The AUC Foundation Annual report and unaudited financial statements For the year ended 31 December 2022 Charity Reeistr3tion Number 1192888
The ALIC Foundatlon Contents Page Reference and adrninistrative details Trustees. report Independent examinels report Statement of financial activities Statem&nt of financial position Principal accounting policies Notes to the accounts io-ii
The AUC FOndatIOn Reference and adminlstrative Information For the year ended 31 DecembEf 2022 Trustees MSGhr H Rachld P H¥rtnon S Shentsuda Dr A É Sharkawy PhD Chal MSGabr Ch?rlty re8lstÈrÈd number 1192888 ReBlStered ofll<e Bates Wells 8raithwalte Thame5 Exchanse 10 Queen sirÈet Place Londo EC4ft IBE IndeFiendent ex8Thifrner 8u2Za¢Ott LLP 130 wrjod StreÈt LotTrdo EC2V 6DL Bankers National B3nk of E8yPt Hous@ 8-9 Stratton Street WIJ 8LF
The ALIC Foundation Trustees. report For the ye8r ended 31 December 2022 The Trustees present their annual report along with the financial statements of The AUC Foundation I'charity") for thÈ year ended 31 December 2022. The financial st8tement5 have been prepared In accordance with the accounting policies set out on page 6 and comply with Th& Charity'5 govÈrning clocument, the Charitie5 Act 2011 and 'Accounting and Reporting by Charities-. Statement ol Recommended Practice applitable to charitie5 preparing their accounts in accord3nce wirh 'the Financial Repofting Standard applicablÈ in the United Kingdom aTrd Republic of Ireland, I'FRS, 1021. effective from accounting periods cotnmencing l January 2015 or later STRUCTURE. GOVERNANCE AND MANAGEMENT Structure The AUC Foundation I'the Charity'l is a charitable incorporated organisation ICIOI, not having share capital and Wa5 Incorporated on 21 December 2020. It operate5 in 3ccord3nce with a Governing Document adopted on 21 Dec@mber 2020, If the Charity 15 wound Upi the member5 have no liability 10 Contribute to It5 assets and no personal rponsIbIlItY for settling its debts and liabiliries. OrgarEisatlon and management The Trustee5 make the key decision5 about the conduct of the charity. The Trustees give theirtime voluntarily and do not receive any remuneration lor their servic&s to the charitv. The Trustees are considered the key management personnel of the Charitv. Recrultment and appointment of Trustees The Trustees have complete control of the Charity in re13tion to the 8pplicBtion of fvnds. Trustees are appointed in accordènce with the Charity's governing document. All decision-making of the Charity is made it? accordance with the Charitvs Conflicts of Interest policy. Trustees The Trustees of the Charity durinE the year ended 31 DÈcember 2022 and up to rhe date of approval of this report were.. MSGabr H Rachid P Hannon S Shenouda Dr A E Sharkawy Pho OBJECTIVES AND ACTIVITIES Polities and objectives The principal objettive of the Charity is the advancement of education in the heritase and culture of the Arab world.
The AUC Foundatlon TKustees' report (Continued) For the year end 31 December 2022 Public benefit statemènt The Trusiees of the Charity have given due regard to the Charity Commission'5 guidance on public benefit and have taken reasonèble steps to ensure that this guidance has been tOn5idered In the attivities undertaken by the Charity to deliver Its chafltable purposes. The Charity delivers a benefit to the public through the pursuance of its principal objett, the advancement of education and learning and in particular, the provision of facilities for education at suit8blÈ establishrnents and the award of scholarship5, rnaintenance allowance, or grants for 5tudent5. ACHIEVEMEKfs AND PERFORMANCE The Charity received an amount of £30.0 for unregtricted use. The Charity also signed silt 88reetnent worth 475,fX)O which will be received over the period of five years in equal amount5 01 É95,000 from 2022 to 2026. This fund will be used for The Chartty restricted purpose for granting scholarship. The Charity held one meetin8 with board ol trustees during the year. FINAfiICIAL REVIEW Results for the year The results for the year are shown in the statement of the lin8ncial activities on page 6. During the year, the Charity received donations and other Incorn& totalling of £321,65112021.. £Nill. The cost of raising fund was £Nil 12021.- £Nill and amount spent on charitable activities totalled to £11,68812021.. £Nill which brought total expenditure forthe year to £11,68812021.. £Nill. The re5ulr forthe year ended 31 December 2022 was a surplus of £309,96312021.. £Nill. The balance of the unrestrictÈd reserves as at 31 December 2022 was £18,32312021.. £Nill and r*tricted reserves totallect £291,64012021.. £nill. Rtserves poliry The level of reserves 15 monitored 3niJ reviewed by the Trustees at least ènnually. The Trustee5 believe that the Charity should target to hold unrestricted financial reserves equivalent to 8 minimurn of four rnonth's operating costs. As at 31 December 2022 the Charity's unrestricted reserv was £18,32312021.. £Nill.
