Charity Registration No. 276203
Company Registration No. 01376848 (England and Wales)
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
GOVERNORS' REPORT AND ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
LEGAL AND ADMINISTRATIVE INFORMATION
Governors
Harold Paisner (Chairman and President until 1 May 2022)
Ann Berger (Chairman and President from 1 May 2022)
Martin Paisner CBE
Henry Charles
(Appointed 25 February 2021)
Gideon Harbour
(Appointed 3 June 2021)
Louis Zlotowski-Merran
(Appointed 3 June 2021)
Secretary
Harold Paisner
Charity number
276203
Company number
01376848
Principal address
Raymond Burton House
129 - 131 Albert Street
London
NW1 7NB
Registered office
Devonshire House
1 Devonshire Street
London
W1W 5DR
Auditor
Landau Morley LLP
Chartered Accountants
325-327 Oldfield Lane North
Greenford
Middlesex
UB6 0FX
Bankers
Barclays Bank Plc
Pall Mall Corporate Group
PO Box 15165
London
SWlA 1QF
Solicitors
Bryan Cave Leighton Paisner LLP
Governor's House
5 Laurence Pountney Hill
London
EC4R 0BR
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
CONTENTS
Page
Governors' report
1 - 3
Statement of Governors' responsibilities
4
Independent auditor's report
5 - 7
Statement of financial activities
8 - 9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 1 -
The Governors present their report and
audited financial statements
for the year ended 30 September 20
21
.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundation's
Memorandum and Articles of Association
, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
.
Objectives and activities
The objectives of the Foundation are as follows:
1. to assist in the advancement of the educational aims and activities of the Ben
-
Gurion University of the Negev situated in the State of Israel ("the University"),
2. through, or in association with the University, to promote or assist in promoting such charitable purposes connected with the advancement of education in the State of Israel or elsewhere.
The Governors confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
Achievements and performance
During the year various donations were made to the University including contributions towards the cost of equipment for energy research as well as continuing the support for students through the provision of scholarships.
The monitoring of these projects is normally carried out in conjunction with the major donors.
Financial review
At 30 September 20
21
, the state of affairs of the Foundation was satisfactory.
Details of the income and expenditure for the period are shown on page
8
.
Donations, legacies, contributions towards overheads and similar income receivable in the period totalled
£1,432,411
(20
20
-
£1,630,493
).
This year's legacies comprised distributions of £434,110 receivable from the Estate of the late Frederick Cable Comrie and £25,000 from the Estate of the late Eric Charles.
Investment income amounted to £
8,813 - a decrease
of £
55,658
compared with the previous year.
Grants payable totalled £
953,898 (2020 -
£
2,438,381) and were made
in accordance with the objects of the Foundation.
The costs of managing and administering the Foundation
and of raising funds
in the year
increased
from £
9
for the previous year to
£241,982
for the year ended 30 September 20
21, mainly due to the set off of losses on foreign exchange of £156,499, compared to gains on foreign exchange of £77,640 in the prior year.
The balance sheet on page
10
of the financial statements shows the financial position of the Foundation as at 30 September 20
21
.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 2 -
Financial review (continued)
Total assets less liabilities amounted to £
4,577,284
(20
20
-
£4,309,063)
, represented by the accumulated balances on the restricted endowment and restricted and unrestricted income funds. The net current assets represent monies held in order to meet ongoing overheads and also funds received that have yet to be applied towards the Foundation's charitable objectives. The net assets include restricted funds of £
3,658,419 (2020 -
£
3,698,827)
, which have been, or will be, remitted to the University or spent subsequent to the balance sheet date.
Investment Policy
Under the Memorandum and Articles of Association, the Foundation has the power to make investments. The Governors have decided that excess working capital be invested in charities fixed interest investment bond
s
in addition to holding bank deposits.
Reserves
The unrestricted funds are needed to cover the costs of management
,
administration and fund raising without which the Foundation could not function.
Risk Management
The Governors regularly review the major risks which the Foundation faces and believe that maintaining the free reserves at the current level stated in the financial review
above
, combined with an annual review of the controls over key financial systems, will provide sufficient resources in the face of adverse conditions. The Governors have also examined other operational risks which they face and confirm they have established systems to mitigate any significant risks.
Plans for the future
There have been no significant events affecting the Foundation since the year end and no major future developments in the activities of the Foundation are anticipated
.
