| Page | |||||
|---|---|---|---|---|---|
| Reference and administrative | details ofthe Foundation, | its Trustees and advisers | |||
| Trustees' report |
2-6 | ||||
| Independent | auditors' report |
on the financial statements | 7-10 | ||
| Consolidated | statement offinancial activities | ||||
| Foundation | statement offinancial |
activities | 12 | ||
| Consolidated | balance sheet | 13 | |||
| Foundation | balance sheet | 14 | |||
| Notes to the | financial statements | 15-31 |
| REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, |
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, |
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, |
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, |
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, |
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, |
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, |
ITSTRUSTEES AND ADVISERS | ITSTRUSTEES AND ADVISERS | ITSTRUSTEES AND ADVISERS |
|---|---|---|---|---|---|---|---|---|---|
| FOR THE YEAR ENDED 30 | JUNE 2022 | ||||||||
| Trustees | Richmond, The American International |
University | in London, Inct |
||||||
| RU Trustee Limiteds |
|||||||||
| ' | |||||||||
| Comprising; P |
Deans, A Oliviera, | R King (resigned 31 | May 2022), J Bllieva, E | ||||||
| Robertson (resigned 31 December |
2021),CJ DeLaney, | M Dennis, A Hans, F | |||||||
| Huang, I Leroni, |
M Meissner, W Durden | (appointed | 26 May 2022), JSEaton | ||||||
| (appointed 1 January 2022) ' Comprising: P Deans, A Oliviera |
|||||||||
| Charity registered | |||||||||
| number | 288205 | ||||||||
| Principal office | Unit 12 | ||||||||
| Chiswick Park | |||||||||
| 566 Chiswick High Road |
|||||||||
| London | |||||||||
| W4 5AN | |||||||||
| Independent | auditors | Peters Elworthy & Moore |
|||||||
| Chartered Accountants |
|||||||||
| Salisbury House |
|||||||||
| Station Road | |||||||||
| Cambridge | |||||||||
| CB1 2LA | |||||||||
| Bankers | HSBC | ||||||||
| 67George Street | |||||||||
| Richmond | |||||||||
| Surrey | |||||||||
| TW9 1HG | |||||||||
| Solicitors | Eversheds Sutherland (international) |
LLP | |||||||
| 1 Wood Street | |||||||||
| London | |||||||||
| EC2V 7WS |
| Unrestricted | Restricted | Endowment | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | ||||
| 2022 | 2022 | 2022 | 2022 | 2021 | ||||
| Note | E | 6 | 5 | 6 | F | |||
| INCOME AND | ||||||||
| ENDOWMENTS | ||||||||
| FROM: | ||||||||
| Charitable activities |
135,000 | |||||||
| Investments | 213,531 | 213,531 | 134,273 | |||||
| Other income | 1,025,700 | |||||||
| TOTAL INCOME AND | ||||||||
| ENDOWMENTS | 213,531 | 213,531 | 1,295,973 | |||||
| EXPENDITURE | ON: | |||||||
| Raising funds | 7,8 | 15,544 | 8,162 | 14,097 | 37,803 | 4,289 | ||
| Charitable activities |
9 | 14,376 | 225,352 | 239,728 | 1,747,446 | |||
| TOTAL | ||||||||
| EXPENDITURE | 29,920 | 233,514 | 14,097 | 277,531 | 1,751,735 | |||
| NET EXPENDITURE | ||||||||
| BEFORE NET | ||||||||
| (LOSSES)/GAINS | ON | |||||||
| INVESTMENTS | (29,920) | (19,983) | (14,097) | (64,000) | (455,762) | |||
| Net (losses)/gains | on | |||||||
