Charity registration number. 1003982 The Bologna Center of the Johns Hopkins University Charitable Trust Annual Report and Financial ststements for the Year Ended 5 April 2024 Wenn Townsend 30 St Giles Oxford OX13LE
The Bologna Center of the Johns Hopkins University Charitable Trust Contents Reference and Administrative Details Trustees, Report 2to3 Statement of Trustees, Responsibilities Independent Auditors, Rep)rt 5t08 Statement of Financial AdNib'es Balance Sheet 10 Cash Flow Statement 11 Notes to the Financial Slatements 12to20
The Bologna Center of the Johns Hopkins University Charitable Trust Charity Name The Bologna Center ofthe Johns Hopkins University Charitable Trust Trustees Mr. Angelo Ciavarella (appointed 9 August 2023) Ms. M Annstrong Mr. J Ulrich Jr. Mr. P Taylor Ms. A Magal Secretary Ms. E Flood Prlnelpal Office 19 Norcott Road London N167EJ Charlty Reg. Number 1003982 Bonker8 CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ Audltorn Wenn Townsend 30 St Giles Oxford OX13LE Page 1
The Bologna Center of the Johns Hopkins University Charitable Trust Trustee's Report The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2024. 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 (FRS102) (effective 1 January 2019). ObJ8Ctlves 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 aCtwitS In the current year a large donation of ¢£32,200,000 12023 £40,000,000) was received from an individual in support ofthe restricted fundsfor'SAIS Europe,. Gift aid ofc£6,400,00012023- £10,000,000) was reclaimed on Ihis 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 fegard to the public benefit guidance published by the Charity Commission for England and Wales. FundlSIng st8nd8rds infom7ation The charity does not raise funds from the general public, and has not received any complaints or concems in this regard during the current or preceding period. Grant making policies All donations received and gift aid claimed by the charity may be paid across as a granttothe 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. Flnanclal revlew The Statement of Financial Activities shovts net resources exnded for the year of £3,554,047. Reserves stand at £1,453,801, of which £1,439,771 relate to restricted funds, with unrestricted funds being £14,030. The present level of funding is adequate to support the objects of the Charity. PoIY on $&TheS 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 administrative costs as they fall due. As at the year end date, free reseNes of the Charity were £14,030, which is deemed to be in line with the above target. Principal funding sru Donations from individuals remain the principal fijnding source of the charity. Plans for future periods The trustees intend to continue operating in the same fashion in 2024-25 - with grant awards made out of funds generated. Page ?
The Bologna Center of the Johns Hopkins University Charltable Trust Trustee's Report Structure, governance and management Nature of goveming document The charity is unincorporated and is constituted and govemed by its Trust Deed dated 15 July 1991. Recwitment apPntrnent of trust8es 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 trusteès is vested in the trustees themselves. Induction and training of truste8s New trustees are intrt>Juced to the charity by existing trustees. oanIsati(al stmcture The charity's day-t(aY running is carried out by the secfetsry. All decisions are made by the trustees who have ultimate control. Risk Man8gem8nt The trustees have identified the major risks to which the charity is exposed and systems have been established to mitigate those rlsks. Risk assessments are reviewed every year by the Trustees. Cash flow risk Th8 Charity's activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The administrator monitors exchange rates regularly. cdi1 nsk The Charity's principal financial assets are bank balances and cash. The Charity uses a specialist charity bank to reduce its credit risk. Liquidity risk In order to maintain liquidity and to ensure that sufficient funds are available ft)r ongoing operations and future developments, the Charity monitors its cash flows regularly. Disclosure of information to auditor Each trustee has taken steps Ihat they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to esLgblish that the charity's auditor is aware of that information. The trustees confinn that there is no relevant information that they know of and of which they know the auditor is unaware. The annual report was approved by th8 trustees of the charity on T November 2024 and signed on its behalf Mr. John Ulrich Jr. Trustee Page 3
