Charity registration number: 1003982
## The Bologna Center of the Johns Hopkins University Charitable Trust
Annual Report and Financial Statements
for the Year Ended 5 April 2022
Westlake Clark Audit LLP 7 Lynwood Court Priestlands Place Lymington Hampshire SO41 9GA
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Contents**
|Trustees' Report|1 to 3|
|---|---|
|Statement of Trustees' Responsibilities|4|
|Independent Auditors' Report|5 to 8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Cash Flow Statement|11|
|Notes to the Financial Statements|12 to 20|
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2022.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 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 published on 16 July 2014.
## **Objectives and activities**
## _**Objects and aims**_
The charity's objects and its principal activities continue to be that of the advancement of education by the promotion in the United Kingdom of post-graduate courses offered by the Bologna Center of the Johns Hopkins University. This includes the provision of financial assistance, and scholarships to British Students.
## _**Objectives, strategies and activities**_
In current year a large donation of £2,400,000 (2021 - £2,900,000) was received from an individual in support of the restricted fund 'SAIS Europe'. Gift aid of £600,000 (2021 - £725,000) was reclaimed on this donation.
## _**Public benefit**_
The charity provides grants to the Bologna Centre of the Johns Hopkins University Charitable Trust in order to further education.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## _**Grant making policies**_
All donations received and gift aid claimed by the charity may be paid across as a grant to the Bologna Center at the discretion of the trustees. Where there are no restrictions imposed by the donor monies may be retained for administration and governance costs.
## **Financial review**
The Statement of Financial Activities shows net outgoining resources for the year of £1,133. Reserves stand at £6,492, of
which £950 relate to restricted funds, with unrestricted funds being £5,542. The present level of funding is adequate to
support the objects of the Charity.It is expected that the deficit on the unrestricted fund will be cleared in the next financial
period by retention of a large unrestricted donation.
## _**Policy on reserves**_
The Trustees have resolved to commit as much of the charity's resources as possible to expenditure grants, whilst retaining very modest reserves to meet day to day adminstrative costs as they fall due.
## _**Principal funding sources**_
Donations from individuals remain the principal funding source of the charity.
Page 1
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Trustees' Report**
## **Structure, governance and management**
## _**Nature of governing document**_
The charity is unincorporated and is constituted and governed by its Trust Deed dated 15 July 1991.
## _**Recruitment and appointment of trustees**_
The present trustees and any past trustees who served during the year are shown below, as at the date of the signing of this report. The power of appointing new trustees is vested in the trustees themselves.
## _**Induction and training of trustees**_
New trustees are introduced to the charity by exisiting trustees.
## _**Organisational structure**_
The charity's day to day running is carried out by the secretary. All decisions are made by the trustees who have ultimate control.
## **Reference and Administrative Details**
**Charity name** The Bologna Center of the Johns Hopkins University Charitable Trust **Trustees** Ms G Kelly (resigned 20 January 2022) Mr A Ruck Keene (resigned 20 January 2022) Ms M Armstrong (since 29 November 2019) Mr J Ulrich Jr. (since 7 December 2019) Ms S Dore (since 15 July 2019) Mr P Taylor (appointed 20 January 2022) Ms A Magal (appointed 20 January 2022) **Secretary** Ms E Flood **Principal Office** 19 Norcott Road London N16 7EJ **Charity Registration Number** 1003982 **Bankers** CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ
Page 2
The Bologna Cenler of the Johns Hopkins Ulliversity Charit8ble Trust
Trustees, Report
Auditors
We18ke CI•Tk Audit LLP
7 Lynwood Court
Priesilands Place
Lymingn
Hamp5hir¢
S0419GA
Flnillrlal Im5trnmtmts
Objecilvts ••dpollcles
Th¢ ChaTlty'S aciivilics txpxe li w * number of finan¢i•l risks includin$ ex¢h*we rnre risk.
CashJl•w
The Ch•riry's aelivttie$ exKw it primarily the financial risks of chwes in foreign curren¢y ex¢han8e rate5.
The adrnin1siral monitors exch¢ r¢5 1ryuY.
