The NZUK Link Foundation
REGISTERED CHARITY NUMBER: 802457
THE NZUK LINK FOUNDATION
TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023
The NZUK Link Foundation
Trustees annual report and financial statements for the year ended 30 September 2023
Contents
Page:
- 1 - 2 Reference and administrative details 3 - 4 Report of the trustees 5 Report of the independent examiner 6 Statement of receipts and payments 7 Statement of assets and liabilities 8 Notes forming part of the financial statements
The NZUK Link Foundation
Reference and administrative details
| Charity name and number | The NZUK Link Foundation |
|---|---|
| Registered charity number - England & Wales: 802457 | |
| Registered charity number - New Zealand:CC36164 | |
| Trustees | Sally Martin (Chair) |
| Andrew Roy | |
| Jonathan Sinclair LVO | |
| Sarah Kennedy-Good | |
| James Lowery | |
| HE Hon Philip Goff CNZM_(Ex Officio)_ | |
| Dr Peter Bird | |
| Dr Sam De Silva | |
| Catherine Nesus | |
| HE Iona Thomas OBE_(Ex Officio)_ | |
| Bevan Killick | |
| Sarah Emilie Goodhew | |
| Peter Phippen | |
| Andrew Barkle | |
| Anthony Hoete | |
| Patron | HRH The Princess Royal |
| President | Dame Kiri Te Kanawa ONZ, DBE, AC |
| Principal address | New Zealand High Commission, |
| Kinnaird House, | |
| 1 Pall Mall East, | |
| London | |
| SW1Y 5AU | |
| Independent examiner | Nicholas Lawrence |
| 61 Benskin Road | |
| Watford | |
| WD18 0HN | |
| Bankers | Lloyds Bank plc |
| (Piccadilly Branch) | |
| 39 Piccadilly | |
| London | |
| W1J 0AA |
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The NZUK Link Foundation
Reference and administrative details (continued)
Bankers
ANZ Bank (Lambton Quay Branch) PO BOX 1896 Wellington (NZ)
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The NZUK Link Foundation
REGISTERED CHARITY NUMBER: 802457
Report of the trustees for the year ended 30 September 2023
The trustees present their report and accounts for the year ended 30 September 2023.
Objectives and activities
NZUK Link Foundation objective is the championing and growing of relationships between NZ and the UK. The NZUK Link Foundation creates opportunities for cross-cultural exchange, learning and innovation. Serving to enhance the close relationship between New Zealand and the United Kingdom. The NZUK Link Foundation awards grants which demonstrate our four goals of: cross-cultural exchange, innovation, relevance and rigour within the fields of: Education, Technology, Arts and Business. The Foundation’s Awards were made possible through the generosity of private funding from donations, corporate sponsorships, trusts, foundations and individuals.
Structure, governance and management
The NZUK Link Foundation formally known as The Waitangi Foundation, was established by a Charitable Trust deed dated 23 November 1989.
The 15 current Trustees normally serve for periods of up to five years. Trustees are able to reappointed for a further five years. The Board of Trustees includes the High Commissioners of both countries as ex officio Trustees with other Trustees being based in both New Zealand and United Kingdom to ensure the projects are efficiently sourced, reviewed and mutually beneficial. New Trustees are selected because of their particular skills or interest together with a commitment to encourage relationships between NZ and the UK. The NZUK Link Foundation is managed by a single board in the United Kingdom with quarterly board meetings who are arbiters of how money is spent. There is a separate finance committee who review and managers the assets of the Foundation reporting back to the board at each board meeting.
The NZUK Link Foundation has no employees with administrative affairs managed mainly by the board and contractually paid administrative assistance when required. The Trustees are comfortable they have the infrastructure and support to ensure the current arrangements, future plans, and to deliver long-term, meaningful change.
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The NZUK Link Foundation
Achievements and performance
Dr Elman Poole Music Fellowship
The Dr Elman Poole Fellowship, which supports a young New Zealander to spend a year playing and studying at the prestigious Southbank Sinfonia Orchestra (SBS), continues to be at the centre of our efforts to promote artistic cross-cultural exchange. This year’s fellow Paul Lee was the latest in a long line of Kiwi musicians that the Link has been proud to support, dating back to 2006.
To select this 2024 Fellow, the NZUK Link Foundation was pleased to be able to support SBS’s Music Director Simon Over to travel to New Zealand over the summer. The trip allowed Over to rekindle long-standing relationships with New Zealand music schools which had been disrupted by the pandemic and will ensure the long-term success of the programme. Auditions continue to take place in New Zealand that are conducted over video conferencing with Simon Over to take advantage of technology while also reducing costs.
In April, Link worked with Lincoln College, Oxford to help organise a memorial concert for Dr Elman Poole, the prominent Kiwi neurologist and academic whose endowment supports the bulk of Link's work. The event included a splendid recital by former Sinfonia music fellows and was a fitting tribute to the generosity and kindness of Dr Poole, after his passing in June 2019.
10 year partnership with McLaren
After an initial success in 2022, in May 2023 we launched a ten-year partnership programme with the UK Friends of the University of Auckland in 2022 to sponsor two New Zealanders to travel annually to the UK to intern with McLaren. The Interns will spend time with both McLaren Automotive and McLaren Racing, developing their engineering skills in a workplace at the forefront of automotive innovation. The scholarship celebrates the shared heritage of the UK and New Zealand in motorsport and engineering, with Kiwi Bruce McLaren having founded the company in the UK in 1963.
To celebrate the 2022/23 scholarship intake the NZUK Link Foundation hosted a reception in February at the New Zealand High Commission. The event, the first organised by the Link since the Covid-19 Pandemic, was a great success with addresses from the two McLaren scholars, Sabrina Yarndley and Joshua Cates, alongside a performance by the 2023 Dr Elman Poole Music Fellow, Paul Lee.
