RGU FObNDATION REGISTERED CHAIUTY fvL,MBER SCIM3673 FINANL'CIALSTATE.MEYTS FOR THEI'EAR ENDED31 JULY2011 MLSTON REJD & CO CHARTERED ACCUUi*iTANTS 12 CARDE PLACE ABERDEEN ARIO IUR
RGU FOUNDATION CONTENTS Page TNsiees' report lttdepcndeni ex8min&s report Statcrneni of financial aciLVItics B31unce sheet Ststemenl ofeash flows No(es tsj ihe finan¢ial statements 9-16
RGU FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2021 The trusitts present theirryrt and fjnanciaj slatements for the ycar cndcd 31 July 2021. Th¢ finan¢i#t staiements hav¢ been prepared th accordance with the accouDtill8 policies sel oui in note 2 10 th¢ fancial stalemcnl% and rornply with the Chaniics and Trustec Jnvc51ment ls¢(btlandl Acl 2(K)5. Ihc Charilic5 Account$ IS¢otlandl Regul4?tions 2006 {Hs amended) and "AccouniLng and Reporting by Charitie5.' Stht¢meni of Recommend¢d PTa¢tic¢ 2pplicdble io chariti¢S PT¢pann¥ their accounts In accordance wilh the Financial Reportin8 Stattdard applicable in the UK and R¢publt¢ of Ircland {FRS 1021" amended for a¢¢ouThliftg p¢ti(ts ¢ommen¢ing from l Januxry 2019}. Mlsjlon The RGU Foundation exists 10 inspirE donor5 10 5UPPOrt the strat¢8i¢ oims of Robeft Gordon Univeysiry IRGU). aud lo invc.4t in th¢ uMtver8ity's vision io become recogni4ed in ScoilaTMt and bcyond as a di4¢inciivc univcT5ity l¢ath'ng and shaping the 4J¢bllie oll the fuiure ofhigher tduLauun and placin8 Students ai the cenrre of the educaii¢)n it offers. Objetthves And sctlvtties Tlitt RGU Foundaliun Js a rewslered charity ISC0436731. li estsblished to inspire phIlthrOpY in suppod of enhancing Icarning tC4¢hing artd re%earch at RGU. Thc RGU Foundati()n's purpose i$ to enable th¢ advattc¢ment of educaiion and scholarship throush.. providing fiTwi¢ial $UF4)Ott to RGU: providing grnnt funding IO SttMiEnts prospeciive swdents of RGU who are sele¢kd for such fundin8 by RGL", and th¢ provision of any other sllprt to RGU 25 a8recd bctwccn thc FoundBtion and ihc Principdl of RGU. RGU %tudents of RGU •rr th¢ sol¢ Twipients ofall gTJnLS md¢ by th¢ RGU FoundaiioTh. Granih are made lo the university to m&¢ch thmor innt.' Ihe utLiVCT5ity ha5 a rcsponsibility to ensure grants ar¢ spetst $pcLilied by the RGU Fourtd1114)ll. Thc Budrd of Tru51ccs ha$ ultimat¢ responsibility for all grant makithg de¢isions. The ttwi¢¢s reserve the nyhi noi I approve any recomtnththiion or nominalion if it dclIS that thc rcsulting grant would noi b¢ ¢haritsbl¢ or would ¢onfli¢t with the Foundation'8 s(aicd policie8. Aehlevtrnents and ptrfom4ll¢e Tbe RCIU Foundaliim c•ntinued ro ftsndrwise in support of the str•t¢8i¢ aims of RGU. DurinB 2020lll donaiion5 wue rtceived from l99 illdividual donors. Mosl donaliuns rcccivcd wcre (rom RGU Blvmiii and lh¢ IAtEe.81 donations received were rec¢ived fmm Tnjsix & Foundations. Futtd$ were r¢c¢iv¢d In 5UPP)rt of.. Accc5s widcning participation and outrtach The Annual Fund, lunrestricied fund) The Chaplaincy Gray's School of Art Scholarships IAcccs5 & Meril. undewduak & wJst8fadua*l Sttldcni pri2e5 Student hardship fund I CovLd19 hardship fimd Health & social care SDJdent Expcrience and $¢ryi¢cs {Clubs. Societies. extra- curricular a1vity. travcl abroad ct¢.I Student Seryiccs
