Registered number: 05272761 Charity number: 1175849
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2024
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 9 |
| Independent Examiner's Report | 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Financial Statements | 13 - 18 |
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JULY 2024
Trustees
Dr Aulay Mackenzie, Chair Dr Frank Haddleton, Vice Chair Ms Diane Glautier Mr Phil Berry (resigned 17 November 2023) Mr Dominic Ramsden (resigned 18 December 2023) Dr Suzanna Tomassi Dr Mfanwy Davies (resigned 26 November 2024) Prof Martin Snowden (appointed 15 March 2024) Gill Mandhir (appointed 12 August 2024) Company registered number
05272761
Charity registered number
1175849
Registered office
Wax Chandlers Hall, British Accreditation Council, 6 Gresham Street, London, EC2V 7AD
Company secretary
Dr Janet Nancy Bohrer
Independent examiner
Rebecca Hughes Bsc (Hons) FCCA, MHA, Century House, The Lakes, Northampton, NN4 7HD
Bankers
Charities Aid Foundation Bank, 25 Kings Hill Ave, Kings Hill, West Malling, ME19 4JQ
Page 1
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JULY 2024
The Trustees present their annual report together with the financial statements of the Company for the year 31 July 2023 to 30 July 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
LEGAL AND ADMINISTRATIVE INFORMATION
The Council of Validating Universities (CVU) was registered as a charity, number 1054170, on 29 March 1996. The Trustees approved the merger of the Incorporated Charity (number, 1175849) with the Unincorporated charitable entity of the same name (number 1054170), on 10 February 2017. The Charity merger was completed and Charity number 1175849 was registered on 21 November 2017.
The Council of Validating Universities is a company limited by guarantee and the directors that served during the year are:
Dr Aulay Mackenzie Dr Frank Haddleton Ms Diane Glautier Mr Phil Berry (resigned 17 November 2023) Ms Claire Nixon (resigned 17 June 2023) Mr Dominic Ramsden (resigned 18 December 2023) Dr Suzanna Tomassi Ms Maureen McLaughlin (resigned 25 April 2023) Dr Myfanwy Davies (resigned 26 November 2024) Ms Angela Harrison (resigned 21 April 2023) Ms Judith Shepherd (appoointed 15 March 2024) Ms Maureen McLaughlin (resigned 25 April 2023)
Its registered office is; British Accreditation Council, Wax Chandlers Hall, 6 Gresham Street, London, EC2V 7AD.
The Council's governing document is its Constitution adopted on 12 February 1996, and amended on 13 February 1997, 10 September 1999, 8 February 2000, 8 September 2000, 16 September 2004, 18 September 2008, 17 September 2009, 13 September 2012 and 22 September 2016. The constitution was formally adopted following the completion of the review on 21 November 2017.
The Charity Trustees are the members of the Executive Committee who are responsible for the control and management of the charity.
The Council held its funds in a Clubs and Societies Current Account and a Reserve Account in the National Westminster Bank.
On 14 June 2018, the Council of Validating Universities opened a current bank account with the Charities Aid Foundation Bank.
In order to obtain wide spread experience and appropriate skills on the board of trustees the recruitment of trustees is usually done through personal contacts and introductions. Trustees & Directors are elected by the members and normally serve for a period of three years.
Page 2
(A Company Limited by Guarantee)
THE COUNCIL OF VALIDATING UNIVERSITIES
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 JULY 2024
POLICIES AND OBJECTIVES
As enshrined in the Council’s governing document, the charitable objects of the Council are 'to advance education, including training and research, in particular by keeping under review the concerns of degreeawarding institutions within the United Kingdom in relation to collaborative validation' and 'identifying and promoting good practice in collaborative validation'.
Collaborative provision is defined by the Council ‘as the process whereby a degree-awarding body judges one or more programmes of study, modules or courses offered by another body (or bodies) to be appropriate to lead to a qualification and/or credit of that degree-awarding body. It accordingly encompasses the delivery by another body (or bodies) of programmes, courses, or modules where the content (curriculum/learning outcomes) has been designed and developed by either the degree-awarding body (or bodies) or a partnership of the degreeawarding body and the other body (or bodies).’