The Bologna Center of the Johns Hopkins Universlty Charitable Trust Statement of Trustees. Responsibllltles The trustees are responsible for preparing the trustees. report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the State of affairs of the charity and of the incoming resources and application of sourS of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounts'ng policies and then apply them consistently., observe the methods and principles in the Charities SORP (2019)., makejudgements and estimates that are reasonable and prudent", state whether applicable accounting stsndards have been foll0vd, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going con¢em basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that 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 Charities Act 2011. the applicable Charities (Accounts and Reports) Regulations, and the provisions ofthe trust deed. The trustees are also responsible for safeguarding the assets ofthe charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregulanties. The trustees are responsible for the maintenance and integrity of the charrty and the financial information included on Ihe charity's website in accordance with legislation in the United Kingdom goveming the preparation and dissemination offinancial statements. Approved by the trustees of the charity on 7th November 2024 and signed on its behalf by.. Mr. John Ulrich Jr. Trustee Page 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 '¢harity') for the year ended 5 April 2024, which comprise the Statement of Financial Activities, Balance Sheet. Cash Flow Statement. and Notes to the Financial Statements. including a summary of significant xcounting 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 stste ol the charity's affairs as at 5 April 2024 and of its incoming resources and application of resour. including its income and expenditure. for the year then ended,. have been properfy 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 ofthe Charities Act 2011. 8o•i8 for oplnlon We conducted our audit in accordance with Internatial Standards on Auditing (UK) (ISAS (UKI) 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 arxordance with the ethical requirements that a 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. Conclu8lon8 relatlng to golng concern In auditing the financial statements. we have ¢onduded that the trustees. use of the going concem basis of accounting in the preparation of the finanaal 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 Cdlectivety, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least tsvelve months from when the financial statements are authorized for issue. Our responsibilities and the responsibilities of the trustees with resped to going concem are described in the relevant sections of this report. Other Infom7atlon The trustees are responsible for the other information. The other infomiation comprises the infomiation 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 infomiation and. expt to the exlent otherwise explicitly stated in our report, do not express any fomi of assurance condusion thereon. Page 5
The Bologna Center of the Johns Hopkins University Charitable Trust IndependentAuditor's Report to the Members of The Bologna Centerof 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 whethef 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 detemiine 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. Matters on whlch we are required to report by exceptlon 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 retums., or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we requlre for our audit. R08pon8lbllltle8 of tru8ts08 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 concem, 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 Charitsble Trust Independent Audltor's Reportto the Members of The Bologna Center of the Johns Hopkins University Charitsble Trust Auditor's re8pon8ibiliti88 for the audit of the financial 8tatements We have been appointed as auditor under section 144 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 Auditors, 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in 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 responsibilib'es. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularits'es, Including fraud, is detailed below.. We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operales. and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We discussed with the trustees the policies and procedures in place regarding compliance with laws and regulations We discussed amongst the audit team the identified laws and regulations and remained alert to any indications of non-compliance. During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Charities Act 2011. th8 Charity SORP12019). Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. Our proCedUS in relation to fraud included but were not limited to.. inquires of management whether th8y have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of intemal controls, including testing journals and appropriateness of other entries in the nominal ledger,. reviewing transactions around the end of the reporting period., and evaluating whether there was evidence of bias by the directors that represented a risk of material misslatement due to fraud. Because of the inherent Ilmitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional cOnalMent, forgery, collusion. omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. . This description forms part of our auditor's report. Page 7
