Registered number: 08028595 Charity number: 1187010
COLLEGE HOUSE N.Z. TRUST
(A company limited by guarantee) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
Whitings LLP Chartered Accountants Norfolk House, Hamlin Way Kings Lynn Norfolk PE30 4NG
COLLEGE HOUSE N.Z. TRUST
(A company limited by guarantee)
| CONTENTS | ||
|---|---|---|
| Page | ||
| Trustees' report | 1 - 2 | |
| Independent examiner's report | 3 - 4 | |
| Statement of financial activities | 5 | |
| Balance sheet | 6 | |
| Statement of cash flows | 7 | |
| Notes to the financial statements | 8 - 13 |
COLLEGE HOUSE N.Z. TRUST
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30th April 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) (FRS 102) 'Accounting and Reporting by Charities' issued in May 2014.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number 08028595 (England and Wales)
Registered Charity number 1187010
Registered Office Accipio Solutions Limited (T/A ASL Consultancy Limited) 23 Southway Burgess Hill West Sussex RH15 9SY
Trustees Andrew Francis Henry Baines Andrew George Milward Lucy Player-Bishop (Resigned 11 July 2023) Andrew Ramsey Amelia Tina Hunter Binns (Appointed 11 July 2023)
Independent Examiner S Malkin ACA Whitings LLP Norfolk House Hamlin Way King's Lynn Norfolk PE30 4NG
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is controlled by its governing document, the company Memorandum and Articles of Association, and constitutes a limited company, as defined by the Companies Act 2006.
Recruitment and Appointment of new Trustees
The directors of the company are also Charity Trustees for the purposes of Charity law. New Trustees are elected at the AGM by a vote of the whole membership.
Risk Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees
Page 1
(A company limited by guarantee)
COLLEGE HOUSE N.Z. TRUST
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 30 APRIL 2024
continue to assess the major risks, and are satisfied that systems are in place to mitigate exposure to the major risks.
OBJECTIVES AND ACTIVITIES
The objects of the Charity are the advancement of education primarily for financially disadvantaged students attending College House, an independent hall of residence for University of Canterbury in Christchurch, New Zealand. To achieve its purposes the Trust provides funding for bursaries, scholarships, endowments and also raises funds to assist with necessary building works at College House.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives, and in planning the future activities, of the charity.
ACHIEVEMENTS AND PERFORMANCE
During the year the Charity received a significant legacy, of which it was pleased to be able to grant £398,667 towards building works at College House before 30 April 2024.
FINANCIAL REVIEW
Grants Policy
The only grants made in the year were to College House in respect of building works. College House were invited to submit applications for funds which were then evaluated by the Trustees before approval was given and funds were released appropriately.
Reserves Policy
The Charity does not have a formal reserves policy given that it has no running costs.
The Murray Pickering Building Works restricted fund was opened during the year upon receipt of a large legacy from Mr Pickering. The funds are to be put towards building works at College House, New Zealand.
Future Plans
The Charity will continue to evaluate proposals put forward by College House for use of the additional funds and distribute these accordingly.
ON BEHALF OF THE BOARD
................................................ Andrew Baines Trustee
................................................ Andrew Ramsey Trustee
Page 2
COLLEGE HOUSE N.Z. TRUST (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 APRIL 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COLLEGE HOUSE N.Z. TRUST (the 'company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 30 April 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
Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England & Wales (ICAEW), which is one of the listed bodies.
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.
Page 3
COLLEGE HOUSE N.Z. TRUST
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 30 APRIL 2024
Signed: Dated:
S Malkin ACA
WHITINGS LLP
Norfolk House, Hamlin Way Kings Lynn Norfolk PE30 4NG
Page 4
COLLEGE HOUSE N.Z. TRUST
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2024
| Unrestricted funds Note 2024 £ INCOME FROM: Donations and legacies 2 - TOTAL INCOME - EXPENDITURE ON: Charitable activities 4 (25) TOTAL EXPENDITURE (25) NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES 25 NET MOVEMENT IN FUNDS 25 RECONCILIATION OF FUNDS: Total funds brought forward 994 TOTAL FUNDS CARRIED FORWARD 1,019 |
Restricted funds 2024 £ 508,993 508,993 398,667 398,667 110,326 110,326 - 110,326 |
Total funds 2024 £ 508,993 508,993 398,642 398,642 110,351 110,351 994 111,345 |
Total funds 2023 £ 62 |
|---|---|---|---|
| 62 | |||
| - | |||
| - | |||
| 62 62 932 |
|||
| 994 |
The notes on pages 8 to 13 form part of these financial statements.
Page 5
COLLEGE HOUSE N.Z. TRUST (A company limited by guarantee) REGISTERED NUMBER: 08028595
BALANCE SHEET AS AT 30 APRIL 2024
| Note CURRENT ASSETS Debtors 6 Cash at bank and in hand NET ASSETS CHARITY FUNDS Restricted funds 7 Unrestricted funds 7 TOTAL FUNDS |
£ - 111,345 |
2024 £ 111,345 111,345 110,326 1,019 111,345 |
£ 13 981 |
2023 £ 994 |
|---|---|---|---|---|
| 994 | ||||
| - 994 |
||||
| 994 |
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 signed on their behalf, by:
and
................................................ ................................................ Andrew Baines Andrew Ramsey
Trustee
Trustee
The notes on pages 8 to 13 form part of these financial statements.
