).