Structure, governance and management
Ben-Gurion University Foundation ("the Foundation") is a company limited by guarantee, incorporated in 1978. The Foundation is also a registered charity and is governed by its Memorandum and Articles of Association and by the Charities Act 2011.
The company's Articles were amended so that in future an audit will not be required other than under the provisions of the Charities Act.
The Governors, who are also the directors for the purpose of company law, and who served during the year and at the time when the financial statements were approved were:
Harold Paisner (Chairman and President until 1 May 2022)
Ann Berger (Chairman and President from 1 May 2022)
Martin Paisner CBE
Henry Charles
(Appointed 25 February 2021)
Eric Charles
(Deceased 27 December 2020)
Gideon Harbour
(Appointed 3 June 2021)
Louis Zlotowski-Merran
(Appointed 3 June 2021)
None of the Governors has any beneficial interest in the company. All of the Governors are members of the company and guarantee to contribute £1 in the event of winding up.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
GOVERNORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
The power to appoint new Governors is vested in the Board of Governors.
The Foundation's day to day activities are administered by the Administrative Director, Hannah Allen. The Foundation's objectives are met in such proportion and manner as the Board of Governors shall in their absolute discretion from time to time determine.
All the Governors meet regularly with the Administrative Director
as required
to consider and plan fund-raising events and promotional activities and any other matters relating to the Foundation.
The Governors meet regularly throughout the year to review the affairs of the Charity, to take any necessary decisions, and if thought fit, pass any required formal resolutions.
Details of any related party transactions with the Governors are shown in the notes to the accounts.
Asset cover for funds
Note
19
on page
20
sets out an analysis of the assets attributable to the various funds. These assets are sufficient to meet the Foundation's obligations on a fund by fund basis.
Fundraising report
Funds are raised from the public mainly from long-term supporters, advertising in relevant publications and on the Foundation’s website. No professional fund-raiser or commercial participator carried on any of these activities.
The Foundation was not subject to an undertaking to be bound by any voluntary scheme for regulating fundraising or voluntary standard of fund-raising in respect of activates on behalf of the Foundation.
No complaints were received in the year under review about activities by the Foundation for the purpose of fundraising.
The Foundation is conscious of protecting vulnerable people in connection with its fundraising activities and does not engage in behaviour that is an unreasonable intrusion on a person’s privacy, is unreasonably persistent or places undue pressure on a person to give money or other property.
Auditor
In accordance with the company's articles, a resolution proposing that Landau Morley LLP be reappointed as auditor of the company will be put to a General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
The Governors'
r
eport was approved by the Board of Governors.
Harold Paisner (Chairman and President until 1 May 2022)
Governor
Dated: 28 June 2022
2022-06-28
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
STATEMENT OF GOVERNORS' RESPONSIBILITIES
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 4 -
The Governors, who are also the directors of Ben-Gurion University Foundation for the purpose of company law, are responsible for preparing the Governors' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these accounts, the Governors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.
The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each of the
Governors
i
s
aware at the time of approving the Governors' annual report:
-
there is no
relevant
information of which the
company's
auditors are unaware
, and
- the Governors
have taken
all
steps
that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
INDEPENDENT AUDITOR'S REPORT
TO THE GOVERNORS OF BEN-GURION UNIVERSITY FOUNDATION
- 5 -
We have audited the financial statements of Ben-Gurion University Foundation (the ‘Foundation’) for the year ended 30 September 2021 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 30 September 2021 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial statements
section of our report. We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Governors' use of the going concern basis 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 Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE GOVERNORS OF BEN-GURION UNIVERSITY FOUNDATION
- 6 -
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the financial statements is inconsistent in any material respect with the Governors'
r
eport; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of Governors
As explained more fully in the
s
tatement of Governors'
r
esponsibilities, the Governors, who are also the directors of the Foundation for the purpose of company law,
are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
Governors
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Governors are
responsible for assessing the Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
A further description of our responsibilities is available on
the Financial Reporting Council’s website at:
http
s
://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE GOVERNORS OF BEN-GURION UNIVERSITY FOUNDATION
- 7 -
This report is made solely to the charity’s governors, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's governors those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s governors as a body, for our audit work, for this report, or for the opinions we have formed.