The ALIC Foijndation Trustees. report (Continued) For the year endÈd 31 December 2022 Trustees. responsibllltles statement The TrustÈes are responsible for preparing the Trustees, Report and the fiTrancial staiements in 8ccord3nce with 3pplicable law and United Kingdom Accountin6 Standards including Financial Reportin8 StBndard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Gènerally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trugtees to prepare financi31 statements for etch fin3ncizl ye8r which give a Irue and fair view of the state of affairs of the Charity 3nd of the incoming resource5 and application of resources of the Charity for the year. In preparing these financial siatements. the trustees 3re required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles In 'Accountin8 and Reporting by Charities,. Statement of recommended practice applicable to ch3rities preparin8 their accounis in èCCOfdance with Financièl Reporring Standard 102, make Judgment5 and accounting estimate5 that ar& reasonable and prudent, 5tat& whether applicable UK Accounting Standards have been followed, subject to èny materi8 departures disclosed and explained in the financial statements,. and preparÈ the financi31 statements on the going concem basis unless it is inappropriate to presume that the Charity will continue In operation, The Trustees are responsible lor keeping proper accounting records that are sufficient to show and explèin the Charity's tr3nsactions and disclose with reasonèble accuracy 3t any time the financial p051tion of the Chority and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulation 2008 and the provisions of the governing document, They are also responsible for taking such Steps as are reason3bly open to them to safeguard the Bssets of ihe Charity and to prevent and detect fraud and other irregularities. The Trustees are responsible for the m3intenÈnce 3nd inte8rity of the Charity and financial information Included on the Charitv's website, Legislation in the United Kingdom 8overninE the preparation and dissemination of accounts may differ from legislation In other jurisdictions. This report was approved by the Trustees and signed on their behalf bv.. MSGabr Trust Date..
Buzzacott The ALIC Foundatltsn Independent examinerfs report to the Trustees of The AUC Foundation I report to the Charity Trustèes on my examination of the accounts of Th@ AUC Foundation for the year ended 31 December 2022. Responslbilities and basls of report the Trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the reouirements of the Chèrities Act 20011'the Aci'l I res)ort in respect of my examination of the Charity's account5 carried out under settion 145 of the 2011 Act and in carrying out my exorTrination I have followed all the applicable dir&rtions given by the Charity Commission under section 145lSllbl of the Act. Independent examifierfs staiernent The Charity'5 gros5 income exceeded £250,000 8nd l arn qualified to undertake the examination by being a Qualified member of institutÈ of the Chartered accountants in England 8ncf Wales IICAEWI. I have completed my examination. I confirm that no material matters have come to my attention in connection with the e¥amination giving me cause to believe that in any rnaterial respett.. the accounting record5 were not kept in respect of the Ch3rity as required by section 130 of the Act., or the accounts do not accord with those records. or the accounts do not comply with the èppliczble requiremènts concerninB the form and conteni of accounts ser out in ihe Chariiy IAccounts and Reports) Regulations 2008 other than reouirement that the accounts Eive a true and fair view, which is not a matter considered as part of an IndependÈnt examination. I have no concerns and have come across no other matters in connection with the ex3mination to which attention should be drawn in thi5 report in order 10 enable a proper understanding of the accounts to be reached. Claire Collins, ACCA 8uzzacott LLP Ch3rtered Accountants 130 Wood Street London EC2V 6DL Date 9 May 2024
The AUC Foundation Statement of financial activities For the year enrted 31 December 2022 Total funds yeay ended 31 December 2022 Totèl funds period ended 31 December 2021 Restrltted tunds 2022 Unrestricted funds 2022 Note Income from- Donètions 291,640 30.000 li 321.640 li Other income Total income 291,640 30,011 321,651 Expenditure on.. Charitable 3ctivities Total expenditure 111.6881 111.6881 111.6881 111,6881 et income and net movements In funds 291,640 18,323 309.963 Recondllatlon of lunds: Total funds brought forward Total funds carried forward 291,640 18,323 309.963 All activities relate to continuing operations. All recogni5ed gains and10sses are included in the above staterrent of financial activities. The notes on pages 10 to 11 fortn part of these financial 5tatementS.