RGU FOUNDATIUIY TRUSTEES, REPORT {CON'TINWED) FOR THE YEAR EfiDED 31 JULY 2021 Effects of Covid-19 The rtrects of thc global partdemic h8VC CTcat¢d a Challenging envimnmetLt for fundrw5ing. Whilsi there is a greater need for philanthropi¢ support of studeni hardship. scholarship funds and swdenl seTViCeS donots remain cautious in their 8Lving. Durin¥ the year there w5 a ilrop in the number of a]umni giving rcgularly to th¢ w)iversity and w¢r4] tnajor donors paused Iheir givin¥. Given the global recession and th¢ r¢sthciions that the paThdemic has placd on so¢i¢ty LE is unlikely that there will be a Sl8niticatLt incTeAs¢ ph"lallihropi¢ in¢¢)me over the coming year. The Foundation will ¢oniLnue to work on a piogramme of 5trwardshJp attd enga%emcni ufLwreni donors- d¢rnonslrèlLn Ihe impA¢t of iheir supp)rt and uring tha¢ they are fully engaged in Ihr a¢iiviry of the uniYcTsity. Th¢ RGU FouDd&tion will work with RGU to pruduce a Compelling ca5¢ for support that need and imp1 and in$pir¢s philanthropic givJn¥. Flnan¢l¥l rtvlew The surplus of inrom¢ over expendire in the ¢wrent year £71.29212020 dcficii £55,?811. To1 illme amounted to £3211.94512Q20- £239,311) and cxpendiiur¢ amourbied 10 £249.65312020- £294.5921. The Trustees PKbli¢y i$ io apply all fiujds rni8ed to suppffi advan¢emeni of education aL RGU. The ruDnitsg Cobts of the RGU Foundolion llrc met Ihrou8h specific grani iti¢om¢ from RGU. Rlsk manigemenl Trusiees have iss¢ssed mlljor risk5 io whi¢h lh¢ Foulldatiou 1$ ¢XF)scd and thr¢ sousficd tha¢ sys¢em$ are in plA¢e io mitigate exp05uir to major risks. Thc Tn1¢¢$ Are satisflcd ih41 RGU will coniinuc 10 fimd the nn1Th costs of ¢h¢ RGU Foutthtion for ai least 12 months from Ihc date of this Rtpon. Strutturel ¥ilVtrnan¢t #Dd manAgem¢ni RGU frnundalion SC043673. The RGU Foundatiim w&$ res15tCT¢d charity SCIO 27th Deccrnber 2012. It 1$ 8overned by ils Eon$iiiuiion. Thc Slrucnl of the Founddtion consists of mmbers who havc the abiliry lo appoini Thjsiees and lake dccisiuns on Ih constituiion its¢lf and the board. who serve as the Trusrtts of the Fuundation. The maximurn numb¢r of chanty trustees ts twenty. th¢ rninimum rturnb of charity trusteu is thyee. Al each AGM Ihc memb¢rs may elect any person who is cligiblc 10 be a cbarily trUSl¢c lullless hc or she is disqualified by law frorn bcin8 a charity ¢ru$i¢¢ or an employ¢¢ of rhc RGU Foundation). The board may at any tim¥ iPPDint atly person to b¢ addiliot)al ¢baniy trus1¢¢ fLII a vacaDry. Ai all times the followinB should bc appointed 10 the board 95 trustrcs: th¢ Principal ofThe Rvbert Gordon Univcrsily who shall bc chariry irustr¢ ex oJfJcio ai all lim.. a nominee and metnbcr of Th¢ Robert Gordon Univcrsity Board ai all time5. The suucturc of th¢ founddiioll coll5i$i$ of 11 the membus. who hav¢ th¢ Tight lo ancnd rnCTnbers' Meetin liJi¢ludiDg any annual general rneeting}, and have thc POW under the conshDJiion TO appoini people to sttwE on the board 3Dd lake d¢Eision% on chang&% io th¢ tonstitulion irself. and 2) the boar¢L who hold regular mettirb85 and g¢Thernlly TnanaKe thc ¥G¢iviti¢s orth< FokmdatLOEi. VoLitL¥ attd iernis olotric¢ arc 8ovcrncd by the constsmtio
