2022-12-31-accounts - Council For At-Risk Academics

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

				Page
Legal and	Administrative	Information		1 -2
Report of	the Trustees			3 -11
Independent Auditors'		Report		12 -14
Statement	of Financial	Activities		15
Summary	Income and Expenditure		Account	16
Balance Sheet				17
Statement	of Cash Flows			18
Notes to the Financial Statements				19-29

REGISTERED ADDRESS AND PRINCIPAL OFFICE	London South Bank	University	University
	Technopark
	90London Road
	LONDON
	SE16LN
REGISTERED COMPANY NUMBER	00641687
REGISTERED CHARITY NUMBER	207471
WEBSITE	www. cara.ngo
PATRONS	Mr Greg Dyke
	Baroness Neuberger	DBE
	Baroness O' Neill of Bengarve			CH CBE FB
	Professor Lord Patel	of	Bradford OBE
	Mr Jon Snow
	Dr Rowan Williams
EXECUTIVE DIRECTOR	Mr Stephen Wordsworth		CMG LVO
BOARD OF TRUSTEES AND DIRECTORS	* Prof Alan McCarthy (Chair) Dame Nicola Dandridge DBE Mr David Ure (Hon Treasurer) * Mr SJ K (Zac) Barratt			(Hon Secretary)
	Prof Vincent Emery
	DrJoanna Newman	MBE
	* Dr Cornelia Sorabji CBE * Ms Vivienne Stern MBE
	Prof Paul Weindling

BANKERS	National Westminster	Bank Pic
	Southampton Customer	Service Centre
	Brunswick Gate
	23 Brunswick Place
	SOUTHAMPTON
	SO15 2AQ
CHARITY DEPOSITORS	CAF Bank Ltd
	25 Kings Hill Avenue
	Kings Hill, West Mailing
	KENT
	ME194JQ
INVESTMENT ADVISERS	Investec
	30Gresham Street
	LONDON
	EC2V 7QN
SOLICITORS	Bates Wells
	10Queen Street Place
	LONDON
	EC4R 1BE
AUDITORS	Cocke, Vellacott 5 Hill
	Chartered Accountants
	Unit 28 City Business Centre
	Lower Road
	LONDON
	SE162XB

			Unrestricted	Unrestricted	Funds	Restricted	Total	Total
		Notes	General f	Designated f		Funds f	2022	2021f
Income from:
Voluntary income
Donations and legacies			796,553			5,338,068	6,134,621	3,078,772
Activities for Generating	Funds
Investment Income			6,855				6,855	4,836
Total income			803,408			5,338,068	6,141,476	3,083,608
Expenditure on:
Raising funds			6,737				6,737	48,947
Charitable activities
Grants payable			193,480			5,514,885	5,708,365	2,081,652
Programme and project work			600,880			123,370	724'250	559,397
Governance			15,590				15,590	15,311
Total expenditure			816,687			5,638,255	6,454,942	2,705,307
Transfers between funds		15
Net gains/(losses) on investments		10	12,976		(75,611)		(62,635)	38,372
Net (expenditure)/income			(303)		(75,611)	(300,187)	(376,101)	416,673
Other recognised gains /	(losses)
Other gains /(losses)
Net movement in funds			(303)		(75,611)	(300,187)	(376,101)	416,673
Reconciliation offunds
Total funds brought forward		15	256,152		125,787	1,114,301	1,496,240	1,079,567
Total funds carried forward		15	255,849		50,176	814,114	1,120,139	1,496,240

Income		Notes	2022	2021
			f
Donations and legacies		2	6,134,621	3,078,772
Investment income		8	6,855	4„836
Realised gains on investments		10	12,976	545
Unrealised (losses)/gains	on investments	10	(75,611)	37,827
Total income			6,078,841	3,121,980
Expenditure
Raising funds			6,737	48,947
Charitable activities:
Grants payable			5,708,365	2,0S1,652
Programme and project	work		724,250	559,397
Governance			15,590	15,311
Total expenditure			6,454,942	2,705,307
Net (expenditure)/income	for the year		(376,101)	416,673

