COUNCIL FORAT-RISK ACADEMICS IA Company knmited by Guarantee) ACCOUNTS FOR THEYEAR ENDED 31st DECEMBER 2023 Com an iation No- 00641687 Re istration No.. 207471 COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) INDEXTO THE FINANCIAL sfATEMENTS Page Legal and AdministratNe Information Report of the Trustees 3-10 Independent Auditors, Report 11-13 Statement of Financial Attivitles 14 Summary Income and Expenditure Account Balance Shèet 16 Statement of Cash Flows 17 Notes to the Financial Staternents 18-28 COUNCIL FOR AT-RISK ACADEMICS IA Company Limtted by Guarantee) LEGAL AND ADMINISTRATIVE INFORMATION REGisfERED ADDRESS AND PRINCIPAL OFFICE London South Bank University Technopark 90 London Road LONDON SE16LN REGi¥fERED COMPANY NUMBER 00641687 REGISTEREDCHARrfY NUMBER 207471 WEBStrE www.cara.ngo PATRON5 Mr Greg Dyke Baroness Neuberger DBE Baroness O'Neill of Bengarve CH CBE FB Professoi Lord Patel of Bradford OBE Mr Jon Snow Or Rowan Williams EXECUTIVE DIRECTOR AND COMPANY SECRETARY Mrstephen Wordsworth CMG LVO BOARD OF TRUMES AND DIREcfoRS Prof Alan M¢Carthy Ichair until S June 20241 Dame Nicola Dandridge DBE (Hon Secretary,. Chair from 5 June 20241 Mr S J K IZa¢l Barratt (Hon TTeasurerl Ms Sarah Dickson Prof Vincent Emery Mr Alan MacKay Dr Joanna Newman MBE Ms Naina Patel Dr Cornelia Sorabji CBE Ms Vivienne Stem MBE Dr Mehroosh Tak Mr Beft Webster Prof Paul Weindling * Members of the Finan￿ and General Purposes Committee IF&GPCI. COUNCIL FORAT-RISK ACADEMICS IA Company Llmited by Guarantee) LEGAL AND ADMINISTRATIVE INFORMATION Icontinuedl BANKERS Natlonal Westminster Bank PIC Southampton Customer Service Centre Brunswick Gate 23 Brunswick Place SOUTHAMPTON S015 2AQ CHARITY DEPOSITORS CAF Bank Ltd 25 Kings Hill Avenuè Kings Hill, West Malling KENT ME19 41Q INVESTMENT ADVISERS Investec Wealth & Investrnent Ltd 30 Gresham Street LONDON EC2V 7QN SOLICITORS Bates Wells 10 Queen Street Place LONDON EC4R IBE AUDITORS Cocke. Vellacott & Hill Chartered Accountants Unit 28 City Business Centre lower Road LONDON SE16 2XB COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) REPORT OF THE TRUSTEES For the year ended 31" De¢embe¥ 2023 The Trustees, who are also the Directors and Council members, present their report and the financial statements of the charttable company for the year ended 31 December 2023. which are also prepared to meet the requirements for a directors. report and accounts for Companies Art purposes and which comply with the current statutory requirements and the requirements of thè charity's governing instrument. Strurture. Governance and Management Cara (the Council for At-Risk Academics) is a charitable company limited by guarantee and governed by Its Arti¢les of Association. revised and adopted on 7 December 2022. Cara is managed by a Council of Management, made up of the Trustees/Director5 who are also the members of the Company. The full Council mèt on 7 June 2023 and 6 December 2023. The various changes in the Council's mèmbership and amDn8 the officeholder5 in 2023 are recorded on page 9 of thi5 report. At the end of 2023 Cara had eight Trustees/Directors and a recruitment effort was under way. led by the Nominations and Governance Committee with the support of a professional agency. As a result, five new Trusteesloirertor5 joined the Cara Council in Sprtng 2024. Since the review of Cara's Artieles in 2022 Trustees normally serve a maximum of three 3-year teTms in office. The Finance and General Purposes Committee IF&GPCI, made up at the end of 2023 of five Trustees, oversees many 35pect5 of the charity's work on behalf of the full Council. Its work ineludè5 risk management arising from Cara's pro8rammes and related grant or fellowship allocations, financial and legal considerations, overall programme development, rental and premises issue5. The F&GPC also acts as the Appointments and Remuneration Committee for Cara staff and has oversight of human resource matters. In 2023 it met on 8 March and on 13 Septernber. with the usual additional pre-council meeting in May. A representative of Cara'5 auditors attends the full Council meeting5, to hear about the work being undertaken by Cara and to answer any qyestions from the Trustees. At the June meetin& when the annual Accounts are submitted for Council approval, the representative of the auditors briefs the Council on the details of the audit work carried out and on whether there are any areas of Concern of which the auditors feel the Trustees should be aware. At the end of 2023 Cara had nineteen full-time 5taff', in addition to the Executlve Direcror. fourteen staff were engaged on the Fellowship Programme and four were engaged on and funded through Cara's Syria Programme. Cara's syria PTogramme continued to be managed day-to-d8y by an external consultant la former Cara Deputy Dire¢torl, under the supervision of the Executive Direttor. and was supported by a self*mployed part-time Arts and Humanitie5 CoordinatorlFinance Officer. Cara's 'Scotland Managerf, a post funded by and ¢o-loc3ted with the University of Edinburgh's international team. 'Edinburgh Global,, continued to be an important a55et for Cara in 2023, allowing the charity to build an even more active partnership between Cara and Scottish higher education, learned societies and research institutes. and promoting their increased engagernent with Cara's work. In 2023 Cara staff continued to work on a 'hybrid' basis, with each staff member normally working two days each week in the office and three days at home, with the office as a whole normally staffed Tuesdays-Thursdays. Objectives and Activities Cara's Objects are to assist academics, who have been, or are, or are at risk of being, subjett to discrimination. persecution, Suffering or violence on account of ra￿, religion, nationality, membership of a particular Social group. or political opinion. to relieve needs amongthem and their dependènts and to ensure that their specialist knowledge and abilities can continue to be used for the benefit of the public.. and to advance education by supporting academics and their educational institutions in countries where their continuing work ts at risk or compromised, to ensure that such academi￿ and institutions can continue to fulfil their Critical role as educètors for the public benefit. In its work to support those suffering from discrimin3tion and persecution, Cara is also ready to help those who are at risk because of their sexual orientation or COUNCIL FOR AT-RISK ACADEMICS (A Company