Credli
Th¢ Charity's prin¢11 fjnancial are bk bAlan¢es ¢th. The Chwity u5e5 a specialisi ¢hty bank to
r¢duee lis credit risk.
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In ord¢r w m8tniAin liquidiiy to ensur¢ ththt sUffleft1 tta5 Wt 4vailabie for on8oin8 OPtraiN)11$ 4TNI fulur¢
developments. th¢ Chariry 1¢$ flows It¥Ily.
Dlselosure of inforN•¢lon to luditor
Each Irusi¢¢ has taken Sleps Ihjl Ih¢y ou8hi 10 h•v¢ taken as i tYuJ¢e¢ in order lo mak¢ themJ¢lves aware of any
rtl¢vaiii audii infomialion and 10 establish ihai ihe charity'5 4udiior is iware of that inforniaiion. Th¢ ¢ru5tees
onfimi thai Ih¢re is no relevant ithfornl0Tr that Ih¢y krKiw of and of ithi¢h Ihcy kno* the iudilor 15 unaware.
'riie &nnuRI reFX)rt wgs wrovd by the tnLJlffs of the charity on...
. $bw*d on its behalf by..
Ir John Ulrich Jr.
Tru51ee
The Bologna Cellter of the Johns Hopkins UniTrersity Charitable Trust
Statement of Trus¢ees' Responsibilities
The bwte¢s are ¥¢sponsÉble for prrwing the thtstees. r¢p)rt rhe financial sthtements in accordathce with the
United Kingdom Accouniing Stsndards (Unit¢d Kingdom Generall>. Ad Aecounting Prnrticel and
applicable law aThd r¢8ulaiions.
The law applicable to chariiics requirts th¢ tNst¢es to prepare fittath¢i•l 5thtCmCN5 for ea¢h financial ytar which
giv¢ a and fatr view of the slate of affairs of ihe charity and of the incoming resources and &pplic*ion of
resources of the charity for thai period. In ParIng thtse fw¢ial ststemtnts. the tru5ttt5 are required to..
selett suitsbl¢ al)lI1n9 litIeS and then apply them ¢onsi*enily.'
observe the and principles in the Chariti¢s SORP {2019I:
mak¢ jwl8¢ments and estimotcs that are reawnabk aT p¥enl
Stite thether appli¢abl¢ accounting standards have beth followcd subiert any mat¢rial departures
disclosed and explained in the financial 5ts1emenis- and
prepare th¢ financial siatemcnts ¢Jn th¢ going conten¥ bAsis Unl it is itiappwriate to presume thai th¢
charitv will continue irh busin¢$5.
The Iru51ecs are reS)nsible for keeping proper CoU11ng records that dise105e with reasonable actn¢Y ai any
lime the finaneial p)silion of the charity and en3bl¢ them ensure that th¢ fina181 statemen¢s ¢omply with the
Chariiies Act 2011. lh¢ applicable Charitie5 (Accounts ¥thd Rewrt51 Regula¢ins. and th¢ provisions of the
nsliiution. Th¢ Irusttts are also rE5FK)nsibl¢ saft8uarding the assds of Ihe th¥tty and hence for
reasMable ep5 for the ryevetttion #nd dffleuion of frnud Ind other irtt8ulariti¢s.
APpTrd by the irnsie¢s ofthc charity on ...
.l.>aThJ signed oft its behalf by..
Mr John Ulri¢h jr.
Trustee
Pa8e 4
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Independent Auditor's Report to the Members of The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Opinion**
We have audited the financial statements of The Bologna Center of the Johns Hopkins University Charitable Trust (the 'charity') for the year ended 5 April 2022, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP (2019) - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 5 April 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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 charity 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 trustees' 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 charitable company'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 trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 5
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Independent Auditor's Report to the Members of The Bologna Center of the Johns Hopkins University Charitable Trust**
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the trustees’ report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 4), the trustees 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 trustees 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 trustees are responsible for assessing the charity'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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 6
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Independent Auditor's Report to the Members of The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Auditor’s responsibilities for the audit of the financial statements**
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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements.
During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards SORP (2019) and Charity Act 2011.