Landau Morley LLP
29 June 2022
Chartered Accountants
Statutory Auditor
325-327 Oldfield Lane North
Greenford
Middlesex
UB6 0FX
Landau Morley LLP is eligible for appointment as auditor of the Foundation by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 8 -
Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
2021
2020
Notes
£
£
£
£
£
Income from:
Donations, legacies, contributions towards overheads and similar income
3
518,277
914,134
-
1,432,411
1,630,493
Investments
4
8,813
-
-
8,813
64,471
Total income
527,090
914,134
-
1,441,224
1,694,964
Expenditure on:
Raising funds
5
-
-
-
-
93
Charitable activities
6
244,402
951,478
-
1,195,880
2,438,297
Total expenditure
244,402
951,478
-
1,195,880
2,438,390
Net gains/(losses) on investments
10
22,877
-
-
22,877
(30,224)
Net income/(expenditure) before transfers
305,565
(37,344)
-
268,221
(773,650)
Gross transfers between funds
18
3,064
(3,064)
-
-
-
Net movement in funds
308,629
(40,408)
-
268,221
(773,650)
Fund balances at 1 October 2020
560,236
3,698,827
50,000
4,309,063
5,082,713
Fund balances at 30 September 2021
868,865
3,658,419
50,000
4,577,284
4,309,063
The statement of financial activities includes all gains and losses recognised in the year.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 9 -
Comparative Statement of Financial Activities for the year ended 30 September 2020.
Unrestricted
Restricted
Endowment
Total
funds
funds
funds
2020
Notes
£
£
£
£
Income from:
Donations, legacies, contributions towards overheads and similar income
3
257,099
1,373,394
-
1,630,493
Investments
4
64,471
-
-
64,471
Total income
321,570
1,373,394
-
1,694,964
Expenditure on:
Raising funds
5
93
-
-
93
Charitable activities
6
60,666
2,377,631
-
2,438,297
Total expenditure
60,759
2,377,631
-
2,438,390
Net (loss)/gains on investments
10
(30,224)
-
-
(30,224)
Net income/(expenditure) before transfers
230,587
(1,004,237)
-
(773,650)
Gross transfers between funds
-
-
-
-
Net movement in funds
230,587
(1,004,237)
-
(773,650)
Fund balances at 1 October 2019
329,649
4,703,064
50,000
5,082,713
Fund balances at 30 September 2020
560,236
3,698,827
50,000
4,309,063
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2021
30 September 2021
- 10 -
2021
2020
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
12
733
703
Investments
13
265,942
243,065
266,675
243,768
Current assets
Trade and other receivables
15
68,285
25,493
Cash at bank and in hand
4,320,734
4,101,427
4,389,019
4,126,920
Current liabilities
16
(78,410)
(61,625)
Net current assets
4,310,609
4,065,295
Total assets less current liabilities
4,577,284
4,309,063
Capital funds
Endowment funds
17
50,000
50,000
Income funds
Restricted funds
18
3,658,419
3,698,827
Unrestricted funds
868,865
560,236
4,577,284
4,309,063
The company is entitled to exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2021, although an audit has been carried out under section 144 of the Charities Act 2011. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these accounts under the requirements of the Companies Act 2006.
The
Governors acknowledge their
responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The accounts were approved by the Governors on 28 June 2022
Harold Paisner (Chairman and President until 1 May 2022)
Henry Charles
Governor
Governor
Company Registration No. 01376848
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 11 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
210,833
(779,568)
Investing activities
Purchase of property, plant and equipment
(339)
(893)
Interest received
8,813
64,471
Net cash generated from investing activities
8,474
63,578
Net increase/(decrease) in cash and cash equivalents
219,307
(715,990)
Cash and cash equivalents at beginning of year
4,101,427
4,817,417
Cash and cash equivalents at end of year
4,320,734
4,101,427
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 12 -
1
Accounting policies
Charity information
Ben-Gurion University Foundation is a charitable company registered in England and Wales.
The registered office is Devonshire House, 1 Devonshire Street, London W1W 5DR.
The Foundation's principal address is Raymond Burton House, 129 - 131 Albert Street, London, NW1 7NB.
1.1
Accounting convention
The accounts have been prepared in accordance with the Foundation's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Foundation is a Public Benefit Entity as defined by FRS 102.
The
financial statements
are prepared in
sterling
, which is the functional currency of the
Foundation
.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the
Governors have
a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors
continue
to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Charitable funds
Unrestricted funds are available for use at the discretion of the Governors in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Foundation.
1.4
Income
Incoming resources are accounted for on a receivable basis and comprise donations, legacies, contributions towards overheads, receipts from functions, receipts under gift aid and
bank interest
. Where a donor has made a legally enforceable commitment to make future donations to the Foundation, these are recognised when the commitment is made.
