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2023-11-30-accounts

Charity Registration No. 1172405

Company Registration No. 10502916 (England and Wales)

THE U.K. FRIENDS OF CENTRALESUPÉLEC

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

THE U.K. FRIENDS OF CENTRALESUPÉLEC

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees M Vandamme
M Mertz
F Kulawik
S Faqir
B Benoliel
E Brochet (Appointed 10 November 2023)
L Chea (Appointed 10 November 2023)
J Gabillon (Appointed 10 November 2023)
O Wolf (Appointed 10 November 2023)
Dr. C Wakim (Appointed 10 November 2023)
Charity number 1172405
Company number 10502916
Registered office Third Floor 20 Old Bailey
London
EC4M 7AN
Independent examiner M Taylor
c/o HW Fisher LLP
Charted Accountants
Acre House
11-15 William Road
London
NW1 3ER
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

THE U.K. FRIENDS OF CENTRALESUPÉLEC

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 12

THE U.K. FRIENDS OF CENTRALESUPÉLEC

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 30 NOVEMBER 2023

The Trustees present their report and financial statements for the year ended 30 November 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 charity'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) (effective 1 January 2019)".

Objectives and activities

The objective of the U.K. Friends of Centralesupelec as set out in its Articles of Association is the advancement of education and science for benefit of the public in particular at, or in connection with Centralesupelec in France.

In order to promote its object, the Charity may provide grants, scholarships or donations and will accept gifts and raise funds.

The Trustees are collaborating with professional fundraisers in order to develop the fundraising policy in the near future. Another objective remains the improvement of the quality of the database of the alumni of Centralesupelec.

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

Achievements and performance

The charity has significantly increased its income in 2023 with donations of higher amount than in previous years and two donations related to multiannual pledges.

The major change in 2023 has been the enlargement of the Board of Trustees on 10 November 2023 from five to ten Trustees, representing different business sectors and age brackets. The mandate of the first trustees present till 30 November 2023 are renewed for a term of 8 years ending on 29 November 2024 and re-appointment of present trustees other than first trustee are renewed for a term of three years ending on 05 March 2025 and appointment of new trustees during the year will renewed for a term of three years ending on 10 November 2026.

Thanks to the trustees and an increased cooperation between the structure “UK Friends of CentraleSupelec” and “CentraleSupelec Alumni”, the Alumni community animation was stepped up in 2023 with the organization of different events throughout the year: two afterworks combining wine tasting and research conferences, start-up talks in collaboration with other higher education institutions, pub evenings, a picnic for Alumni.

Several appointments were held in London with prospects and have resulted in donations for some of them.

Several calls for donation were sent: at the end of year 2022 and one before the closure of the fiscal year for UK residents on April 2023 and in May 2023 for the closure of the French fiscal year.

Financial review

The charity received income of £384,333 (2022: 64,265) during the year, of which £53,132 is due to gift aid by HMRC. This total amount of donations includes £379,414 received from 18 identified donors and £2,500 received from 1 non-identified donor. Out of this total income, £352,164 (2022: £54,256) is restricted and £29,750 (2022: £10,009) is unrestricted and £2,419 (2022: £Nil) is other Income. Total resources expended were £370,682 (2022: £5,707).

As at 30 November 2023, the charity had reserves of £137,581 (2022: £123,930). Out of this amount, £90,948 (2022: £104,049 ) is restricted and the remaining £46,633 (2022: £19,881) is unrestricted.

Future plans

New initiatives were taken in 2024 to strengthen the Alumni community and encourage Alumni to fund the school’s development.

The “UK Friends of CentraleSupélec” organized a gala dinner in January 2024 that was a big success in terms of attendance and fundraising. This was a first event in the UK with a fundraising aim and it proved to be a success.

Other events are planned throughout the year to maintain the momentum: evening at the pub (March), evening with students from entrepreneurship Master jointly with Essec School (April), picnic (June), entrepreneurship event (September), conference on the theme of energy (November).

THE U.K. FRIENDS OF CENTRALESUPÉLEC

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2023

All these different events are key to raise funds for the capital campaign.

