ASU Global Foundation UK Limited
Annual report and financial statements
For the year ended 30 June 2024 Company registered number: 13683341 Charity registered number: 1201385
ASU Global Foundation UK Limited
Contents
| Page | Page | |
|---|---|---|
| Reference and administrative details | 1 | |
| report | 2 | - 6 |
| Independent auditor s report |
8 | 11 |
| Statement of financial activities | 11 - 12 | |
| Statement of financial position | 13 | |
| Notes to the financial statements | 14 | 22 |
ASU Global Foundation UK Limited
Reference and administrative details
For the year ended 30 June 2024
Trustees G E Buhlig M J Grant M S Searle M D Senecal de Fonseca Company registered number 13683341 Charity registered number 1201385 Registered address Farrer & Co Fields London WC2A 3LH Independent auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Investec Bank PLC 30 Gresham Street London EC2V 7QP United Kingdom CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
1
ASU Global Foundation UK Limited
report
For the year ended 30 June 2024
The trustees present their annual report together with the financial statements of ASU Global Foundation UK Limited Charity year ended 30 June 2024.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The Charity is constituted under a Memorandum and Articles of Association dated 15 Oct 2021 and amended by a Special Resolution dated 20 November 2022, which was registered at Companies House on 06 December 2022 and amended on 07 Feb 2023 with the company registration number being 13683341. The Charity was also registered with the Charity Commission on 19 December 2022 and the Charity number is 1201385.
Appointment of trustees
New trustees are selected by vote of the existing trustees. The trustees seek candidates who have expertise and experience relevant to the Charity and onboarding materials, referred to Charity Commission guidance for new trustees, and introduced to existing trustees and staff.
The Charity is governed by the board of trustees, who are responsible for controlling the work, management, and administration of the Charity on behalf of its beneficiaries.
The Charity is recognised by HMRC for Gift Aid.
The charitable company is wholly owned by Arizona State University Foundation for A New American University (ASU Foundation), a US tax exempt organisation.
The activities of the Charity are controlled by the trustees of the Charity. Trustees are appointed in accordance with
Trustees
The trustees who served during the year were:
C L Bach III (terminated on 16 October 2024)
G E Buhlig M J Grant
M S Searle (appointed 4 March 2024)
M D Senecal de Fonseca V E DeSanto (resigned on 9 October 2024)
2
ASU Global Foundation UK Limited
report (continued)
For the year ended 30 June 2024
OBJECTIVES AND ACTIVITIES Policies and objectives
The principal objectives of the Charity are for the public benefit and consist of the following:
-
To advance charitable purposes for the benefit of the public as the trustees from time to time in their absolute discretion think fit, and in particular;
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To support such of the activities of ASU Foundation as are exclusively charitable under the Laws of England and Wales;
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Hosting events such as workshops and retreats;
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To advance other purposes that are exclusively charitable under the law of England and Wales, as the trustees determine from time to time.
The trustees confirm that they have compiled with the Charity planning the Charity s for this year.
The C (ASU) goals for inclusion, student success, discovery and local and global impact.
ACHIEVEMENTS AND PERFORMANCE
ASU Global Foundation UK is actively cultivating a lasting local presence and boosting Arizona State University (ASU or University) brand recognition within our market. Our efforts are focused on establishing a more permanent foothold in the local market while encouraging philanthropic support from ASU alumni in the UK and Europe. As a focus around engaging alumni and strengthening European ties, we recognize the critical role of our UK entity in enhancing engagement across Europe. By leveraging the advancement model, we have in place, we aim to support broader University objectives and strategic initiatives.
The trustees recognize that the charity faces several principal risks and uncertainties, including, but not limited to financial instability, operational challenges, and strategic risks. To address these, the charity has processes, controls and consistent reviews in place to evaluate and address the aforementioned risks. Additionally, the charity benefits from the support of its parent entity, which provides financial backing and strategic guidance. This support enhances the charity's ability to manage risks effectively and ensures continuity of operations even in challenging circumstances. The trustees review the risk annually and make adjustments as necessary to respond to changing circumstances.
