##
|||||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|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|||
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||||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||
##
|3.|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|ofemployees|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|
##
|The|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|