• It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) which comprised inquiries of management and the Board of Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review meeting minutes; testing the appropriateness of journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 7
'rhc Boloxiij C'eiiter of tlie Joliiis Ilni)kins Iliiii'cr.sity C'li¥i'itabl¢'frust
Iiidc'iJcDdent Auditor's Rei)oJ-I t(b tliL. Menibei-s or'riie Bologna Center of the Johns
H()pliios UnivLibity Cliaritable Trust
Usc ofoijr rYporl
lis report is iii&de %aloly 10 the clidrity tr1151ees4 s a body, iii accordaiice wilh seclion 144 of I1 Cliariii¢s Aci
to lh¢ r11151ee5 tlifise tnatter% we •re reqiiir¢d to state to tl'U51cos in ¢1n aiiditui'.%' rep011 ld for iio other piiiy05e. lo
aiid its Iiustces u5 & bodji foi. oui. aii(lii ivork., for this I'cport, or foi- Ilic DPIIIIttIIS IS'C havc fomied.
Mogaii
Ic
I'anaiguin fccA (Sciiior SthtiilDry Aiiditor)
Foi-li nd om belialf of IVe&ilak¢ Clark Aiidit LLP
7 Lynwood Court
PriClandS Place
14&rn1).Ihirc
S041 gGA
Page 8
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Statement of Financial Activities (Including Income and Expenditure Account) for the Year Ended 5 April 2022**
|**Note**
**Income and endowments from:**
Donations and legacies
2
Total income
**Expenditure on:**
Charitable activities
3
Total expenditure
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
9
**Note**
**Income and Endowments from:**
Donations and legacies
2
Total Income
**Expenditure on:**
Charitable activities
3
Total Expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
9|**Unrestricted**
**funds**
**£**
-
-
(1,085)
(1,085)
(1,085)
(1,085)
6,627
5,542
**Unrestricted**
**funds**
**£**
60
60
(1,073)
(1,073)
(1,013)
7,640
6,627|**Restricted**
**funds**
**£**
3,003,706
3,003,706
(3,003,754)
(3,003,754)
(48)
(48)
998
950
**Restricted**
**funds**
**£**
3,863,590
3,863,590
(3,867,762)
(3,867,762)
(4,172)
5,170
998|**Total**
**2022**
**£**
3,003,706|
|---|---|---|---|
||||3,003,706|
||||(3,004,839)|
||||(3,004,839)|
||||(1,133)|
||||(1,133)
7,625|
||||6,492|
||||**Total**
**2021**
**£**
3,863,650|
||||3,863,650|
||||(3,868,835)|
||||(3,868,835)|
||||(5,185)
12,810|
||||7,625|
All of the charity's activities derive from continuing operations during the above two periods.
Page 9
The Bologna Center of the John5 Hopkins Uniiersity Charitable Trust
{Re£istr#tion number.. IIX13982)
Balance Sheet as at 5 April 2022
2022
2021
Note
Currtnt •sxls
Debior5
Cash ai Imnk and in hand
218
.339
265
9,430
.557
9.695
C.reditnr5: Amounii f*lling wlthiTr one ye*r
Net se¢S
(2,0701
6.492
7.625
Funds oftbe charliy:
Restri¢ied Income funth
RtSth**Cash flows from operating activities**
Net cash expenditure
**Working capital adjustments**
Decrease in debtors
7
(Decrease)/increase in creditors
8
Net cash flows from operating activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at 6 April
Cash and cash equivalents at 5 April|**2022**
**£**
(1,133)
47
(5)
(1,091)
(1,091)
9,430
8,339|**2021**
**£**
(5,185)
497
1,230|
|---|---|---|
|||(3,458)|
|||(3,458)
12,888|
|||9,430|
All of the cash flows are derived from continuing operations during the above two periods.
Page 11
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with 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) - (Charities SORP (2019) (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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 issued on October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **Basis of preparation**
The Bologna Center of the Johns Hopkins University Charitable Trust is an unincorporated charity that meets the definition of a public benefit entity under FRS 102. The address of the principal office is given in the charity information on page 2 of these financial statements. The nature of the charity’s operations and principal activities can be found in the Trustees' Report on page 1. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements are presented in pound sterling which is the functional currency of the charity and rounded to the nearest £1.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
## _**Other income**_
Other income relates to payments received from the Johns Hopkins University in order for the Trust to pay for its bank charges and accountancy fees.