Throughout fiscal year 2024, the Charity hosted 3 unit-spanning events to grow philanthropic support, including Thunderfest with Global Challenge Lab Students in London, engaged with a broader range of alumni, and hosted an ASU Health Event in October 2024. A central focus during this year was to boost engagement among our alumni in the United Kingdom and Europe, including the building of a network of 5 partnerships that help advance the work of UK to assist and support strategic initiatives
Alumni & External Engagement
-
Chapter support, engagement & advisory in partnership with Phoenix team
-
Volunteer engagement with members from across multiple structures & schools:
-
TGAN Thunderbird
-
Next Generation Council
-
ASU UK Chapter
-
BIOS
-
Core events in the UK for Fall 2024
-
ASU Health Campaign launch & salon dinner
-
Thunderbird Dean Welcome Reception
3
ASU Global Foundation UK Limited
ACHIEVEMENTS AND PERFORMANCE (continued)
Engaged units across ASU in the work of the UK entity
-
Global Futures Lab
-
Herberger
-
Sun Devil Athletics
-
Thunderbird
-
ASU Health
-
TEDI
-
W.P. Carey
-
Engineering
Philanthropic support increased this year and we received the following:
- $4M further anticipated asks across several proposals
The focus of the trustees is to continue to build a culture of advancement, philanthropy, and engagement at bestin-class levels across Europe, while bringing together all global constituents of the ASU ecosystem to advance the University.
4
ASU Global Foundation UK Limited
T report (continued)
For the year ended 30 June 2024
FINANCIAL REVIEW
Results for the year
The results for the year are shown in the statement of the financial activities on page 11. Results are provided for the year ended 30 June 2024, comparative information has been provided for the eight-month period which commenced on 1 November 2022 and ended 30 June 2023.
During the year ended 30 June 2024, the Charity received donations and other income totalling to £370,012 (2023: £220,478) and expenses incurred on charitable activities was £261,029 (2023: £200,477). The result for the year ended 30 June 2024 was a surplus of £108,983 (2023: £20,001).
The balance of the unrestricted reserves as at 30 June 2024 was a surplus of £23,064 (2023: deficit of £7,864) and a restricted reserves surplus of £129,294 (2023: £51,239).
Reserves policy
The Charity does not yet have a proven track record of generating income from operations and generating cash from operations is largely dependent on the number of new gift and pledges. To date, the Charity has relied on gifts in kind from ASU Foundation to finance its activities. ASU Foundation intends to monitor the liquidity needs of the Charity, and as necessary, will continue to provide gifts in kind for operations, which is expected to continue through June 30, 2024, as such. Given the stage of operations and group structure, a minimum level of reserves and reserves policy has not yet been formalized by the Board.
Going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements.
In making this assessment, the trustees have specifically considered the surplus balance on general reserves presented at the end of the reporting period. They have also taken into account the following mitigations, which have provided the required assurance in this area:
-
Included within other debtors is a credit balance of £11,030 in relation to discounting of debtor balances, these balances will be unwound in future periods.
-
The parent entity, Arizona State University Foundation, has confirmed financial support of the organization for a period in excess of 12 months and until at least 30 June 2026.
-
Budgets, discussions with identified potential donors, and post year end management results forecast a deficit position for the year ending 30 June 2025 and a surplus for future periods.
On the basis of these factors, the trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due.
Fundraising statement
The Charity collaborates with potential donors to raise awareness about its mission and impact. It prioritizes transparency and ensures that donors are never pressured or obligated to contribute. Its commitment to maintaining high standards extends to all fundraising activities. Additionally, the Charity takes special care to protect vulnerable groups during its fundraising efforts.
5
ASU Global Foundation UK Limited
report (continued)
For the year ended 30 June 2024
FINANCIAL REVIEW (continued)
explicitly
during the year.
6
ASU Global Foundation UK Limited
report (continued)
For the year ended 30 June 2024
Trustees' responsibilities statement
The trustees (who are also directors of ASU Global Foundation UK Limited for the purposes of company law) 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).
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and income and expenditure of the Charity for the year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
Recommended
-
Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
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 maintaining 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 accounts 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.
The trustees are responsible for the maintenance and integrity of the charitable company.