Limtted by Guarantee) REPORT OF THE TRUSTEES Icontinuedl For the year ended 31" December 2023 Objectives and Artivitiès Icontinuedl 8ender identity- Throughout 2023, Cara engaged closely with UK universitie5, including the members of its UK Universities and Research Network I'the Network'l. At the end of 2023 the Network had 135 members, with two new members havingjoined in the course of the year. The Network provides Cara with an ex￿ptional resource on which to draw in support of programme delivery. Cara continued to work with universities and research institutes throughout the year to promote improved support for at-risk academics. Public Benefrt In planning activities for the year, the Trustees kept in mind the Charity Commission guidance on public benefit and the need to comply with their duties under 5ect50n 4 of the Charities Art 2011. Cara's Work in 2023-An Overview Cara'5 origins go back to 1933, and to the determination of William Beveridge and other leading academic5 and scientists in the UK to rescue their colleagues in Germany from Nazi persecution. and thereby to "prevent the waste of exceptionul obilities exceptionally troinerf (Cara's Founding Statement. 19331. Cara's 90 anniver53ry year was probably its busiest Sin￿ the 19305 and. 90 years Sincè its formation, Cara is ready and able to assist at-risk academics from any country in the world through its two Programmes.. lal Cara's Fellowship Programme helps people to escape from immediate danger, with their families. and to reach a place of sanctuary where they can Continue their work. Most plan to return home when thèy can. to fulfil their critical role in higher education. but they need support in the meantime to develop their skills and to build the networks they will need when that day come5. Cara conducts quick but thorough checks to establish each applicant'5 eligibility foT Cara support, and also a55esses the risks that each eligible applicant fa￿5. to determiThe the urgency with which a pla￿ment should be sought. Cara then works with them to identify a host institution. most often a UK univer51ty but sometimes a universlty elsewhere. agrees all the funding issues, and cooperates closely with the host institution on immigration formalities and the many travel and arrival arrangements. Cara normally seeks full waivers of any course or bench fees and, wherever Possible. also asks universities to provide additional fundin& in¢luding for accomrnodBtion and living costs. While some universities are still able to cover 5u¢h costs. the BrO￿h in the number of Fellowship placements, many involving families rather than just one individual, combined with the current pressure on many universities. finance5. means that it has become more common in recent ye3rs for Cara also to contribute. drawing on the fijnds provided by donor5. This has the advantage of making placements more of a partnership between Cara and the h05t. as the basis for a successful long-term relationship. Ouring their stays. Cara Fellows share their unique specialist skills and experience with thèir host institutions, makin8 the placement mutually beneficial. Events in and around Afghanistan and Ukraine continued to dominate the work of the Fellowship Programme team foi much of 2023, but the conflict in Sudan from mid-April onwards soon led to a surge in applications from that country and from 7 October the crisis in Gaza added to the numbers of 3cademics urgently seektng Cara's help. By December 2023 there were 175 Cara Fellows in artive placernents, up from 115 in December 2022, including over 50 from Af8hanist3n, 40 from Ukraine and 14 from Russiè. 40 more Fellows werè expected to arrive in the first few months of 2024, after over 60 new and existing Cara Fellows received UK visas in the second half of 2023, a record in recent years. This rapid growth in the number of placements was due very largely to the support we received from Cara'5 Network partners. more of whom switched in the course of the year from an od hoc approach to establishing dedicated multi-year funding'pots, for Cara Fellowships. Host universities committed support for Fellowships worth some£6m in 2023. bringing the total for university 5UPPOrt for Cara Fellowships in the eight-year period 2016-23 to around £40m. Thanks to Cara's close cooperation with its host universlty and research institute partners, who are ttrte visa sponsors for each placement, Cara Fellows again had a 100% vi53 success rate in 2023, with only a single visa refusal in the Six￿ear period 2018-23. In 2023 Car3 Fellows also again had a 100% success rate in the Acadèmic Technology Approv31 Scheme IATASI. Lèss positively, an increase in visa charges came into effect on 4 October 2023. which saw the visa fee for COUNCIL FOR AT-RISK ACADEMICS IA Company knmited by Guarantee) REPORT OF THE TRUSTEES Icontinuedl For the year ended 31" December 2023 Cara's Work in 2023-An Overview Icontinuedl Temporary Workèr IGovernmentAuthorised Exchange) visas. used by Cara's post-doctoral Fellows. increase from £259 per applicant to £298 per applicant. and student visa fees. for Cara's postgraduate Fellows, increase from £363 per applicant to £490 per applicant. with sharp incrèase5 also for accornpanying family members. The Government also announced in 2023 that the standard Immigration Health Surcharge fee for those vi51ting for longer than 6 months would go up in earlv 2024 frctrm £624 per person per year to £1.035 per person per year, with the discounted rate for students and dependants under 18 to rise from £470 per year to £776 per year. These changes will increase significantly the 'up frond costs for Fellows coming to the UK. particularly for those travelling with their families. In the course Of 2023. many Cara Fellow5 again achieved notable successe5 in their study or research. Ten secured prestigious 'Global Talent. V15aS to extend their stays in the UK, while tsther5 secured academic jobs, in a very competitive market. A few managed to return home safely. Ibl Cara's regionally-ba5ed Syria Programme ISP) was launched in 2016, to provide support to academics affected by the Syria crisis. Most Syrian academiGS in exile. in Turkey, Lebanon tsr elsewhere. still intend to return to Syria when they can. For now. however, they urgèntly need opportunities to work and tc) continue to grow professionally, through a very difficult time. so they will be able to help re-build a better systern of higher education when the¥ can eventually go back. The Programme's