Page 12
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Grant provisions**_
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and at bank that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 13
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
## **2 Income from donations and legacies**
|Donations and legacies;
Donations from individuals
Gift aid reclaimed|**Restricted**
**funds**
**£**
2,403,177
600,529
3,003,706|**Total**
**2022**
**£**
2,403,177
600,529
3,003,706|**Total**
**2021**
**£**
3,138,008
725,642|
|---|---|---|---|
||||3,863,650|
## **3 Expenditure on charitable activities**
|Grants payable to The Bologna Center of the Johns
Hopkins University|**Grant funding**
**of activity**
**£**
3,004,839|**Total**
**2022**
**£**
3,004,839|**Total**
**2021**
**£**
3,868,835|
|---|---|---|---|
Page 14
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
£1,085 (2021 - £1,073) of the above expenditure was attributable to unrestricted funds and £3,003,754 (2021 - £3,867,762) to restricted funds.
## **4 Analysis of support costs**
## **Support costs allocated to charitable activities**
|**Basis of allocation**
Grants payable to The
Bologna Center of the Johns
Hopkins University
100%|**Governance**
**costs**
**£**
924|**Finance**
**costs**
**£**
161|**Total**
**2022**
**£**
1,085|**Total**
**2021**
**£**
1,013|
|---|---|---|---|---|
## **Basis of allocation**
**Reference Method of allocation** 100% All support costs have been allocated to grants to institutions
## **Governance costs**
|Audit fees
Audit of the financial statements|**Unrestricted**
**funds**
**General**
**£**
924
924|**Total**
**2022**
**£**
924
924|**Total**
**2021**
**£**
840|
|---|---|---|---|
||||840|
Page 15
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
## **5 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration or reimbursed expenses from the charity during the year.
## **6 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **7 Debtors**
|**7**
**Debtors**|||
|---|---|---|
|Other debtors
**8**
**Creditors: amounts falling due within one year**
Other creditors
Accruals|**2022**
**£**
218
**2022**
**£**
1,159
906
2,065|**2021**
**£**
265|
|||**2021**
**£**
1,230
840|
|||2,070|
Page 16
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
|**9**
**Funds**
**Unrestricted funds**
**_General_**
Unrestricted income fund
**Restricted funds**
UK Fellowship fund
Bologna Class of 2006 tribute fund
Class of 1966 Fellowship fund
Class of 1968 Fellowship fund
Class of 1971 Fellowship fund
Class of 1983 Fellowship fund
Gita Beker Busjeet Memorial
Fellowship fund
Enzo Grilli Fellowship fund
Elif Nazmiye Yavuz Memorial
Fund
Kathryn Knowles Fund
SAIS Europe Annual Fund
**Total restricted funds**
**Total funds**|**Balance at 6**
**April 2021**
**£**
6,627
23
-
129
225
-
294
112
100
217
(51)
(51)
998
7,625|**Incoming**
**resources**
**£**
-
250
75
405
288
937
-
-
-
300
-
3,001,451
3,003,706
3,003,706|**Resources**
**expended**
**£**
(1,085)
(240)
(75)
(120)
(288)
(750)
-
-
-
(450)
-
(3,001,831)
(3,003,754)
(3,004,839)|**Balance at 5**
**April 2022**
**£**
5,542
33
-
414
225
187
294
112
100
67
(51)
(431)|
|---|---|---|---|---|
|||||950|
|||||6,492|
Page 17
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
|**Unrestricted funds**
**_General_**
Unrestricted income fund
**Restricted funds**
UK Fellowship fund
Class of 1966 Fellowship fund
Class of 1968 Fellowship fund
Class of 1971 Fellowship fund
Class of 1983 Fellowship fund
Class of 1992 Fellowship fund
Building fund
C. Grove Haines Professorship
K H Keller Professorship fund
Gita Beker Busjeet Memorial
Fellowship fund
Enzo Grilli Fellowship fund
Elif Nazmiye Yavuz Memorial
Fund
Kathryn Knowles Fund
SAIS Europe Annual Fund
**Total restricted funds**
**Total funds**|**Balance at 6**
**April 2020**
**£**
7,640
193
34
850
250
294
1,246
-
-
-
112
100
1,493
299
299
5,170
12,810|**Incoming**
**resources**
**£**
60
300
475
-
-
78,333
78
500,000
78,333
78,333
-
-
2,438
150
3,125,150
3,863,590
3,863,650|**Resources**
**expended**
**£**
(1,073)
(470)
(380)
(625)
(250)
(78,333)
(1,324)
(500,000)
(78,333)
(78,333)
-
-
(3,714)
(500)
(3,125,500)
(3,867,762)
(3,868,835)|**Balance at 5**
**April 2021**
**£**
6,627
23
129
225
-
294
-
-
-
-
112
100
217
(51)
(51)|
|---|---|---|---|---|
|||||998|
|||||7,625|
Page 18
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
The specific purposes for which the funds are to be applied are as follows:
Description of Restricted Funds:
UK Fellowship Fund contributes towards UK student scholarships.
