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Registered number: 14358067
Charity number: 1024324
INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the Charity, its Trustees and advisers
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Statement of financial activities
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Notes to the financial statements
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INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Sir P D Gluckman, Trustee
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Sir T M S Hughes-Hallet, Trustee
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Dr J K Maxton, Chief Executive
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Company registered number
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Charity registered number
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Third Floor
20 Old Bailey
London
EC4M 7AN
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Simmons Gainsford Professional Services Limited
Chartered Accountants
14th Floor
33 Cavendish Square
London
W1G 0PW
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INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The Trustees present their annual report together with the financial statements of the Charity for the year 1 October 2023 to 30 September 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The Objects of the Charity are, for the public benefit, to advance such charitable purposes, which are charitable under the law of England and Wales, as the trustees see fit, and in particular to advance science, in particular by providing grant funding to, in particular but not exclusively, the International Science Council for research projects (with the useful results of such research being disseminated to the public).
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Review of activities
This is the first period of operation for the Charity and this financial period was one of set-up with activity to commence in the next financial year.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Financial review
During the period the Charity received no income (2023: £nil), and incurred expenses of £5,277 (2023: £Nil)
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INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
Structure, governance and management
a. Constitution
International Science Council Foundation (UK) is registered as a charitable company limited by guarantee and was set up by Articles of Association.
b. Organisational structure and decision making policies
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles.
Members' liability
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Sir P D Gluckman
(Chair of Trustees)
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INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORSON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of International Science Council Foundation (UK) for the year ended 30 September 2024 which comprise the Statement of financial activities, the Balance sheet and the related notes from the Charity's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of International Science Council Foundation (UK), as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of International Science Council Foundation (UK) and state those matters that we have agreed to state to the Board of directors of International Science Council Foundation (UK), as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than International Science Council Foundation (UK) and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that International Science Council Foundation (UK) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of International Science Council Foundation (UK). You consider that International Science Council Foundation (UK) is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of International Science Council Foundation (UK). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Simmons Gainsford Professional Services Limited
Chartered Accountants
14th Floor
33 Cavendish Square
London
W1G 0PW
Date:
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INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the year.
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The notes on pages 7 to 9 form part of these financial statements.
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INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
REGISTERED NUMBER: 14358067
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
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Creditors: amounts falling due within one year
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Net current liabilities / assets
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The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Sir P D Gluckman
(Chair of Trustees)
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The notes on pages 7 to 9 form part of these financial statements.
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INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
International Science Foundation (UK) is a company limited by guarantee without share capital and use of 'Limited' exemption. The registered office address is Third Floor, 20 Old Bailey, London, EC4M 7AN.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
International Science Council Foundation (UK) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2.Accounting policies (continued)
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Liabilities and provisions
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Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
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Analysis of expenditure by activities
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Analysis of support costs
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INTERNATIONAL SCIENCE COUNCIL FOUNDATION (UK)
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
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During the year, no Trustee expenses have been incurred (2023 - £NIL).
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Creditors: Amounts falling due within one year
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Related party transactions
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Included within other creditors is £4,877 (2023: £Nil) due to a related charitable company. This is interest free and repayable on demand.
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