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2021-06-30-accounts

Reglstered Charlty Nth1040378 FORDHAM UNIVERSITY UK CHARITABLE TRUST ANNUAL TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

FORDHAM UNIVERSITY UK CHARITABLE TRUST CONTENTS P•ge Reference and admlnlslrauve Infomiallr Report of the Trustee 2-11 Independent auditor's re￿1 12-15 Stat￿ent of finandal athlues 16 Balance sheèt 17 Statement of cash flov 18 Note8 lo the flnandal 8tst8m8nts 19-28

FORDHAM UNIVERSITY UK CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DEf.AILS FOR THE YEAR ENDED 30 JUNE 2021 CHARITY REGISTRATION NUMBER 1040378 PRINCIPAL ADDRESS: Fordham UnNer&ty London Centre 2 Eyre Street Hill London EC1R SET TRUSTEE F￿dharn Unwersty (USA) UK Pp)Jrams Llmlted DIRECTORS OF THE TRUSTEE: E Fahey-smith D Rapaceioli M S Simmons INDEPENDENT AUDITORS Prfce Balley LLP Chartered Accountants & Statutory Audltors Tennyson House Cambridge Business Park Cambridge CB4 OWZ BANKERS The Royal Bank of Scotland London Holboffl Branch 127-128 High Holl)om London WC1V 6PQ SOLicrroRS ayd8 & Co LLP St Botolphs Building 138 Houndsditch London EC3A 7AR

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2021 Our Charltable Objectlves To provide educalon for undergraduate students of thè Charity vthilst studying in the United Kingdcxn - to advance education and leaming and where they may vnrk towards undergraduate degrees of the Charity. No member of the Charity NMII be subject to any lest of a religious. raaal. political or social ¢haracler. This year the Charity's activrties continued lo focus on the three main academic programmes: London Dramatic Academy ILDAI, Gabelli School of Businass (GS81 L0ndC￿ Programme, and Liberal Arts ILAS) London Programme. The Charlty delivers these obie¢tNes. ￿lIe kegping V*ithln the goals and objectNes oudined In Fordham Unlversily's Mission Statement. To provide high-qualty undergraduate academic. co- and extra- ¢urrictJar OPF)Ortunities to students in an English-speaking. but culturally div8rs8 urban context. Thare 1$ a strong commitment lo the creative ctynbinalion of lo￿n31 Idassrooml and axperiential loff-5ite) learning. In the pursuit of these objectives, the Charity holds classes. lectures and seminars, and organlses field studies and gulde travel opportunities. Throughout thebr semester of study students are fully supported wth experienced care for their well-being. OurGoal To provide high qualty sludy abroad prcgrammes In the UK for students frcm Fordham Unlverslty In New York, and for other US unwersitles. vthilsl keeping wthin the goals and otyecuves ouulned in Fordham University's own Misson Slaternent. Our Mlsslon Fordham University in London's rn1￿0n Is to educate qualrfied indNlduals fr(¥n dlfferent falths. ujltures and beliefs in line ￿th our Jesuit tradition of Caref￿ t)bservallon. uillcal Ihinking, uealivity, moral reflecaion, and articulate 8xpresslon in preparing studenls fw respMsible leadership in a global society. Our Actlvltles The usual on the ground semesler4ong stvdy abroad F￿rammeS in the fall and spring as well 85 four week summer programme were suspended during this period due lo Ihe pandemi¢. There were no inlemship programmes running during this period either. Students studying al Fordham London had returned to their h(xne countries (mainly in the Uniled Slates} vh)en Fordham London shul in March 2020 and the semester continued online. The wogrammes did nol run in summer 2020 and fall 2020. Howevar. virtual classes delivered from London lo students in New York ran during spring 2021. Tho In ￿r$On study abroad prcgramme resumed in fall 2021. The Charity provides an educational environm6nt that enables undergraduale students to develop Ihelr capabilitiès. knowledge and skills. It prcffiotes the acad8rnic and cultural leaming of ils students through the programme, Nthich indudes academic courses. co- and eXtraI￿rrICUlar activities.11 provldes an educational environment in %thi¢h. in addition to comF4eting rigorous acad&mic courses. each student can develop and fulfil their potential,. building their self-confidon¢e and inculcating a desre to contribute lo the ￿der crKnmurity. In doing so, il prepares students for the opportunities, responsibilities and experiences of later lrfe. The Charity dfers courses in a wde variety of subj'ects induding Advertising. Anthropology. Architedure, Business Administration. CLxnmunications De￿gn, Communications. Drama. Economic5. English, Finance. History. History of ArL History, Infomiation Studies. Law & Public Policy, Ma￿eting, Mass Communi¢atiw, Music Industry. Photography. Political Scien￿, Psychology, Religion. Sociology, and Televison-RadiTrFilm. Students vtho complete these courses successfully are awarded credits which are counted towards their degree at Fordharn University or at the university Nthere they are enrdled. The London Dramatic A￿demY Programme. vknich crffered drama conservatory programmes, dosed in the summer of 2020.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charlty No: 1040378) REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2021 Public B¢n&fft The TTUStees of the Charity have cx)nsidered the Charity CL¥nmission'$ guidance on the operatlon of public benefit under th8 Charities Act 2011 and consder that the requirements have been met under the Charity's objects and adivities. In summary. the Charfty provid8s, In conjunction ￿1th Fordham University in New York, an education Ich Is recognised int8malionally as being of the highest standard for s(Yne 500 students each year. Thls education devdijps students academicalty. supwrts their career amtj'tions. and promotes their community and Interpersonal skills. On gradualion fr(m Ihe Universlty they are enabled lo play enhanced and effective rcles for the benefit of society around the w￿r1d. This wOrld￿a$S education is provided to Students tho have the highest academic p)lential vthatever their financial means or rdigious, raual, lilical or social background. We are an equal opportunity Ixgani5ation and are committed lo a working environment that is free fr￿￿ any fomi of di5c¥irnlnallon on the wJunds of cdour. race. ethnlcity, rell910n, sex, sexual orientation or disabllity. The students of Ihe Unlverslty are the primary benefiu8ries and are dlrecty engaged In educatlon and 18aming. Chalr's Message Fordham London's operallons Ihls year Vlere significanlly diswpted by Ihe pand￿￿1¢. No studenls were present In London during the perfod cl time covered by this report. though spring 2020 had started In person and Ihen continued online after students were repatrialed because of the pandeml¢, It was not possble lo offer a virtual study abroad semester for Ihe summer or the fall cl 2020. However In spring 2021, a virtual experience byas delivered and this induded academic and experiential ccrfnponents. When the decigon was taken lo resume study abroad in London for the fall 2021. mwh of the summer period was spent preparing f￿ these aclivities. Staff vtho had been fudoughed under the UK govemmenl's s(eme resumed full lime th in the summer 2021 to prepare the resumption of the fall programme. The London Dramatic Academy closed in May 2020 after a number crf years of dech'ning enrdments and the lack of participation Lrf Fordharn studenls. Fdlowng this dosure, renovation work wa5 undertaken on the first floor to replace studio space wlh dassrooms, and several flgxible teaching spaces were Lyeated in￿easIng our teathing capacity significantly by 150 additional students a semester. Father Richard Salmi left his role as Head cl Centre in June 2020 and the Director of Academic Affairs, ma￿ &mmons assumed the post of Interirn Head of Centre in July 2020. Mr Simmon5 remained in this post until Ihe appointment of the SeThor Thrector, Vanessa Beever in September 2021. The Gabeui London Speaker series was created and ran during spring 2021. Its was to ¢onnect students with F￿dh￿Tr,5 partners in industry and universities throughout the UK and EU. 12 lecture5 were arranged over the semester and offered a unique global experience. They were devdoped by working closely wth alvmni, Fordham London Advisory Board member5 and strategic partners. On average over 8 Niduals eThJed the live *ELNnars each week. Ellen Fahey Srnith Chalr