AIMS AND ORGANISATION
The Council is the one UK organisation specifically representing the interests of higher education institutions which validate programmes delivered outside those institutions but leading to their awards. When planning activities, the trustees have regard for the Charity Commission's guidance on public benefit.
The Council's Secretariat has been provided by the British Accreditation Council for Independent Further and Higher Education since 1 January 2016.
The Council operates as a networking organisation through the provision of opportunities for representatives of member organisations to learn about, and contribute to discussion on, topics of interest to collaborative provision. It does this principally through its annual conference, national seminars and workshops, a periodic survey of the number and type of collaborative arrangements that lead to awards of validating universities, and publication of guidance for practitioners. Through its individual members and sub-groups, the Council contributes to discussion and consultation on national policy affecting collaborative provision.
Annual Conference
The 2023 Annual Conference was held at Conference Aston on 21 and 22 September 2023. The Council paid £12,768 which included catering and accommodation for attendees. Tickets were sold at £320.31 for members and £379.90 for non members. Parties with numerous attendees from the same institution were charged a discounted price of £271.56.
A total of 39 tickets were sold, 34 of which were bought by members and five by non-members, earning £11,138.93 less Eventbrite card payment fees of £845.05, providing a net total of £10,292.88. Holding the 2023 Annual Conference therefore resulted in a loss of £2,475.12.
Nine speakers attended free of charge and two members attended on behalf of the secretariat for a total attendance of 50.
The 2024 Annual Conference was originally planned for September 2024 but was delayed to December 2024 for logistical reasons.
Page 3
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 JULY 2024
Conference Sessions
CVU Workshop and Seminar Programme for 2023/2024:
There were four seminars/workshops in 2023/2024. Continuing from 2022/2023, they were delivered online via Eventbrite to encourage participation from across the UK higher education sector in alignment with the increase in remote working and online engagement. Their details were as follows:
Seminar 1
Topic: Making TNE Successful – Due Diligence and Risk Management Date: 8 September 2023 Lead: Suzanna Tomassi
Summary:
Transnational Education (TNE) has been embraced by UK Universities for a long time and approximately 80% of the sector reported students studying through TNE in 2020/21, more than ever before. During that period, just over half a million of students were studying on UK TNE programmes.
The UK TNE is very varied and UK HE providers are involved in a variety of different TNE models across different markets and levels of study. This includes online education, partnerships with local providers and overseas campuses, which is the most ambitious TNE model. These days there are over 300 overseas campuses created by universities across the world, with the UK universities being involved in over 50 of them. The last two years of the global pandemic attracted a new wave of interest in TNE, which is seen by many providers as an extension of their in-country provision. For others it is an opportunity to maintain a visible presence across the world without the need to travel.
While there are many benefits of TNE to different stakeholders, international endeavours can be risky. This webinar is going to look at best practice of due diligence in relation to new and current partnerships, as well as risk management. We will hear from legal, compliance and risk specialists, as well as representatives of universities that are leading on TNE developments in the UK.
Attendance: 34 (not including speakers) Net total made: £2,000
Seminar 2
Topic: Student belonging – successful interventions in TNE and UK partnerships Date: 8 March 2024 Lead: Myfanwy Davies
Summary:
Underlying a positive student experience is a students’ sense that they belong and that they matter. A broad sense of belonging correlates with improved levels of retention, engagement, confidence and better student mental health. Initiatives to foster student belonging, through wellbeing initiatives, student engagement, community and co-curricular activities are widespread across UK University campuses. However, these issues are less well understood where students are studying in partnerships, be those embedded campuses, TNE partnerships or indeed UK-based partnerships.
This webinar, led by experienced practitioners and senior leaders will share best practice on understanding students’ diverse identifications and needs, fostering community, creating internationalism at home and supporting the success of students in collaborative partnerships.
Attendance: 21 (not including speakers) Net total made: £1,342.01
Page 4
(A Company Limited by Guarantee)
THE COUNCIL OF VALIDATING UNIVERSITIES
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 JULY 2024
Seminar 3
Topic: An introduction to the World of Collaborative Academic Partnerships/Collaborative Provision Date: 17 May 2024 Lead: Diane Glautier
Summary:
This introductory session will outline the operational roles and responsibilities in the management and oversight of collaborative academic partnerships. The session is primarily designed for staff who are new to working in university academic partnerships but more experienced colleagues are welcome to come along and share your knowledge!