RGU FOUNDATION TRUSTEES, REPORT (CONTP4UED) FOR THE YEAR EYDED 31 JULY 2021 REferenee Ind adrntnlstratlve Informatlon Charity nlmt RGU Foundation Chftrlty number SC043673 Regi51ered o(flte Garth(l¢¢ House Annexe. GartlMJ¢e Row(L Al*rdcen, ABIO 7QB Mcston Reid & Co. 12 Carthn Place, Abrrdeth, ABIO IUR BJnkerJ Bank of Scotland, 39 Albyn PIBCe, Abrrdccn, ABIO IYN Soll¢ltor Bumes5 Paull LLP, 516th floor. Union Plaz4 l Union W>Trd.ABIO ISL TrTTftpr
RGU FOUNDATION TRUSTEES, REPORT {covfpiuED) FOR THE YL4R ENDED 31 JULY 2021 Siitement of tru51ccs' rdpon51bilitles Thc mte¢l aT¢ r¢SnSible for pr¢p3Tin¥ the tnjsiees. rerrtKt and tht fJ]Mncial statrmcnts in ac¢ordartce with applicable law and Utlited Kingdom ALcouDtip¥ Sr4ndard5 (LnLtrd Kin8dom Gellerdity AcwtedAc¢ounting Prncti¢e}. In preparing these financial stat¢ment4 the tn]stees are requircd . - $eltei suitablc accounting policie5 and then wly them ¢ollsistenily. - obscrv¢ th¢ methods and principlcs in th¢ Cb•iti¢s SORP.. . make judgemcnts aod ¢s(iMa that are rvdsonabl¢ dtLJ pruden - state whether applicable UK Attounting Swidards have E¢eD follow¢d. $ubjec¢ w any rna41 d¢parture5 disc105¢d attd explained ij) th¢ financial siatements. and . prepare ihe financial sl¢M on the goin8 concern basis unless li is inapprrwiate prtsume thar the foundation will Lontinue in op¢r41ion. Th¢ tswsi¢e$ are re&pOlb1C for keepin8 adequaic accounting re¢ords thai disclose wilh rn$onoble accuracy al aijy time the financial posiiioth of the fuundation. Thry 4r¢ #iso Tespon5iblc for safeguArdLng ihe a55Cts of the foundaiion dnd henre ror takin¥ reH50Dabl¢ $icps for thc p[ntion and ddeciion of fraud dnd othu irt¢Bul2riiies. Th¢ tyusl¢es' report was approv¢d by the Board of Trusiees.
RGU FUUhT)ATION INDEPENDENT EXAmIER's REPORT TO THE TRUSTEES UF RGb FOiIYDATION l TCPOrt on ¢h¢ fJn•n¢iAI ststcmcnts of the foundaiion for thc y¢Jr ended 31 July 2021, which are set out pages 6 to 16. ReJpectAvc n5pottslbllltles of trustees and txaminer Thp toundalion's trusttts are T¢.4ponsible the Preparauon of thc financial ststcments in aOrdanc¢ with 1¢ Icms of the Charitics and Tnjstee Inves(meni (Scotlandl Act 2¢M)5 and the Charities Accounts Iscorlandl Regulations 2006 las mended). The foundalioll's tnLsiees consider thai the audii iequiremthi tsf RegulaliLin 1011) (al ts) Icl of the ALcount8 Resulaiions does not apply. It 15 my rcsp)nsibility to ex4min¢ th¢ fiDan¢iil swemcnts &q required und¢r s¢¢tiort 4411) Ic) of th¢ A¢1 ahd to state what pwticular mauers have comc to my attentson. Busij ofindeptndtnt txamlner's report My ¢xaminatien is carried out in accordance with Regulation I l of thc 2(Kk6 Accounts Rcgulaiiani. An exarnination includcs a r¢view of the accounting record% kept by the chariiy and a comparison of the financial ststernen¢s pSented with those records. It a]sD includ¢5 ¢on$idcration of any uttusval It¢ms or diklosiJT¢S Jn Ihe finartcial siaiemettis, and seeks explanaiions from iht ITUStets concerning any Such maitcrs. Thc PrKcth.