| investments | 14 | (613,141) | (613,141) | 299,762 | ||||
| NET EXPENDITURE | ||||||||
| BEFORE TAXATION | (29,920) | (19,983) | (627,238) | (677,141) | (156,000) | |||
| Taxation | (2,374) | |||||||
| NET MOVEMENT | IN | |||||||
| FUNDS | (29,920) | (19,983) | (627,238) | (677,141) | (158,374) | |||
| RECONCILIATION | OF | |||||||
| FUNDS: | ||||||||
| Total funds brought | ||||||||
| forward | 17 | 10,162 | 34,570 | 8,007,397 | 8,052,129 | 8,210,503 | ||
| Net movement | in funds | 17 | (29,920) | (19,983) | (627,238) | (677,141) | (158,374) | |
| TOTAL FUNDS | ||||||||
| CARRIED FORWARD | (19,758) | 14,587 | 7,380,159 | 7,374,988 | 8,052,129 |
| Unrestricted | Restricted | Endowment | |||||
|---|---|---|---|---|---|---|---|
| funds | funds | funds | Total funds | Total funds | |||
| 2021 | 2021 | 2021 | 2021 | 2020 | |||
| Note | 6 | 6 | 6 | 6 | |||
| INCOME AND | |||||||
| ENDOWMENTS FROM: |
|||||||
| Charitable activities |
135,000 | ||||||
| Investments | 213,531 | 213,531 | 134,273 | ||||
| Other income | 1,026,700 | ||||||
| TOTAL INCOME AND ENDOWMENTS |
213,531 | 213,531 | 1,295,973 | ||||
| EXPENDITURE ON: | |||||||
| Raising funds | 8,162 | 14,097 | 22,259 | ||||
| Charitable activities |
14,376 | 225,352 | 239,728 | 1,747,446 | |||
| TOTAL EXPENDITURE | 14,376 | 233,514 | 14,097 | 261,987 | 1,747,446 | ||
| Net (losses)/gains | on | ||||||
| investments | 14 | (613,141) | (613,141) | 299,762 | |||
| NET MOVEMENT | IN FUNDS | (14,376) | (19,983) | (627,238) | (661,597) | (151,711) | |
| RECONCILIATION | OF | ||||||
| FUNDS: | |||||||
| Total funds brought | forward | 18 | 9,207 | 34,570 | 8,007,397 | 8,051,174 | 8,202,885 |
| Net movement in funds |
18 | (14,376) | (19,983) | (627,238) | (661,597) | (151,711) | |
| TOTAL FUNDS CARRIED FORWARD |
18 | (5,169) | 14,587 | 7,380,159 | 7,389,577 | 8,051,174 |
| CONSOLIDATED | BALANCE SHEET | |||
|---|---|---|---|---|
| AS AT 30 | JUNE 2022 | |||
| 2022 | 2021 | |||
| Note | 6 | E | ||
| FIXEDASSETS | ||||
| Investments | 14 | 6,895,609 | 7,507,397 | |
| 6,895,609 | 7,507,397 | |||
| CURRENT ASSETS | ||||
| Debtors | 15 | 336,625 | 460,541 | |
| Cash at bank and | in hand | 238,164 | 221,103 | |
| 574,789 | 681,644 | |||
| Creditors: amounts | falling due within one | |||
| year | 16 | (95,410) | (136,912) | |
| NET CURRENT ASSETS | 479,379 | 544,732 | ||
| TOTAL NET ASSETS | 7,374,988 | 8,052,129 | ||
| CHARITY FUNDS | ||||
| Endowment funds |
17 | 7,380,159 | 8,007,397 | |
| Restricted funds | 17 | 14,587 | 34.570 | |
| Unrestricted funds |
17 | (19,758) | 10,162 | |
| TOTAL FUNDS | 7,374,988 | 8,052,129 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Note | 6 | |||||
| FIXEDASSETS | ||||||
| Investments | 14 | 6,895,611 | 7,507,399 | |||
| 6,895,611 | 7,507,399 | |||||
| CURRENT ASSETS | ||||||
| Debtors | 15 | 335,825 | 449,402 | |||
| Cash at bank and | in hand | 225,799 | 174,150 | |||
| 561,624 | 623,552 | |||||
| Creditors: amounts | falling due within one | |||||
| year | 16 | (67,658) | (79,777) | |||
| NET CURRENT ASSETS | 493,966 | 543,775 | ||||
| TOTAL ASSETS LESSCURRENT | ||||||
| LIABILITIES | 7,389,577 | 8,051,174 | ||||