Structure, governance and management

The charity is a charitable company limited by guarantee incorporated in England and Wales with company number 10502916. Its registered office is 20 Old Bailey, London, EC4M 7AN. It is registered with the Charity Commission with charity number 1172405. Its governing document is its registered Memorandum and Articles of Association.

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:

M Vandamme M Mertz F Kulawik S Faqir B Benoliel E Brochet (Appointed 10 November 2023) L Chea (Appointed 10 November 2023) J Gabillon (Appointed 10 November 2023) O Wolf (Appointed 10 November 2023) Dr. C Wakim (Appointed 10 November 2023)

The original Trustees were Maryline Mertz and Brice Benoliel and they were appointed on 29 November 2016.

Three other Trustees, Sofia Faqir, Marc Vandamme and Flavien Kulawik, were appointed on the 05 March 2019.

At the Board meeting on 10 November 2023, the Board took notice of the decisions of the Fondation CentraleSupélec to:

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Power to appoint new Trustees lies with the sole member of the charity, its French counterpart, Foundation CentraleSupelec. Consideration is given to recommendations made by the existing trustees of The U.K. Friends of CentraleSupelec in the appointment process.

UK Friends of CentraleSupélec has not acted as custodian Trustee during the reporting period.

THE U.K. FRIENDS OF CENTRALESUPÉLEC

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

The Trustees' report was approved by the Board of Trustees. Maryline Mertz .............................. M Mertz 16 Aug 2024

Dated: .........................

THE U.K. FRIENDS OF CENTRALESUPÉLEC

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE U.K. FRIENDS OF CENTRALESUPÉLEC

I report to the Trustees on my examination of the financial statements of The U.K. Friends of Centralesupélec (the charity) for the year ended 30 November 2023.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

M Taylor

M Taylor

c/o HW Fisher LLP Charted Accountants Acre House 11-15 William Road London NW1 3ER

19 Aug 2024

Dated: .........................

THE U.K. FRIENDS OF CENTRALESUPÉLEC

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 NOVEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
29,750
352,164
Charitable activities
4
2,031
-
Other income
5
388
-
Total income
32,169
352,164
Expenditure on:
Charitable activities
6
5,417
365,265
Net income/(expenditure) for the
year/
Net movement in funds
26,752
(13,101)
Fund balances at 1
December 2022
19,881
104,049
Fund balances at 30
November 2023
46,633
90,948
Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
381,914
10,009
54,256
2,031
-
-
388
-
-
384,333
10,009
54,256
370,682
5,707
-
13,651
4,302
54,256
123,930
15,579
49,793
137,581
19,881
104,049
Total
2022
£
64,265
-
-
64,265
5,707
58,558
65,372
123,930

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE U.K. FRIENDS OF CENTRALESUPÉLEC

BALANCE SHEET

AS AT 30 NOVEMBER 2023

Notes
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one year
12
Net current assets
Income funds
Restricted funds
13
Unrestricted funds
2023
£
62,407
85,155
147,562
(9,981)
£
137,581
90,948
46,633
137,581
2022
£
6,575
123,933
130,508
(6,578)
£
123,930
104,049
19,881
123,930

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 November 2023.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

16 Aug 2024

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

Maryline Mertz .............................. M Mertz Trustee Company Registration No. 10502916

THE U.K. FRIENDS OF CENTRALESUPÉLEC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

1 Accounting policies

Charity information

The U.K. Friends of Centralesupélec is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Third Floor 20 Old Bailey, London, EC4M 7AN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity'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)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

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

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

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity 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.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.

1.5 Expenditure

Resources expended are recognised in the period to which they relate.

Direct charitable expenditure comprises all the expenditure relating to the activities carried out to achieve the charitable objectives.

Support costs represent costs that cannot be directly attributed to charitable activities but are necessarily incurred in running the charity.

