OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-06-30-accounts

Charity registration number 1186234

CANTERBURY PROGRAMME

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

CANTERBURY PROGRAMME

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dominic Burbidge Joshua T. Katz Kristen M. McKenna Luis Tellez Andrew J. Hegarty Charity number 1186234 Registered office Canterbury Programme 82-83 St Aldate's Oxford OX1 1RA Auditor Critchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

CANTERBURY PROGRAMME

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7 - 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 19

CANTERBURY PROGRAMME

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 JUNE 2023

The trustees present their annual 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 charity's governing document, the Charities Act 2011 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 Canterbury Programme is a Foundation Charitable Incorporated Organisation (CIO) under the Charities Act 2011 and registered charity number 1186234. It was incorporated as a CIO on 8[th] November 2019 and is based in Oxford, England. The Trustees have had regard to the Charity Commission’s guidance on public benefit and present here their report and financial statements for the year ended 30 June 2023.

The objective of the Canterbury Programme is to support higher education through i) academic conferences, seminars, workshops, study days, and reading groups; ii) the awarding of scholarships to students of higher education institutions; and iii) academic research, especially in the humanities and social sciences. The Canterbury Programme aims to support scholars in seeking the truth through their various academic specialisms.

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

Achievements and performance

For the year ended June 2023, the Canterbury Programme has maintained its programme of academic activities, and level of support for students of higher education institutions, particularly those pursuing degrees in the University of Oxford. The academic research of the Canterbury Programme is at a relatively early stage, through progress has been made through seminars and workshops, particularly in the humanities and social sciences, and through connecting scholars in particular areas of specialty through its various events.

The Canterbury Programme held 27 academic seminars or lectures with guest speakers (up from 14 last year), 6 weekly reading groups for graduate students, and 3 “reading parties” (study retreats) of four study days each with graduate students.

Last year, the Canterbury Programme set-up a “McKenna Babies” programme to provide twice-weekly parental assistance for students who are new parents and in need of time to study to keep up with their degrees (given a lack of maternity or paternity leave for those enrolled in degree programmes). This initiative has continued successfully, maintaining its level of support for students.

In 2019, the Canterbury Programme founded the “Barry Scholarship” to provide full scholarship support for a minimum of two years at a time for graduate students enrolled for a degree in higher education and otherwise lacking funding. This has continued to robustly, with 23 Barry Scholars in place for the year ended June 2023 (22 the year before). Students are selected for the scholarship by an independent Academic Committee made up of university professors.

Financial review

The Canterbury Programme is in healthy financial shape and looking to grow operations on the basis of the generous support received so far. The charity's income for the year ended June 2023 was £2,680,532 (2022: £1,569,472). Expenditure was £697,047 (2022: £1,327,108) and the resulting surplus before foreign exchange differences is £1,983,485 (2022: surplus of £242,364).

Trustees committed last year to hold six months of administration costs as free reserves, amounting to £60,000. The commitment has proved manageable and will be maintained at its current level currently £680,656.

CANTERBURY PROGRAMME

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Plans for future periods

The Canterbury Programme has been successful in scheduling expansion of the Barry Scholarship for up to 12 new beneficiaries per year (previously it was up to 10 per year). This will be implemented in the academic year 2023-24. In 2023, the Canterbury Programme was able to provide funding for the establishment of a research position in Trinity College, Oxford, as a Barry Junior Research Fellowship in Natural Law Theory. This will ideally be a 3-year research position with a 2024 start, subject to successful candidate selection by Trinity College.

Structure, governance and management

The Canterbury Programme is governed by its constitution, which sets out its structure as a Foundation CIO. The Trustees form a Board which meets quarterly, and oversees and directs operations. Trustees are appointed for terms of three years.

In selecting individuals for appointment as Trustees, the Board of Trustees has regard to the skills, knowledge and experience needed for the effective administration of the Canterbury Programme. New Trustees are introduced to the working of the charity and their responsibilities as Trustees are explained to them by the Chair. Ongoing training needs are assessed and addressed as necessary and the Trustees are updated on any changes and developments in Charity Commission guidance during Trustee meetings to ensure they are fully aware of, and comply with, all relevant legislation and guidance.

A CEO is appointed to manage the day-to-day affairs of the charity using authority delegated by the Board. Among other things, the CEO manages the employment of further members of staff in pursuit of the charity’s objectives. The Canterbury Programme also benefits from a number of volunteers, most frequently in the form of student volunteers for running its events and activities. On occasion, academics also volunteer by delivering lectures and seminars free of charge, and by helping mentor students.

The trustees who served during the year and up to the date of signature of the financial statements were: Dominic Burbidge

Joshua T. Katz Kristen M. McKenna Luis Tellez Andrew J. Hegarty

Public benefit

The Trustees confirm that in accordance with the Charities Act 2011 they have due regard to public benefit guidance published by the Charity Commission. They confirm that the activities of the charity are for the benefit of the public in general.

The trustees' report was approved by the Board of Trustees.

----- Start of picture text -----
..............................
Dominic Burbidge
Trustee
Date: .............................................
----- End of picture text -----

CANTERBURY PROGRAMME

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2023

The trustees 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).