This session will provide a ‘back to basic’ outline of what it’s like to work with collaborative partners, providing information on the varied aspects of the partnerships management and oversight role.
During the session we will also be hearing about what academic partners need from their university/awarding body and what makes a good partnership manager from their perspective.
The session will explore the academic role and how the partnership managers and academics can best work together to support the partnerships and the oversight of academic standards.
It's a really practical session, which will provide an opportunity to ask questions and have an informal conversation about all the joys of working in this area
Attendance: 24 (not including speakers) Net total made: £1,500
Seminar 4
Topic: Making TNE Successful – Due Diligence and Risk Management Date: 19 July 2024 Lead: Suzanna Tomassi
Summary:
Transnational Education (TNE) has been embraced by UK Universities for a long time – in 2021/22 162 UK universities reported students studying through TNE in 2021/22, more than ever before. During that period, just over half a million of students were studying on UK TNE programmes.
The UK TNE is very varied and UK HE providers are involved in a variety of different TNE models across different markets and levels of study. This includes online education, partnerships with local providers and overseas campuses, which is the most ambitious TNE model. These days there are over 300 overseas campuses created by universities across the world, with the UK universities being involved in over 50 of them. The last two years of the global pandemic attracted a new wave of interest in TNE, which is seen by many providers as an extension of their in-country provision. For others it is an opportunity to maintain a visible presence across the world without the need to travel.
While there are many benefits of TNE to different stakeholders, international endeavours can be risky. This webinar is going to look at best practice of due diligence in relation to new and current partnerships, as well as risk management. We will hear from legal, compliance and risk specialists, as well as representatives from the British Council and UK Higher Education providers who are leading on TNE developments in the UK.
Attendance: 36 (not including speakers) Net total made: £2,160
Page 5
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 JULY 2024
Execiutive committee council meetings
The executive committee met three times in the year on the following dates:
-
15 March 2024
-
24 May 2024
-
26 July 2024
All meetings were held online via Zoom, and all were recorded by the Secretariat, with meeting minutes sent to the Chair for approval. All meeting minutes have been approved.
The AGM was held during the 2023 Annual Conference at Conference Aston, and Dr Aulay Mackenzie’s tenure as Chair was renewed. Dr Frank Haddleton’s tenure as Vice Chair was also renewed.
Two new CVU Executive Committee members were recruited during 2023/24:
Ms Judith Shepherd (appointed 15 March 2024) Mr Martin Snowden (appointed 15 March 2024)
Two CVU Executive Committee members resigned during 2023/24:
Mr Phil Berry (resigned 17 November 2023) Mr Dominic Ramsden (resigned 18 December 2023)
Achievements and performance
CVU Secretariat
The British Accreditation Council has provided secretariat services from 1 January 2016.
CVU Representation
The CVU continued its representation on national committees and working groups during 2020/21, including Dr Aulay Mackenzie acting as a member of the UUK/GuildHE/QAA working group on QA of TNE.
Final remarks
Partnership activity remains a key sector activity, with TNE in particular a focus as part of the UK International al RemarksEducation Strategy. The key challenge for the CVU remains achieving the engagement across the sector to maintain its profile and deliver to its mission.
Page 6
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 JULY 2024
Comments on Financial Activities
The Executive Committee retained the fee of £575 for all member institutions for 2023/2024.
CVU uses Eventbrite for all its event bookings. Eventbrite charges a fee for all paid transactions which is passed on to the ticket buyer. Therefore, the prices quoted below relate to the amount CVU charges but is not inclusive of the fee added by Eventbrite when tickets are purchased.
Attendance fees for webinars were set at £54.88 for members and £87.38 for non members.
The British Accreditation Council charged a discounted annual Secretariat fee of £12,000, continuing the discounted fee paid in 2021/22 reduced from the £27,000 paid in 2020/2021, due to ongoing repercussions of the COVID 19 pandemic on CVU’s financial stability. This fee also included staff time and all administrative support. The contract is renewable on an annual basis and CVU chose to extend the use of the British Accreditation Council services for 2024/2025.
