DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
REGISTERED COMPANY NUMBER: 13060396 (England and Wales) REGISTERED CHARITY NUMBER: 1196155
Report of the Trustees and
Audited Financial Statements for the Year Ended 31 December 2023
for
UT Foundation UK Limited
Nielsens Statutory Auditors The Gatehouse 453 Cranbrook Road Ilford Essex IG2 6EW
DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Report of the Independent Auditors | 5 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Cash Flow Statement | 10 |
| Notes to the Cash Flow Statement | 11 |
| Notes to the Financial Statements | 12 to 16 |
| Detailed Statement of Financial Activities | 17 |
DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
Report of the Trustees for the Year Ended 31 December 2023
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 31 December 2023. The trustees have adopted the provisions of 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
Objectives and aims
The objectives of the charity, for the public benefit, are:
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to operate a registered charity, under the Charities Act 1993, to assist in the advancement of learning and eduction in particular (but without limitation) at or in connection with the the University of Texas
-
such other exclusive charitable purposes as the trustees may in their absolute discretion determine
The aims for the year have been to increase the collection of gifts and donations from members of the public, alumni and friends; and consider further ways to bring the Charity's educational programme benefits to a wider range of people, within the available budgets.
Future plans are to continue to build on the increase in donated funds activity and make them available for grant making to the University of Texas Foundation, Inc., a not for profit charitable organisation registered in the State of Texas, USA.
Grant making and public benefit
The Charity, through its governing body, the Board of Trustees, is aware of its responsibilities as a charity to act for the public benefit across its activities and has had due regard to the latest version of the Charity Commission's public benefit guidance.
During the year under review grants to educational establishments of £1,601,844 (2022 - £1,498,060) were made in furtherance of the objects of the charity. The trustees believe that the educational grants, all made to the the University of Texas Foundation, Inc., ultimately result in benefiting the wider public and humankind in general.
Significant activities and principal funding sources
Donations of £20,725 received during the year were for unrestricted charitable activities whilst a donation of £1,570,000 was received for a restricted activity, as detailed below. The trustees applied the restricted funds in accordance with the donor's wishes to the following cause:
1) Bake Chair in Sustainability and Leadership - an endowed chair and institute that will attract distinguished leadership to the University and ensure that efforts to accelerate sustainability will be supported in perpetuity.
STRATEGIC REPORT
Financial position and review
In the year under review incoming resources amounted to £1,604,823 (2022 - £1,505,100) and the Charity succeeded in increasing donations compared with the previous year. The Charity continued its policy of making educational grants for the benefit of the University of Texas. Future plans are to continue to build on the increase in donated funds activity and make them available for grant making.
Reserves policy
To achieve its objectives, the charity has elected to donate all its incoming resources less administrative expenses to the designated institution. Therefore, all funds are utilised for either unrestricted or restricted charitable purposes, and, as a policy, funds are not retained in general reserves, save to meet general expenses of up to £5,000. The Charity has the support of its sole member, the University of Texas, Inc. in its routine activities and obligations.
Investment policy and objectives
In accordance with the charity's Memorandum of Association the charity's trustees have the power to invest in such investments, securities, or property as they see fit. Funds are invested in accordance with the donors' wishes and in the absence of specific requests; donations received by the charity are placed on bank deposit until distribution.
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DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
Report of the Trustees for the Year Ended 31 December 2023
STRATEGIC REPORT Financial review
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. It has considered the level of funds held together with the expected level of income and expenditure likely to be received and paid in the 12 months period from authorising these financial statements. In their opinion, the budgeted income and expenditure, are sufficient with the level of balances for the charity to be able to continue as a going concern. The committee incurs financial commitments only when funds are available and there is no particular policy to hold reserve funds over and above the minimum required to meet administrative costs.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, the memorandum and articles of association dated 3 December 2020, and constitutes a limited company having a share capital of £1, as defined by the Companies Act 2006.
The charity's Memorandum of Association does not allow payment of any dividends to shareholders. It also precludes shareholders from partaking in the distribution of any remaining property, should the charity be wound up or dissolved, in which event, any remaining surplus would be payable to charitable institutions with similar aims.