The Bologna Center of the Johns Hopkins University Charitable Trust Independent Auditorfs Report to the Members of The Bologna Center of the Johns Hopkins University Charitsble Trust Use of our report This report is made solely to the charity's trustees, as a body. in accordance wth 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 trustees those matters V are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not a¢pt or assume responsibility to anyone other than the charity and the charty's trustees as a l)ody, for our audit work, for this report. or for the opinions we have fomied. For and on behalf of Wenn Townsend. Statutory Auditor 30 St Giles Oxford OX13LE November 2024 Wenn Townsend is eligible for appointment as auditor ofthe charity by virtue of its eligibility for appointment 8s auditor of a company under seclion 7212 of the Companies Act 2006. Page 8
V*W
The Bologna Center of the Johns Hopklns Unlverslty Charitable Trust Balance Sheet 5 April 2024 Nots 2024 2023 Current Assets Debtors Cash at bank and in hand 1,439,348 8,269,080 5,000,640 12,74 10 Current Asset8 9,708,428 5,012,814 Credltors: Amounts falllng due wlthln one year 11 {8,254,627) (4,9661 Net Current Asset8 1,453,801 5,007,848 Nèt Assets 1,453,801 5,007,848 Fund8 of tho charity: Restricted funds Unrestricted funds 13 13 1,439,771 14,030 5,0Tr),873 6,975 Total Fund8 13 1,453,801 5,007,848 Approved by the Board of Trustees on 7th November 2024 and slgned on thelr behalf by: Mr. John Ulrich Jr Tru8tee The notes on page 12 to 17 fomi part of th•$e financSal statements Page 10
The Bologna Center of the Johns Hopkins Univernity Charltable Trust Statement of Cash Flows forthe year ending 5 April 2024 Nots 2024 2023 Cash flow from operating activities Net income for period {Increaselldecrease in debtors Increasel(decrease) in creditors Interest received (3,554,047) 3,561,292 8,249,661 {9,500) 5.001,356 (5,000,423> 2,902 (5,030) Net cash flows from operatlon actlvltl08 8,247,406 (1,195) Cash flow8 from Investlng actlvltles Interest received 9,500 5,030 Cash flows from Inve8tlng activltles 9,500 5,030 Increase in cash and cash equivalents in the year 8,256,906 3,835 Cash and cash equivalents at the beginning of the year 12,174 8,339 Total cash and cash equlvalents at the end of the year 8,269,080 12,174 Page11
The Bologna Center of the Johns Hopkins Universlty Charltable Trust Notes to the Accounts for the year ended 5 April 2024 Summary of Significant Accounting Policies Basls of Preparation The Bologna Center of the Johns Hopkins University Charitable Trust is an unincorporated charity in the United Kingdom. The address of the principal office is given in the charity information at the front of these financial statements. The nature of the charity's operations and principal activities are noted in the Trustees Report. The charity constitutes a public benefit entity as defined by FRS 102. 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 Stsndard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102>, the Chartties Act2011, and UK Generalty Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain Items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Income Recognltlon All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtsined, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity, and it is probable that they will be fulfilled. 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. Expendlture All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. ere costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of those resourtss Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes Costs that can be allocated directly to such activities, and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and Include the audit fees and costs linked to the strategic management of the charity. Grants Payable Grants are payable to charitable organisations in accordance with the charity's governing instruments. Vvhere unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the grant will be paid. Page 12
The Bologna Center of the Johns Hopkins University Charitable Trust Notes to the Accounts (continued) for the year ended 5 Aprll 2024 Summary of sign5ficant accounting pollcles (contlnued Fund Accounting Unrestricted income fvnds are general funds that are avaiSable for use at the trustees, 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. Foreign Currency Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the SOFA. Debtors and Credltors RecelvablelPayable Wlthln One Year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Taxatlon The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of charitable company for UK corporation tax purposes. Golng Concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level offunds held and the expected level of income and expenditure for 12 months from authorising the financial statements. They have included an assessment of the continued potential impact of significant global macro-economic factors on these forecasts. The budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as going concern. Slgnlficant Judgements and Estlmates In the application of the charity's accounting policies, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Donatlon Income Unrestrlcted 2024 Restrlcted 2024 Total 2024 Total 2023 Donations from individuals Gift Aid reclaimed 610 25,760,751 6,439,208 25,761,361 6,439,208 40,006,012 10,000,180 Investment Income Unrestrlcted 2024 RestrFCted 2024 Total 2024 Total 2023 Interest 9,500 9,500 5,030 Page 13