Legacies are recognised on receipt or otherwise if the Foundation has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 13 -
1.5
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Where the Foundation has entered into a legally enforceable contract to make charitable grants in future periods, this expenditure is recognised in the period in which the contract is made. This is also the case where there is a constructive obligation to make such grants. The Foundation is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.
Support costs have been allocated to the Foundation's primary purpose of supporting the University
.
1.6
Equipment
Equipment is
initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office fittings and equipment
15% p.a. on cost.
Computer Equipment
Over two years on a straight line basis.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in
net income/(expenditure) for the year.
1.7
Non-current investments
Fixed asset investments
are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in
net income/(expenditure) for the year
. Transaction costs are expensed as incurred.
1.8
Impairment of non-current assets
At each reporting
period
end date, the
Foundation
reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any
)
.
1.9
Cash and cash equivalents
Cash and cash equivalents include cash in hand
and
deposits held at call with banks
.
1.10
Financial instruments
The
Foundation
has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the
Foundation
's
balance sheet
when the
Foundation
becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 14 -
Basic financial assets
Basic financial assets, which include
other receivables
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables
are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p
aymen
ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of
operations
from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the
Foundation
’s contractual obligations expire or are discharged or cancelled.
1.11
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
The Foundation operates
a
defined contribution pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.
1.13
Foreign exchange
Income and expenditure account items are translated at an average exchange rate, actual rate or period end rate, whichever is appropriate. Assets and liabilities are translated at the exchange rates ruling at the balance sheet date.
The net differences arising have been dealt with through the statement of financial activities.
1.14
Income distributions from investments and interest on bank deposits are both accounted for on an accruals basis.
1.15
Fund Accounting
The unrestricted income fund consists of funds to be used for the purposes of the Foundation's objectives at the discretion of its Board of Governors.
Restricted funds represent donations received which have been or will be paid to the University at the stipulation of the donor.
The restricted capital fund comprises a permanent endowment fund (see Note 1
7
). The income generated by the funds held on this endowment is unrestricted and is therefore included as part of the unrestricted income funds for the year.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 15 -
2
Critical accounting estimates and judgements
In the application of the Foundation’s accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Donations, legacies, contributions towards overheads and similar income
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2021
2021
2021
2020
2020
2020
£
£
£
£
£
£
Donations and gifts
59,167
914,134
973,301
107,099
603,394
710,493
Legacies receivable
459,110
-
459,110
150,000
770,000
920,000
518,277
914,134
1,432,411
257,099
1,373,394
1,630,493
The legacies receivable of £459,110 consist of distributions of £434,110 received from the Estate of the late Frederick Cable Comrie and £25,000 receivable from the Estate of the late Eric Charles.
4
Investments
Unrestricted
Unrestricted
funds
funds
2021
2020
£
£
Income from listed investments
8,759
9,694
Interest receivable
54
54,777
8,813
64,471
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 16 -
5
Raising funds
2021
2020
£
£
Fundraising and publicity costs
-
93
-
93
6
Charitable activities
2021
2020
£
£
Staff costs
33,580
33,608
Depreciation and impairment
309
314
1,154
-
2,750
2,530
1,849
1,810
690
2,140
619
906
443
713
2,285
116
Gains/(losses) on foreign exchange
156,499
(77,640)
16,000
17,600
792
859
20,820
14,280
2,304
2,520
1,888
160
241,982
(84)
Grant funding of activities (see note 7)
953,898
2,438,381
1,195,880
2,438,297
Analysis by fund
Unrestricted funds
244,402
60,666
Restricted funds
951,478
2,377,631
1,195,880
2,438,297
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 17 -
7
Grants payable
2021
2020
£
£
Grants to institutions:
Ben-Gurion University of the Negev
953,898
2,438,381
8
Governors
None of the Governors (or any persons connected with them) received any remuneration or benefits from the Foundation during the year.
true
9
Employees
Number of employees
The average monthly number of employees during the year was:
2021
2020
Number
Number
Employee(s)
1
1
Employment costs
2021
2020
£
£
Wages and salaries
32,233
31,212
Social security costs
(260)
835
Other pension costs
1,607
1,561
33,580
33,608
There were no employees whose annual remuneration was £60,000 or more.
10
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2021
2020
£
£
Revaluation of investments
22,877
(30,224)
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 18 -
11
Taxation
No liability for taxation arises as the Foundation is a registered charity and is, therefore, exempt from taxation on the income arising from its normal activities.