Recruitment and appointment of new trustees
Any new appointments are at the unanimous recommendation of the board but after consultation with the ultimate controlling party. At least half the board members should be at such meeting.
Organisational structure and decision making
A minimum of two trustees must be appointed, who shall hold office until the AGM following their appointment. Trustees, who are competent, may be re-appointed for a further term. There has been an average of 5 trustees throughout the period.
Induction and training of new trustees
On appointment, each trustee is given, in the view of the board, sufficient training and has sufficient knowledge of their specific field to understand the nature of the charity and is fully compliant with the charity's current view of its progression and given a copy of the UK Charity Commission's publication 'The Essential Trustee: what you need to know and what you need to do' and agrees to follow it.
Related parties
1) The University of Texas Foundation, Inc., a not for profit registered charity in the State of Texas, USA and is the ultimate controlling party and beneficiary of the charitable donations made by the company and it bears the annual audit and accountancy costs amounting to £2040 (2022 -£2040) of which audit fees were £900 (2022 -£900). It also contributed £6,853 (2022 - £5000) towards the charity's finance and administration costs. These contributions are recorded as part of other income in the accounts.
2) Restricted funds includes £1 representing the issued share capital of the company, being the fully paid 1 Foundation Inc.ordinary share of £1 allotted and issued to The University of Texas Foundation, Inc.
3) Consolidated financial statements of the University of Texas Foundation, Inc. for the periods ending 31 December 2022 onwards, may be obtained from the Secretary or online at www.utxf.org.
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 have reviewed the major risks to which the Charity is exposed and are content with the procedures that have been established to mitigate those risks. They do not believe that there is any material risk at present to which the Charity is exposed and which needs disclosure.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
13060396 (England and Wales)
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DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
Report of the Trustees for the Year Ended 31 December 2023
Registered Charity number 1196155
Registered office
99 Durlston Road London United Kingdom E5 8RP
Trustees
J L Baker S D Despain J E Eldredge D K Nadar T J Perich J L Wang (resigned 31.3.23) J S Cantara (appointed 9.3.23) S Chisholm (appointed 14.3.23) R Dhir (appointed 26.4.23) D B Glass (appointed 15.3.23) S Pan (appointed 28.3.23)
Auditors
Nielsens Statutory Auditors The Gatehouse 453 Cranbrook Road Ilford Essex IG2 6EW
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of UT Foundation UK Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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 Charity 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;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
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DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
Report of the Trustees for the Year Ended 31 December 2023
AUDITORS
The auditors, Nielsens, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 5 March 2024 and signed on the board's behalf by:
........................................................................ Thomas J. Perich - Trustee
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Report of the Independent Auditors to the Trustees of UT Foundation UK Limited
Opinion
We have audited the financial statements of UT Foundation UK Limited (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, 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 requirements of the Companies Act 2006.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 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 where 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 Report of the Trustees is inconsistent in any material respect with the financial statements; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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Report of the Independent Auditors to the Trustees of UT Foundation UK Limited
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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. We discussed the possibility of fraud with senior management and whether they had any knowledge of any actual, alleged or suspected fraud. We designed our audit tests to consider controls and tested a sample of receipts and payments to various parties paying attention to the evidence obtained in all respects.
We obtained an understanding of the legal and regulatory framework applicable to the entity and how it complies with the framework by discussing with senior management and checking compliance with the regulations. Any fraud or irregularity of a material amount is likely to be detected whilst conducting our routine procedures.