The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that year.

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

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CANTERBURY PROGRAMME

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CANTERBURY PROGRAMME

Opinion

We have audited the financial statements of Canterbury Programme (the ‘charity’) for the year ended 30 June 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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 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:

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 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 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 charity’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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

CANTERBURY PROGRAMME

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CANTERBURY PROGRAMME

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, 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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

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 assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

CANTERBURY PROGRAMME

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CANTERBURY PROGRAMME

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// 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 charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Katherine Wilkes (Senior Statutory Auditor) for and on behalf of Critchleys Audit LLP

8/4/24 .........................

Chartered Accountants Statutory Auditor

Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP

CANTERBURY PROGRAMME

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Current financial year
Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
694,929
1,984,227
Investments
4
1,366
-
Other income
5
10
-
Total income
696,305
1,984,227
Expenditure on:
Charitable activities
6
365,477
331,570
Net income for the year/
Net incoming resources
330,828
1,652,657
Other recognised gains and losses
Other gains or losses
12
(25,439)
(132,346)
Net movement in funds
305,389
1,520,311
Fund balances at 1 July 2022
385,659
1,355,800
Fund balances at 30 June 2023
691,048
2,876,111		 Total
2023
£
2,679,156
1,366
10
2,680,532
697,047
1,983,485
(157,785)
1,825,700
1,741,459
3,567,159		 Total
2022
£
1,568,732
-
740
1,569,472
1,327,108
242,364
189,177
431,541
1,309,918
1,741,459

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CANTERBURY PROGRAMME

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023

Prior financial year
Restated
Restated
Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Donations and legacies
3
219,833
1,348,899
Other income
5
740
-
Total income
220,573
1,348,899
Expenditure on:
Charitable activities
6
315,072
1,012,036
Net income for the year/
Net incoming resources
(94,499)
336,863
Other recognised gains and losses
Other gains or losses
12
8,067
181,110
Net movement in funds
(86,432)
517,973
Fund balances at 1 July 2021
472,091
837,827
Fund balances at 30 June 2022
385,659
1,355,800		 Restated
Total
2022
£
1,568,732
740
1,569,472
1,327,108
242,364
189,177
431,541
1,309,918
1,741,459

CANTERBURY PROGRAMME

BALANCE SHEET

AS AT 30 JUNE 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 13 10,392 10,947
Current assets
Debtors 14 2,894,036 2,089,430
Cash at bank and in hand 851,477 661,307
3,745,513 2,750,737
Creditors: amounts falling due within
one year 15 (188,746) (1,020,225)
Net current assets 3,556,767 1,730,512
Total assets less current liabilities 3,567,159 1,741,459
Income funds
Restricted funds 16 2,876,111 1,355,800
Unrestricted funds 691,048 385,659
3,567,159 1,741,459
The financial statements were approved by the Trustees
..............................
Dominic Burbidge
Trustee		 on .........................

CANTERBURY PROGRAMME

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
20
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
(3,050)
1,366		 £
191,854
(1,684)
-
190,170
661,307
851,477		 2022
£
£
(245,256)
(2,665)
-
(2,665)
-
(247,921)
909,228
661,307

CANTERBURY PROGRAMME

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

1 Accounting policies

Charity information

Canterbury Programme (also known as Canterbury Institute) is a charitable incorporated organisation. It operates from 82-83 St Aldate's Oxford, OX1 1RA. The charity was formed on 8 November 2019 and these are the charity's statutory accounts for the year ended 30 June 2023.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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.

Restricted funds are subject to specific conditions by donors or grantors 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.

Funds are subject to specific conditions by donors that the capital must be maintained by the charity.

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 or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

CANTERBURY PROGRAMME

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

1 Accounting policies

(Continued)

1.5 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 are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 5 years straight line basis Computers 3 years straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 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.

Financial instruments are recognised in the charity's balance sheet when the charity 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

CANTERBURY PROGRAMME

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

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CANTERBURY PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
1,478
43,045
Institutional grants
693,451
1,941,182
694,929
1,984,227
Grants receivable for core activities
Foundations of law
-
83,046
Barry scholars
-
1,515,674
Barry fellowship
-
176,529
Extracurricular
-
101,219
General operations
670,086
-
The Kristen and Peter
McKenna Family Fund
19,751
-
Imitatio Fund
-
-
Ramsay Centre
-
20,404
Rent of adddtional space
-
44,310
Anscombe Charge
3,150
-
Other
464
-
693,451
1,941,182		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
44,523
1,260
-
2,634,633
218,573
1,348,899
2,679,156
219,833
1,348,899
83,046
-
55,173
1,515,674
-
1,124,841
176,529
-
70,659
101,219
-
73,359
670,086
187,293
-
19,751
31,250
-
-
-
15,867
20,404
-
9,000
44,310
-
-
3,150
-
-
464
30
-
2,634,633
218,573
1,348,899		 Total
2022
£
1,260
1,567,472
1,568,732
55,173
1,124,841
70,659
73,359
187,293
31,250
15,867
9,000
-
-
30
1,567,472

