Charity registration number 1186234 (England and Wales)
CANTERBURY PROGRAMME
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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 Gravita Audit Oxford LLP First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD
CANTERBURY PROGRAMME
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent auditor's report | 5 - 7 |
| Statement of financial activities | 8 - 9 |
| Balance sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 22 |
CANTERBURY PROGRAMME
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The trustees present their annual report and financial statements for the year ended 30 June 2024.
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 2024.
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 short term goals are to maintain financial stability and the provision of support for students. In the long term, the goal is to increase the quality of support and integrate with a more advanced research profile for the Institute as a whole. The Canterbury Programme does not measure its success in terms of number of students but in terms of the development of a robust and meaningful academic community.
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 2024, 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 moderate 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. For the first time this year, an academic book, The Slave is a Human Person , has been produced and launched at the Canterbury Programme.
The Canterbury Programme held 18 academic seminars or lectures with guest speakers, 9 weekly reading groups for graduate students, and 3 “reading parties” (study retreats) of four study days each.
In 2022-23, 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 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 grow robustly, with 24 Barry Scholars in place for the year ended June 2024 (23 the year before). Students are selected for the scholarship by an independent Academic Committee made up of university professors.
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CANTERBURY PROGRAMME
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
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 2024 was £2,183,942 (2023: £2,304,329 as restated). Expenditure was £3,149,323 (2023: £697,047) and the resulting surplus/(deficit) before foreign exchange differences is £(965,381) (2023: surplus of £1,607,282 as restated). The charity’s income mainly comprises income from donations and a small amount of bank interest. Donations are for the support of the key objectives of the charity by providing grants to students and research projects.
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 £188,547.
Plans for future periods
The Canterbury Programme has been successful in scheduling further expansion of the Barry Scholarship for up to 14 new beneficiaries per year (previously it was up to 12 per year). This will be implemented in the academic year 2025-26. Additional smaller scholarships are also being planned, especially for those needing support to finish off doctoral degrees.
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.
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CANTERBURY PROGRAMME
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
The trustees' report was approved by the Board of Trustees. .............................. Dominic Burbidge Trustee Date: .............................................
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CANTERBURY PROGRAMME
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 30 JUNE 2024
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
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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 2024 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:
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give a true and fair view of the state of the charity’s affairs as at 30 June 2024 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Charities Act 2011.
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 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
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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.
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience;
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
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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:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims;
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reviewing relevant correspondence.
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.
Gravita Audit Oxford LLP, Statutory Auditor Chartered Accountants First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Date: .........................21/1/25
Gravita Audit Oxford LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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CANTERBURY PROGRAMME
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
| Current financial year Unrestricted Restricted Total funds funds 2024 2024 2024 Notes £ £ £ Income and endowments from: Donations and legacies 3 235,467 1,925,447 2,160,914 Investments 4 22,998 - 22,998 Other income 5 30 - 30 Total income 258,495 1,925,447 2,183,942 Expenditure on: Charitable activities 6 437,381 2,711,942 3,149,323 Net (expenditure)/income for the year/ Net (outgoing)/incoming resources (178,886) (786,495) (965,381) Other recognised gains and losses Other gains or losses 13 1,424 (184,336) (182,912) Net movement in funds (177,462) (970,831) (1,148,293) Fund balances at 1 July 2023 377,538 2,846,707 3,224,245 Fund balances at 30 June 2024 200,076 1,875,876 2,075,952 |
Restated Total 2023 £ 2,302,953 1,366 10 2,304,329 697,047 1,607,282 (124,496) 1,482,786 1,741,459 3,224,245 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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CANTERBURY PROGRAMME
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024
| Prior financial year Restated Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income and endowments from: Donations and legacies 3 339,130 1,963,823 Investments 4 1,366 - Other income 5 10 - Total income 340,506 1,963,823 Expenditure on: Charitable activities 6 365,477 331,570 Net (expenditure)/income for the year/ Net (outgoing)/incoming resources (24,971) 1,632,253 Other recognised gains and losses Other gains or losses 13 7,850 (132,346) Net movement in funds (17,121) 1,499,907 Fund balances at 1 July 2022 394,659 1,346,800 Fund balances at 30 June 2023 377,538 2,846,707 |
Restated Total 2023 £ 2,302,953 1,366 10 2,304,329 697,047 1,607,282 (124,496) 1,482,786 1,741,459 3,224,245 |
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CANTERBURY PROGRAMME
BALANCE SHEET
AS AT 30 JUNE 2024
| 2024 Notes £ £ Fixed assets Tangible assets 14 11,529 Current assets Debtors 15 2,508,334 Cash at bank and in hand 1,049,220 3,557,554 Creditors: amounts falling due within one year 16 (1,493,131) Net current assets 2,064,423 Total assets less current liabilities 2,075,952 Income funds Restricted funds 18 1,875,876 Unrestricted funds 200,076 2,075,952 |
2023 £ £ 10,392 2,551,122 851,477 3,402,599 (188,746) 3,213,853 3,224,245 2,846,707 377,538 3,224,245 |
2023 £ £ 10,392 2,551,122 851,477 3,402,599 (188,746) 3,213,853 3,224,245 2,846,707 377,538 3,224,245 |
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| 3,224,245 | ||
| 2,846,707 377,538 |
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| 3,224,245 |
The financial statements were approved by the Trustees on .........................