objective is 'to nurture and focAIAtote future opportunities for Syrion actsdemics by strengthening tsnd Connecting them enablffjng their continued ocodemic engogement, as a group thot is vltal to thefuture of Syrio,. to be achieved by ftfcilitating reseorch ¢ollaborotions umongst Syrion LTcademics in exile ond with colleagues from the wider internotionol academic/scientific communitffe<. The SP has five main work areas= English for Academic Purposes IEAPI- Academic Development,. Research Incubation Visits IRIVsl.. Cara-commissioned Research.. and the Syrian Research Fèllowship Scheme. The pilot phase, funded by a private UK donor and the Open Society Foundations IOSFI, was successfully completed on Schedule in September 2018. Since then, OSF have agreed a Series of substantial awards. bringing the total to $2.185m, to allow Cara to take forward and develop thi5 important work. In addition. Since November 2018 the Mellon Foundation has provided awards totalling $2.015m to support the development and delivery in parallel of a customised Arts and Humanities programme. In the course of 2023. the SP also worked with Sham University faculty, in the non-regime-controlled area of north-west Syria, to help show evidence of their adherence to European Standards and guidelines even though they are not formally accredited by anv national authority. Many SP participant5 cr05S the border from Turkey regularly to work with Sham colleagues. to help sustain access to higher education there for locAI communities and for the many Syrians displaced to the area by the conflict. 2023 was another productive year for Cara's Syrian SP colleagues.. but not an easy one. The earthquakes in February along the Turkish/syrian border devastated areas that are heavily populated by displaced Syrians, including SP participants. Cara is extremely grateful to its university partners and to many individual 5P supporters for their contributions to its ernergency Earthquake Appeal. which raised over £145,000. With these fund5, and a contribution from Cara's reserves, Cara was able to make immediate hardship payments to 88 SP Fellows and their dependents who had been directly affected, with three additional payment rounds over the following three months. Unfortunately, post-earthquake rent incleases. rampant inflation and some hostile rhetoric towards Syrians ¢n the run-up to the lune elections in Turkey all made daily life increasingly difficult. De5Plte these problems, the SP continued to generate new opportunities and Skills, enhanung vlsib(lity by encouraging the publication of research and promoting professional connettions, many of which have developed into longer-term collaborations. Nine in-person workshops were held in Turkey in 2023, three dedicated to academic writing and six to the quality pilot work with Sham university- The SP a150facilitated anotherthirteen publications in respected peer-reviewed journals, with eight more under review. A growing number of SP publications are beinE clted by others. 2023 also saw six SP participants subrnit successful applications for Higher Education Academy IHEAI Fellowships. supported by colleagues from the universlties of Surrey. Kent and South Wales. Another fifteen SP participants are preparing HEA Fellowship application5 for submission in 2024- and the SP continues to benefit from twelve Advan￿HE fee waivers a year. A further seventeen SP research grants were awarded in 2023- 50 SP participants were sUPPOrted by 26 mentors. from the COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) REPORT OF THE TRusfEES Icontinuedl For the year ended 31" December 2023 Cara's Work in 2023- An Overview Icontinuedl proposal developrnent phase throLLgh to the write-up of final outputs for publicatlon. Cara's weekly online academic skills development E-learn Soirée series. presented mainly by UK-ba5ed academic volunteers. continued to focu5 on research- and teaching-related topics, as did ad hoc onlinè training courses. including a twelve-week course focusing on qualitative data analysis. A British Academy IBAI funded 5erie5 of monthly online workshops was launched in JUW 2023 to enhance the academicwriting skills of alumni from previous SP-related BAwriting grants, to befollowed by two in-person workshops in Turkey in 2024. The BA award was just one of several secuTed by Individual SP supporters in 2023 to increase capacity- buildin8 and research opportunities for SP participants. Six SP research incubation visits IRIVS) were hosted in 2023 by the universities of Leicester. Bristol, Judge Business School/Cambridge, Anglia Ruskin. and Surrey, and The Courtauld Institute. A seventh RIV unfortunately failed when the researchèr was prevented from leaving Turkey. An additional and ongoing'virtual. RIV was hosted by Cardiff. RIVS offer up to two years. institutional affiliation. which makes it possible for the researcher to have continued access to the host institutions, online resources and to continue collaborative research. An earlier hosting byThe Courtauld Institute resulted in a fully-funded invitation from the Victoria & Albert Museum for the SP participant to return to London in June 2023 to present his work on Ottoman buildings in Alepp() City. as part of the V&A's contribution to thè London Festival of Architecture. NÈW SP partnerships established in 2023 included English Language Testing Ltd, Oxford University Press, and My Learnin8. Cambridge University Press has also approved a new Elements series on 'Higher Education and Forced Di5placemenY, following positive reviewers. responses about the need for and timeliness of the series. this will focus initially on the Cara Syria Programme. and also provide an output for SP-supported research. The Syria Programme continue% to rely heavily on Cara Network institutions and individual volunteers to deliver its actlV1ties. A new SP-related website was launched in October 2023 to capture the SP past and present in its entirety- Cara's SP is still the only programme that solely and systematically support5 r￿IOnally￿XI1ed academics 35 a group that has a vital role to play in the future of Syria'5 higher education and research sectors. in the training of future generation5 of doctors. teachers. Èngineers. lawyers, architects ènd other experts, and in the future development of a stable pluralist society in Syria. Cara's'scotland and the North. Conference 2023, Glasgow On 23 May 2023 the Unlversity of Glosgow 8enerou51y hosted the first in-per50n'Car3 Scotland and the