% undcrtakcn do n(A provid¢ Bll thc evidenic th41 would be required in an audit and ¢onsequenily T do noi express an audii opinion on Ihe view given by the financial Statements. Independent exgmlner J Jtlterntnt Your atteniion 15 drawTr lo thc fa¢1 thai thc chariiy prepared fJDan¢iil Stai¢m¢¢S in a¢¢ordance wilh AcLounLing and reportin¥ by Chariiics preparing their accounrs in accordan¢¢ with Ihc Financial Re)rting SiandaTd applirobl¢ in th¢ UK nd Republic ut. Ireland {FRS 1021 in preference 10 the Acclbuniing and Rcporting by Charitie5.' Siaiement uf RcLvmm¢Eidcd Prartsr¢ i5su¢d Dn l April 25 wbi¢h 15 r¢ferT¢d ts) in the ex(ani regulations bui trLaS now bccn wiU)druwn. l und¢rstand Ihol Ihi$ h&5 been donc in Order for ihe financial sratcmcnis to providc a trje and faiT view in accordance with Gcncrally Ac¢¢pt¢d A¢¢ounting Pra¢ti¢¢ ¢¢l¢¢iiv¢ for periods begioning on OT after l January 2019. In Lwnnection wilh my ¢%amiDatLOn. Do mitter has come my attention: (al which gives mr rcLsothable L&use (o b¢li¢v¢ thi( maierial rcspecl the requ1ments,. to kttp Attouniins record8 in Accordance with Section 44(1} la) of the 2005 Act and Regulation 4 of the 2006 AccounL% R¢gulaiioN%', artd lill w prepare fLnancial staiemeots whi¢h o¢¢ord with rhe accouniing records gnd Comply wilh Re¥ul4tion 8 Lif thr 2(N)6 Accoun¢s Regulations. ve not been mei or Ibl lu whtch, in my opiniL)n, tellI10 shoutd be drawn in order 10 enable a proper understanding of the fjnancial $IAtcmcntq In he rcached. ChartCTed Accountanls 12 Carden Place Aberdttn ABIO IUR 24 |,,11, M&STON REID&CO CHARTEREO ACCOUNTAIITS
RCU FOUNDATION STATEMENT OF FtNANCTALAcrtVlTIES INCLUDING IYCOME ATr4D EXPENDITURE ACCOLryT FOR THE YEAR ENDED 31 JULY 2021 UTrTes¢rltted fuhds RÈ5trl¢ied nds Tots] Unrt5tr1cted fund$ Rtstricted fuDds Total 2021 2021 2021 1020 2020 2020 Inrojnr frDm: Dortaiiorts, grnnts and legacie5 Investments 120.859 14 2(KJ.072 320.931 14 142,591 38 96.682 239.273 38 TotAI tntDme 120.873 21KI.072 320,945 142.629 96.682 239,31 I Expendllure on: Charitable &ciivities 124,098 125.555 249.653 147,284 147 J08 294,592 N¢t lexpendlturelllD¢ome for the y¢&rl N¢t muv¢mtnt futtds 13325) 74.517 71292 14,655 {50.626} 155,2811 Fund balanLe5 al l Au8USI 2020 39.194 182.646 221.840 43,849 233.272 277.121 Fund bgl#ntes 8¢ 31 July 2021 35.969 257.103 293,132 39,194 182,646 221.840
RGU FOUNDATION BALANCE SHEET ASAT3) JULY 2021 2021 2020 Current a55ets Debtors Cash a¢ bank and in hand 118.619 181,855 100.444 128,612 3(N).474 229.056 Crcdltor$'. falllDg due wlthln Ohe year io (7.342) 17.216) N¢1 Current as5¢ts 293,132 221.840 In¢ome funds R¢siricicd fvnds Unre8iriclcd fundJ 13 14 257.163 35.969 182,646 39,194 293.132 221,840 Ir Trustecs on. Irujiee
RGU FOUNDATION STATEMENT OF CASII FLOWS FOR TIIE YEAR ENDED 31 JULY 2021 2•21 2020 Cash flu}y frorn optratlng attiiititS Ctsh ¥eneraied fTQtri optrnriorn 16 53.229 10.368 Inve5tlng ¢tlvltles Tnv¢sim¢nl intume Teceiv¢d 14 38 Net ¢a$h generated from Invtsthil etlvitles 14 38 Net ¢Ash U5L.d ID flnanclnt I¢dtIeS N¢1 Increajt In ¢ash ATJd tqulvalenti S3.243 10.406 Cash and equivaletLl8 at bcginning of year 128.612 118.206 Clih #nd cash ¢qulvAltnti •t ¢nd of yeir 181.855 128,612