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEE (contlnued) FOR THE YEAR ENDED 30 JUNE 2021 Ptlnclpal achlevements for the year Fordham Unlverslty, London though spring 2020 had started in person and then continued online after S￿dents V￿re repatriated because of the pandemic. it was not p0s￿ble lo offer a virtua stuty abroad semester for the summer or the fall of 2020. However in spring 2021. as an altemativ8 to a full programme in London, a virtual experfencè was delivèred and induded academie and experiential c(xnponents. This London actlvity was integrated into the New York programme to support intemati¢)nalisation on the hc*ne campus, provide global expenence, maintain the wofile of Fordharn London and act as a mart(8ting lool for potential study abroad applicants. This vrds the first time London courses had been offered lo Fordham students in New York. It vrds a cg)m ￿eX task vthich the teJn delivered successfully. Academlc Proqrammes- G•belll School of 8u51ness and Uberal Arts During the fall the tewn continued lo on develoFing an academic programrne for spring 2021. The decision taken In earty Odober to cancel plans fty a London swng pr￿ramrne based on the ongoing pandemic and the de￿re to minimise risk to students. As an alternative to an in-person spring 2021 projramme fro￿ London, a virtual experfence was created for students with academic and experienlial ccmponents. The London activity was integrated into the New York programme to support inlemationalisation on the home campus, provide a global experience, maintain the proflle of the London cent￿ and ad as a Ma￿eting tool for polentid future study abroad students. A total of 276 students partiapated in F(￿dham'S flrst vlrtual study abroad offer. A range of courses were offwed to students on the home campus for Spring 2021. They We￿ chosen a$ they contained a signfficant prcpotton of uKIL0ndc￿ material, mel core academlc requ1￿MentS and were delivered by some of our most expefienced faculty. ENGL 4015 London M(MJemisms- Uoyd Houston HIST 3620 20th Century Europe - Dahlia Bond ARHI 3480 Art and Architecture in London - Geclf Sn81 ARHI 2534 The Victorian City- Geoff Snell ENGL 2000 Text & Context- Karina Jakubth4icz ENGL 3206 Shakespear8- Varsha Panjwdni POSC 3621 EurO￿an Polilics- Tim Schaitbe ISPA 4800 London Intemship - Jackie Jung FNBU 4450 Global Investrnents- Jon Norton BLBU 3443 Ethics in Business - Jackie Jung BLBU 2234 Legal Frameworks for BusTness- Denls Carey ISAP 1500 Britain Ttrjay Seminar- Ja¢kne Jung MKBU 3458 Global Sustainability Marketing - Ergem Senyuva Tohumcu Students ￿Ere offered the opportunity to cc￿plete virtual intemships organisations and companies in the UK. Our existing inlemship provider EUSA announced in earfy November 2020 that they would not be able to offer vlrtual inlem5hips for spring in London; however, we engaged Anglo Educational Services in Londthry to provide inlem5hip KAacement seNices. Ths enabled students lo work two days per week and also com ￿ete the London Intemship course. A new course, Britain Today Seminar. was created to virtually during the spring 2021. This was aimed at students taking London-specific courses or who are Con￿dering studying abroad in London in the future. Britain Today is an interdisa￿Inary study of the United Kingdcrfm which provided students th a broad oveNiew of the culture. modem history and bU￿ness, and highlighted specffic field5 that students may wsh to eX￿Ore in greater depth. The course is holistic and encompassed a variety teaching and learning activitses. induding lectures and presentations. virtual tours and discvssions on current topics. Weekly dasses ￿re delivered by existing faculty and tOFY¢S induded 'London s