.............................. Dominic Burbidge Trustee
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CANTERBURY PROGRAMME
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
| Notes Cash flows from operating activities Cash generated from operations 24 Investing activities Purchase of tangible fixed assets Investment income received Net cash generated from/(used in) investing activities Net cash generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ £ 180,203 (5,458) 22,998 17,540 - 197,743 851,477 1,049,220 |
2023 £ £ 191,854 (3,050) 1,366 (1,684) - 190,170 661,307 851,477 |
|---|---|---|
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
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 2024.
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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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.
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.
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
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.
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
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.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
| 3 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 2,818 28,319 Institutional grants 232,649 1,897,128 235,467 1,925,447 Grants receivable for core activities Foundations of law - 64,322 Barry scholars - 1,628,748 Barry fellowship - 99,588 Extracurricular - 104,470 General operations - - The Kristen and Peter McKenna Family Fund 39,095 - JP Morgan 177,390 - Ramsay Centre 11,400 - Rent of adddtional space - - Anscombe Charge 4,264 - Other 500 - 232,649 1,897,128 |
Restated Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 31,137 1,478 43,045 2,129,777 337,652 1,920,778 2,160,914 339,130 1,963,823 64,322 - 83,046 1,628,748 - 1,515,674 99,588 - 176,529 104,470 - 101,219 - 294,347 - 39,095 19,751 - 177,390 - - 11,400 20,404 - - - 44,310 4,264 3,150 - 500 - - 2,129,777 337,652 1,920,778 |
Restated Total 2023 £ 44,523 2,258,430 |
|---|---|---|
| 2,302,953 | ||
| 83,046 1,515,674 176,529 101,219 294,347 19,751 - 20,404 44,310 3,150 - |
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| 2,258,430 |
4 Income from investments
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 22,998 | 1,366 | |
| 5 | Other income | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Other income | 30 | 10 |
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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 2024 £ 199,494 4,321 123,812 - 2,449,878 564 156,715 2,801 1,770 61,193 7,992 38 733 942 7,070 4,756 3,022,079 118,244 9,000 3,149,323 437,381 2,711,942 3,149,323 Total 2024 £ 118,244 |
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 |
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| 697,047 | ||
| 365,477 331,570 |
||
| 697,047 | ||
| Total 2023 £ 60,000 |
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8 Support costs allocated to activities
| Audit fees Analysed between: Total 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets |
2024 £ 9,000 9,000 2024 £ 9,000 4,321 |
2023 £ 8,400 |
|---|---|---|
| 8,400 | ||
| 2023 £ 8,400 3,605 |
10 Trustees
One trustee of the charity received remuneration of £90,400 (2023: £82,867) in their capacity as a director of the charity.
11 Employees
The average monthly number of employees during the year was:
| Employees Employment costs Wages and salaries Social security costs Other pension costs The number of employees whose annual remuneration was more than £60,000 is as follows: £80,001 - £90,000 £90,001 - £100,000 |
2024 Number 8 2024 £ 183,709 11,586 4,199 199,494 2024 Number - 1 |
2023 Number 9 |
|---|---|---|
| 2023 £ 164,827 11,154 1,816 |
||
| 177,797 | ||
| 2023 Number 1 - |
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
11 Employees
(Continued)
The key management personnel of the charity comprise of a Trustee who is also the Senior Management Team. The total employee benefits of key management personnel were £94,016 which includes pension (2023: £83,168).