| TOTAL NET ASSETS | 7,389,577 | 8,051,174 | ||||
| CHARITY FUNDS | ||||||
| Endowment funds |
17 | 7,380,159 | 8,007,397 | |||
| Restricted funds | 17 | 239,939 | 34,570 | |||
| Unrestricted funds |
17 | (230,521) | 9,207 | |||
| TOTAL FUNDS | 7,389,577 | 8,051,174 |
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2022 | 2022 | 2022 | 2021 | |
| 5 | K | E | ||
| Dividends | 213,283 | 213,283 | 133,519 | |
| Interest | 248 | 248 | 754 | |
| 213,531 | 213,531 | 134,273 | ||
| TOTAL 2021 | 54 | 134,219 | 134,273 |
| Unrestricted | Total | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2022 | 2022 | 2021 | ||
| F | 5 | |||
| Gain on disposal of23Queen's | Road | 1,026,700 | ||
| TOTAL 2021 | 1,026,700 | 1,026,700 |
| Unrestricted | Total | Total | |||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2022 | 2022 | 2021 | |||
| 6 | 6 | 6 | |||
| Bank charges | 156 | 156 | 89 | ||
| Auditors | remuneration | 2,140 | 2,140 | 2,000 | |
| Auditor's | remuneration | - non audit services | 2,109 | 2,109 | 2,000 |
| Bad debt write off | 11,139 | 11,139 | |||
| HMRC filing penalties | 200 | ||||
| 15,544 | 15,544 | 4,289 | |||
| TOTAL 2021 | 4,289 | 4,289 |
| Restricted | Endowment | Total | Total | |||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | |||
| 6 | 6 | 6 | ||||
| Investment | management | fees | 8,162 | 14,097 | 22,259 |
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| funds | funds | Total | Total | |
| 2022f | 2022f | 2022 E |
2021 | |
| Provision offacilities and equipment | 8,978 | |||
| Provision ofdonations | 14,376 | 225,352 | 239,728 | 1,738,468 |
| 14,376 | 225,352 | 239,728 | 1,747,446 | |
| TOTAL 2021 | 1,623,022 | 124,424 | 1,747,446 |
| Activities | ||||
|---|---|---|---|---|
| undertaken | Support | Total | Total | |
| directly | costs | funds | funds | |
| 2022 | 2022 | 2022 | 2021 | |
| E | 6 | 6 | 6 | |
| Provision offacilities and equipment | 8,978 | |||
| Provision ofdonations | 225,352 | 14,376 | 239,728 | 1,738,468 |
| 225,352 | 14,376 | 239,728 | 1,747,446 | |
| TOTAL 2021 | 1,731,422 | 16,024 | 1,747,446 |
| Provision of | |||||||
|---|---|---|---|---|---|---|---|
| facilities | |||||||
| and | Provision of | Total | Total | ||||
| equipment | donations | funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | ||||
| 6 | 6 | 6 | |||||
| Mortgage | interest payments | 8,896 | |||||
| Legal and | professional | fees | 77,821 | ||||
| Maintenance | 7,824 | ||||||
| Richmond | University | donation: | dividends | 225,352 | 225,352 | 124,424 | |
| Richmond | University | donation: | building | 1,512,457 | |||
| 225,352 | 225,352 | 1,731,422 | |||||
| TOTAL 2021 | 8,896 | 1,722,526 | 1,731,422 |
| Provision of | |||||
|---|---|---|---|---|---|
| facilities | |||||
| and | Provision of | Total | Total | ||
| equipment | donations | funds | funds | ||
| 2022 | 2022 | 2022 | 2021 | ||
| 6 | 6 | 6 | |||
| Bank charges | 23 | 23 | 284 | ||
| Audit and accountancy | fees | 13,482 | 13,482 | 12,600 | |
| Legal and professional | fees | 579 | 579 | ||
| Insurance | 292 | 292 | 3,140 | ||
| 14,376 | 14,376 | 16,024 | |||