RGU FOUNDATION STATEMENT OF CASH FLOWS ICONTNUED) FOR THETrTAR EYDED31 JULY2021 Crldcal Actountiag e5tlm4tE5 ¥Thd lud%ernents In the applicatiotl of th¢ foundation'$ a¢¢ouriiing polJ¢ios. th¢ tsu81¢¢8 r¢quty¢d io mak¢jud¥¢mmts. estimat¢s 8nd 5sumprions aboui Ihe carying arnoun¢ of assets and liabiliti that aT¢ not r¢adily apparEnt from other $4)tsrtes. The estimates and assrtiated assumptions art b&sed on historical experience and oiher facinTS that are considered to be relcvant. Actual Tcsults may diffcr from thuc t1$. The e5timat¢s attd underlying &%sumpiions are reviewed on an ongoing basis. Revisions to accounting estimatC5 are reCols¢d in Ihc pcriod in whi¢h thc CS¢im4tc is rrv]scd whtre the rcvtsiots affects oll]y thar penod. or in thc period of the revision and futUT¢ reriods wh¢r¢ th¢ r¢visioD aff¢¢ts both ¢llTr¢nt and fuWr¢ peri$. Actountlng polleffies Cnmp¥Dy Information RGU Foundaiion is a Scoltish Charirable IncoTPOrntcd Owi$ation ISCIOI. li 1$ gov¢med by its coJJstituuon and rccobinised Ès a chariry by thc oificc of the Scottish Chariry Rcgulaior. 2.1 Accounting conventlon The finArt¢ial stttiements havc been prepared in accordince wth the foundniion's constityjtion, th¢ Ch8nti¢$ attd TnleC Inve5¢m¢nl IScoilaThdl 2D05. Ch#riiies Accounts (Scoilandl RegulauonB 2006 las am¢nd¢dl and "AILouniing and Rwrting by Chariu¢s.' Stsi¢m¢nl of Rryi>mtncndd Pr4lic¢ applicable 10 charilies prLpdrinx Iheir lrcounis in accordance wilh the Financial Reportin8 Standard applicable in th¢ UK Republic of Ireland IFRS 1021" la5 amcndcd for a¢¢owiiin8 period8 commencing from l January 2019). The foundaiiLin is a Public Bcncfit Entiiy a% defincd by FRS 102. The financial ststements are prcpared in 5tcrling. which 15 thc fun¢tional ¢un¢n¢y of the fowidation. Monetary amourt¢s its the5¢ fitath¢ial slatemenia are rLwthded io the nearesi L Thc finan¢iJl $iat¢m¢thi$ h8v¢ been Prepaffd under the himorical e051 convention. The principal accounting policies adopted arc sci out below. 2.2 Golrtg ¢onrer Ai Ihc time of approving the financial Stslement4 the tru5tee5 havr a rca50nable ex(laon thai the foutmiation h&$ lldequate rcsources lo ¢onlirtUC Lrt op¥rntioDal existence for ihc for¢s¢ble future. the ttCCS conlinuc to Hdopl the going concern bssis of ac¢ountin¥ in PT¢p8ring th¢ fLnancial 5thiemen. 2J Chrltttbl¢ fuhd$ Unrestnctcd funds are available for vse 4t thc dis¢r¢tion of th¢ trustees in fvrth¢r8ncc of their chaTi(Able objcclives unless the fundy have been d¢signar¢d for other PUTW)5¢s. The unr¢$tri¢*d filttds have been analysed in noie 14 10 the rJDattcJal s(alements. Restricled funds arc subject to specifjc fQD(tition5 by k)rr$ a5 trj how they may be used. The Purposes and u5C5 of the restrctcd funds are sel oui its notE 13 to thc flnancial Stslcmcnts. 2.4 Income Income is Trfognis¢d when the fixLndalion is legally eniiiled th li after any perlornjancc conditions have been mel. tht amounts Can b¢ measured reliably. and il is probablc thai itscomc wyll bc reccivcd. Donations are recognised i)ncc the foutulati¢Jn ha5 bE¢n notifjd of thc donalion, uttlts8 perforn)ance condition5 r¢quir¢ deferral of the amouni. Income tax Ttcovcrablc in rclarion to donation5 reccivd vnder Gift Aid or deed5 of cov¢nant l5 rccognised al the lime of the donation. L¢¥a¢i¢s are recoBnised on receipt or othcThtyise if the foundation has notified of an impending distribution, the amount is knowm, and eciPI is cxpected. If the amouni is not known, the legacy is treatcd 25 a contingent asset.