North Conference, since 2019. The date of the conference held special significance, bein8 90 year5 and a day since the foundin8 of what 15 now known as the Council for At-Risk Academics. Conference participants included Cara Fellows and British Academy'Researchers at Risk, Fellows from Ukraine. as well as their Supervisors, University leaders, stEpporters. and other friends of Cara including colleague5 frorn the Universities of Sanctuary, Universities Scotland, and the RcTryal Society of Edinburgh. In 1933 the then Principals of the Universities Of Glasgow. Aberdeen and St Andrews were among the 41 signatories of the Founding Statement of what is now Cara, and the Conference began with'welcome remarks, from the present Principal of St Andrews and the Senior Wice-Principal of Aberdeen. Topics on the day included Cara's response to the crises in Afghanistan and Ukraine and the work of Cara's Syria Programme, as well as practical sessions on navigating the UK academic job market and good practice in hosting a Cara Fellow. The final words of the conference werè from a 'Re5earchers at Rlsk. fellow, Alla Kurzenkova. Cara's 9) anniversary Since 2013 the RoTryal Society has hosted Cara's annual 'SCIen￿ and Civilisation, Lecture, and in our 90th year, with the Royal Society as generous co-hosts. Cara held an anniver53ry'event' on the theme of 'Cora, Pos¢ Present andFuture'. The Royal Societ¢s Treasurer. Professorjon Keating, opened and closed the event. Professor Robin Perutz FRS spoke movingly about 'CorJ Posv, and thè experiences of hi5 father, Max Perutz FRS. later a Nobel Prize winner. who met his future wife who was working in what was then Cara's office. This was followed by 'CurG Presenv, four short presentations by Cara Fellows from Afghani5taTr and Myanmar. by a Ukrainian Fellow of the British A¢ademy-led'Researchers at Risk. programme, COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) REPORT OF THE TRUSTEES Icontinuedl For the year ended 31" De￿rnber 2023 Cara's Work in 2023- An Overview Icontinuedl 6nd by the President of Sham University in north-west Syria, an area outside regime control. who is workin8 Wlth Cara's Syria Pfogramme. He ouilined the importance of the Syria Pro8r3fflme'5 work in enhancing the calibre of his University's educational and research programmes. Cara's Chair, Professor Alan Mccarthy. rounded off the presentations with his vision of 'Cara Future,, and Jon Keating closed with a call for support for Cara's work bef(>re invitinE the roughly 200 guests to the follow-on reception. Hetan Shah. the Chief EKecutive of the British Academy. later generously hosted a separate dinner for a grtrup of the guests. UK Partnershlps In 2023 Caia continued to w(trrk with the British Academy in the frarnework of the 'Researchers at Risv Programme. launched in 2022 with £12.8m from the UK Government and £CI.55m from other donors. Cara is responsible for paying the awards granted under the scheme to Ukraine-based researcher5 who have been offered places and proposed for awards by UK univer51ties and research institutes. By the end of 2023. 177 'Researchers at Risk, grantees were receiving award payments through Cara. Cara Fellows conttnued to benefit in 2023 from the British Academvlcara/Leverhulme 'Researchers at Risk, Research Support Grants programme, launched in October 2022, under which the Leverhulme Trust 15 providing funding of £I.000,000 over five ye3r5 to 511PPOrt researchers at risk. Grants C>f up to £IO.000 each are available to support reseaich project activities ftsr eligible researcher5 in all disciplines except medical and health sciences.- the second round of award bids was held in 2023, with five Cara Fellows subsequently receiving awards. Cara was invited by fimes Higher Education to be the 'Charity Partnerf at its December 2023 awards ceremony. A Cara Fellow from Syria spoke movingly about his experien¢e5, and a table collection raised funds to support Cara's work. International Partnerships Since September 2022 Car3 has been a full participant in Inspireurope+, the second 3-year phase of the Eu's programme to coordlnate and strengthen support in Europe for researchers at risk. Brexit-related uncertaintres frustrated Cara'5 hope of participating in the first phase in 2019-2022, but. with funding fTOm UKRI, Cara is the Programme lead of Inspireurope+'s Work Paekage 2, 'Guidunce fvr Rg5et7rGhers tit Risy. charged with organisin8 six webinars and six interactive training workshops over the three years of the project. By the end of 2023 Cara had organised three webinars and two training sessions. all of which were well-attended. Cara continue5 to work with a wide range of other like-minded international partners. including in particular its two US counterparts. the Scholars at Risk Network (SARI and the Institute of International Education's Scholar Rescue Fund ISRFI. Although the or8anisations are quite separate, Cara 15 in regular touch with both SAR and SRF and fund5 and 5UPPOrts placèments jointly in a number of ¢ase5, in the UK and elsewhere. In 2023 Cara 8150 continued its engagement with the Philipp Schwartz Initiative IPSII, run by the Alexander von Humboldt Foundation with support from the German Foreign Ministry Bnd a number of German foundations. which helps at-risk acèdemics to find places at German universities. So far. Cara ha5 5UPPOrted fifty-nine successful PSI applications in thirteen round5,' the result of the fourteenth round will be announced later in 2024. Sever31 Cara Fellows and SP participants have been successful in winning psl-funded places. In 2023 Cara's Fellowship Programme continued to workwith the Open Society Vniversity Network IOSUNI. which supports a number of scholars. with Cara's assistance, at OSUN partner universities in the UK. Financial Performance In 2023 most universities again continued to pay the fvnds they were providing ftsr the accommodation and living costs of the Cara Fellows they were hostlng a5 restricted donations to Caia. rather than paying the Fellows direct- Cara paid the funds on to the Fellows. in full. 35 charitable grants. The British Academy also paid the funds they were channelling to the Fellows of the'Researchers at Risk, programme through Cara, also to be paid on in full. As a fesult, Cara's income in 2023 rose significantly. totalling £12,464,333 and total expenditure and commitments on awards and programme and project work for the year amounted to £12,246,666. Following net investment gains of £20.253 Irealised1055es.' £2,918.. unrealised gains £23.1711 the total net movement of fund5 wa5 a surplus of £237,920. On a cash basis there was a decrease of COUNCIL FOR AT-RISK ACADEMICS IA Company Llmlted by Guarantee) REPORT OF THE TRUSTEES Icontinuedl For the year ended 31" December 2023 rinan¢ial Perforrnance Icontinuedl £5,210.08612022.' on increase Gf £6,596.169) mainly due to a sum of £6.000,000 being placed equally in two money market funds by Cara's Investment adviser. Investecwealth & Investment Ltd. Further information 15 given in the accounts starting at page 14. The invested funds are matched by liabilities details of which are contained in note 12 to the accounts on page 23. As in previous years the tirning of receipts of restricted income when compared with the payment out of such income has led to a significant variance in the result for the restricted funds. which in 2023 was a deficit of £32,456 12022.. 