				Notes	2022	2021
Fixed assets					f	E
Tangible assets				9	13,240	10,631
Investments				10	321,278	383,263
Total fixed assets					334,518	393,894
Current assets
Debtors					689,888	142,888
Cash at bank and	in hand				8,631,325	1935156
Total current assets					9,321,213	2,078,044
Liabilities
Creditors: Amounts		falling due
within one year				12	(8,535p592)	(975,698)
Net current assets		(liabilities)			785,621	1,102,346
Total assets less current			liabilities		1,120,139	1,496,240
The funds ofthe charity:
Restricted Income	Funds			15	814,114	1,114,301
Unrestricted Funds		—general		15	255,849	256,152
Unrestricted Funds		- designated		15	50,176	125,787
Total charity funds				15	1,120,139	1,496,240

			2022	2021
		Notes	f
Cash flows from operating activities
Net movement in funds			(376,101)	416,673
Add back depreciation charge		9	4,979	638
Net losses/(gains) on investments		10	62,635	(38,372)
Decrease/(increase) in debtors		11	(547,000)	(33,489)
Increase/(decrease) in creditors		12	7,559,894	115,089
Net cash generated from operating	activities		6,704,407	460,539
Cash flows from investing activities
Purchase oftangible fixed assets		9	(7,588)	(10,700)
Purchases ofinvestments		10	(63,230)	(72,394)
Decrease/(increase) in cash held at investec		10	2,856	5,058
Proceeds from sales of investments		10	59,724	65,907
Net cash used in investing activities			(8,238)	(12,129)
Increase in cash			6,696,169	448,410

l.	Accounting policies (continued)	Accounting policies (continued)	Accounting policies (continued)
	(g) Restricted Funds continued
	(ii) The UK Programme		received			funds		from various			sources		and supported academics				who were	in	the
	UK for the medium		to long		term.		It	was discontinued				by a decision ofthe CARA				FRGPC in May		2021.
	(iv) The Fellowship Programme				arose		from		the Emergency			Appeal for Iraq launched				in 2006 and has since
	been expanded to		become		a	global		Programme.
	(h) Forei n exchan e ains		and losses
	Assets and liabilities denominated					in foreign			currencies		at the balance			sheet date are translated into sterling
	at the closing rate. Transactions					in foreign			currencies		are	converted		to sterling	at	the	rate of exchange
	prevailing on the day of		the transaction.
	(i) 0 eratin leases
	Rent payable under operating			leases is			charged to			the	income		and expenditure account				as incurred.
	(j) Pensions
	Eligible staff members	received			monthly			payments		of 8%		oftheir salaries into a			scheme administered				by NEST.
	One eligible staff member has			opted out.				Contributions			made		in the year are treated			as	an expense.
2.	Donations and legacies
	During the year the charity received			grants			and donations				from	the	following—
																	2022		2021
										Unrestricted				Restricted f			Total f		Totalf
	April Trust																		15,000
	British Academy													1,134,669		1,134,669
	Central European University		(on behalf			of OSUN)					11,650			77,869			89,519		76,526
	Dowager Countess Eleanor	Peel Trust																	10,000
	Eddie Dinshaw Foundation																		5,000
	Fondation Liber													20,000			20,000		20,000
	French Huguenot Church of		London	Charitable				Trust						5,000			5,000		5,000
	Garfield Weston Foundation													50,000			50,000		50,000
	Harbour Foundation													5,000			5,000		5,000
	Mellon Foundation*										67,250						67,250		416,251
	Microsoft													8,163			8,163		7,107
	Northern Consortium																		20,000
	Open Society Foundations													377,697		377,697			156,703
	Robert A Granieri													161,147		161,147			195,879
	Sir Hans Krebs Trust													30,000			30,000		30,000
	SirJoseph Hotung Charitable		Settlement																60,000
	Society for Applied Microbiology																		20
	Springer Nature Limited																		22,500
	Texel Foundation													20,000			20,000		20,000
	Thriplow Charitable Trust																		7,500
	Wellcome													42,623			42,623
	The Wolfson Foundation													125,000		125,000			50,000
	Worshipful Company ofWorld Traders																		3,000
	UK Universities										563,121			3,238,340		3,801,461		1,667,613
	Other institutions and trusts										43,348			20,457			63,805		93,447
	Individuals										90,314			22,103		112,417			83,701
	Legacies										20,870						20,870		58,526
											796,553			5,338,068		6,134,621		3,078,772