RGU FOUNDATIO NOTES TO THE FINAYCIAL YfATEMENTS FOR THE YEAR ENDED 31 JULY 2021 ArtIng polici Iconlinuedl Donaied s¢rviccs atld fa¢dities are includd al the va]ue ¢0 the ¢han'ty whcrc this ¢an be quaniified. Tbe vaiuE or services provided by volunt¢¢rs h&8 not bcLm Includ in these accowJTS. Grant iDCOtne for core activities is crediied ID th¢ Slalemei of Fill¢1a1 Aciiwtics whett il is receiw8ble. Investment incom¢ iy included wb¢n wivablc. 2.5 Expendltur¢ Exptndinirt is rccognised on an accruals basis a liability is incurred. Exdin¢ inc]Je5 VAT which canpoi be recovered. and J& reported as part ofthe expendinw¢ io wkn.ch li relat¢s. Co%ts of ¢h4riiable activili¢s eompriscs thc CIa(Cd with the foundaiion's Principal a¢tivitics and are accountcd for when payable, In addiiion. 8ovenwic¢ cosi& which repr¢seni ¢Xpend1w #ssociatcd with meeting Th¢ ¢OQSIiDJtional rcquirements of the foundation. and include audit fec5 ¢osts linked io the straie8ic nwjagemeni of Ihc loulldulion. are Includ¥d in the costs of Ehari¢abl¢ exnditUre. AII ¢OS15 ure allolaid beNcen thc cxpcnditute cateKoTi¢S of the Stsicjneni of FiDAnciaJ Aclivilieb on a basi5 dcsi8ned tv refl[ the usc of lh¢ resource. Cos¢s relaiing to a particular aciiviiy are Allor#i¢d directly,. others are appDrtion¢(l on an appropriiie basib a5 sd i)ui in the no 10 th¢ fuwicial stametyts. 2.6 Tanglblt fixed 4sstt$ Capital expendiNr¢ is charged tts the StskmeRI of Fin•n¢ial Aci1viti Is in¢urTed provided the Cxnd3re is regular nd is rttri excLpuonally lar¥e ill any one y¢ai. 2.7 Calh and clih eqylvltnts Cash and cush cqujvalellts iDrlu¢k ¢ash in hand. dqlts held ai ¢411 with barths. other short-lemi liquid invc5ttn¢t>ts wilh oris7inal mawriiies of ihrcc monthx or l¢ss. and bDnk overthafts. Bank overdrnfts 4re shown withirt borrowing5 in curmi liabilitics. 2.8 FlnaA¢l#l Instrnmtnt5 Th¢ fo4Lniiaiion has ¢l¢cted trj apply the provi$ions of S¢¢tion I I 'Basic FiTWLcial InstNm¢nts' and Scctiott 12 '0th¢T Financial InsinLments Issu. ofFRS 102 all ofits fJnan¢ial irh5truments. Financial instrum¢nts sr¢ recognis¢d in the foundaiion'$ ba]au¢e shttt then ihc fouttdation becom¢s party lo the contra¢tuBI provisions o(th¢ insrrnmenl. Firtancial a55¢ts and liabiliiic5 wre offsei. with th¢ net amounts preseiited in th¢ fiTWLcial siatcm¢nts. whcn thcrc is a legally ¢nfurceabl¢ righi 10 sei L)tl'the ¢08th1$td amoufjLS and thcrc is 4tL inienuon io seide on a n¢t basis or lo reJlise Ihe a55el and seiiic Ihc liabslkry sJmultaneou51y. BtuicJ7n4n¢i41 assets Basic fjnancial 355els, which include d¢MDrs Ind and bank banCeS. are iniliBlly MeasUd ai tyansaclion prAcc including transaction costs and are sllbsequentjy caryi¢d ai amortised cosi using th¢ ¢lTteiive int¢rcsi rnethod unless Ihc arrangement consiilulcs a fJnancin8 tratLsaclLon, wh¢te the anSaction is MSured ai Ihe PT¢Sent valtse of th¢ future reieipts discounicd at 4 m&Tkd rnic of iDl¢lt6I. Fin$ial &ssets cla551fied as rueivable WLthin ouc y¢ar 8r¢ nol amortised. io-