Governance costs include costs payable to the independent examiner and other costs incurred in relation to statutory and constitutional requirements.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

THE U.K. FRIENDS OF CENTRALESUPÉLEC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2023

1 Accounting policies

(Continued)

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2 Critical accounting estimates and judgements

The Trustees are satisfied that there are no significant estimates or judgements in the financial statements.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
29,750
352,164
Charitable activities
Event income
Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
381,914
10,009
54,256
2023
£
2,031
Total
2022
£
64,265
2022
£
-

4 Charitable activities

5 Other income

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Other income 388 -

THE U.K. FRIENDS OF CENTRALESUPÉLEC

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

6 Charitable activities

Event expenses
Grant funding of activities (see note 7)
Share of support costs (see note 8)
Share of governance costs (see note 8)
Analysis by fund
Unrestricted funds
Restricted funds
7
Grants payable
Grants to institutions:
Fondation CentraleSupelec
8
Support costs
Support costs
Governance
costs
£
£
Bank charges
187
-
Independent Examination
Fees
-
3,214
Legal and professional
-
913
187
4,127
Analysed between
Charitable activities
187
4,127
2023
£
1,205
365,163
187
4,127
370,682
5,417
365,265
370,682
2023
£
365,163
2023
Support costs
Governance
costs
£
£
£
187
42
-
3,214
-
2,952
913
-
2,713
4,314
42
5,665
4,314
42
5,665
2022
£
-
-
42
5,665
5,707
5,707
-
5,707
2022
£
-
2022
£
42
2,952
2,713
5,707
5,707

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

THE U.K. FRIENDS OF CENTRALESUPÉLEC

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

10 Employees

There were no employees during the current or prior year.

11
Debtors
Amounts falling due within one year:
Prepayments and accrued income
12
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income
2023
£
62,407
2023
£
1,113
8,868
9,981
2022
£
6,575
2022
£
-
6,578
6,578

THE U.K. FRIENDS OF CENTRALESUPÉLEC

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

13 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 Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 December resources expended 1 December resources expended 30 November
2021 2022 2023
£ £ £ £ £ £ £
Entrepreneurship 5,500 106 - 5,606 105,856 (84,685) 26,777
Scholarships 27,273 31,250 - 58,523 176,779 (194,413) 40,889
Research 2,100 - - 2,100 100 (2,108) 92
Campus 2,420 21,900 - 24,320 - (7,240) 17,080
Covid emergency
fund 12,500 - - 12,500 - (12,500) -
Center for Diversity
and Inclusion - 1,000 - 1,000 625 (1,500) 125
Endowment Fund - - - - 42,804 (42,804) -
New Educational
Programs - - - - 25,000 (20,000) 5,000
Energy Transitions - - - - 1,000 (15) 985
49,793 54,256 - 104,049 352,164 (365,265) 90,948

Unrestricted funds

The income funds of the charity include unrestricted funds comprising the following balances of donations and grants held on trust to be utilized at Trustees' discretion:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 December resources expended 1 December resources expended 30 November
2021 2022 2023
£ £ £ £ £ £ £
Unrestricted funds 15,579 10,009 (5,707) 19,881 32,169 (5,417) 46,633
15,579 10,009 (5,707) 19,881 32,169 (5,417) 46,633

All donations received by the charity are used to provide financial assistance to Fondation Centralesupélec, in Paris. Upon receipt of a donation, the charity asks the donor whether they would like to make their donation a general (unrestricted) donation or whether they would like it to be allocated to one of these specific areas of funding:

THE U.K. FRIENDS OF CENTRALESUPÉLEC

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

14
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 30
November 2023 are
represented by:
Current assets/(liabilities)
46,633
90,948
46,633
90,948
Total
Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
137,581
19,881
104,049
137,581
19,881
104,049
Total
2022
£
123,930
123,930

15 Related party transactions

During the year, the charity received donations from trustee Flavien Kulawik £55,000 (2022: £25,000), Olivier Wolf £5,000 (2022 :£Nil) , Christopher Wakim £500 (2022: £Nil), Marven Limited, in which Marc Vandamme, share common Trusteeship £Nil (2022: £2,000)

During the year, the charity paid grant to the charity in France, Fondation CentraleSupelec for £365,188 less forex charges of £25 with the net grant paid being £365,163 (2022: £Nil) and the Fondation CentraleSupelec paid event charges for £200 (2022: £Nil) on behalf of charity. One of the Trustee, Flavien Kulawik, is on the Fundraising Campaign Committee of Fondation CentraleSupelec.