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
13 Other gains and losses
| 13 Other gains and losses |
||
|---|---|---|
| Unrestricted Restricted funds funds 2024 2024 Gains/(losses) upon: £ £ Foreign exchange (1,424) 184,336 14 Tangible fixed assets Cost At 1 July 2023 Additions At 30 June 2024 Depreciation and impairment At 1 July 2023 Depreciation charged in the year At 30 June 2024 Carrying amount At 30 June 2024 At 30 June 2023 15 Debtors Amounts falling due within one year: Grants receivable Prepayments and other debtors |
Restated Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 182,912 (7,850) 132,346 Fixtures and fittings Computers £ £ 16,585 2,371 4,549 909 21,134 3,280 7,587 977 3,669 652 11,256 1,629 9,878 1,651 8,998 1,394 2024 £ 2,501,807 6,527 2,508,334 |
Restated Total 2023 £ 124,496 |
| Total £ 18,956 5,458 |
||
| 24,414 | ||
| 8,564 4,321 |
||
| 12,885 | ||
| 11,529 | ||
| 10,392 | ||
| Restated 2023 £ 2,546,119 5,003 |
||
| 2,551,122 |
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
16 Creditors: amounts falling due within one year
| 16 Creditors: amounts falling due within one year |
||
|---|---|---|
| Other taxation and social security Grant liability Accruals and deferred income 17 Retirement benefit schemes Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes |
2024 £ 3,256 1,476,393 13,482 1,493,131 2024 £ 4,199 |
2023 £ 4,132 176,814 7,800 |
| 188,746 | ||
| 2023 £ 1,816 |
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
18 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 Scholarship fund Rent Previous year: At 1 Scholarship fund Rent |
July 2023 Incoming resources Resources expended £ £ £ 2,839,897 1,925,447 (2,691,934) 6,810 - (20,008) 2,846,707 1,925,447 (2,711,942) July 2022 Incoming resources Resources expended £ £ £ 1,346,800 1,919,513 (294,070) - 44,310 (37,500) 1,346,800 1,963,823 (331,570) |
Transfers Gains and losses At 30 June 2024 £ £ £ (25,016) (184,336) 1,864,058 25,016 - 11,818 - (184,336) 1,875,876 Transfers Gains and losses At 30 June 2023 £ £ £ - (132,346) 2,839,897 - - 6,810 - (132,346) 2,846,707 |
Transfers Gains and losses At 30 June 2024 £ £ £ (25,016) (184,336) 1,864,058 25,016 - 11,818 - (184,336) 1,875,876 Transfers Gains and losses At 30 June 2023 £ £ £ - (132,346) 2,839,897 - - 6,810 - (132,346) 2,846,707 |
|---|---|---|---|
| 2,846,707 |
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
| 19 Analysis of net assets between funds Unrestricted funds Restricted funds 2024 2024 £ £ Fund balances at 30 June 2024 are represented by: Tangible assets 11,529 - Current assets/(liabilities) 188,547 1,875,876 200,076 1,875,876 20 Prior period adjustment Changes to the balance sheet Current assets Debtors due within one year Capital funds Income funds Restricted funds Unrestricted funds Total equity Changes to the profit and loss account Donations and legacies Other gains and losses Net movement in funds |
Total Unrestricted funds Restricted funds Total 2024 2023 2023 2023 £ £ £ £ 11,529 10,392 - 10,392 2,064,423 367,146 2,846,707 3,213,853 2,075,952 377,538 2,846,707 3,224,245 At 30 June 2023 As previously reported Adjustment As restated £ £ £ 2,894,036 (342,914) 2,551,122 2,846,707 - 2,846,707 720,452 (342,914) 377,538 3,567,159 (342,914) 3,224,245 Period ended 30 June 2023 As previously reported Adjustment As restated £ £ £ 2,679,156 (376,203) 2,302,953 (157,785) 33,289 (124,496) 1,825,700 (342,914) 1,482,786 |
|---|---|
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
21 Prior year adjustment
An adjustment has been made to the financial statements to recognise that grant income had been incorrectly recognised in the prior period despite special conditions not being met. Income should only be recognised once the trustees have been notified, entitlement exists, all performance measures have been met, the amounts can be reliably measured and it is probable the income will be received. This has had an impact of reducing prior year income by £376,203 with a corresponding decrease in debtors of £342,914. This grant income was in US dollars so the foreign exchange loss was reduced by £33,289. Overall, brought forward funds have decreased by £342,914.
22 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 |
2024 £ 48,000 32,000 80,000 |
2023 £ 48,000 80,000 |
|---|---|---|
| 128,000 |
23 Related party transactions
During the year the charity recognised income of £2,074,518 (2023: £2,215,125) from FEHE; the president of this organisation is a trustee of the charity.
During the year one trustee donated £39,095 to the charity for general purposes during the year (2023: £19,751).
During the year one trustee's parents donated £600 to the charity for general purposes during the year (2023: £600).
During the year expenses were paid on behalf of nil trustees totalling £nil (2023: £nil).
| 24 Cash generated from operations (Deficit)/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: Decrease/(increase) in debtors Increase/(decrease) in creditors Cash generated from operations |
2024 £ (965,381) (22,998) (182,912) 4,321 42,788 1,304,385 180,203 |
2023 £ 1,607,282 (1,366) (124,496) 3,605 (461,692) (831,479) |
|---|---|---|
| 191,854 |
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CANTERBURY PROGRAMME
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
25 Analysis of changes in net funds
The charity had no material debt during the year.
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