In relation to Governance, MHA in Northampton was appointed to independently review the accounts for 2023/24, having provided this service since 2020/2021.
Reserves
The Trustees believe that adequate reserves should be held to maintain the work of the council and that the free reserves equivalent to nine months normal recurring expenditure will suffice.
GOING CONCERN
After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
CONSTITUTION
The company is registered as a charitable company limited by guarantee and was set up by a Trust deed.
The company is constituted under a Trust deed and is a registered charity number 1175849.
METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
The list of Trustees is kept up to date on the charity commission website through the online service.
Page 7
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 JULY 2024
POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES
Once appointed, new trustees are sent important information and the up-to-date copy of the CVU Handbook via email.
ORGANISATIONAL STRUCTURE AND DECISION MAKING
Trustees consider and make decisions through Executive Committee meetings, dates for which are proposed by the Secretariat in advance and agreed by the Trustees. The Chair, Dr Aulay Mackenzie, is responsible for determining the Trustee (or Trustees) responsible for carrying out actions arising from decisions. Details and progress on actions are recorded by the Secretariat in an Action Points paper submitted to each Executive Committee meeting.
PRINCIPAL ACTIVITIES
The principal (or main) activity (or activities) is identified as the activity which contributes most to the total value added.
The principal activity for the Council during the 2023/2024 financial year was the provision of advice and information, through webinars.
Page 8
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 JULY 2024
TRUSTEES' RESPONSIBILITIES STATEMENT
The Trustees (who are also directors of Council of Validating Universities for the purposes 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 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 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and accounting 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;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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 corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
14 March 2025 and signed on their behalf by:
This report was approved by the Board of Trustees, on
................................................ Dr Aulay Mackenzie Trustee
Page 9
(A Company Limited by Guarantee)
THE COUNCIL OF VALIDATING UNIVERSITIES
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JULY 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COUNCIL OF VALIDATING UNIVERSITIES (the 'company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 30 July 2024.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company 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 company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 accounts to be reached.
Signed: Dated: 17 March 2025
Rebecca Hughes BSc(Hons) FCCA
MHA Chartered Accountants Century House, The Lakes Northampton NN4 7HD
Page 10
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JULY 2024
| Unrestricted funds Note 2024 £ INCOME FROM: Charitable activities 2 40,002 TOTAL INCOME 40,002 EXPENDITURE ON: Charitable activities 43,854 TOTAL EXPENDITURE 43,854 NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES (3,852) NET MOVEMENT IN FUNDS (3,852) RECONCILIATION OF FUNDS: Total funds brought forward 60,003 TOTAL FUNDS CARRIED FORWARD 56,151 |
Total funds 2024 £ 40,002 40,002 43,854 43,854 (3,852) (3,852) 60,003 56,151 |
Total funds 2023 £ 31,555 |
|---|---|---|
| 31,555 | ||
| 30,651 | ||
| 30,651 | ||
| 904 904 59,099 |
||
| 60,003 |
The notes on pages 13 to 18 form part of these financial statements.
Page 11
THE COUNCIL OF VALIDATING UNIVERSITIES (A Company Limited by Guarantee) REGISTERED NUMBER: 05272761
BALANCE SHEET AS AT 30 JULY 2024
| Note CURRENT ASSETS Debtors 6 Cash at bank and in hand CREDITORS:amounts falling due within one year 7 NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Unrestricted funds 8 TOTAL FUNDS |
£ 2,902 55,249 58,151 (2,000) |
2024 £ 56,151 56,151 56,151 56,151 |
£ 5,430 59,482 64,912 (4,909) |
2023 £ 60,003 |
|---|---|---|---|---|
| 60,003 | ||||
| 60,003 | ||||
| 60,003 |
The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on 14 March 2025 and signed on their behalf, by:
................................................
Dr Aulay Mackenzie Chair
The notes on pages 13 to 18 form part of these financial statements.
Page 12
(A Company Limited by Guarantee)
THE COUNCIL OF VALIDATING UNIVERSITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2024
1. ACCOUNTING POLICIES
1.1 General information
Council of Validating Universities is a private limited company limited by guarantee and registered in England and Wales. Registered company number 05272761 and charity number 1175849.