0 deficlt of £300,18n. Cara continues to be extremely grateful to all its dono¥s,' some prèfer to rernain anonymous, but those who are happy to be acknowledged in pubSic are listed on page 19. sn addition, many UK universities continued their support for Cara's running COSt5 in 2023, through their voluntary annual subscrsptions- a number of universities very kindly increased their subscription amounts in response to the Afghanistan and Ukraine crises, and some also made one-off extra payments to help with Fellowship Programme-related costs. Totèl subscription income in 2023 was £536.95012022.' £506,050). Reserves Policv At their January 2018 meeting, Cara's Council of Management agreed that unrestricted reserves should be maintained at a level roughly equivalent to six months of normal operating costs. This level of unrestri¢ted ￿serveS wa5 maintained in 2023. Details of the various funds at the year-end are given in note 15 to the accounts. Investment Poli The overall objettive set out in the Investment Policy Document and subsequent guidance to Cara's investment advisers, Inve5tec Wealth & Investment Ltd. is to create sufficient capital growth to enable the charity to carry out its purposes Consistently year by year with due and proper consideration for futUTe needs and the maintènance of. and if possible, enhancement of the value of the invested funds while they are retainèd. Relatively stable investments. including fixed interest gilts and rnoney market deposits, are tsalan￿d by investments in UK and oversea5 equities and property. Inve5tec Wealth & Investment Ltd have been in5trutted that certain categories of investments are to be avoided on ethical grourEd5. In the course of 2023 Cara opened a second account with Investec Wealth & Investment Ltd. with money being invested in ¥0 AAA-rated money-market funds. one operated by J P Morgan and the other by Goldman Sachs. The Trustees are sat15fied that the General and Designated Reserve5 remain at a satisfactory level to support Cara's present and future operations. Fundraisirtg Policy Cara conducts its own fundraising activity and does not usè 3 commercial fundraiser. Cara does not use direct mailing to raise funds from the public. Most of Cara's funds, for Fellows and its own running costs, come from the university sector. Cara received no complaints about its fundraising attivilies in 2023. Trustees review Cara's fundraising on a regular basis. Cara alsts received many Clne-off donations. Cara is particularly grateful for the support of its many benefartors in the eontinuin8 difficult circumstances and hopes to build on this further in 2024. COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) REPORT OF THE TRUSTEES Icontinuedl For the year ended 31" December 2023 Trustees The Trustees of the charity in office during the year, who also served as Directors for the purposes of company law. were.. Prof Michael Worton CBE (Chairl (resigned as Chair and as Trustee 9 June 20231 Prof Alan Mccarthy (Honorary Secretary until June 2023- appointed Chair, 13 June 20231 Mr David Ure (Hon Treasurer) (resigned as a Trustee and re-appointed 7 June 2C123.. resigned as Honorary Treasurer and Trustee 13 september 20231 Mr S J K Izacl Barratt (appointed as a Trustee l June 2023- appointed Honorary Treasurer 5 October 20231 Dame Nicola Dandridge CBE Iresigned as a Trustee and re-appointed 7 June 2023,. appointed Honorary Secretary 4 July 20231 Prof Vincent Emery Prof Colin Grant (resigned 9 March 20231 Mr J Mark Hammond IresignÈd 7 June 20231 Ms Lilla Jolibois Iresigned 7 June 20231 Drjoanna Newman MBE Dr Cornelia Sorabji C8E Ms Vivienne Stern M8E Prof Paul Weindling (resigned as a trustee and re-appointed 7 June 20231 The post of Cara's President rerna(ned vacani in 2023. The Trustees have no interest in any contr8¢t with Cara nor do they receive any remuneration for their services. Future plans The frustee5 of any charity such as Cara. which works to help those suffering from persecution and violence, rnust dream of a day when its work will no longer be needed. But that day. very sadly, seems unlikely to come soon. Recent developments seem. if anythin& to be taking the world in the opposite direction. And so, as Cara enters its tenth decade, the Trustees and the Cara team will continue their work, for the ￿lIef of Suffering and rhe defence of leiJrning ond science,. The Fellowship Programme will stay at the heart of Cara's work and Cara will continue also to look for opportunities to launch and run regional programmes, drawing on the experien¢e of its earlier Iraq 1200&121 and Zimbabwe12009-20131 Programmes and its current Syria Programme12016- datel. In parallel, Cara is taking forward in 2024 a planned fundraising campaign, aimed in particular at raising awarene55 Of its work among the wider university and research community in the hope of significantly increasing the number of individuals donating regularly to support Cara's work, and will continue to seek support also from foundations and trusts. laoe and small. COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) REPORT OF THE TRUSTEES Icontinuedl For the year ended 31" December 2023 Trusteeg responsibllities for the fLn3ntial ststements The Trustee5/Director5 are responsible for preparing the Report of the Trustees and the financial statements In accordance with applicable law and with applicable Financial Reporting Standards. 