In common with all audits under ISAs (UK) we also performed specific procedures to respond to the risk of management override. We assessed that the charitable company's control environment is adequate for the size and operating model of such a charitable company.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of UT Foundation UK Limited
Use of our report
This report is made solely to the charitable company'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 charitable company's trustees those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Nielsens Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 The Gatehouse 453 Cranbrook Road Ilford Essex IG2 6EW
Date: 5 March 2024
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DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2023
| INCOME AND ENDOWMENTS FROM Notes Donations and legacies 2 Investment income 3 Other income Total EXPENDITURE ON Raising funds 4 Charitable activities Grants to Educational Institutions 5 Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 29,619 751 4,453 34,823 - 25,191 9,179 34,370 453 4,969 5,422 |
Restricted funds £ 1,570,000 - - 1,570,000 - 1,570,000 - 1,570,000 - 1 1 |
31.12.23 Total funds £ 1,599,619 751 4,453 1,604,823 - 1,595,191 9,179 1,604,370 453 4,970 5,423 |
31.12.22 Total funds £ 1,501,656 - 3,444 |
|---|---|---|---|---|
1,505,100 31 1,498,060 2,040 |
||||
1,500,131 4,969 1 |
||||
| 4,970 |
The notes form part of these financial statements
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DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
Balance Sheet 31 December 2023
| 31.12.23 | 31.12.22 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Cash at bank and in hand | 5,422 | 1 | 5,423 | 4,970 | |
| NET CURRENT ASSETS | 5,422 | 1 | 5,423 | 4,970 | |
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 5,422 | 1 | 5,423 | 4,970 | |
| NET ASSETS | 5,422 | 1 | 5,423 | 4,970 | |
| FUNDS | 10 | ||||
| Unrestricted funds | 5,422 | 4,969 | |||
| Restricted funds | 1 | 1 | |||
| TOTAL FUNDS | 5,423 | 4,970 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The financial statements were approved by the Board of Trustees and authorised for issue on ............ March 2024 and were signed on its behalf by:
............................................. Thomas J. Perich - Trustee
The notes form part of these financial statements
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DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
| Cash Flow Statement | |||||
|---|---|---|---|---|---|
| for the Year Ended 31 December | 2023 | ||||
| 31.12.23 | 31.12.22 | ||||
| Notes | £ | £ | |||
| Cash flows from operating activities | |||||
| Cash generated from operations | 1 | (298) | 4,969 | ||
| Net cash (used in)/provided by operating activities | (298) | 4,969 | |||
| Cash flows from investing activities | |||||
| Interest received | 751 | - | |||
| Net cash provided by investing activities | 751 | - | |||
| Change in cash and cash equivalents | in | ||||
| the reporting period | 453 | 4,969 | |||
| Cash and cash equivalents at the | |||||
| beginning of the reporting period | 4,970 | 1 | |||
| Cash and cash equivalents at the end | of | ||||
| the reporting period | 5,423 | 4,970 |
The notes form part of these financial statements
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UT Foundation UK Limited
Notes to the Cash Flow Statement for the Year Ended 31 December 2023
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| Net income for the reporting period (as per the Statement of Financial | ||
| Activities) | 453 | 4,969 |
| Adjustments for: | ||
| Interest received | (751) | - |
| Net cash (used in)/provided by operations | (298) | 4,969 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.23 | Cash flow | At 31.12.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank and in hand | 4,970 | 453 | 5,423 |
| 4,970 | 453 | 5,423 | |
| Total | 4,970 | 453 | 5,423 |
The notes form part of these financial statements
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DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2.
| DONATIONS AND LEGACIES Donations Gift aid Donated services and facilities |
31.12.23 £ 1,590,726 - 8,893 1,599,619 |
31.12.22 £ 1,356,882 137,734 7,040 1,501,656 |
|---|---|---|
continued...
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UT Foundation UK Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 3. INVESTMENT INCOME Deposit account interest 4. RAISING FUNDS Raising donations and legacies Support costs 5. CHARITABLE ACTIVITIES COSTS Grants to Educational Institutions 6. GRANTS PAYABLE Grants to Educational Institutions 7. SUPPORT COSTS Finance £ Other resources expended 486 8. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration Auditors' remuneration for non audit work |
31.12.23 £ 751 31.12.23 £ - 31.12.23 £ 1,595,191 Governance costs £ 8,693 31.12.23 £ 1,080 960 |
31.12.22 £ - 31.12.22 £ 31 Grant funding of activities (see note 6) £ 1,595,191 31.12.22 £ 1,498,060 Totals £ 9,179 31.12.22 £ 1,080 960 |
|---|---|---|
continued...