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEE (contlnued) FOR THE YEAR ENDED 30 JUNE 2021 Buming The De81hs and Resurrections of London and Gender, Sexualty and Identty in Contemporary British LileTrlure. It is hoped that Britsin Today will be a kNlot programme for an ongoing study abfoad ￿￿rse both preparing students for a semester in London or shovKasing the best of London a￿deMI¢S, and in the short lem) provided a substitute to students unabl8 lo Irav Intemats'onally in spring 2021. In conjunction wth th8 academic ccffipMent the team developed a rar4J6 cl now vlrtual cortent including social meia. uty tours. interviews and video to ￿eate a m(Ye enhanced immersfvo experience to support and supplement the acadwnic Fngramme. The decislon was taken in Febwary 202110 cancel the summer pr(MJramme in London as al the time there was still Ico much uncertanty surrounding travel restrictions, lockd¢)wn restrictions and health provlsion to allow for a retum to norynal operations. The summer programme virtual and Lcmdon summer ccuses integrated into the Fordham Summer Programme in New York in etther June or July. These course5 continued to support internationalisalion on the hcme ¢ampus and maintain&J the wolle of Fordham. London. The fcllowng courses We￿ offered ENGL 4015 London Modemisms ARHI 3480 Arl and Architecture in London ISPA 4800 London Intemship BLBU 3443 Ethics in Business BLBU 2234 Legal Frameworks for BU￿ne$S MKBU 3458 Global Sustainability Marketsng Based on (he success ol the virtual inlemship pr¢ydramm8 in the spring. 8 Virtual intemship was offered on a part-time basis running for the months of Jun8 and July. 12 udenis compl6ted a two month long {JunelJuly) virtual intemship. rtificate: Vi li S aker Serles This speaker series continued the theme of Ihe Gabelli Cenlennial into 2021.. to better ourselves and the world of business. This speaker series was held fortnighUy.11 h051ed a speaker from Industy for one hour lo discuss thelr business and host a Q&A with students. The series was open to current Fordham students and alurnr￿ who V•Dvld lik8 to leam from and engage Wth our industry partners frc in and around London. This speaker series focused business with a purpose and highlighted Fordham University. London's strategic relationships and partnerships w¢ih the local business community. It aimed to highlight Ihese relationships and present future opportunities for students vA)en they can study abroad in London. Students vtho participated V￿re required lo attand four sessions to achieve their Global Immersion Certificate. Studgnt Affairs The Student Affairs team Is respOn￿ble for the coordination of pre departUTe information, arriva15 and orientation. all housing related actlvities. all r￿-aCadeMiC student conduct isgjes, implemeniation of a social caendar. organising the GSB and knberal Arts programme trips, student health and student Gornmunication5. The office takes a holistic approach lo Siudenl Affairs with am thre8 members of the team inVo￿ed in the various norFac&Jemic asF*cts of stud￿l bfe. As a result of no in-person study abroad durin9 this period all staff in this area were furtoughed, wth the exception of the Direct￿ of Student Affairs. However, this was discontinued in th8 summer of 2021 and staff returned to work to support students arriving for the fdl 20215eme5ter.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2021 Plans for FY 2022 July 2021- 2022 Operations wntinue to be Impacted by the orvJoing pandemi¢. Fixdham Lond¢)n rewmed in person delivery In the fall 2021 wth a small group of 46 students partiupating in the programme again. Prior to the beginning of the semester. Fordham London devdoped a detsiled set of Covid-related poliries and health protocols to ensure the safely of our ccxnmunily and our programmes. Ccrtnmunity testing and reporting is a key CLxnponent cl these. In addition. students are pemiitted to travel wthin Great Britain but not elsewhere to limit the risks and complicab'ons of contracting Covid while overseas. We are due to receive o spring group ￿ 336 students in 2022 allhwgh the impact of the Omlcron variant is being evdualed for this group. Increased sections of courses have been clfered and new faculty hired to teach these. Courses outbound lo London ￿te visits and guest speakers int#)und to Visit dasses continued to be a gnature strength of the programme and is being exp￿ed lo match the greater vdume of students and courses. Wtyk to further develop Ccthmunlty Engaged Leaming Is belng undertaken. A London faculty member, Ergem Senyuva Tohumcu, has been awarded a fellowEhip by the h￿ne campus to support this work. Work has already started to support faculty colleagues lo create opwtunities. meet ccmmunty partners, and deepen the praclice d cc¥nmunty-based v)rk in the undergraduate C￿￿1CUlUrn. Work is conlinuing lo enrich the class calalcJue for London lo indude dasses wth a UKJEuropean focus. We are proud of the three new dasses Pride and Prejudice.. An Examination of 81ack Brilaln and the Problem of Belonging. Ethnographic Methods: The Cultures of London., and the History crf British Pdilical Thought. ￿1¢h are to wn In Spring 2022 and hope to develop further offerings in the future. The programme is to be enhanced by the inclusion of a courne. Commonly on offer in other study abroad provlders, in which the ffj)Wtunity Is lo studenls to refiecl and evaluate hc4isti¢811y on all aspects of their London experience. The London study abroad offer is to be benchmarked using The Forum on Educat6on Atxoad's Standards of Good Practice Link lo $18ndards of ood Taclice Other act￿ltIeS in thSs area Indude developing STEM classes Sn London. Applied Health InfLYmaOcs dld not run in September 2021 and is recruiting for a January 2022 start. The Senlor Directc. Vanessa Beever. started In this new rde In September 2021. Effective from 15 October In line vAth the new organisational structure, Mark Simmons bec8me Assodate Senior Director and Director of Academic Affairs with Matthew Holland becoming AS￿stant Senior Dlrector and Director of Student Affairs. We conts'nue to relain and r￿11 excellent faculty. The Senior Director is working closely with colleagues in London and New York to further develop and implemenl a slrategic FAan lo enhance the existing study aLYoad offer as wEII as increasing other academlc prcJrammlng based in London eswally with the graduate sthjols. To ensure Fordham London F4ays its part in delivering the Univeryws current strategic Flan. Ethjcating for Justice 2021-26 the plan wll encompass and devdop inibatives in the fcAlowing areas Curriculum cfrcurrlc￿Urn Careers and outcomes Alumni and friends of Fordham strategic alliances Research