This report was approved by the trustees and signed on their behalf by:
G E Buhlig Trustee
Date:
Acknowledged by Treasurer of ASU Global Foundation UK Limited
Date:
7
members of ASU Global Foundation UK Limited
For the year ended 30 June 2024
Opinion
We have audited the financial statements of ASU Global Foundation UK Limited year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the principal accounting policies, and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the Charity's affairs as at 30 June 2024 and of its result for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
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. financial statements section of our report. We are independent of the charitable company in accordance with the 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
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, ma 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.
8
members of ASU Global Foundation UK Limited
(continued)
For the year ended 30 June 2024
Other information
The other information comprises the information included in the annual report and financial statements, other information contained within the annual report and financial statements. 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.
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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees' report company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Trustees report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small report and from the requirement to prepare a Strategic report.
9
members of ASU Global Foundation UK Limited
(continued)
For the year ended 30 June 2024
Responsibilities of Trustees
As explained more fully in the Trustees responsibilities statement on page 6, the Trustees (who are also the directors of the charitable company for the purpose 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 prep 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.
Auditor's responsibilities for the audit of the financial statements
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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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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; and
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the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
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we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011), the Companies Act 2006 and those that relate to data protection (General Data Protection Regulation).
We assessed the susceptibility of the s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud and 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.
10
members of ASU Global Foundation UK Limited
(continued)
For the year ended 30 June 2024
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships; assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and tested journal entries to identify unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; and enquiring of management as to actual and potential litigation and claims.
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 Trustees 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 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 Auditor's report.
Use of our report
This report is made solely to the trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable members 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 charitable company and the members, as a body, for our audit work, for this report, or for the opinions we have formed.
Catherine Biscoe, Senior Statutory Auditor
for and on behalf of
Buzzacott LLP
Statutory Auditor 130 Wood Street London EC2V 6DL
Date: 21 March 2025
11
ASU Global Foundation UK Limited
Statement of financial activities
For the year ended 30 June 2024
| Note Income from: Donation income 3 Other income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income and net movement in funds 11 Reconciliation of funds: Total funds at the beginning of the year Total funds at the end of the year |
Unrestricted funds 2024 £ 251,462 749 252,211 221,283 221,283 30,928 (7,864) 23,064 |
Restricted funds 2024 £ 117,801 - 117,801 39,746 39,746 78,055 51,239 129,294 |
Total funds 2024 £ 369,263 749 |
|---|---|---|---|
| 370,012 | |||
| 261,029 | |||
| 261,029 108,983 |
|||
| 43,375 152,358 |
All activities relate to continuing operations.
All recognised gains and losses are included in the above statement of financial activities.
The notes on page 14 to 22 form part of these financial statements.
11
ASU Global Foundation UK Limited
Statement of financial activities
For the period ended 30 June 2023
| Note Income from: Donation income 3 Other income 4 Total income Expenditure on: Charitableactivities 5 Totalexpenditure Net income and net movement in funds 11 Reconciliation of funds: Total funds at the beginning of the period Total funds at the end of the period |
Unrestricted funds From 1 November 2022 to 30 June 2023 £ 201,728 419 202,147 200,477 200,477 1,670 (9,534) (7,864) |
Restricted funds From 1 November 2022 to 30 June 2023 £ 18,331 - 18,331 - - 18,331 32,908 51,239 |
Total funds From 1 November 2022 to 30 June 2023 £ 220,059 419 |
|---|---|---|---|
| 220,478 | |||
| 200,477 | |||
| 200,477 20,001 |
|||
| 23,374 43,375 |
|||
All activities relate to continuing operations.
All recognised gains and losses are included in the above statement of financial activities.
The notes on page 14 to 22 form part these financial statements.