4 Income from investments

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Interest receivable 1,366 -
Unrestricted Unrestricted
funds funds
2023 2022
£ £
Other income 10 740

CANTERBURY PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

6 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Fortescue scholarship grant funding
Meade scholarship grant funding
Barry scholarship grant funding
Bank charges
Canterbury events and activities
Guest speaker
Meals and entertainment
Office and general administrative expenses
Legal and professional fees
Printing, postage and stationery
Research expenses
Software
Sundry
Insurances
Grant funding of activities (see note 7)
Share of support and governance costs (see note 8)
Governance
Analysis by fund
Unrestricted funds
Restricted funds
7
Grants payable
Grants to institutions		 Total
2023
£
177,797
3,605
125,292
90,466
18,312
3,687
126,586
455
2,182
63,439
3,694
285
129
858
8,313
3,547
628,647
60,000
8,400
697,047
365,477
331,570
697,047
Total
2023
£
60,000		 Total
2022
£
172,932
3,174
-
-
898,768
546
59,532
1,822
15,910
40,571
1,324
70
532
960
6,067
3,832
1,206,040
113,268
7,800
1,327,108
315,072
1,012,036
1,327,108
Total
2022
£
113,268

CANTERBURY PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

8 Support costs allocated to activities

Audit fees
Analysed between:
Total		 2023
£
8,400
8,400		 2022
£
7,800
7,800

9 Trustees

One trustee of the charity received remuneration of £82,867 (2022: £80,857) in their capacity as a director of the charity.

10 Employees

The average monthly number of employees during the year was:

Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
9
2023
£
164,827
11,154
1,816
177,797		 2022
Number
8
2022
£
157,190
14,397
1,345
172,932

The number of employees whose annual remuneration was more than £60,000 is as follows:

2023 2022
Number Number
£80,001 - £90,000 1 1

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

CANTERBURY PROGRAMME

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

12
Other gains and losses
Unrestricted
Restricted
funds
funds
2023
2023
Gains/(losses) upon:
£
£
Foreign exchange
25,439
132,346
13
Tangible fixed assets
Cost
At 1 July 2022
Additions
At 30 June 2023
Depreciation and impairment
At 1 July 2022
Depreciation charged in the year
At 30 June 2023
Carrying amount
At 30 June 2023
At 30 June 2022
14
Debtors
Amounts falling due within one year:
Grants receivable
Prepayments and other debtors
15
Creditors: amounts falling due within one year
Other taxation and social security
Grant liability
Accruals and deferred income		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
157,785
(8,067)
(181,110)
Fixtures and
fittings
Computers
£
£
14,960
946
1,625
1,425
16,585
2,371
4,460
499
3,127
478
7,587
977
8,998
1,394
10,500
447
2023
£
2,889,033
5,003
2,894,036
2023
£
4,132
176,814
7,800
188,746		 Total
2022
£
(189,177)
Total
£
15,906
3,050
18,956
4,959
3,605
8,564
10,392
10,947
2022
£
2,079,500
9,930
2,089,430
2022
£
2,858
978,668
38,699
1,020,225

CANTERBURY PROGRAMME

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

16 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 July 2022 Incoming Incoming Resources Resources Gains and At 30 June At 30 June
resources expended losses 2023
£ £ £ £ £
Scholarship fund 1,355,800 1,939,917 (294,070) (132,346) 2,869,301
Rent - 44,310 (37,500) - 6,810
1,355,800 1,984,227 (331,570) (132,346) 2,876,111
Previous year: At 1 July 2021 Incoming Resources Gains and At 30 June
resources expended losses 2022
£ £ £ £ £
Scholarship fund 837,827 1,348,899 (1,012,036) 181,110 1,355,800
17 Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Fund balances at 30
June 2023 are
represented by:
Tangible assets 10,392 - 10,392 10,947 - 10,947
Current assets/(liabilities) 680,656 2,876,111 3,556,767 374,712 1,355,800 1,730,512
691,048 2,876,111 3,567,159 385,659 1,355,800 1,741,459

18 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2023
£
48,000
80,000
128,000		 2022
£
27,000
72,000
99,000

19 Related party transactions

CANTERBURY PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

19 Related party transactions

(Continued)

During the year the charity recognised income of £2,590,864 (2022: £1,511,325) from FEHE; the president of this organisation is a trustee of the charity.

During the year one trustee donated £19,751 to the charity for general purposes during the year (2022: £31,250).

During the year one trustee's parents donated £600 to the charity for general purposes during the year (2022: £600).

During the year expenses were paid on behalf of one trustee totalling £nil (2022: £1,243). The full amount of these payments was repaid by the trustee to the charity before the year end.

20
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
(Decrease)/increase in creditors
Cash generated from/(absorbed by) operations		 2023
£
1,983,485
(1,366)
(157,785)
3,605
(804,606)
(831,479)
191,854		 2022
£
242,364
-
189,177
3,174
(758,752)
78,781
(245,256)

21 Analysis of changes in net funds

The charity had no material debt during the year.