The registered office is Wax Chandlers Hall, 6 Gresham Street, London, EC2V 7AD.
1.2 Basis of preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Council of Validating Universities 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.
1.3 Company status
The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
1.4 Going concern
The financial statements have been prepared on a going concern basis.
The Trustees have not identified any material uncertainties that may cast significant doubt about the ability of the charity to continue as a going concern.
Based on these assessments and having regard to the resources available to the charity, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
1.5 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Page 13
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.11 Financial instruments
The company 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 14
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2024
1. ACCOUNTING POLICIES (CONTINUED)
1.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
2. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2024 £ Membership Subscriptions 21,275 Annual conference fees 11,138 Workshop & Seminar fees 7,589 Total donations and legacies 40,002 Total 2023 31,555 |
Total funds 2024 £ 21,275 11,138 7,589 40,002 31,555 |
Total funds 2023 £ 22,665 - 8,890 |
|---|---|---|
| 31,555 | ||
3. EXPENDITURE ON CHARITABLE ACTIVITIES
| Unrestricted funds £ Conference costs 11,134 Workshop & seminar costs 690 Publicity material 1,634 Secretariat salary 28,000 Other costs 390 Governance costs 2,006 43,854 Total 2023 30,651 |
Total 2024 £ 11,134 690 1,634 28,000 390 2,006 43,854 30,651 |
Total 2023 £ - 677 - 28,000 417 1,557 30,651 |
|---|---|---|
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THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2024
4. NET INCOME/(EXPENDITURE)
During the year, no Trustees received any remuneration (2023 - £NIL). During the year, no Trustees received any benefits in kind (2023 - £NIL).
During the year, no Trustees received any reimbursement of expenses (2023 - £NIL).
5. Independent examination fee
The Independent Examiner's remuneration amounts to an Independent Examination fee of £2,346 (2023 - £2,082).
6. DEBTORS
| Trade debtors Prepayments and accrued income |
2024 £ 539 2,363 2,902 |
2023 £ 143 5,287 |
|---|---|---|
| 5,430 |
7. CREDITORS: Amounts falling due within one year
| Trade creditors Accruals and deferred income |
2024 £ - 2,000 2,000 |
2023 £ 2,909 2,000 |
|---|---|---|
| 4,909 |
Page 16
THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2024
8. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| Balance at 31 July 2023 £ Designated funds Designated Funds - all funds - General funds Charitable activities 60,003 Accountancy - 60,003 Total Unrestricted funds 60,003 Total of funds 60,003 STATEMENT OF FUNDS - PRIOR YEAR Balance at 31 July 2022 £ Charitable activities 59,099 Total of funds 59,099 SUMMARY OF FUNDS - CURRENT YEAR Balance at 31 July 2023 £ Designated funds - General funds 60,003 60,003 |
Income Expenditure £ £ 40,002 (43,834) - - - (20) - (20) 40,002 (43,854) 40,002 (43,854) Income Expenditure £ £ 31,555 (30,651) 31,555 (30,651) Income Expenditure £ £ 40,002 (43,834) - (20) 40,002 (43,854) |
Balance at 30 July 2024 £ (3,832) 60,003 (20) 59,983 56,151 56,151 Balance at 30 July 2023 £ 60,003 60,003 Balance at 30 July 2024 £ (3,832) 59,983 56,151 |
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THE COUNCIL OF VALIDATING UNIVERSITIES
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2024
8. STATEMENT OF FUNDS (continued) SUMMARY OF FUNDS - PRIOR YEAR
| Balance at | Balance at | |||
|---|---|---|---|---|
| 31 July 2022 | Income | Expenditure | 30 July 2023 | |
| £ | £ | £ | £ | |
| General funds | 59,099 | 31,555 | (30,651) | 60,003 |
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2024 £ Current assets 58,151 Creditors due within one year (2,000) 56,151 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds 2023 £ Current assets 64,912 Creditors due within one year (4,909) 60,003 |
Total funds 2024 £ 58,151 (2,000) 56,151 Total funds 2023 £ 64,912 (4,909) 60,003 |
|---|---|
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