RGb' FOUNDATIO NOTES TO THE FINANCIAL sfATEMEi¥rs IcowrtYUED) FOR TEtE YEAR ENDED 31 JULY 2021 At¢ountlDg poliries ICuntlllu¢dl BosicfiNancial I1Ul¢.$ Basi¢ fJttan¢i&l liabilities. including Creditors and bank loan5 &re initially Tecognised at tran8&ction price unless ihc arrangern¢nt cortstinJte8 a fin2ncin8 transaction. where the debt instsumeot is Mered ai the preseni value of th¢ future Tcceipts di%ount¢d at a markd rdtr of illtcrcsl. Fir¢1 liJbJlJtiu classifi¢d Yble within onc year arc not morti$¢d. Debi instruments are subvquently unied ai amortised COSL using the effective lut¢r¢ rair m¢thiMI. Trade ¢r¢diiors are oblisations ¢0 pay for 8oods or SCTViC¢$ thai havc been aCqUiTcd in the ordinary course of opcration5 from suppliers. Amourtis payable ate tlassifLed &% current li8biliiies ifpaymeni Is due within one year or le55. If not. thcy are pr¢Sett •% oonrfurreni liabilities. Trade ¢rediiors are re¢ogrtis&l initially ai trA110n price and subs¢quetstly me&8ured ai Amortiscd lost 1n8 Ihe cffcciive iniercst mcthLWJ. Financial liiibiliri¢5 are derecognised when th¢ foundation's contracDJal obligations expire or aTe dischar8ed or cancelled. 2.9 RètirÈment benellti The foundation OP¢Talcs a defind Conlributions p¢nsion s¢h¢m¢. Contribuiion$ ¢har8¢d in the accounts a5 th¢y brrom¢ puyablc in accordance with the rnies of the schcmc. DonAtlonJi grxnt5 nd1¢8tl Unrestrlcted nds Rtstrbtted ds T(1 Unre5tTlrted Reslrlcted fvndj Tht41 2021 2021 2021 2020 2020 2020 Donations and 8ifts Grant received frorn The Robert Gordon Uni¥cTSity 11.264 200,072 211,336 6.658 96.682 103,340 109,595 109.595 135,933 135.933 120,859 200,072 320,931 142,591 96,6112 239,273 Invejtmenti UDre5trlcted fuThd5 Restrfcted fund5 Total Unrestrlcted RestrlctL,d fuhds funds TotAI 2021 2021 2021 2020 2020 2020 Interesi receivable 14 14 38 38 14 14 38 38
RGU FOUNDATION NOTES TO THE FIPI'ANCIAL STATEMENTS {COWTifibEDI FOR THEYEAR ENDED 31 JULY2021 Charitable a¢tivi¢le5 Unrtstricted Rutiicted fund5 2021 Total Unr¢sttlcted R¢stritted fndS funds 20211 2020 Total 2021 ZQ2l 2020 Stsff costs Donations tu The koben Gordpn UniveT511y Prop¢ry costs Tiattsport CU5ts Athinistratson #nd suiyt Lebial and professional fecs Bank Char¢$ ond interes( Other churitabl¢ exwdiiw¢ 88.017 88.017 88.994 88,994 6.693 5.655 125.023 131,716 5,655 11.648 18,772 169 17.190 10.127 147.308 158,956 1¥,772 169 17,190 10,127 384 15.492 7.820 421 15.492 7.820 421 532 532 124,098 125.555 249,653 147,284 147.308 294,592 Legal an¢J profe55ional f¢¢s includcs independ¢ni ¢xamirt¢r remunerntion of £3,6[) (2020- £6.0001. Trutste The Irusieeh r¢cciv¢ no remun¢T4Jlion frum the foundation. As laid dowrt in the foundytion'b constituiiun. Irubtc¢è inay bc paid Iravelling and other cxpcn5C5 rtssonably incurr¢d by them in ¢onn¢ciion with Carrying out their dutics; tiiis may include ¢xpenbCS 1lIn8 10 ihtjr ai¢cndan¢e at mttiin85 Thc Injstecs mllde un¢onditioThal don105 of £312020- £430) duritt8 the ye. Employeei Number of ¢mploye Thc av¢ra¥¢ mothIY numb¢r of employecs duriD¥ thc Y vras.. 2021 Number 2Tr20 Number Administration #nd support F.mploymcnt Ewtj 21121 2020 Wagcs And salaries Social s¢ruriry COSts Oihtr n$lun cosis Staff suPrt servir¢s 60.907 1,981 11,755 13,374 61.133 2,¥87 11,799 13.175 88.017 R8,994 There were no etnployees whos¢ alal Twnuneralion £60.0(Kl or tnore. 12_