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 charity and of the income ènd expenditu￿ of the charity for that period. In preparing those financial statements the Trustees are reqUI￿d to.. selert suitable accounting policies and then apply them consistently,. make judgements and estimates that are reasonable and prudent,. and prepare the financial statement5 on the 'going concern, basis unless it is inappropriate to assume that the charity will continue to operate. The Trustees are responsible for keeping proper accounting record5 which disclose with reasonable accuracy, at any time, the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Risk Management The Trustee5 reviewed the major risks to which the charity is exposed at the Council meeting in June 2023 and satisfied themselve5 that proper systems and procedures are in place to manage those risks. Trustees continue to pay close attention to all developments that could affect the operations of Cara's university partners and other donor5, and their ability to continue to support Cara. All #taff travel to conflict-affected areas takes full account of Foreign, Commonwealth and Development Office Travel Advice. and of the views of local contacts. An insurance policy covering Directors, and Officers. Liability and Corporate Liability in connection with any negligence, default, breach of duty or breach of trust in relation to the company was in force during the year and at the time the report was approved. in addition to standard policiesfof Employer5, Liability Insurance and Publicand Product5 Liability Insurance. Audft Enquiries As far as Trustees are aware, there is no relevant audit information of which the charitable company's auditors are unawère. Each of the Trustees has taken all steps that they ou8ht to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of such information. Auditors Cocke, Vellacott & Hill continue as auditors of the company. er the Countil of M nagement S J Wordsworth CMG LVO Executive Dirertor and Company Secretary ugust 2024 io COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORTTOTHE MEMBERSOFTHE COUNCIL FOR AT-RISK ACADEMICS Opinion We have audited the financial statement5 of Council for At-Risk Academic5forthe yearended 31 December 2023 which comprise the Statement of financial activities, summary income and expenditure, balance sheet, statement of c3sh flows and notes to the financial statements including a summary of Significant accounting policies. The financial frameworkthat has been applied in their preparation is applicable law and United Kingdom Accounting Standards Iuniteil Kingdom Generally Accepted Accountlng Practice) including FRS 102 Yhe Financial Reporting Standard applicable in the UK arld Republic of Ireland" In our opinion the financial statements= give a true and fair view of the state of the eharitable companls affair5 as at 31 December 2023, and of its incomin resources and application of resources lor the year then ended,. have been properly prepared in accordance with United Kingdorn GenerallyAccepted Accounting Practice.. and have been prepared in accordance with tEte requirement5 of the Companies Act 2006. Basis for Opinion We condutted our audit in accordance with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs Responsibilities *or the Audit of the Financial statements sectitrn of our report. We 3re independent of the charitable company in accordance with the ethical requirements that are relevantto our audit of the financial statements in the UK. including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilitles in accordance with these requirements. We believe that the audit evidence wè have obtained Is sufficient and appropriate to provide a basis for our opinion. Conclus10￿ relating to golng concern In auditing the financial statements. we have concluded th* the directors, use of the 8oln8 concern basi5 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 corHpany's ability to continue a5 a going concern for a period of at leasttwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the ijirettors with respert to 80ing concern are described in the relevant settions of this report. Other information The other information comprises the information included in the annual report. other than the financial statements and tsur auditorfs report thereon. The director5 are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in tsur 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 inforrnation and. in doing so, consider whether the other information is materially inconsistent with the financial staternents, or our knowledge obtained in the audit or otherwise zppears to be materially misstated. If we identify such material incon5iStencies or apparent material misstatements, we are required to determine whether there 15 a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material mi$5tatement of this other information, we are required to report that fart. We have nothing to reporr in this regard. Opinbons on É)ther matters prescrlbed by the Companie5 Act 2006 In our opinion, based on the work undertaken in the course of the audit- the information given in the Trustees, Report, which incorporates the Director5, Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial 5t*ements,' and the Director5, Report included in the Trustees, Report has been prepared in accordance with applicable legal requirements. COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TOTHE MEMBERSOF COUNCIL FOR AT-RISKACADEMIC5 Ictsntinuedl Other matters on which we are required to repc*rt by exception In the light of the knowledge and understanding of the charitable cotnpany and its enviroftment obtained in the course of the udit. we have not identified material misstaternents in the DTrrectors' Report. included within the Trustees, Report. We have nothing to report in re5pett of the following mattets where the Companies Act 2006 requires us to report to YDU if, in our opinion= adequate and proper accounting records have not been kept, or returns adequateforour audit have not been received from branches not visited by u5- or the financial statements are not in agreemènt with the accounting records and r&turns- or certain discSosures of tru5tees' remuneration specified by law are not made,. or we have not recewed all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companie5 regime and take advantage of the small compani&5' exemptions in preparing the directors, report and frorn the requirement to prepare strategic repon. Responsibifitles of trustees As explained more fully in the trustees. responsibilities statement set out on page 10 the rrustees Iwho are 31so directors of the charitèble