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UT Foundation UK Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
10. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | |||
|---|---|---|---|
| Net | |||
| movement | At | ||
| At 1.1.23 | in funds | 31.12.23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Education | 4,969 | 453 | 5,422 |
| Restricted funds | |||
| Share capital | 1 | - | 1 |
| TOTAL FUNDS | 4,970 | 453 | 5,423 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds Education Restricted funds Education TOTAL FUNDS |
Incoming resources £ 34,823 1,570,000 1,604,823 |
Resources expended £ (34,370) (1,570,000) (1,604,370) |
Movement in funds £ 453 - 453 |
|---|---|---|---|
Comparatives for movement in funds
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.1.22 | in funds | funds | 31.12.22 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| Education | - | 4,969 | - | 4,969 |
| Designated | 1 | - | (1) | - |
| 1 | 4,969 | (1) | 4,969 | |
| Restricted funds | ||||
| Share capital | - | - | 1 | 1 |
| TOTAL FUNDS | 1 | 4,969 | - | 4,970 |
continued...
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UT Foundation UK Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds Education Restricted funds Education Education TOTAL FUNDS |
Incoming resources £ 148,218 805,946 550,936 1,356,882 1,505,100 |
Resources expended £ (143,249) (805,946) (550,936) (1,356,882) (1,500,131) |
Movement in funds £ 4,969 - - - 4,969 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.1.22 | in funds | funds | 31.12.23 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| Education | - | 5,422 | - | 5,422 |
| Designated | 1 | - | (1) | - |
| 1 | 5,422 | (1) | 5,422 | |
| Restricted funds | ||||
| Share capital | - | - | 1 | 1 |
| TOTAL FUNDS | 1 | 5,422 | - | 5,423 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Education Restricted funds Education Education TOTAL FUNDS |
Incoming resources £ 183,041 2,375,946 550,936 2,926,882 3,109,923 |
Resources expended £ (177,619) (2,375,946) (550,936) (2,926,882) (3,104,501) |
Movement in funds £ 5,422 - - - 5,422 |
|---|---|---|---|
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DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
11. RELATED PARTY DISCLOSURES
1) The University of Texas Foundation, Inc., a not for profit registered charity in the State of Texas, USA and is the ultimate controlling party and beneficiary of the charitable donations made by the company and it bears the annual audit and accountancy costs amounting to £2040 (2022 -£2040) of which audit fees were £900 (2022 -£900). It also contributed £6,853 (2022 - £5000) towards the charity's finance and administration costs. These contributions are recorded as part of other income in the accounts.
2) Restricted funds includes £1 representing the issued share capital of the company, being the fully paid 1 Foundation Inc.ordinary share of £1 allotted and issued to The University of Texas Foundation, Inc.
3) Consolidated financial statements of the University of Texas Foundation, Inc. for the periods ending 31 December 2022 onwards, may be obtained from the Secretary or online at www.utxf.org.
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DocuSign Envelope ID: 99F897A1-6BFE-41DE-9192-95E8C8CAC592
UT Foundation UK Limited
| Detailed Statement of Financial Activities for the Year Ended 31 December 2023 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid Donated services and facilities Investment income Deposit account interest Other income Exchange differences Total incoming resources EXPENDITURE Charitable activities Grants to University of Texas Support costs Finance Bank charges Governance costs Auditors' remuneration Auditors' remuneration for non audit work Management & Administration Total resources expended Net income |
31.12.23 £ 1,590,726 - 8,893 1,599,619 751 4,453 1,604,823 1,595,191 486 1,080 960 6,653 8,693 1,604,370 453 |
31.12.22 £ 1,356,882 137,734 7,040 |
|---|---|---|
1,501,656 - 3,444 |
||
1,505,100 1,498,060 31 1,080 960 - |
||
| 2,040 1,500,131 |
||
4,969 |
This page does not form part of the statutory financial statements
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