12
ASU Global Foundation UK Limited Company registered number: 13683341
Statement of financial position
As at 30 June 2024
| Note Current assets Debtors: amounts falling due after more than one year 10 Debtors: amounts falling due within one year 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Charity funds Share capital Unrestricted funds Restricted funds 13 Total funds |
2024 £ 20,603 109,447 45,740 175,790 (23,432) 152,358 152,358 1 23,063 129,294 152,358 |
2023 £ 39,838 12,054 24,563 |
|---|---|---|
| 76,455 (33,080) |
||
| 43,375 | ||
| 43,375 | ||
| 1 (7,865) 51,239 43,375 |
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 by the trustees on 20 March 2025 and signed on their behalf by:
G E Buhlig Trustee
Acknowledged by Treasurer of ASU Global Foundation UK Limited
The notes on pages 14 to 22 form part of these financial statements.
13
ASU Global Foundation UK Limited
Notes to the financial statements
For the year ended 30 June 2024
1. General information
ASU Global Foundation UK Limited ( the Charity ) is a company limited by shares. The Charity is incorporated in England and Wales. Its registered office is WC2A 3LH. The charity registration number is 1201385 and the company registered number is 13683341. The charitable company is wholly owned by Arizona State University Foundation for a New American University, a US tax exempt organisation.
2. Accounting Policies
2.1 Basis of preparation of financial statements
These accounts have been prepared for the year ended 30 June 2024 with comparative information provided for the period from 01 November 2022 to 30 June 2023.
The financial statements have been prepared under the historical cost convention except for investments, which are included on a market value basis.
The financial statements have been prepared in accordance with the Statement of Recommended Practice: 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 (effective 1 January 2019) (Charities SORP FRS 102), Financial Reporting Standard
Kingdom FRS d the Companies Act 2006.
The Charity constitutes a public benefit entity as defined by FRS 102.
The accounts are presented in sterling and are rounded to the nearest pound.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
2.2 Critical accounting estimates and areas of judgement
The preparation of these financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charity accounting policies.
The following key estimates have been adopted:
-
When discounting applicable and material financial instruments (as noted in 2.8 and 2.10 below), the trustees are required to assess an appropriate discount rate. On the basis that the ultimate parent of the group is incorporated within the United States of America, the trustees consider the US IRS Applicable Federal rate to be the most appropriate rate to adopt.
-
An allowance for doubtful debts is recognised where there is uncertainty about the recoverability of debtors, including grants and donations receivable. Management has assessed that at the balance sheet date, the grants and donations receivable balance represents pledges that are recoverable in full.
14
ASU Global Foundation UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
2.3 Assessment of going concern
The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these accounts.
In making this assessment, the trustees have specifically considered the surplus balance on general reserves presented at the end of the reporting period. They have also taken into account the following mitigations, which have provided the required assurance in this area:
-
Included within other creditors is a balance of £11,030 in relation to discounting of debtor balances, these balances will be unwound in future periods and will not result in outgoing cash flows.
-
The parent entity, Arizona State University Foundation, has confirmed financial support of the organization for a period in excess of 12 months and until at least 30 June 2026.
-
Budgets, discussions with identified potential donors, and post year end management results forecast a deficit position for the year ending 30 June 2025 and a surplus for future periods.
On the basis of these factors, the trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they fall due.
2.4 Cash flow statement
The financial statements do not include a cash flow statement because the Charity, as a smaller Charity, is exempt from the requirement to produce such a statement under Accounting and Reporting by charities Statement of Recommended Practice (Charities SORP (FRS 102).
2.5 Fund accounting
Restricted funds are to be used for specific purposes as specified by the donor. Expenditure which meets their criteria is charged to the fund.
Unrestricted general funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the Charity.
2.6 Income recognition
Income is recognised in the period in which the Charity is entitled to receipt, the amount can be measured reliably, and it is probable that income will be received. Where income relates to future periods, this income will be deferred. Grants and donations received for the general purposes of the Charity are included as unrestricted funds; grants and donations for activities restricted by the wishes of the donor are taken to restricted funds.
15
ASU Global Foundation UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
2.7 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to make a payment to a third party or 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 included in the accounts on an accruals basis and includes attributable VAT, which cannot be recovered.
Expenditure is allocated to the particular activity on a direct basis or by allocation based on the level of direct expenditure relating to that activity.