company fof the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied th3t they give a true ènd fair view, and for Such internal control as the directors determine is necessary to enable the preparation of financial stateEnents that are free from material misstatemènt, whether dueto fraud or error. In preparlng the financial statements, the trustees are responsible for assessing the charitable company's ability ttr continue as 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 h￿e no realistic alternative but to do Audttorfs responsibililies for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from tllaterial misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is high level of assurance but Is not a guarantee that an audit conducted in aecordance with ISAS ILIKI will always detett a material misstatement when It exists. Mis5t3tements can arise from fraud or error and are considered material if. individua11y or in the aggre8ate. they could ieasonèbly be expetted to influence the economic deci5ion5 of users taken Cpn the basis of these financial statements. Extent to which the audit W35 considered capable otdetecting irrèRularifies. includin8fraud Irregularities. including fr3ud. are instances of nongramme Researchers at Risk 12022-. part year of programmel Syria Programme 221 204 4,786,237 4,786.237 4.200,786 179 100 5.945.464 5.945.464 1,134,669 508.309 508309 372,910 11.240.010 11,240,010 5,708,365 Charitable attivitle5- Programme and project work 2023 Totsl 2022 Total Support ¢osts:. Unrestrirted Restricted Core costs Salaries Inotes Ilblliil and 71 Pension costs Legal fees Accountants, fees Campaign and awareness raising Office and general expenses Operating lease payment5 Inote131 Depreciation (note 91 70,560 70,560 67,558 7,062 46,854 42.124 34.628 22.048 6,715 7.062 46.854 42.124 35,977 22,048 6,715 5,832 34,321 32,135 28.995 24.150 4.979 1,349 229,991 1,349 231,340 197.970 Fellowshi ands ria Pro rammes Salaries Inotes Ilblliil and 71 Pension costs (note 71 Office and general expenses Operating lease payments Inote131 501.239 49,095 158,180 9,713 407 659,419 S8￿08 482.154 44,000 76 50 550.334 168,3Th) 718,634 526,280 Tc*tal prugramme and project work 724 250 20 COUNCIL FOR AT-RISK ACADEMICS IA Company limited by Guarantee) NOTES TO THE FINANCIAL sfATEMENTS Icontinuedl For the year ended 31st December 2023 6. Charitable adivities- Governance 2023 Total 2022 rotal Unrestricted Restrlcted Salaries (notes Ilblllil and 71 Council meetings and cornpany expenses irectors, and Offlcers, tiabiliv insurance Legal fees Auditors, remuneration.. Audit fees Accountanry fees 7,475 7.475 6,839 1,055 1.055 i.(￿1 6.650 1.500 6,650 1,500 6,250 1,500 Total governance costs 16.680 16.680 15,590 In common with many other charitable comp3nies of our size and nature we use our auditor5 to a551St in the preparation of the financial statements. 7. Staff costs and particulars ot employees Total remuneration of employees= Salèries Ex gratia pension to former employee Social security costs Pension contributions 2023 2022 2023 2022 Numbèrs Numbers 20 17 668.317 502,629 6,839 6,839 62,453 47,Q83 58A08 44,QOO 21 18 796A17 6DJ.551 Two employees12022- one) earned above £60.0(X) per annum. No trustee had any remuneration during the current or preceding year. No trustee (2022- none) was reimbursed for travel expenses {2022- £nilJ. There are no other related party transactions. Total annualised costs relating to Cara's key management personnel amounted to £244,00012022.' £234.0001. The charitable company makes payments into approved pension funds. The a55ets of the schemes are held separately from those of the charitable company in independently administered funds. The pension costs charge represents contributions payable by the charitable company to the funds and amounted to £58,808 [2022 £44.OOOJ. No contributions were outstanding or repayable (2022 Nil outstondNJJg orrepoyablej to the funds at the year*nd. Investmerrt income 2023 2022 Income from UK listed investments- Fixed interest securities Equities Interest from fund5 on deposit 1,029 5,460 111.383 663 6,192 117.872 6,855 21 COUNCIL FORAT-RISK ACADEMICS {A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 31st December 2023 Tangible fixed assèts Furnlture Equipment Total Cost Balance at 1st January 2023 Additions Disposals 12,036 59.573 3.842 71.609 3A42 Balance at 31st December 2023 12.036 63.415 75,451 Accumuluted de reclution Balance at 1st JBnuary 2023 Charge for the year 11,665 73 46.704 6,642 58.369 6.715 Balance at 31st December 2023 11,738 55.346 65,084 Net book Value at 3tst Decembèr 2023 298 10,069 10,367 Net book volue ut3tst December2022 371 12,869 13.240 10. Fixed assets 2023 2022 Investments Fixed interest securities and equities.. Balance at 1st january Additions at cost Disposal proceeds Realised Ilossl/ gain Unrealised gain/llossl 316.634 6.043,791 140A941 12.9181 23.171 375.763 63.230 159,724J 12,976 175,6111 Balance at 31st December Cash held as part of investment portfolio= Investec Wealth & Investment Ltd cash account Investec Wealth & Investment Ltd deposit account 6,339,784 316,634 1.073 3,992 4,644 6.344,849 321,278 Ixed interest securities and equities held at 31st December 2023 were as foll(trws= 2023 Market Value 2022 Mtirket Vulue Investments listed on UK Stock Exehange Cost Cost Fixed interest securities Money market funds Equities 61.675 63.796 6,000,000 6,000.000 278,109 252.641 56.114 65,414 260,520 251,044 6.339.784 6.316.437 316,634 316.458 22 COUNCIL FOR AT-RISK ACADEMICS IA Company Lbmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 3tst December 2023 10. Fixed assets Icontinuedl The £6,000.000 held in two rroney market accounts are the only investments which exceed 5% of the value of the portfolio at the year-end. I l. Debtors 2023 2022 Sundry debtors Income tax due Deferred income Prepayments Other debtors 198,330 5,000 318.305 2.460 1,170 615.933 2.000 61.033 1,2Q7 9,715 525.265 689,888 12. Creditors.. Amounts falling due within one year 2023 2022 Other creditors Accruals Accrued fellowship and grant commitments Deferred income 364 2,233 12,322 9,328 2,722.459 2,413,797 6,208,516 6,110.234 .943.661 8,535.592 Deferred income relates to funding received in respect of the Syria Programme for planned projects In 2024 and to fund5 held for the Researchers at Risk programme. which are expected to be disbursed by 31 Oecember 2025. 