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2021 Thls wjrk will allow London to sgnlficantly increase Its visibility, reconnect cdl8agues and Schools to Its and Sup￿ lh8 development of new strategic aGlivty. The imbalance between the fall spylng semesters rem￿n8 a chalkng8 and v8rTrc4Js initiativ8s are belng evaluated lo see how best to balance cxrt the semeslers. 8eforo the pandemlc there had been steady grth*th of enrdment numbers over the prevk￿S four years. Thls yeai has again seen a high demand and som8 of this will be held over d￿and resulting fr(An the suspension of on the ground study abroad during the 202(k21 a￿demiC year. London Internships continue to be a dynamic part crf the prwarnme wlth 37 Llberal Arts students scheduled to take intemships In sprlng 2022. AdmlnlstratNe stafflng18vels and utlllsallon contlnu8S to bé a prlorfty. Temporary adminlstratlve assistants are being em ￿0Yed lo provkle additional resources during perlods of hlgh adlvlty dunng the academlc year, WO￿ continues to introduce lurther HR polbdes and prcttdures. Classrooms are to b8 equipped V•ryth add11￿81 tec4wKAogy lo allow f(y Hy-flex delivery In whlch students not present in the classroom can jon by video conference. TNS Is Important as It allows students to continue ￿th Ihdr dasses wthile self-isolating.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEE {continued) FOR THE YEAR ENDED 30 JUNE 2021 structuye, gov8manc• and manageme Govemlng doGument The Fordham Univ8Nty UK CharitatrAe Trust was inccffpjrated under its fomièr name MLC Charitable Trust on 24 Augusl 1994. It has share capital and is a Tegistered charity. The sole trustee is corporate body, Fordham University IUSA) UK Pr¢>3rammes Limited. registered as C(mpany No. 03828979. The governing document is the Memorandum and Artides of Association, and Board meets'ngs are held once a year. The charily in conjunction with Fordham UrNver&ty in New York City provides an education of the highest quality through group leaching. academic supervision, ccxnputing and cultural faah'ti86, meals and I￿Ing actoThnodaIi￿. Recniltment and app￿ntment of new Board Members There are no fomlal procedures for re¢rultrn8nt for C4r&tors lo Ih8 Board cl Ihe Charity. When warranted, ¢andldales are recommended by those thoroughly familiar wth lh8 organlsalion. Dlrectors of the B08rd of the Charlty are appointed and rwnoved by unanimous resolullon d the Board. The member of the Board has the power lo veto any suth appolnlment but not to velo hislher remov81 or dl8qu811ficallon. The Charlty 18 funded by Fcrfdh*n un￿er$ty In the B￿x. Nèw YO￿ CNY, USA. The Board cUf￿n￿Y has Ihree memb8rs, two crf vthom are resldent In the USA and In the UK of 30 June 2 21 Ihls c orate b induded the follov•in dlrectors.. E Fahey-smlth, Assoclate Vlce Pretjdenl and Chlef of Staff at Fordham Unlverslty (Chalr) D Rapaccioli. Dean of the Gabelli School of BU￿neSS al Fordham Unfvetsily Mark SSmmons. Asslstant SenlLY tlrector and Director of Student Nttairs . Fordhan Unlverslty In London Fahe -Smi nsoff M8nagement and staffing The fdlowng key members crf staff are resFJonsible for the daY4￿daY rnanagement of the Charfty. Vanessa Beever. Senior tlrector Mark Slmmons. As4slant SeniLY firector arKI Chrecior of Student Affairs Malt Hotland. Assslant Senlor EirerAor and Dlrector cl Student Affairs Nia Blake. Diredor of Opgrations The administrats've staff is divided into three fundional areas,. Academics led by Mark Simmons, Sludenl Affairs led by Matt Holland, and Faolilies led by Nica Blake. All report to the Senior Director, allend weekly management meetings and meet regularfy with th￿r office groups lo discuss key issues of policy and practice. Salaries for key man8gemenl Fersonnel are determined by a number of Criteria. induding sector averages for ccvnparable positions in study abroad education: the degree of reSpOn￿bIlItY in the role partiCLAarly in relation to student safety. security and VE11b￿￿J.' and INiThJ costs parbcularly relating to travel to and frcffi the Charity's l¢)cation in central London.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) . REPORT OF THE TRUSTEE (continued) . FOR THE YEAR ENDED 30 JUNE 2021 The Board entrusts the staff, under the leadership ￿ the Sènior th'réctor. vAth the day4ovday running of the Charivs operati¢)ns. The Senior Director reports directly lo the Board on any major chang8 of risk to the Programme,. mattars pertaning to thé managing of risk are the primary decisions the 8oard takes. The Board meets at least once every six months- more frequently if important matters arise between scheduled meetings. The Board gave of their twne freely and no rernunerati￿ wa5 paid in the accounting period. Details of expenses and r8lated party tran5aclions are disdosed in notes 9 and 20 to Ihe accounts. Fordham University London slaff are em ￿0Yed by the Trust and managed by tha Trust and Fordham University In New Y¢xk Clty. Inductlon and tralning of n8w Bo8￿ Members Pro3pectlve and nevly appointed Board are provided Viilh the Memorandum and Artides of Association. Up-tO•dale guidance notes on the role of a Board M￿ber are provided. and 811 responsibilities are outlined. Care is taken with employees of Fordham UniVer￿tY %tho are on the Board, so that any conflicts of interest can be logged up early and the independence of the Charity is not compromised. The new Board Member is invited by the Head to vis(( the Charitys study centre. lo meet staff, lo eonfer ￿1th other Board Members. and to generally acquaint themselves vrith the operations ol the Charity, its key features and major challenges. Flnan¢lal Rovlew Three pyimary categories explaln the acthtilies of the F￿1harn University UK CharflatrAe Trust.. Tultlon and Fees. Housing, and SupF)Ort Costs. Within Supwt Cosis also maintain a Sljbcategory of Governance Costs lo accurately reflect lfvs sort of expense. Most expenses are dependent upon expense p8r student and the overall nwnber of students. Thls year was unllke all others given the pandemic thich led lo zero students on-site in London during this fiscal year. Atthough V• offered virtval educational experiences both spring and summer 2021 il is difficult to assess delivery costs against on-sit8 educational delivery costs in pri￿ years. Our main focus this year syas on maintaining and imwoving Centre functions and capabilities vthilst preparing for the return ￿ students.. much expense bul very little revenue. a) T￿tion and Fee Ihis category indudes fees paid io instrudors for FY21 but no expenses incurred by field trips. tu￿Ural activities and other items direcuy related to the provi￿0￿ of instruction to students as all education was virtual this year. No tuition payments paid lo Brilish universf(y for modules offered to our kn'beral Arts students as none were offered. Total expense in this category was £39,61 S, a mere 4Y• of our FY20 expense. an excellent value given Ihe 276 students enrdled in the spring 2021 London virtual experience as well as students vtho engaged wth cmjr Britain Today Seminar, summer virtual academic programme and virtual intemships. This was a small expense to remain relevant and engaged ￿th our sludents, current and future. We are very pleased y￿th this result. b) Housing". as this category indudes the cost of London-based hOU￿n9 provided to students there was zero housing expense this year.