The costs of charitable activities comprise expenditure related to the Charity s primary charitable purposes. Such costs include:
-
General overhead costs
-
Related support costs
Support costs are the costs associated with the governance arrangements of the Charity and the general running of the Charity. Included within this category are costs associated with the strategic management of the Charity -to-day management.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount, less any provisions for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
2.9 Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisitions.
2.10 Creditors and provisions
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors 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 payment where such discounting is material.
2.11 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into GBP at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into GBP at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of financial activities incorporating income and expenditure account.
2.12 Taxation
ASU Global Foundation UK Limited is a registered Charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
16
ASU Global Foundation UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
3. Donations & legacies
| 4. Other income Bank interest Bank interest Grant and donation income Grant income Movement in bad debt provision |
Unrestricted funds 2024 £ 749 749 Unrestricted funds from 1 November 2022 to 30 June 2023 £ 419 419 Unrestricted funds 2024 £ 251,462 251,462 Unrestricted funds from 1 November 2022 to 30 June 2023 £ 201,728 - 201,728 |
Restricted funds 2024 £ - - Restricted funds from 1 November 2022 to 30 June 2023 £ - - Restricted funds 2024 £ 117,801 117,801 Restricted funds from 1 November 2022 to 30 June 2023 £ 15,238 3,093 18,331 |
Total funds 2024 £ 749 749 Total funds from 1 November 2022 to 30 June 2023 £ 419 419 Total funds 2024 £ 369,263 369,263 Total funds from 1 November 2022 to 30 June 2023 £ 216,966 3,093 220,059 |
|---|---|---|---|
17
ASU Global Foundation UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
5. Expenditure on charitable activities
| Support costs (Note 6) Governance costs (Note 6) Support costs (Note 6) Governance costs (Note 6) 6. Charitable expenditure Support costs Staff costs (Note 8) Other professional services IT services Fees & subscriptions Bad debts Realised currency loss Total support costs Governance costs Audit fees Accounting fees Total governance costs Total charitable expenditure |
Unrestricted funds 2024 £ 196,791 24,492 221,283 Unrestricted funds from 1 November 2022 to 30 June 2023 £ 181,397 19,080 200,477 Unrestricted Funds 30 June 2024 £ 155,916 31,160 5,575 420 - 3,720 196,791 13,362 11,130 24,492 221,283 |
Restricted funds 2024 £ 39,746 - 39,746 Restricted funds from 1 November 2022 to 30 June 2023 £ - - - Restricted funds 30 June 2024 £ - - - - 39,797 (51) 39,746 - - - 39,746 |
Total funds 2024 £ 236,537 24,492 261,029 Total funds from 1 November 2022 to 30 June 2023 £ 181,397 19,080 200,477 Total funds 30 June 2024 £ 155,916 31,160 5,575 420 39,797 3,669 236,537 13,362 11,130 24,492 261,029 |
|---|---|---|---|
18
ASU Global Foundation UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
| 2023 Support costs Staff costs (Note 8) Mobile communication Other professional services Repairs & maintenance expenses IT services Fees & subscriptions Conference registration Realised currency loss Total support costs Governance costs Audit fees Accounting fees Total governance costs Total charitable expenditure |
Unrestricted funds from 1 November 2022 to 30 June 2023 £ 135,486 162 34,050 157 4,202 195 104 7,041 181,397 11,400 7,680 19,080 200,477 |
Restricted funds from 1 November 2022 to 30 June 2023 £ - - - - - - - - - - - - - |
Total funds from 1 November 2022 to 30 June 2023 £ 135,486 162 34,050 157 4,202 195 104 7,041 |
|---|---|---|---|
| 181,397 | |||
| 11,400 7,680 |
|||
| 19,080 200,477 |
7. Auditor s remuneration
Auditor's remuneration consists of current year audit fee of £13,362 (2022: £11,400) and fee for non-audit services of £11,130 (2023: £7,680).
8. Staff costs
| Wages and salaries Social security costs Pension costs Total staff costs |
2024 £ 132,520 12,086 11,310 155,916 |
From 1 November 2022 to 30 June 2023 £ 116,666 10,820 8,000 135,486 |
|---|---|---|
The average monthly number of employees during the period was 1 (2023: 2).