Raising funds	Raising funds				2022	2021
			Unrestricted f	Restricted f	Total f	Totalf
Online giving expenses			1,742		1,742	1,300
Investment	management	costs	3,295		3,295	3,407
Fundraising	consultant		1,700		1,700	44,240
			6,737		6,737	48,947

e allocation	ofgrants and p	rogramme-relate	d expendit	ure during the ye	ar was as follow	s:
						2022	2021
		2022 Fellows	2021 Fellows	Unrestricted f	Restricted f	Total f	Totalf
Fellowship	Programme	204	151	193,480	4,007,306	4,200,786	1,705,592
Researchers	at Risk				1,134,669	1,134,669
Syria Programme					372,910	372,910	376,060
				193,480	5,514,885	5,708,365	2,081,652

Charitable activities —Pro	gramme and project	work
				2022	2021
Support costs:-		Unrestricted f	Restricted f	Total f	Totalf
Core costs
Salaries (notes 1(b)(ii) and	7)	67,558		67,558	69,960
Pension costs
Legal fees		5,832		5,&32	618
Accountants' fees		34,321		34,321	35,711
Campaign and awareness	raising	32,135		32,135	13,725
Office and general expenses		29,269	(274)	28,995	57,859
Operating lease payments	(note13)	24,150		24,150	12,858
Depreciation (note 9)		4,979		4,979	638
		198,244	(274)	197970	191,369
Fellowshi and S ria Pro	rammes
Salaries (notes 1(b)(ii) and	7)	365,992	116,162	482,154	334,142
Pension costs (note 7)		36,644	7,356	44,000	33,163
Office and general expenses			76	76	123
Operating lease payments	(note13)		50	50	600
		402,636	123,644	526,280	368,028
Total programme and project work		600,880	123,370	724„250	559,397

Charitable activities —	Governan	ce
					2022	2021
			Unrestricted f	Rest,ricted	Total f	Totalf
Salaries (notes 1(b)(ii) and 7)			6,839		6,839	7,045
Council meetings and company		expenses
'Directors' and Officers'	Liability'	insurance	1,001		1,001	916
Legal fees
Auditors' remuneration:
Audit fees			6,250		6,250	5,850
Accountancy	fees		1,500		1,500	1,500
Total governance costs			15,590		15590	15311

Staff costs and particulars	2022	2021	2022	2021
Total remuneration ofemployees:	Numbers	Numbers
Wages and salaries	17	12	502,629	371,892
Exgratia pension to former employee	1	1	6,839	7,045
Socia I security costs			47,083	32,211
Pension contributions			44,000	33,163
		13	600,551	444,311

Investment	income	2022	2021
Income from	UK listed investments:	f	f
Fixed interest securities		663	1,400
Equities		6,192	3,436
Interest from funds on deposit
		6,855	4,836