c) Support Costs: these were very high per student gNen the low numbers of {virtual) students. This category incurs great expense due to the indusiorb of costs necessary to support our London Cenlre, which in tum provides education to our students across all programmes. This indudes 311 cosls related lo the Centre (rent, maintenance. utilities, etc.), administrative staff, stsff Iravel, office supplies. printing, elc. A f￿1 list can be seen in the notes to our finanryal statements. The majority of these expenses are fixed and do not vary on a per-student bags. Despile having no students on-site this year we inCU￿d 74% as much expense as FY20: of this support cost 51Yo ￿as spent on rent and 260 on administrative staff. important and necessary cosls despile low student enrolment Furthemiore, approximatety 19QA of our staff costs were offset by the UK Govemment's C￿on3vErvS Job Retention Scheme, ¥thich was very welccAne indeed. d) Govemance Costs.. this category indudes expenses directly relatéd lo goveming th8 charity. Aithough expenditure ￿￿s up by 170A compared lo FY20. these goveman¢e costs fomièd less than 2% of annual expenditure so we are not overfy concem8d ￿1th this re5uIi. Many payments ￿Ere made by vlre transfer dlredy fr(Jn our h(¥ne instiluiion in N8w York. Both local expenditures and New York-basèd wire Iransfers are included in the annual accounts to ensure a compl816 iicture Lrf th6 TTUSt's financia operations. Reserves Policy The Twsl's reserves policy Is not to rna1nt￿n any significant cash reserves In our bank accnunl(sl as all our operations are financed through student tuition and fees paid in the US. The curr6nl c(Thtined unrestricted reseNes (rf £334,352 on our balance sheel prlmarily represents assets. In addition to rental and other operaling inc¢Jn6, the ¢tharity benefrts fr(xn investrnent incc¥ne from Bank interest and does not undertake fundraising adivities. Furthennore. defials can be mel by the parent institution, Fordham Univerrity. Our goal is lo reta'n cash reserves that dlow us to cover costs several months Into the future. Rlsk Revl•w Although the global pandemic has had a tremendous impact on educavonal mt)blllty we remain confident of a successful future as London rem￿nS the most popular study abroad destination for students of US universities. Some changes in Operati￿5, such as moving leaching online there in person provision is not posstble. have been implemented arKI the Fxobability of additional chan9es Is likely. We face the same risks as any actor in the educational secloT- insufficaenl enrolmenl and repulalional damage. Yet the charity believes it is wdl positioned to sustain 0￿rationS on a limited basis for an extended period of time wilh a predicted retum to high student enr￿rnenI and revenues In future years. Oversight by the 8oard of our corporate TDJstee as v￿1 as dose management by Fordham Universty in New Yorf( mitigates our risks. We are cautious bul confidenL Statement of Trusteo's r•sponslbllltl The trustee is responsible for preparing the Truste&'$' Annual Rep(xl the financ4al ststements in accordance wlh applicable law and United K1rtgd￿n k¢ounliThJ Slandards (United Kingdom Generally Accepted Accounting Practice). The law applicable to ¢haTibg5 in England & Wales requires the trustee to prepare finanaal slatemenls for each financigl year Ithich gwe a true and fair view of the slate d affairs of the charity and ￿ the incoming resources and application of resources of the Charity for that perlod. In preparing these financial statwnents. the trustees are required to: select suitable accounting kK4icies and then apF* th￿￿ consistently,. observe the methods and principles in the Charities SORP 2019 IFRS 102): make judgements and ests'mates that are reascmable and prudent.. slate whether applicable accounh.ng standards have been follo￿d, subject to any material departures disdosed and explained in the financ#￿ statements., prepare the financial statements ￿ the g￿ng c￿Cern basis unless it is inappropriate to presume that the chaTlty wll contsnue in operation.