Fred Hood Fund supports research activities of PhD and MAIA students at the Bologna Center, contributing towards research costs such as travel to conferences or the purchase of research publications.
Class of 1966 Fellowship supports Bologna Center students through a yearly partial-tuition fellowship.
Class of 1968 Fellowship supports Bologna Center students through a yearly partial-tuition fellowship.
Class of 1983 Fellowship supports Bologna Center students through a yearly partial-tuition fellowship.
Class of 1992 Fellowship supports Bologna Center students through a yearly partial-tuition fellowship.
Class of 1993 Fellowship supports Bologna Center students through a yearly partial-tuition fellowship.
Gita Beker-Busjeet Memorial Fellowship fund supports a fellowship for a student who spends his or her first year at SAIS Bologna and shares Gita’s professional interests in economic and social development as well as in the economic empowerment of women, with a preference for students coming from the following regions: Latin America, Africa and Asia.
SAIS Europe Annual Fund addresses the most pressing needs of the school in all operational areas as they arise during the course of the year.
Elif Nazmiye Yavuz Memorial Fund is a fellowship established in memory of SAIS alumna Elif N. Yavuz, who was killed in September 2013 during a terrorist attack on a shopping mall in Nairobi, Kenya, together with her partner and their unborn child. The fellowship supports a student with career and research interests similar to Yavuz's: humanitarian assistance and public health in the developing world.
Enzo Grilli Fellowship Fund perpetually finances a fellowship for SAIS students of any nationality in Bologna and in Washington
Kathryn Knowles Fund is in memory of SAIS alumna and member of the SAIS Europe staff Kathryn Knowles, who passed away in September 2018 after a brief illness. The fund aims to support experiential learning opportunities for students who are affiliated with the European and Eurasian Studies program or who attend SAIS Europe. The priority will be to support student internships, although funds may be used to underwrite student participation in study trips.
SAIS Europe Director’s Discretionary Fund supports programmatic and student activities at SAIS Europe at the discretion of the SAIS Europe Director.
C. Grove Haines Professorship Fund: endowed fund established years ago in memory of the founder and first director of the Bologna Center and currently supporting the SAIS Europe Professor of History and International Studies, Dr. Mark Gilbert
Building Fund: the fund covers SAIS Europe capital needs, including the purchase and renovation of new facilities, architectural planning studies and infrastructure improvements on current facilities, or other space needs for the Johns Hopkins, SAIS Europe, Bologna, Italy campus
A surplus of £5,542 exists on unrestricted reserves at the year end relating to support costs.
Page 19
## **The Bologna Center of the Johns Hopkins University Charitable Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2022**
## **10 Analysis of net assets between funds**
|**10 Analysis of net assets between funds**||||
|---|---|---|---|
|Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
6,448
(906)
5,542|**Restricted**
**funds**
**£**
2,109
(1,159)
950|**Total funds**
**2022**
**£**
8,557
(2,065)|
||||6,492|
## **11 Related party transactions**
There were no related party transactions in the year.
Page 20