9.	Tangible fixed assets		Furniture f	Equipment f	Total f
	Cost
	Balance at 1stJanuary 2022		12,036	51,985	64,021
	Additions			7,588	7,588
	Disposals
	Balance at 31st December 2022		12,036	59,573	71,609
	Accumulated de reciation
	Balance at 1stJanuary 2022		11,592	41,798	53,390
	Charge for the year		73	4,906	4,979
	Balance at 31st December 2022		11,665	46,704	58,369
	Net book value at 31stDecember	2022	371	12,869	13,240
	Net book value at31stDecember	2021		10,187	10,631
10.	Fixed assets			2022	2021
	Investments
	Fixed interest securities and equities:-
	Balance at 1stJanuary			375,763	330,904
	Additions at cost			63,230	72,394
	Disposal proceeds			(59,724)	(65,907)
	Realised gain			12,976	545
	Unrealised (loss)/gain			(75,611)	37,827
	Balance at 31st December			316,634	375,763
	Cash held as part ofinvestment	portfolio:—
	Investec deposit account			4,644	7,500
				321,278	3S3,263

		2022			2021
		Market		Market
Investments	listed on UK Stock Exchange	Value f	Cost f	Value	Costf
Fixed interest securities		56,114	65,414	66,936	66,031
Equities		260,520	251,044	308,827	233,944
		316,634	316,458	375,763	299,975

following	investments exceeded	5%	ofthe value ofthe portfolio	ofthe value ofthe portfolio	ofthe value ofthe portfolio	at the year-end:
~Holdin	~Descri tion					Market Value
	~Euities
16,000	Aberdeen Standard	Life Invs UK		Ethical		f30,640
12,460	Aegon AM UK pic Ethical Equity			B		f28,226
2,000	Brown Advisory Funds		US Sustainable			f25,380
9,000	CT (UK)lcvc V CT Res UK Equity					f35,820
13,000	CT (UK)lcvc V CT Global		Equity			f21,021
6,000	Edentree inv Mgmt	Amity International			B	f18,588
21,542	Fundrock Partners	Ltd				f23,727
14,387	Impax Fds					f22,559

11.	Debtors			2022 f	2021f
	Sundry debtors			615,933	106,758
	Income tax due			2,000	1,250
	Deferred income			61,033	33,329
	P repayments			1,207	1,551
	Other debtors			9,715
				689,888	142,888
12.	Creditors: Amounts		falling due within one year	2022 f	2021f
	Other creditors			2s233	3,905
	Accruals			9,328	8,986
	Accrued fellowship	and	grant commitments	2,413,797	723,586
	Deferred income			6,110,234	239,221
				8,535,592	975,698

14.	Unrealised gains						Unrestricted	Unrestricted
							Funds	Funds
							2022	2021
	Total unrealised gains at 31st December
	On investment assets (see note		below)				176	75,787
	Reconciliation ofmovements in		unrealised gains	on investment		assets
	Unrealised gains at 1stJanuary						75,787	37,960
	Deduct in respect of	gains crystallised in year					(12,976)	(545)
	Net (loss)/gain arising	on revaluation in the year					(62,635)	38,372
	Unrealised gains arising on revaluation at 31December						176	75,787
15.	Total charity funds		Balance at	Incoming		Transfers	Resources	Balance at
			1stJanuary	Resources		between	Expended	31stDecember
	Unrestricted funds		2022 f	and	Gains f	Funds f	and Losses f	2022 f
	General reserve		256,152	816,384			(816,687)	255,849
	Designated reserves:
	Revaluation reserve		75,787				(75,611)	176
	Regional programme	fund	50,000					50,000
			381,939	816,384			(892,298)	306,025
	Restricted funds
	Fellowship programme		623,660	3,815,415			(4,007,158)	431,917
	Researchers at Risk			1,134,670			(1,134,670)
	Syria Programme		490,641	387,983			(496,427)	382,197
			1,114,301	5,338,068			(5,638,255)	814,114
	Total charity funds		1,496,240	6,154,452			(6,530,553)	1,120,139
	Represented by:					Restricted	Designated	General
						Funds	Funds	Reserve
						f	f	f
	Tangible assets							13,240
	Investments						50,176	271,102
	Net current assets/(liabilities)					814,114		(28,493)
						814,114	50,176	255,&49