The trustee Is responslble keek¥ng proper a&￿UnI1ng rec4)rds that disdose wth reasonable accuracy al any time the financid F)sition of the ch8rTty and ena￿e them lo ensure that the finanrAal statements comply the Charities Act 2011. the Chities (Accounts and Rep￿ts) Regulations 2008 and the provisions of the trust deed. They ar& also respons4ble for safeguarding the 8ssels of the charity and hence laking reasonable steps for the preventlon and detection of fraud and (rther Irregularities. Audltor The Auditors, Price Bailay LLP. V*ill be prcposed for re4ppoinkn6nt at the naxt annual general meeting. Slgned on beh N of Ihe TTr￿e8 Ellen Fahey-s Chalr Dale: i ai, aox

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF FORDHAM UNIVERSITY UK CHARITABLE TRUST

FOR THE YEAR ENDED 30 JUNE 2021

Opinion

We have audited the financial statements of Fordham University UK Charitable Trust (the ‘charity’) for the year ended 30 June 2021 which comprise the Statement of Financial Activities incorporating Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows 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 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:

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 charitable trust 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Trustees’ Report. 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. 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

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF FORDHAM UNIVERSITY UK CHARITABLE TRUST

FOR THE YEAR ENDED 30 JUNE 2021

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.

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:

Responsibilities of Trustee

As explained more fully in the Trustee’s responsibilities statement, the Trustee is 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 Trustee determines 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 Trustee is 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 Trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF FORDHAM UNIVERSITY UK CHARITABLE TRUST

FOR THE YEAR ENDED 30 JUNE 2021

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]5. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and how it operates and considered the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. This included those regulations directly related to the financial statements. In relation to the charity this included GDPR, health and safety, employment law and financial reporting. We communicated the identified laws and regulations with the audit team and remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Because of the inherent limitations 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 concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF FORDHAM UNIVERSITY UK CHARITABLE TRUST

FOR THE YEAR ENDED 30 JUNE 2021

Use of our report

This report is made solely to the charity’s Trustee, 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 Trustee those matters we are required to state to them in an auditor’s 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 Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

For and on behalf of:

Price Bailey LLP

Chartered Accounts & Statutory Auditors

Tennyson House Cambridge Business Park Cambridge CB4 0WZ

Date: 25 April 2022

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charlty No: 1040378) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021 Note 2021 Unre$trlcted Total 2020 Unrèstrlcted Total INCOME FROM Donations and legacies Investments Other trading income other Ir￿*￿e 1,376,667 12 560 68,925 5,064,363 230 11,290 16,999 TOTAL INCOME 1,446,164 5,092,882 EXPENDITURE ON Charltable activlties 1,453,973 5,208,868 TOTAL EXPENDITURE 1,453,973 5,208,868 NET IEXPENDrruRE) AND NET MOVEMENT IN FUNDS (7,809) 1115,9861 RECONCILIATION OF FUNDS Total funds brought forward as previwsly staled 342,161 2.127.049 Prlor year adjustment {1,668,9021 AT THE BEGINNING OF THE YE 342,161 458.147 TOTAL FUNDS CARRIED FORWARD AS RESTATED 334,352 342,161 All Income and expendfture derlves from conllnulng act￿lI1e$. All Income from donatlon$ and grant$ was unrestri¢ted in 2021 and 2020. The Tr)tgs on pages 1910 28 fomi part cl ￿80 finar￿181 statements.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charlty No: 1040378) BALANCE SHEET . AS AT 30 JUNE 21121. Note 2021 2020 FIXED ASSErs Tanglble assets 11 1,864,242 1,744,401 CURRENT ASSETS Debtors Cash at bank and In hand 12 17 129,633 96,453 272,095 226,086 272,095 LIA8ILrriES Creditors: amounts falling due vllhin c year 13 {256.032} 1102.680) NEf CURREKf ILIABILrries) l ASSErs 129,9461 169,415 Cffjdilors:am¢)unls falling due after more than one y8ar 14 (1.499,944) {1,571,655) NEf ASSErs 334,352 342,161 CHARifY FUNDS Unrestricted funds 334,352 342.161 TOTAL FUNDS 334.352 342,161 The flr£ncLql staiemerts were aFproved But￿XiSed for issue bythe Trustee on 2110412022 arK5 5yned on their behaw, by.. Ellen Fahey- Smlth Chairy)erson The notes on page 19 to 28 form part of these finanoal statements.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) STATEMENT OF CASH FLOWS . FOR THE YEAR ENDED 30 JUNE 2021 Note 2021 2020 CASH FLOW FROM OPERATING ACTivrriES Net cash used In operating aclNrties 16 30.900 410,636 CASH FLOW FROM INVESTING ACTIVITIES Interest receNed Purchase of propety and equlrmnenl 12 1206,554) 230 1240.273) CASH FLOWS FROM INVESTING ACTtVTfiES (206.542 (240,043) NET (DECREASEinNCREASE IN CASH AND EQUIVALENTS (175,642) 170,593 Cash and cash equlvalenls at beglnrlrwJ crf year 272,095 101.502 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 96.453 272,095 The notes on page 19 to fom) part of Ihese accounls.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 GENERAL INFORMATION F￿dharn Univer%ty UK CharitaL4e Trust is a charitable trust. duniciled in England. with the registered d)arity number of 1040378. The charfV5 furttional currency is th8 pound sterfing. The registered off￿8 Is Ilsted ￿ pag6 1. The [￿ndpa1 acllvty of the charfty is lo provide higher education to Arnerican students in England and Europ8. ACCOUNTING POLICIES 2.1 Ba¥1¥ of proparatlon of financlal stslements The financial slalements have been prepared under the hist￿lc31 cost convention wth items recognised at cost or transaction vdue unless otheNise staled in the relevant notels) lo these accounts. The finanual statement5 have been prepared in a¢¢ordance wth the Statement of Recommended Pradice.. Accounling and Reports"ng by Charitses preparing their accounts Sn a¢cordance with the Financial Reporting Standard applicable in the UK and Republic d Ireland {FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. 2.2 Golng Concem The charity generated a deficrt of £7.809 and showed net current liabilities of £29.946 for the year ended 30 June 2021. The Trustee COn￿derS that there are no material uncertainties about the charitys a￿'lIty lo ¢onlinue 8$ a going ¢on¢em. The Twstee 1$ aware. that al the time of the submisslon of this report. of the global pandwnic as a result of COVID-19. Some change9 on operations, such as moving courses online. have been ImtAemented and the probablllly of additional changes is being assessed. The charity believes il is Y•*ll positloned to sustaln operations on a limited basis ICK an extended period of time. The charity continues to rely on the finanoal support of the Trustee, vthich is expecled to ￿￿tinue for a period of al least 12 months from sign off. 2.3 Funds Unregtrlcted funds cunprise those funds the Twstee is free to use for any pUrF￿ In furtherance of the charitable objects. 2.4 Income l income recognised once the charity has entiuement to the inccxno, il is probable that the inccffie will be received and the amount of incC￿e receivable can be m8asured reliably. Donations are recognised when the Charity has been notrfied in writing of both the amount and setllement date. In the event that a donation is subject to corKlitions that require a level of perfonnance before the charity is entitled to the funds, the inccrne is deferred and nol re¢ognised until either those conditions are fully met. or the fulfilment of those conditions is wholly wthin the control of the Charity and it is probable that those conditions will be fulfilled in the rep(Mting perlod. Inte￿st on funds held on depoyl is included Ythen receivable and the ￿olInt can be measured rel18￿Y by the charity., this is nomially upon notrfication of the interest paid or payable by the bank. GoV￿nMent Grants are accounted under the acuuals model as pennitted by FRS 102. Grants (rf a revenue nature are recognised in the Statemenl of Finan(ial Athvities in the same period as the related expenditure.