12
Equipment
Office fittings and equipment
Computer Equipment
Total
£
£
£
Cost
At 1 October 2020
2,494
10,620
13,114
Additions
-
339
339
At 30 September 2021
2,494
10,959
13,453
Depreciation and impairment
At 1 October 2020
1,941
10,470
12,411
Depreciation charged in the year
138
171
309
At 30 September 2021
2,079
10,641
12,720
Carrying amount
At 30 September 2021
415
318
733
At 30 September 2020
553
150
703
13
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 October 2020
243,065
Valuation changes
22,877
At 30 September 2021
265,942
Carrying amount
At 30 September 2021
265,942
At 30 September 2020
243,065
Fixed asset investments revalued
These investments have a historical cost of £265,000 (2020: £265,000).
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 19 -
14
Financial instruments
2021
2020
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
62,456
19,354
Equity instruments measured at fair value at the year end
265,942
243,065
Carrying amount of financial liabilities
Measured at amortised cost
77,759
60,825
15
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Other receivables
62,456
19,354
Prepayments and accrued income
5,829
6,139
68,285
25,493
16
Current liabilities
2021
2020
£
£
Other taxation and social security
651
800
Other payables
63,731
46,425
Accruals and deferred income
14,028
14,400
78,410
61,625
17
Endowment funds
Capital Funds
Movement in funds
Balance at
1 October 2020
Incoming resources
Resources expended
Transfers
Investments gains/losses
Balance at
30 September 2021
£
£
£
£
£
£
Permanent endowments
Endowment Fund
50,000
-
-
-
-
50,000
50,000
-
-
-
-
50,000
Income earned on the Fund is included under bank interest receivable as part of the unrestricted income fund.
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 20 -
18
Restricted funds
The income funds of the Foundation include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Balance at
1 October 2020
Incoming resources
Resources expended
Transfers
Balance at
30 September 2021
£
£
£
£
£
Funds raised for the University
3,698,827
914,134
(951,478)
(3,064)
3,658,419
19
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Capital funds
Total
£
£
£
£
Fund balances at 30 September 2021 are represented by:
Property, plant and equipment
733
-
-
733
Investments
265,942
-
-
265,942
Net current assets
602,190
3,658,419
50,000
4,310,609
868,865
3,658,419
50,000
4,577,284
20
Operating lease commitments
At the reporting year end date the Foundation had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
7,665
17,600
BEN-GURION UNIVERSITY FOUNDATION
A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 21 -
21
Related party transactions
Eric Charles was a consultant to the Foundation's accountants, Citroen Wells ("CW") until he passed away on 27 December 2020. Henry Charles, a Governor, is a partner at CW. During the year, the Foundation paid for services provided by CW amounting to £20,820 (2020: £12,480), inclusive of VAT. In the year ended 30 September 2020, CW donated £5,865 to the Foundation.
At the year ended 30 September 2021, £25,000 was due to the Foundation from the Estate of the late Eric Charles.
During the year, The Rosetrees Trust, a Trust which Ann Berger is Chief Executive of, donated £59,155 to the Foundation (2020: £60,000). At the year end, £29,155 was due to the Foundation (2020: £nil).
During the year, The Daniel Falkner Charitable Trust, a Trust which Ann Berger is a trustee of, donated £20,000 to the Foundation (2020: £nil).
During the year, The Harbour Foundation, a charity which Gideon Harbour is a trustee of, donated £200,000 to the Foundation (2020: £200,000).
During the year, the Governors did not donate any amounts to the Foundation. During the year ended 30 September 2020, the Governors donated amounts totalling £55,650 to the Foundation (net of gift aid), including £48,000 for 'The Jacqueline Charles Student Scholarship Endowment'.
In the year ended 30 September 2020, The Eric Charles Charitable Trust, of which Eric Charles was a trustee, donated £10,000 to the Foundation. Henry Charles is also a trustee of the Trust.
22
Cash generated from operations
2021
2020
£
£
Surplus/(deficit) for the year
268,221
(773,650)
Adjustments for:
Investment income recognised in statement of financial activities
(8,813)
(64,471)
Fair value gains and losses on investments
(22,877)
30,224
Depreciation and impairment of property, plant and equipment
309
314
Movements in working capital:
(Increase) in trade and other receivables
(42,792)
(14,945)
Increase in trade and other payables
16,785
42,960
Cash generated from/(absorbed by) operations
210,833
(779,568)
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