| TOTAL 2021 | 82 | 15,942 | 16,024 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| 6 | 6 | ||||
| Fees (net ofVAT) payable | to the Foundation's | auditor | in respect of: | ||
| Audit ofthe Foundation's | financial statements | 8,560 | 8,000 | ||
| Preparation ofthe Foundation's financial statements |
2,675 | 2,500 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| 6 | |||||||
| Richmond | College | Services | 2019/20 | corporation | tax | 2,374 | |
| 2,374 |
| Listed | Investment | ||
|---|---|---|---|
| investments | cash | Total | |
| GROUP | 6 | 5 | E |
| VALUATION | |||
| At1 July2021 | 2,535,163 | 4,972,234 | 7,507,397 |
| Additions | 7,526,277 | 7,526,277 | |
| Disposals (Proceeds: 62,568,722) | (2,535,163) | (2,535,163) | |
| Revaluations | (646,700) | (646,700) | |
| Cash movement | (4,956,202) | (4,956,202) | |
| AT 30JUNE 2022 | |||
| 6,879,577 | 16,032 | 6,895,609 |
| Group | Group | Foundation | Foundation | |||
|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||
| 6 | E | |||||
| DUE AFTER | MORE THAN ONE YEAR | |||||
| Amounts | owed by group undertakings | 279,259 | 279,259 | 279,259 | 279,259 | |
| 279,259 | 279,259 | 279,259 | 279,259 | |||
| DUE WITHIN | ONE YEAR | |||||
| Amounts | owed by group undertakings | 55,691 | 156,618 | 55,691 | 156,618 | |
| Other debtors | 800 | 11,139 | ||||
| Prepayments | and accrued income | 875 | 13,525 | 875 | 13,525 | |
| 336,625 | 460,541 | 335,825 | 449,402 |
| Group | Group | Foundation | Foundation | |||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||
| 6 | F | E | 6 | |||||
| Amounts | owed | to | group | undertakings | 75,456 | 120,276 | 51,990 | 67,177 |
| Accruals | 19,954 | 16,636 | 15,668 | 12,600 | ||||
| 95,410 | 136,912 | 67,658 | 79,777 |
| Balance at | |||||||
|---|---|---|---|---|---|---|---|
| Balance at1 | Gains/ | 30June | |||||
| July 2021 | Income | Expenditure | (Losses) | 2022 | |||
| 6 | 6 | F | 6 | 6 | |||
| UNRESTRICTED FUNDS | |||||||
| Unrestricted | funds | 10,162 | (29,920) | (19,758) | |||
| ENDOWMENT | FUNDS | ||||||
| Endowment | Fund | 8,007,397 | (14,097) | (613,141) | 7,380,159 | ||
| RESTRICTED | FUNDS | ||||||
| Restricted | Fund | 34,570 | 213,531 | (233,514) | 14,587 | ||
| TOTAL OF FUNDS | 8,052,129 | 213,531 | (277,531) | (613,141) | 7,374,988 |
| Balance at | |||||||
|---|---|---|---|---|---|---|---|
| Balance at | Transfers | Gains/ | 30June | ||||
| 1 July 2020 | Income | Expenditure | in/out | (Losses) | 2021 | ||
| E | 6 | 6 | F | F | 6 | ||
| UNRESTRICTED | |||||||
| FUNDS | |||||||
| Unrestricted | |||||||
| funds | 144,529 | 1,161,754 | (1,629,685) | 333,564 | 10,162 | ||
| Revaluation | |||||||
| reserve | 333,564 | (333,564) | |||||
| 478,093 | 1,161,754 | (1,629,685) | 10,162 | ||||
| ENDOWMENT | |||||||
| FUNDS | |||||||
| Endowment | Fund | 7,707,635 | 299,762 | 8,007,397 | |||
| RESTRICTED | |||||||
| FUNDS | |||||||
| Restricted | Fund | 24,775 | 134,219 | (124,424) | 34,570 | ||
| TOTAL OF | |||||||
| FUNDS | 8,210,503 | 1,295,973 | (1,754,109) | 299,762 | 8,052,129 |
| Balance at | ||||||
|---|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 30June | ||||