	Unrestricted	Unrestricted	Funds	Restricted	Total
	General	Designated		Funds	2021
	f		f	f	f
Income from:
Voluntary income
Donations and legacies	539,291			2,539,481	3,07&,772
Activities for Generating Funds
Investment Income	4,836				4,836
Total income	544,127			2,539,481	3,083,608
Expenditure on:
Raising funds	48,947				48,947
Charitable activities
Grants payable	1,023			2,080,629	2,081,652
Programme and project work	461,633			97,764	559,397
Governance	15,311				15,311
Total expenditure	526,914			2,178,393	2,705,307
Transfer between funds	(50,000)		50,000
Net gains/(losses) on investments	545		37,827		38,372
Net income/(expenditure)	(32,242)		87,827	361,088	416,673
Other recognised gains / (losses)
Other gains / (losses)
Net movement in funds	(32,242)		87,827	361,088	416,673
Reconciliation of Funds
Total funds brought forward	288,394		37,960	753,213	1,079,567
Total funds carried forward	256,152		125,787	1,114,301	1,496,240

					2021
			Unrestricted	Restricted	Total
Andrew W Mellon Foundation			12,460	403,611	416,251
April Trust				15,000	15,000
Central European University	(on behalf of OSUN)		6,526	70,000	76,526
Dowager Countess Eleanor Peel Trust				10,000	10,000
Eddie Dinshaw Foundation				5,000	5,000
Fondation Liber				20,000	20,000
French Huguenot Church of London Charitable		Trust		5,000	5,000
Garfield Weston Foundation				50,000	50,000
Harbour Foundation				5,000	5,000
Microsoft				7,107	7,107
Northern Consortium				20,000	20,000
Open Society Foundation				156,703	156,703
Robert A Granieri			10,350	185,529	195,879
Sir Hans Krebs Trust				30,000	30,000
SirJoseph Hotung Charitable	Settlement			60,000	60,000
Society for Applied Microbiology			20		20
Springer Nature Limited				22,500	22,500
Texel Foundation				20,000	20,000
Thriplow Charitable Trust				7,500	7,500
The Wolfson Foundation				50,000	50,000
Worshipful Company ofWorld Traders				3,000	3,000
UK Universities			389,950	1,277,663	1,667,613
Other institutions and trusts			2,028	91,419	93,447
Individuals			59,251	24,450	83,701
Legacy			58,526		58,526
			539,291	2,539,481	3,078,772

aising funds					2021
			Unrestricted	Restricted	Total
			f	f	E
Online giving expenses			1,300		1,300
Investment	management	costs	3,407		3,407
Fundraising	consultant		44,240		44,240
			48,947		48,947

The allocat	ion ofgrants and programm	e-related expenditure during	the year was	as follows:
				2021
		Unrestricted	Restricted	Total
		f	E	f
Fellowship	Programme	1,023	1,704,569	1,705,592
Syria Programme			376,060	376,060
		1,023	2,080,629	2p081,652

haritable	activitie	s —Pro	gramme and proje	ct work
						2021
Support costs:-				Unrestricted f	Restricted f	Total
Core costs
Salaries				69,960		69,960
Pension costs
Legal fees				618		618
Accountants' fees				35,711		35,711
Campaign	and awareness		raising	13,724		13,724
Office and	general	expenses		57,203	656	57,859
Operating	lease payments			12,858		12,858
Depreciation				638		638
				190,713	656	191,369
Fellowshi	and S	ria Pro	rammes
Salaries				243,718	90,424	334,142
Pension costs				27,202	5,961	33,163
Office and	general	expenses			123	123
Operating	lease payments				600	600
				270,920	97,108	368,028
Total programme		and project work		461,633	97,764	559,397

Charitable activiti	es —Governanc	e
					2021
			Unrestrict, ed	Restricted	Total
			f	f	f
Salaries (notes 1(b)(ii) and 7)			7,045		7,045
Council meetings	and company	expenses
'Directors' and Officers' Liability'		insurance	916		916
Legal fees
Auditors' remuneration:
Audit fees			5,850		5,850
Accountancy	fees		1,500		1,500
Total governance	costs		15,311		15,311