UK Friends of Yale University Limited - Charities report - 20.1.6

REGISTERED COMPANY NUMBER: 05963986 (England and Wales)

REGISTERED CHARITY NUMBER: 1119399

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 June 2020

for

UK Friends of Yale University Limited

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

Notes to the Financial Statements

7

to

10

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial

statements of the charity for the year ended 30 June 2020. The trustees have adopted the provisions of Accounting and Reporting by

Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial

Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives, aims and activities carried out for the public benefit

The objective of the charity in the year under review, as per the company's memorandum and articles of association, 'the governing

document', was that of operating a registered charity, under the Charities Act 2011, to advance education, and in particular for

making grants to Yale University, to assist in the advancement of education of its students.

Public benefit

In setting and reviewing the charity's objectives and activities, the trustees have had due regard to the Charity Commission's

guidance on the reporting of public benefit and to its supplementary public benefit guidance on the advancement of education.

Grantmaking

All incoming resources less expenditure are utilised in making grants to designated educational establishments.The charity made

grants to Yale University of £666,538 (2019 - £1,432,594).

ACHIEVEMENT AND PERFORMANCE

Fundraising activities

In the period under review incoming resources amounted to £476,360 (2019 - £1,406,882). The charity continued to improve and

develop funding for educational establishments, in particular for Yale University, and plans to continue these activities in the future.

The charity relies on members of the public, friends and alumni for these resources.

FINANCIAL REVIEW

Investment policy and objectives

Funds are invested in accordance with the donors' wishes until they are distributed. Otherwise they are placed on deposit with

financial institutions.Investments may be made only after obtaining advice from a financial expert.

Reserves policy

The trustees may set aside funds for special purposes or as reserves against future expenditure, which is unlikely to exceed £5,000,

based on previous experience.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the memorandum and articles of association and constitutes a limited company

having a share capital of £10, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

There has been an average of 5 trustees throughout the period. Any new appointments are at the recommendation of the board, but

after consultation with the ultimate controlling party.

Organisational structure and decision making

A minimum of three trustees must be appointed, who shall hold office until the third AGM following their appointment,to manage

the activities of the charity and they are empowered to exercise all the powers of the charity in pursuance of its objects.

Trustees, who are competent, may be re-appointed for a further term.

Induction and training of new trustees

All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to

understand the nature of the charity and fully comply with the charity's current view of its progression.

Related parties

The charity is a related party of Yale University, USA which is the main beneficiary of the charity, and whose board of trustees are

the sole member of the Trust.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in

place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

05963986 (England and Wales)

Registered Charity number

1119399

Registered office

19 Norcott Road

London

N16 7EJ

Trustees

TRUSTEES

The director trustees during the year under review, who are collectively referred to as trustees in this report, were:

R J Burston

D Dommett

C Lubar

J O'Neill

B Polak

The trustees holding office at the end of the financial period did not hold any beneficial interest in the issued share capital of the charity throughout the period under review. The directors are trustees who form the management committee elected by the shareholding trustees to operate the organisation. At least three directors must be in office at any time.

Company Secretary

E Flood

Independent Examiner

Dipakkumar Shah FCA

ICAEW

Nielsens

Chartered Accountants

The Gatehouse

453 Cranbrook Road

Ilford

Essex

IG2 6EW

This report has been prepared in accordance with the special provisions of Part 15 of Companies Act 2006 relating to small

companies.

Approved by order of the board of trustees on 5 January 2021 and signed on its behalf by:

J O'Neill - Trustee

Independent examiner's report to the trustees of UK Friends of Yale University Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2020.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the

preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are

eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section

145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity

Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am

qualified to undertake the examination because I am a registered member of ICAEW which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving

me cause to believe:

1.	accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in

this report in order to enable a proper understanding of the accounts to be reached.

Dipakkumar Shah FCA

ICAEW

Nielsens

Chartered Accountants

The Gatehouse

453 Cranbrook Road

Ilford

Essex

IG2 6EW

5 January 2021

30.6.20

30.6.19

Unrestricted

Total

funds

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

468,730

1,399,565

Investment income

2

268

-

Other income

6,412

7,317

Total

475,410

1,406,882

EXPENDITURE ON

Raising funds

3

1,400

751

Charitable activities

Grants to Educational Institutions

666,538

1,432,594

Other

1,500

2,450

Total

669,438

1,435,795

NET INCOME/(EXPENDITURE)

(194,028

)

(28,913

)

RECONCILIATION OF FUNDS

Total funds brought forward

223,056

251,969

TOTAL FUNDS CARRIED FORWARD

29,028

223,056

30.6.20

30.6.19

Total

Total

funds

funds

Notes

£

£

CURRENT ASSETS

Debtors

8

26,853

106,163

Cash at bank and in hand

2,175

116,893

29,028

223,056

NET CURRENT ASSETS

29,028

223,056

TOTAL ASSETS LESS CURRENT LIABILITIES

29,028

223,056

NET ASSETS

29,028

223,056

FUNDS

9

Unrestricted funds

29,028

223,056

TOTAL FUNDS

29,028

223,056

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 5 January 2021 and were signed on its behalf by:

J O'Neill - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in

accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended

Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in

the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements

have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable

that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that

expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the

obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under

headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they

have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not

accrued as expenditure.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Funds are

generally received for designated activities.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise

when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements, when

applicable.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

2.	INVESTMENT INCOME

30.6.20

30.6.19

£

£

Deposit account interest

268

-

3.	RAISING FUNDS

Raising donations and legacies

30.6.20

30.6.19

£

£

Support costs

1,400

751

4.	GRANTS PAYABLE

30.6.20

30.6.19

£

£

Grants to Educational Institutions

666,538

1,432,594

The total grants paid to institutions during the year was as follows:

30.6.20

30.6.19

£

£

Grants to Educational Institutions

666,538

1,432,594

5.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

30.6.20

30.6.19

£

£

Auditors' remuneration

-

1,250

Auditors' remuneration for non audit work

1,500

1,200

6.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2020 nor for the year ended

30 June 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2020 nor for the year ended 30 June 2019.

7.	AVERAGE NUMBER OF EMPLOYEES

8.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Tax

26,853

106,163

9.	MOVEMENT IN FUNDS

Net

movement

At

At 1.7.19

in funds

30.6.20

£

£

£

Unrestricted funds

Designated

223,056

(194,028

)

29,028

TOTAL FUNDS

223,056

(194,028

)

29,028

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

Designated

475,410

(669,438

)

(194,028

)

TOTAL FUNDS

475,410

(669,438

)

(194,028

)

Comparatives for movement in funds

Net

movement

At

At 1.7.18

in funds

30.6.19

£

£

£

Unrestricted funds

Designated

251,969

(28,913

)

223,056

TOTAL FUNDS

251,969

(28,913

)

223,056

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

Designated

1,406,882

(1,435,795

)

(28,913

)

TOTAL FUNDS

1,406,882

(1,435,795

)

(28,913

)

Funds include called up share capital of £10 representing 10 shares of £1 each issued, allotted and fully paid by the ultimate

controlling party.

10.	RELATED PARTY DISCLOSURES

The charity is a related party of Yale University, USA which is the main beneficiary of the charity and also bears the annual

costs of its audit and non-audit accountancy services.

11.	ULTIMATE CONTROLLING PARTY

The shares in the company are under the control of Yale University, a corporation organised and existing under and by

virtue of a charter granted by the general assembly of the Colony of the State of Connecticut, USA.

The shares are not eligible for any payments of dividends or distributions.