The AUC Foundation- Regi5tratton number 1192888 Statement of financial position As it 31 December 2022 Note 20Z2 2021 Cuirent a55ets Cash at bank and in hand 30,011 30,011 Creditor5'. amounts falling due within one year Net current asset5 111.6881 18,323 Debtors: amounts more than one year 291,640 Net assets 309,963 Charity Funds Unrestricted funds 18,323 Restricted funds li 291,640 309,963 Total hjnds Th& financial Statements were approved by the Trustees and signed on their b&h81f by.. MSGabr Trustee Date..
The AUC Foundation Notes to the financial statements For the year ended 31 Decèmber 2022 General information The AUC Foundation 1.the Charity") 15 a charitable incorporated organisation ICIOI, not havin8 share capit31 and is Incorporated in England Bnd Wales. The Ch3riry registration number 1$ 1192888. Its re81Stered office and principal place of business is St. Peters House, 130 Wood Sireet, London. EC2V 6DL. Accounting poli¢ie5 Basis of preparation These accounts have been prepared for the year ended 31 Decemb&r 2022 with comparative information presented for the period ended 31 Decembor 202L The financial statements have been prepared under the historical cost convention with items recogni5ed at cosi or transaction value unless otherwise stated in the relevant accounting policie5 below or in the notes to these accounts. The financial statements have been prepared in accordance with "Accounting and Reporting by Charites.. Statement of Recommended Practice applicable to charities preparins their financial statements in accordance with the financial reporting standard applicable in the United Kin8dom and Republic of Ireland IFRS 1021 Icharities SORP IFRS 1021" The financial reporting standard applicable in the UK and Republic of Ireland I'FRS, 1021, and th& Charities Act 2011. The Ch3rity constitute5 as public benefit entity as deflned by FRS 102. The account5 are presented in sterlin8 and are rounded to the nearest pound. Critical accounting estimates and areas of judgement The preparation of lin3ncial statement5 in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires mana8ernent to exercise juclgernent in applyine the cornpany's £counting policies. The following principal 8tcounting policies have been applled.. Assessment of going con¢ern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees havè made this assessment in respect to a perlod of at least one year fitsm the date of approval of these accounts. The Trustees of the Charity have concluded th8t there are no m8tÈrial uncertainties related to events or conditions th8t rnay cast significant doubt on the 8bility ol the Charity to continue 3£ a going concern. The Trust&Ès are of the opinion that the Charity will have sufficient resouices to rneet its liabilities as they fall due. Cash Ilow statement The fin3ncial statements do not include a cash flow statement bÈcau5e the Charity, as a small reporting entltyi is exempi from the requirement to procfuce such a statement under Accounting 3nd Reporting by tharities Statement of Recommended Practice ICh8ritiÈs SORP IFRS 10211.