| July 2021 | Income | Expenditure | Transfers | (Losses) | 2022 | |
| 6 | 5 | 5 | f | 5 | ||
| UNRESTRIC- | ||||||
| TED FUNDS | ||||||
| Unrestricted | ||||||
| funds | 9,207 | (14,376) | (5,169) | |||
| 9,207 | (14,376) | (5,169) | ||||
| ENDOWMENT | ||||||
| FUNDS | ||||||
| Endowment Fund |
8pp7 397 | (14,097) | (613,141) | 7,380,159 | ||
| RESTRICTED | ||||||
| FUNDS | ||||||
| Restricted Fund |
34,570 | 213,531 | (233,514) | 14,587 | ||
| TOTAL OF | ||||||
| FUNDS | 8,051,174 | 213,531 | (261,987) | (613,141) | 7,389,577 |
| Balance at | ||||||
|---|---|---|---|---|---|---|
| Balance at 1 | Gains/ | 30June | ||||
| July 2020 | Income | Expenditure | Transfers | (Losses) | 2021 | |
| 6 | 8 | 6 | 6 | |||
| UNRESTRIC | ||||||
| TED FUNDS | ||||||
| Unrestricted | ||||||
| funds | 136,911 | 1,161,754 | (1,623,022) | 333,564 | 9,207 | |
| Revaluation | ||||||
| reserve | 333,564 | (333,564) | ||||
| 470,475 | 1,161,754 | (1,623,022) | 9,207 | |||
| ENDOWMEN | ||||||
| T FUNDS | ||||||
| Endowment Fund |
7707635 | 299,762 | 8,007,397 | |||
| RESTRICTED | ||||||
| FUNDS | ||||||
| Restricted Fund |
24,775 | 134,219 | (124,424) | 34,570 | ||
| TOTAL OF | ||||||
| FUNDS | 8,202,885 | 1,295,973 | (1,747,446) | 299,762 | 8,051,174 |
| ANALYSIS OF NET ASSETS BETWEEN | FUNDS - CURRENT | YEAR | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | |
| funds | funds | funds | funds | |
| 2022 | 2022 | 2022 | 2022 | |
| 6 | 6 | 6 | F | |
| Fixed asset investments | 15,446 | 6,880,163 | 6,895,609 | |
| Debtors due after more than one year | 279,259 | 279,259 | ||
| Current assets | 73,466 | 1,327 | 220,737 | 295,530 |
| Creditors due within one year | (93,224) | (2,186) | (95,410) | |
| TOTAL | (19,758) | 14,587 | 7,380,159 | 7,374,988 |
| Unrestricted | Restricted | Endowment | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2021 6 |
2021f | 2021f | 2021 6 |
|
| Fixed asset investments | 7,507,397 | 7,507,397 | ||
| Debtors due after more than one year | 279,259 | 279,259 | ||
| Current assets | 147,074 | 34,570 | 220,741 | 402,385 |
| Creditors due within one year | (136,912) | (136,912) | ||
| TOTAL | 10,162 | 34,570 | 8,007,397 | 8,052,129 |
| ANALYSIS OF NET ASSETS BETWEEN | FUNDS - CURREN | T YEAR | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | ||
| funds | funds | funds | Total funds | |
| 2022 | 2022 | 2022 | 2022 | |
| F | 6 | 6 | f | |
| Fixed asset investments | 15,446 | 6,880,163 | 6,895,611 | |
| Debtors due after more than one year | 279,259 | 279,259 | ||
| Current assets | 60,301 | 1 327 | 220,737 | 282,365 |
| Creditors due within one year | (65,472) | (2,186) | (67,658) | |
| TOTAL | (5,169) | 14,587 | 7,380,159 | 7,389,577 |
| Unrestricted | Restricted | Endowment | ||
|---|---|---|---|---|
| funds | funds | funds | Total funds | |
| 2021 | 2021 | 2021 | 2021 | |
| 6 | 8 | 8 | ||
| Fixed asset investments | 7,507,397 | 7,507,399 | ||
| Social investments | 279,259 | 279,259 | ||
| Current assets | 88,982 | 34,570 | 220,741 | 344,293 |
| Creditors due within one year | (79,777) | (79,777) | ||
| TOTAL | 9,207 | 34,570 | 8,007,397 | 8,051,174 |