13. Financial commitmènts In June 2015 the charltable company entered into a renewed office operattng lease agreement with London South Bank University to run until 24" March 2018. The commitment due within one year is £28,800 12022 £24,000). Although renewal of thi5 lease has been agreed in principle the charitable cornpany is still awaiting the terms at the date of SiEning these accounts and LG therefore unable to disclose the total value of the future commitment. 23 COUNCIL FOR AT-RISK ACADEMICS IA Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl For the year ended 31st December 2023 14. Unrealised gains Unrestri¢ted Funds 2023 Unrestritted Fund5 2022 Total unrealised gains at Ilst December On investment assets (see note below) 23.347 176 Re￿nCilIatIOn of movements in unreallsed 8ain5 on investment assets Unrealised gains at 1st January Add]Ideductl in respect of gains crystallised in year Net 8ain/llossl arising on revaluation in the year 176 2.918 20,253 75,787 112.976) (62,635) Unreallsed gains arfslng on revaluation at 31 December 23.347 176 15. Total charity funds Balance at 1st January 2023 Incoming Resources and Gains Transfers between Funds Resources Balante at Expended 3tst December and Losses 2023 Unrestrirted funds General reserve Revaluation reserve 444.733 176 1,083.769 23,171 iioo.0001 1836,5641 591.938 23,347 444.909 1.106.940 615.285 Designated reserves.. Regional programme fund FLsndraising and development fund 50,000 50,000 50,000 IrM).000 50,000 494,909 1,106,940 1836,5641 765,285 Reskrirtéd fijnds Fellowship programme Researchers at Risk Syria Programme 243.033 4,738,375 5,945,464 693,807 14,788,281) 15.945.464) 1676.3571 193.127 382,197 399.647 625.230 11,377.646 111,410,102) 592,774 Total charityfunds 1.120.139 12,484.586 112.246.6661 1,358.059 Represented bv: Restrirted Funds Designated Funds General Reserve Tangible agsets Investments Net current assets/lliabilitiesl 10,367 6.171.502 15,589.9311 173.347 592,774 592.774 173.347 591.938 AccoLtnting policy notes Ilfj and Ilgl give a de5¢ription of the various funds shown above. Transfers are made a5 required from unre5tritted funds to supplement programme spendingfrom the restritted funds. 24 COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL sfATEMENTS Icontinuedl For the year ended 31st December 2023 16. Reproduction of ejrtracts from 2022 accounts The following six tables record the accounts fo¥ the year ended 31 December 2022 to ensurÈ compliance with FRS 102 in respert of full disclosure of cornparative figures. Following identification of a coding error relating to deferred income these accounts have been restated leadinE to an increase in unrestricted funds of £188,884 and a decrease in restricted funds of the same amount. The overall deficit for 2Q22 is unchanged. l. Statement of Financial Activities r￿ated Unrestricted Funds General Designated Restrirted Funds Total 2022 Jncome from: Voluntary income Donations and legacies 796,553 5,338.068 6.134.621 Activities for Generating Funds Investment Income 6,855 6￿5$ Total income 803,408 5,338,068 6.141.476 Empenditure on.. Raising fvnds Charitable activities Grants payable Programme and projett work Governance 6,737 6.737 4,596 600,880 15.590 5.703,769 123,370 5.708,365 724,250 15.590 Total expenditure 627.803 5,827,139 6.454.942 Transfer between fund5 176 11761 Net gainslllossesl on investments 12.976 175,6111 162.6351 Net incomellexptnditurel Other recognised gains/ Ilossesl 188,757 175,7871 1489.0711 1376,1011 Other gains / Ilossesl Net movement in funds 188.757 175,7871 1489,0711 1376,1011 Reconciliation of Funds Total funds brought fL)rward 256,152 125,787 1,114,301 1.496.240 Total fund5 carrled tonvard 444,909 50,000 625,230 1.120.139 25 COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) NOTES TOTHE FINANCIAL STATEMENTS Icontinuedl For the year ended 31st December 2023 16. Reproduction ot extracts from 2022 accounts Icontinuèdl Donations and legacies During the year the charity re￿iVed grants and donations from the following- 202Z Totsl Un￿strIrted Rèstricted British Academv Central European University lon behalf of OSUNI Fondation Liber French Huguenot Church of London Charitable Trust Garfield Weston Foundation Harbour Foundation Mellon Foundation. Microsoft Open Society Foundation Robert A Granieri Sir Hans Krebs TTU5t Texel Foundation Wellcome The Wolfson Foundatitsn UK Univer51ties Other institution5 and trusts Individua15 1,134,669 77.869 20.000 5.000 50,000 5,000 1,134,669 89,519 20,000 s.000 50.000 5.000 67,250 8.163 377.697 161.147 30.000 20,000 42.623 125.000 3AOI.461 63A05 111417 20070 11,650 67.250 8.163 377.697 161.147 30,000 20.000 42,623 125,000 3,238,340 20,457 22.103 563.121 43,348 90,314 20,870 Legacy 796.553 5.338.068 6.134.621 26 COUNCIL FOR AT-RISK ACADEMICS IA Company Limited by Guarantee) NOTESTO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 31st December 2023 16. Reprodurtion of extratts from 2022 accounts Icontinuedl Raising funds 2022 Unrestricttd Restricted Total Online giving expense5 Investment managèment costs Fundraising consultant 1.742 3.295 1,700 L742 3.295 1.700 6,737 6.737 Charitable actNtties- Grants Payable re5tsted Grants and Fellowshi The allocation of grants and programme-related expenditure during the year was a5 follows.. 2022 Total Unrestrlcted Re#rirted Fellowship Programme Researchers at Risk Syria Programme 4,596 4,196.190 4200,786 1.134.669 372,910 1,134,669 372,910 4,596 5,703.769 5.708,365 27 COUNCIL FOR AT-RISK ACADEMICS {A Company Limitèd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the year ended 315t December 2023 Reproduction of extrarts from 2022 accounts Icontlnvedl Charitable activities- Programme and projert work 2022 Totsl Support costs:. un￿strICted Restrirted Core cost5 Salaries Pension costs Legal fees Accountants, fees Campaign and awarenes5 raising Office and genera5 expenses Operating lease payment5 Depreciation 67.558 67,558 S,832 34,321 32.135 29.269 24,150 4.979 5,832 34,321 32,135 28.995 24,150 4,979 12741 198,244 12741 197.970 Fellowshi Salaries Pension costs Office and general expenses Operating lease payments ands ria Pr rammes 365,992 36,644 116,162 7,356 76 50 482,154 44,000 76 50 402,636 123.644 526,280 Total programmè and project work 123 370 6. Charitable actlvltles- Governance 2022 Total un￿StrICted Restrirted Salaries (notes Ilblliil and 71 Council meetings and company expense5 T)irectors' and Officers, Liabilitv insurance Legal fees Auditors. remuneration.. Audit fees Accountancy feès 6.839 6839 I,ooi I,(M)i 6.250 I,soo 6,250 1.500 Total governan￿ costs 15.590 15,590 28