Issuer

Issuer HW Fisher Document generated Fri, 16th Aug 2024 11:21:55 BST Document fingerprint b5f19a307b1fa0c6b0e5e92e9f4cb73f

Parties involved with this document

Document processed

Party + Fingerprint

Fri, 16th Aug 2024 12:44:50 BST Maryline Mertz - Signer (4991b422f9d33d7e3f6fc29df4d520c4) Mon, 19th Aug 2024 13:42:13 BST Mark Taylor - Signer (ef3ccf8cbc25eb9719cac0316194901f) Mon, 19th Aug 2024 13:42:13 BST Audrey Duval - Copied In (32b71d94019d2654417a046a37c7079f)

Audit history log

Date Action Fri, 16th Aug 2024 11:21:55 BST Envelope generated by Shafayat Khan185.105.75.178 Fri, 16th Aug 2024 11:21:55 BST Document generated with fingerprint ef699aff10f5e5d2f30a2df73405422f185.105.75.178 Fri, 16th Aug 2024 11:21:55 BST Document generated with fingerprint a7b19fecabf3dd3a11d6965bb35ed0d6185.105.75.178 Fri, 16th Aug 2024 11:21:55 BST Document generated with fingerprint d8a019e74bb767fa68023509541f169e185.105.75.178 Fri, 16th Aug 2024 11:21:55 BST Document generated with fingerprint b4c611796dca6bff5a8499af921e0ac8185.105.75.178 Fri, 16th Aug 2024 11:21:55 BST Document generated with fingerprint b5f19a307b1fa0c6b0e5e92e9f4cb73f185.105.75.178 Fri, 16th Aug 2024 12:35:52 BST Sent the envelope to Maryline Mertz (Maryline.Mertz@gs.com) for signing185.105.75.178 Fri, 16th Aug 2024 12:35:52 BST Document emailed to Maryline.Mertz@gs.com13.42.59.226 Fri, 16th Aug 2024 12:42:58 BST Maryline Mertz viewed the envelope147.161.167.32 Fri, 16th Aug 2024 12:43:08 BST Maryline Mertz viewed the envelope34.201.246.134 Fri, 16th Aug 2024 12:43:33 BST Maryline Mertz viewed the envelope173.234.145.140 Fri, 16th Aug 2024 12:44:50 BST Maryline Mertz signed the envelope147.161.167.32 Fri, 16th Aug 2024 12:44:50 BST Sent the envelope to Mark Taylor (mjtaylor@hwfisher.co.uk) for signing147.161.167.32

Document emailed to mjtaylor@hwfisher.co.uk13.40.158.75

Fri, 16th Aug 2024 12:44:50 BST

Fri, 16th Aug 2024 12:44:51 BST Fri, 16th Aug 2024 13:49:54 BST Fri, 16th Aug 2024 13:49:54 BST Mon, 19th Aug 2024 11:12:20 BST Mon, 19th Aug 2024 13:42:13 BST Mon, 19th Aug 2024 13:42:13 BST

Mon, 19th Aug 2024 13:42:14 BST Mon, 19th Aug 2024 13:42:14 BST Mon, 19th Aug 2024 13:42:14 BST

Maryline Mertz viewed the envelope147.161.167.32 Mark Taylor opened the document email.77.43.53.170 Mark Taylor opened the document email.77.43.53.170 Mark Taylor viewed the envelope185.105.75.177 Mark Taylor signed the envelope185.105.75.177 Sent the envelope to Audrey Duval (audrey.duval@centralesupelec.fr) for signing185.105.75.177 This envelope has been signed by all parties185.105.75.177 Mark Taylor viewed the envelope185.105.75.177 Document emailed to audrey.duval@centralesupelec.fr18.175.48.26