The AUC Foundatlon Notes to the financial statements For the year ended 31 December 2022 2. Accounting polities Icontinuedl Income recognition Income ig recognisa in the period in which the Charity is enritled to receipt, the arnouni can be measured reliably and it is probable that income will be received. Where in¢orne relates to future period5, rhis income will be deferred. Grants and donation5 received for the 8eneral purposes of the tharitable company are included as unrestricted fund5', grants 8nd donations for 8ttivitie5 restrictèd bv the wishes ol the donor ère taken to restricted funds. Expendituie abilities are recognised 8s expenditure as soon a5 there is a legal or constructive obligation tommitting the Charity to make 8 p3yment to a third partyj It is probable thèt a transfer of economic benefit will be required in settlement and the amount ol thè obligaiion can be measured reliably. Expenditure is included in the accounts an accruals basis and included attribut8ble VAT, which cannot be recovered. Expenditure is 811o¢ated to the particular activity on a direct basis or by allocation b85ed on the level of direct expenditure rel3ting io that acrivity. Debtors Debtors are recognised at their settlement amount, legs any provisions for non-recoverability. Prepayment are valued 3t the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting 15 material. Cash at bank and in hand Cash at bank and in hand represents such atcounts and insrruments that are available on demand or have a maturity of less than three months from the date of acqulsltions. Creditors and provisions Creditors 8nd provisions are recogni5ed when there is an obligation at the balance sheet date as a result of a p3St event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estirnated reliably. CrÈditor5 and provisions are recognised at the amount the Charity anticipates It will pay to Settle the debt. They have been discounted to the present value of the future cash payrnent wher& such discounting Is material. 2.10 Taxation The AUC Foundation is 3 registered Charity and therefore is not liable to incomÈ tax or corporation tax on income derived from its charitable activities, 35 it falls within the various exemptions availabl& to iegistered charities, 2.11 Fund accountin8 Restricted funds are to be used for specific purpose5 as specified by the donor. Expenditure which meet5 their crit&ri3 is charged to the fund. Unrestricted seneral funds are available for use at the discretion of the Trustees in the furtherance of the general objective5 01 the ChÈrity.
The AUC Foundation Notes to the financial statements For the year ended 31 December 2022 Donations and leEaties Restricted funds 2022 Unrestrirted funds 2022 Totsl funds 2022 Total funds 2021 Donations Unwindiftg of discount related ro donation Totsl 30.orA) 30,000 291,640 291,640 291,640 321,640 30.000 Other income Restricted funds 2022 Unrestrltted fvnds 2022 Total funds 2022 Total funds 2021 Interest income li li Total li li Expenditure on charitable activities Restrttted funds 2022 Unrestricted funds 2022 Total funds 2022 Total funds 2021 Governance costs Accountancy fees Independent ex3Mination 6,888 6,888 4,800 11,688 4,800 11,688 The Charity has not employed any sraff directlv. Independent examiner's remuneration 2022 2021 Accountancy fee Independent examination fee 6,888 4,800 11,688 Trustee5' remuneration No Trustees received any emoluments for their services as Trustees durinz the year. No Trustees were reimbursed for any expenses during the year. io
The AUC Foundatton Notes to the financial statements For the year ended 31 December 2022 Debtors: amounts due after more than one year 2022 2021 Other debtors 291,640 291,640 During the year, the Charity received a grant commitment to rÈceive 3n 3mount ol $95,000 per annum from 2022 to 2026 inclusive. An asset wa5 recoEnised, discounied to present V31ue using a discount rate of 7% per annurn. The notional interest is debited to the statement of financial activities as Ihe discount is"unwound~ CredTrtors: amounts due within one year 2022 2021 Accruals 11,688 11,688 io. Allocation ol net assets between funds The allocation of net assets between funds as at 31 December 2022 are represented by.. Restricted funds 2022 Unrestrirted funds 2022 Total funds 2022 Total funds 2021 Current assets 30,011 30,011 291,640 111,6881 309,963 Non-current a55etS 291,640 111,6881 18,323 Total net assets 291,640 ii. Restricted funds Total fuTrds 2022 Openln8 2022 Income 2022 EKpenditure 2022 Schol)rship Total net assets 291,640 291.640 291,640 291,640 The specified purpose for which the above funds are utili5ed are-. To support one undergraduate Egyptian student from Upper Egypt, who demonstrates academic merit Bnd financial need. li