Page 6
COLLEGE HOUSE N.Z. TRUST
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024
| Note Cash flows from operating activities Net cash provided by operating activities 9 Change in cash and cash equivalents in the year Cash and cash equivalents brought forward Cash and cash equivalents carried forward 10 The notes on pages 8 to 13 form part of these financial statements. |
2024 £ 110,364 110,364 981 111,345 |
2023 £ 49 |
|---|---|---|
| 49 932 |
||
| 981 | ||
Page 7
(A company limited by guarantee)
COLLEGE HOUSE N.Z. TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
1. ACCOUNTING POLICIES
1.1 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
College House N.Z. Trust 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.
1.2 Company status
The company is a private limited company limited by guarantee, registered in England and Wales. The Registered Office is 23 Southway, Burgess Hill, West Sussex, RH15 9SY. 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.
1.3 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.
1.4 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.
Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Page 8
(A company limited by guarantee)
COLLEGE HOUSE N.Z. TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
1. ACCOUNTING POLICIES (continued)
1.5 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.
1.6 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.
1.7 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.
1.8 Taxation
The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
1.9 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 9
(A company limited by guarantee)
COLLEGE HOUSE N.Z. TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
2. INCOME FROM DONATIONS AND LEGACIES
| Unrestricted funds 2024 £ Donations - Legacies - Total donations and legacies - Total 2023 62 |
Restricted funds 2024 £ - 508,993 508,993 - |
Total funds 2024 £ - 508,993 508,993 62 |
Total funds 2023 £ 62 - |
|---|---|---|---|
| 62 | |||
3. ANALYSIS OF GRANTS
| Grants to | |||
|---|---|---|---|
| Institutions | Total | Total | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Building work grants to College House | 398,667 | 398,667 | - |
4. DIRECT COSTS
| DIRECT COSTS | |||
|---|---|---|---|
| Unrestricted | |||
| funds | Total | Total | |
| 2021 | 2024 | 2023 | |
| £ | £ | £ | |
| Bank Charges | (25) | (25) | - |
5. 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).
Independent Examiner's Remuneration
The Independent Examiner's remuneration amounts to a fee of £700, exclusive of VAT. An Independent Examination was not required for the previous year. The fee has not been provided for in these accounts as it has been agreed that this will be met by the organisation in receipt of the grants.
Page 10
COLLEGE HOUSE N.Z. TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
6. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Trade debtors | - | 13 |
7. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| STATEMENT OF FUNDS - CURRENT YEAR | |||
|---|---|---|---|
| Unrestricted funds General Funds Restricted Funds - Murray Pickering Building Works Total of funds |
Balance at 1 May 2023 £ 994 - 994 |
Income Expenditure £ £ - 25 508,993 (398,667) 508,993 (398,642) |
Balance at 30 April 2024 £ 1,019 |
| 110,326 | |||
| 111,345 |
The Murray Pickering Building Works Fund is a restricted fund held for making grants towards building works at College House, New Zealand.
Page 11
(A company limited by guarantee)
COLLEGE HOUSE N.Z. TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
7. STATEMENT OF FUNDS (continued)
STATEMENT OF FUNDS - PRIOR YEAR
| General Funds Total of funds |
Balance at 1 May 2022 £ 931 931 |
Income £ 63 63 |
Expenditure £ - - |
Balance at 30 April 2023 £ 994 994 |
|---|---|---|---|---|
8. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted | Unrestricted | Restricted | Total | |
|---|---|---|---|---|
| funds | funds | funds | ||
| 2024 | 2024 | 2024 | ||
| £ | £ | £ | ||
| Current assets | 1,019 | 110,326 | 111,345 | |
| ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR | ||||
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| 2023 | 2023 | 2023 | ||
| £ | £ | £ | ||
| Current assets | 994 | - | 993 | |
| 9. | RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW | FROM OPERATING | ||
| ACTIVITIES | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Net income for the year (as per Statement of Financial Activities) | 110,351 | 62 | ||
| Adjustment for: | ||||
| Decrease/(increase) in debtors | 13 | (13) | ||
| Net cash provided by operating activities | 110,364 | 49 |
Page 12
COLLEGE HOUSE N.Z. TRUST
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
10. ANALYSIS OF CASH AND CASH EQUIVALENTS
| ANALYSIS OF CASH AND CASH EQUIVALENTS | ||
|---|---|---|
| Cash in hand Total |
2024 £ 111,345 111,345 |
2023 £ 981 |
| 981 |
11. RELATED PARTY TRANSACTIONS
There were no related party transactions that require disclosure in the year, other than those elsewhere disclosed.
Page 13