The Bologna Center of the Johns Hopklns Unlvernty Charitable Trust Notes to the Accounts (continued) for the year ended 5 April 2024 Expendlture on charitable activities Grdnt funding 2024 Totsl 2024 Total 2023 Grants payable to The Bologna Center 35,764,116 35,764.116 45,009,866 Anaty818 of support costs Support costs allocated to charltable acllvities AllocatSon Ba818 Governance Costs F5nance Costs Total 2024 Total 2023 Grants payable 100 2,880 175 3,055 3,597 Basls of allocatlon 1000A - all support costs have been allocated to grants to insbtutions. Governance costs Total 2024 Totsl 2023 Audltor fees: Audit of the financial ststements Accountancy fees 1,680 1,200 2.250 1,200 Trustees and key management personnel remuneratlon and expense8 The Trustees neither received nor waived any rerwneratK)n or reimbursement for expenses during the year {2023.' £Nil). Page 14
The Bologna Center of the Johns Hopklns UnlveTsity Charitable Trust Notss to the Accounts (continued) for the year ended 5 April 2024 Debtors 2024 2023 Other debtors 1,439,348 5,000,640 Credltors 2024 2023 Grants payable Other creditors Accrued expenses 8.250,841 610 4,356 3,786 8,254,627 4,966 Statement of funds At6 Aprll 2023 At5 Expendlture Aprll 2024 Income Unrestricted general funds 6.975 10,110 (3,055) 14,030 Restricted funds.. UK Fellowship fund Class of 1990 Fellowship fund Class of 1966 Fellowship fund Class of 1968 Fellowship fund Class of 1971 Fellowship fund Class of 1983 Fellowship fund Bolognesia event of 2022 Gita Beker Busjeet Memorial fund Enzo Grilli Fellowship fund Elif Nazmiye Yavuz Memorial fund Kathryn Knowles fund SAIS Europe Fund Taddei Fellowship for Economics Fund 328 3.000 414 297 187 419 1,000 112 100 67 (51) 4,995,000 300 (220) 408 3,000 727 717 187 794 1,000 112 100 67 151) (35,750,841 } 1,432,710 (4,000> 313 420 6.375 (6,000) 32,188,551 4,0(Y) Total restricted funds 5,000,873 32,199,959 (35,761.061) 1,439,771 Total funds 5,007,848 32,210,069 (35,764,116) 1,453,801 Page 15
The Bologna Center of the Johns Hopkins University Charitable Trust Notes to the Accounts (continued) for the year ended S April 2024 statement of funds Icontlnued) At6 April 2022 At5 Expenditure April 2023 Income Unrestricted general funds 5,542 5,030 (3,597) 6,975 Restricted funds: UK Fellowship fund Class of 1990 Fellowship fund Class of 1966 Fellowship fvnd Class of 1968 Fellowship fvnd Class of 1971 Fellowship fund Class of 1983 Fellowship fund Bolognesia event of 2022 Gita Beker Busjeet Memorial fijnd Enzo Grilli Fellowship fund Elif Nazmiye Yavuz Memorial fund Kathryn Knowles fund SAIS Europe fund 33 295 3,000 3,000 414 297 187 419 1,000 112 100 67 (511 {45,005,769) 4,995,000 414 225 187 294 72 625 1,000 (500) 112 100 67 (51) (431) 50,001,200 Total restricted funds 950 50,006,192 {45,006,269) 5,000,873 Total funds 6,492 50,011,222 (45,009,866) 5,007,848 The specific purposes for which the funds are to be applled are as follows: Descri tion of Restricted Funds= UK Fellowship Fund contributes towards UK student scholarships. Class of 1990 Fellowship supports Bologna Center students through a yearly partial-tuFtion fellowship. Class of 1966 Fellowship suppo1 is Bologna Center students through a yearly partial-tuition fellowship. Class of 1968 Fellowship supports Bologna Center students through a yearly pa1 iial-tuits'on fellowship. Class of 1971 Fellowship supports Bologna Center students through a yearly partial-tuition fellowship. Class of 1983 Fellowship supports Bologna Center students through a yearly partial-tuition fell0vh1p. 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 Preferen for students coming from the following regions.. Latin America, Africa and Asia. Enzo Grilli Fellowship Fund perpetually finances a fellowship for SAIS students of any nationality in Bologna and in Washington. 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 assistan and public health in the developing world. Page 16
The Bologna Center of the Johns Hopklns Unlversity Charitable Trust Notes to the Accounts (continued) for the year ended S April 2024 ststement of funds (continued) 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 intemships, although funds may be used to underwrite student participation in study trips. SAIS Europe Fund addresses the most pressing needs of the school in all operational areas as they arise during the course of the year. A surplus of £14,030 exists on unrestricted reserves at the year end relating to support costs. 10 Analysis of net assets between funds Unrestrlcted Funds Restrlcted Funds Total Funds 2024 Current assets Current liabilities 17,816 {3,786) 9,690,612 (8,250,841) 9,708,428 (8,254,627) Total funds 14,030 1,439,771 1,453,801 Unre8trl¢t•d Funds Re8trfcted Fund8 Total Funds 2023 Current assets Current liabilities 11,331 (4,356) 5,001,483 {610} 5,012,814 {4,966) Total funds 6,975 5,000.873 5,007,848 11 Related party tran8actlon8 There were no related paty transactions in the current or preceding year. Page 17