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The NZUK Link Foundation
Report of the trustees for the year ended 30 September 2023 (continued)
Financial review
The attached financial statements show a net outgoing of cash for YE 2023 of £2k (YE 2022; £9k). This is further broken down for YE 2023 into net cash inflows for unrestricted funds of £10.6k and net cash outflows from restricted / endowment funds of £12.6k. Overall the funds of the NZUK Link Foundation increased by £31.5k when taking into account the unrealised gains from the its investment in UK Equity Charities Fund of £33.5k.
The policy of the NZUK Link Foundation is to keep its money in a mix of fixed term deposit accounts with Lloyds while ensuring money is available in a call account to meet ongoing operational costs and committed grants. Additionally, the NZUK Link Foundation invests a percentage of its fund in a designated UK Equity Charities Fund managed by Blackrock. The balance as at YE 2023 £ 252.3k
Signed on behalf of the trustees by:
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The NZUK Link Foundation
Independent examiner’s report to the trustees of The NZUK Link Foundation
I report on the accounts of the charity for the year ended 30 September 2023, which are set out on pages 6 to 8.
Respective responsibilities of trustees and examiner
As the charity’s trustees you are responsible for the preparation of the accounts: you consider that the audit requirement of section 144(2) of the Charities Act 2014 (the Act) does not apply and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts (under section 145 of the Act);
-
to follow the procedures specified in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Act and;
-
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements
-
to keep accounting records in accordance with section 130 of the Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act;
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Nicholas Lawrence, ACA
61 Benskin Road Watford WD18 0HN
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The NZUK Link Foundation
Statement of receipts and payments for the year ended 30 September 2023
| Receipts: Expendable endowment Donations Dividends on investments Interest income Total Payments: Expendable endowment Charitable grants & activities Governance costs Support costs Total Net of receipts / (payments) Reconciliation of funds Cash funds brought forward Cash funds carried forward |
2023 Unrestricted Funds £ - - 9,582 10,180 19,762 - 4,106 312 4,914 9,195 10,567 20,266 30,833 |
2023 Restricted Funds £ 12,600 - - - 12,600 - 12,600 - - 12,600 - 594 594 |
2023 Endowment Funds £ - - - - - 12,600 - - - 12,600 (12,600) 759,244 746,644 |
2023 Total Funds £ 12,600 - 9,582 10,180 32,362 12,600 16,706 312 4,914 34,395 (2,033) 780,104 778,071 |
2022 Total Funds £ 10,000 799 8,907 390 |
|---|---|---|---|---|---|
| 20,096 | |||||
| 10,000 12,750 771 3,478 |
|||||
| 26,999 | |||||
| (6,903) | |||||
| 773,201 780,104 |
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The NZUK Link Foundation
Statement of assets and liabilities as at 30 September 2023
| Notes | 2023 | 2022 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Investments | 285,893 | 252,314 | |
| ----------------- | ----------------- | ||
| Current assets | |||
| Cash at bank and in hand | 103,071 | 780,104 | |
| Cash on long term deposit | 675,000 | - | |
| ----------------- | ----------------- | ||
| Total current assets | 778,071 | 780,104 | |
| Creditors: Amounts falling due | - | - | |
| within one year | |||
| ----------------- | ----------------- | ||
| Net current assets | 778,071 | 780,104 | |
| ----------------- | ----------------- | ||
| Creditors: Amounts falling due | |||
| after more than one year | - | - | |
| ----------------- | ----------------- | ||
| Total net assets | 1,063,964 | 1,032,418 | |
| ----------------- | ----------------- | ||
| Funds of the charity | |||
| Unrestricted funds | 1 | 64,412 | 20,266 |
| Restricted funds | 1 | 594 | 594 |
| Endowment funds | 1 | 998,958 | 1,011,558 |
| ----------------- | ----------------- | ||
| Total funds of the charity | 1,063,964 | 1,032,418 | |
| ----------------- | ----------------- |
The accounts and balance sheet were approved by the trustees on 2024
Authorised to sign on their behalf:
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The NZUK Link Foundation
Notes to the financial statements for the year ended 30 September 2023
1. MOVEMENT IN FUNDS FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Unrestricted funds: General funds Restricted funds: Poole South Bank income fund 1 Poole South Bank income fund 2 Poole income fund 2 Total restricted funds Endowment funds: Poole expendable South Bank endowment fund 1 Poole expendable South Bank endowment fund 2 Poole expendable endowment fund 1 Total endowment funds Total funds |
Balance brought forward Income & gains Expenditure Balance carried forward £ £ £ £ - 20,266 53,341 (9,195) 64,412 - 594 2,600 (2,600) 594 - 5,000 (5,000) - - 5,000 (5,000) - |
|---|---|
| 594 12,600 (12,600) 594 16,558 - (2,600) 13,958 495,000 - (5,000) 490,000 500,000 - (5,000) 495,000 |
|
| 1,011,558 - (12,600) 998,958 1,032,418 65,941 (34,395) 1,063,964 |
Poole South Bank Fund 1 – Held for funding for young NZ musicians to travel to the UK and work train with the South Bank Sinfonia.
Poole South Bank Fund 2 – Held for funding for young NZ musicians to travel to the UK and work, train with the South Bank Sinfonia.
Poole Endowment Fund 1- Held for education and vocational fellowships for NZ students to travel to the UK for study in the fields of agriculture and horticulture, with an emphasis on forestry, climate, conservation and the environment, and science and technology.
Unrestricted funds – are available to be spent for any of the purposes of the charity.
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