RGU FOUNDATION NOTES TO THE FINANCIAL STATEMEP4TS (CONTIUED) FOR THE YEAR ENDED 31 JUI.Y 2021 Tax•tlon Th¢ foundation is exempi from lax on irbcome and gains fa]ling within Section 505 of th¢ In¢ome and CorporaLion Taxes Aci 1988 er Seciion 256 ofthe Taxaiion of Char8eable Gains Act 1992 ro th¢ cxtrnt that these are applied to its charitablc objccts. No lax ¢haTg¢s h8v¢ ari%cr) irt thc found•tion. Debtors 2011 2020 Amounts filling due wlthln ont ye•r: PrepaentS and income 76.710 63,204 2021 2020 Amounts f4lllng dur fifter more th&Tr one yur: PrepaymenLs and acfflied income 41.909 37.240 Total debtors 100,444 10 Credlttsri: amoun¢$ fxlling due Mthin on¢ >¢gr 2021 2020 Trade CTtditOT% Other crcdilors Accnjals and dcfcrrcd income 319 1.024 5,999 25 1.027 6.164 7.342 7.216 11 Limlttd Ilabllity Th¢ m¢mb¢rs of th¢ foundation hJv¢ no liability to pAy ¥Dy sunJ to h¢lp m¢¢t the debts (or othcr liabiliticBI of thc foundHlion if it is wound up. At 31 July 2021 there were 3 rncmber5 {2020- 3}. 12 Rettremellt benellt schemes Deflned contrlbutlott 5cherne5 The foundation operates a defind contribution pension schemc. The of thc schcm¢ are h¢ld 8epllra*ly from Ihuse of the fouttdalion in an independenily administered fund. The pen%ion cosi charge repT¢5¢n¢5 contribulion$ pay4bl¢ by the foundation lo Ihe fund and amountcd ¢0 £11,755 12020- £11,799}. ContrJbuiion5 loialing £nLI12020- £nil} werc payable to Ihe fijnd at th¢ yr8r end.
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RGU FOUNDATION NOTES TO THE FINANCIAL STATEME1s (COTITINUED) FOR THE YEAR EYDED 31 JULY 2021 14 Unrestricted fynds Th¢ utLresui¢ted funds of the foundaiion b¢ 4ualysed u follows: Molemeni In funds Incotntttg Resourct rttourceJ ¢%pended loi'erntnt in funds Intomlllg Resovrets B814ncc At 50ur¢¢& expend 31 July 2021 BlAn¢e It J August 2020 l Au¥uJt zoz• RGU grant Oihcr funds 29.249 14.600 135,933 6,696 {l35.6361 111,6481 29.546 9.648 109,595 11.278 1117,405) (6,6931 21,736 14,233 43,849 142.629 {147.2841 39.194 120.873 1124.0981 35.969 Each y¢Ar lh¢ charity reccivcs grant iome frorn The Robert Gordon Universiry to fund lis opernting costs. Thi$ 8rant in¢ome enablc% thr £hority 10 donaic ¢v¢ry £1 that is raised io the university.. In mosl year5 atly unspeni grant income is repaid io th¢ wjiversiiy. For the lasi flve years. th¢ temi& of the ¥rwi¢ fvndLn8 changed ¢Thabl8 thc ch4Tiry to relain the underspend, Grant funding th41 hAs been retained by the Foundaiion will b¢ used ¢0 address oper41ional prionTits in daiA managcTncnr, dir¢ci one-lbmr fiuthai81118 costs. and dev¢lopmeni of a mulii-ye4r fvndrai4iD8 plon. Each ycar urtrestricied donationj rrfcivcd from donors. This fithd represents doDaiion$ receLved bui noi yL't paid over to the univw¥ity. IS AnlysiJ of net 11sseis b¢twten fwnd¥ Utsrti¢ri¢t¢d fuDdi 2021 Rutrlcttd fund5 2021 lot•1 UMr¢strl¢ltd Re51rlcttd ruDd$ 2020 10101 2021 2020 2020 Fund balan¢¢s ai 31 July 2021 arc rcpresent¢d by.. Curr¢nl 0$setsllliabiliii¢sl 35,969 257,163 293,132 39,194 182,646 221,840 35,969 257.163 293.132 39,194 182,646 221,840 16 C*gh generated from optr#iloD5 2021 2020 Surpluslld¢ficiti thc ycar 71,292 155.21111 AdjusthL1$ tor.. Investment iftcome recognised in statcmrnt of finan¢iaJ actiwties {14) (38) Mov¢m¢nts in workillg capityi- (Incr¢e)Ide¢rea in debtor5 Incred{decrease} in rrethio 118,175) 126 65,936 12491 CA5h generated from operation$ 53,229 10.368 16_