During the year, one staff member received emoluments exceeding £60,000 excluding employer pension contributions in the banding £100,001 - £110,000 (2023: one staff in the banding 70,001 - £80,000).
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ASU Global Foundation UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
9. Trustee remuneration and remuneration of key management personnel
The key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis comprise the trustees. Direction and control are also provided through the parent organization (as detailed in Note 15), the staff of the UK Charity are not considered to meet the definition of key management personnel given the limits to the delegated authority they hold.
Trustees are not remunerated. During 2024 no amounts were paid on behalf of/reimbursed to trustees for travel costs (2023: £nil). Transactions with the parent organization are detailed within Note 14.
10. Debtors
| Due within one year Grants and donations receivable Prepayments Due after more than one year Grants and donations receivable |
2024 £ 108,691 756 109,447 2024 £ 20,603 20,603 |
2023 £ 11,401 653 |
|---|---|---|
| 12,054 | ||
| 2023 £ 39,838 |
||
| 39,838 |
In prior periods, the Charity received a commitment to receive a grant of £8,000 per annum for each of the years 2024 to 2025. An asset was recognised, discounted to present value using a discount rate of 3.6% per annum.
It also received a commitment to receive a grant of £42,000 per annum for each of the years 2024 to 2025. An asset was recognised, discounted to present value using a discount rate of 3.6% per annum.
It also received a commitment to receive a grant of $10,000 per annum for each of the years 2024 to 2028 inclusive. An asset was recognised, discounted to present value using a discount rate of 3.6% per annum.
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ASU Global Foundation UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
11. Creditors
| Trade creditors Amounts owed to group undertakings Taxation & social security Other creditors Accruals Analysis of net assets between funds Current assets Current liabilities Total net assets Current assets Current liabilities Total net assets Restricted funds Opening 2024 £ Thunderbird UK Center of Excellence 51,239 51,239 |
Unrestricted fund 2024 £ 46,496 (23,432) 23,064 Unrestricted fund 2023 £ 25,216 (33,080) (7,864) Income 2024 £ 117,801 117,801 |
2024 £ - - - 1,442 21,990 23,432 Restricted fund 2024 £ 129,294 - 129,294 Restricted fund 2023 £ 51,239 - 51,239 Expenditure 2024 £ (39,746) (39,746) |
2023 £ 3,010 5,053 6,535 1,400 17,082 33,080 Total fund 2024 £ 175,790 (23,432) 152,358 Total Fund 2023 £ 76,455 (33,080) 43,375 Total funds 2024 £ 129,294 129,294 |
|---|---|---|---|
12. Analysis of net assets between funds
13. Restricted funds
The specified purpose for which the above funds are utilised are:
Thunderbird UK Center of Excellence
This fund will be used to provide support for the growth and advancement of Thunderbird operations in the UK, as fulfilled through its UK Center of Excellence.
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ASU Global Foundation UK Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
14. Related Parties
During the year, the parent company Arizona State University Foundation for A New American University (incorporated in USA and trading as ASU Foundation) paid costs on behalf of the Charity of £nil (2024: £2,800). The amount owed by the Charity to its parent company as at the balance sheet date was £nil (2024: £5,053). This amount is interest free and payable on demand.
Included within expenditure are amounts paid by the parent on behalf of UK operations for the year ended 30 June 2024 totalling £nil (2023: £2,801). A balance of £nil (2023: £5,053) is included in creditors at the year-end in relation to these funds. The company has paid expenses of £853 (2023: £nil) on behalf of parent and balance £4,200 (2023: nil) is treated as a donation in kind to UK operations. Inclusive of this donation in kind, ASU Foundation made donations to the Charity during the year ended 30 June 2024 totalling £251,462 (2023: £201,728).
There were no other related party transactions held during the current year or prior period.
15. Ultimate controlling party
The charitable company is wholly owned by Arizona State University Foundation for A New American University, a US tax exempt organisation. Registered business address P.O. Box 2260, Tempe. Arizona, United States of America, 85280-2260.
The activities of the charitable company are controlled by the trustees of the charitable company.
Transactions with the ultimate controlling party are detailed within Note 14.
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