FORDHAM UNIVERSITY UK CHARrrABLE TRUST (Charity No: 1040378) NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 ACCOUNTING POUCIES (continu•d) 15 Expendlture Liabilits'es are recognisèd as expenditure as soon as there is a legal or Constructive obligab'on commitknng the charity to that expendrtvre, il is probable that selllement w51 ￿ requiTed and the amount of the obligation can be measured reliably. AM èxpenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or appor1jon￿ to the applicaÈ48 8X￿ndit￿re headings. Support costs have been allocated beipen govemance costs and other support ¢o$ls. Govemance costs comprise all costs invc4ving the pthll¢ a¢rnunlabllily of the charlty and Its compliance wth regulatim and gty)d prath'¢o. 2.6 Debtors Trade and olher debtors arn rec(MJnised at transaction price. less any imparnents. 2.7 Cash •1 bank and In hand Cash at bank and cash in hand indudes ￿$h and money held in depoyt or similar a¢¢ounts ￿th short maturity of thre8 M￿th$ c less frcrtn the date of a¢¥ul$ition or opening of the deposit or similar accounL 2.8 Cr•dltcKs Liabilities are recognised vthen ther8 Is an rt4igation at the Bdance Sheet date as a resull of a past evenL il is probable that a Iransfer cl eGonomiG benefit VAII be required in setuwnent. and the amount of the settlement can be eslimaled reliably. knabilities are recognised at the amount Ihal the charity antiapales it will pay lo sellie Ihe debt or the amount it has received as advanced payments for the goods or services il must provide. 2.9 Flnanclal Instrumfjnts The charity only has financial assets and financ4al liabillties of a kind that Qualify as basic flnanthal instruments. Baslc financial instruments are inilidly recognised at transaction value and subsequently measured al th￿r settlement value sthich, in Ihe case of Ihe Charity is at cost for credilors and debtors. 2.10 Penslons The charily operates a defined contribution pen&on scheme and Ihe pension charg8 Tepresenl8 the amounts payable by the charity to the fund in Tesp8Ct of the year. 2.11 Loa$¢d 0$$9ts Costs in respect of operating leases are charged on a straight line basis over the lease torm. Any lease premiums or incenlives are spread over tho minimum lease lem. The amount of the incentive falling due within one year ha5 been based on the relevant proportion relating to the fc4lowng 12 months.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 2.12 Torn)Inatlon beneflts Temiinalion benefits are payaLle emrAoyThent is tem)inated by the tharity bef(Ke the nonnal retirement date, or vthenever an employee accepts vrjuntary redundancy in exchange these benefits. The charity reccJnises temiination benefits in profit or loss vthen it is demonstrably commilled to elther (i) tem)inating the emFlo￿￿en1 of cAJ￿ent employees according to a detsiled fomial plan wthout p0S￿bIlty of wthdravtal. or lill providing tenmination benefit as a resurt of an offer made to encourage vc4untsry redundancy. Benefits fdling due more than twelve months after Ihe end of the reporting period ale discounted lo thelr pres6nl vlue. 2.13 Tanglble Ilx¢d a88•ts and dopr•¢latl¢>n Assets costing £500 or more are capitalised as tanglble fixed assets and are ¢arrled at cost, net of depreciati￿ and any provigon fcy Nnpaiment. Deprecation is provided on tsngitde fixed assets, at rates calculated lo vthte off the cost of each asset on a straight line basis over its expected useful kfe, as follows: Leasehokl Improvements remnlNJ lease terni JUDGEMENTS IN APPLYING AccouKfiNG POUCIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In prep8rfng the Ilnandal statements. management is required to make estlmates and assumptions ￿lch affect reported inccrfne, expenses assets and liabilrties Use of available information ond application cl judgement are inherent in the fomialion of the esllmates, together wlh past experience and expedations of future events that ar8 believed lo be reasonable under Ihe arcumstances. Actual results in the luture c4Juld differ fr(wn such estlmates.

FORDHAM UNIVERSITY UK CHARITABLE TRUST {Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 DONATIONS AND GRANTS 2021 Total 2020 Total Gr8nls receivable IrcAn FcKdham UDNersty USA 600,CQO 2,200,(KJO Payynenls by Fordham ur1ve￿ty USA on behalf of th8 charity 776.667 2.864.363 1,376.667 5,064,363 INVESTMEiirs 2021 Total 2020 Total Interest on cash depo￿18 12 230 12 230 OTHER INCOME 2021 2020 Govwrffienl grants receivabte 68,925 16.999 68.925 16.999 During the year ended 30 June 2021. the ¢harlty re¢c*3nisod an amount totalling £68.92512020- £16,999) receivable under the UK Goverrment's Ccffonavirus Job Retontion Stheme.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charlty No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 CHARITABLE ACTMTIES 2021 Totsl 2020 Total Provlslon of educatlon: Tuition and fees (note 9) Housng costs Support costs (note 8) 39.615 997,742 2,289,117 1.922,009 1.414,358 1,453.973 5.208.868 SUPPORT COSTS 2021 Total 2020 Total Telephone Rent and utilitles Property m8inlenan¢e Travel Office supplles Postage Athert151ng Other fees Other expenses Staff costs (note 91 Governance costs (note 10) Depreclatlon 6,314 722.862 22,924 437 9,536 445 719 30.750 143,721 364.530 25,407 86,713 7.053 984,372 35.706 12.996 30.115 8.129 27,413 284,380 434,187 21,660 75.844 1.414,358 1,922,009

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 STAFF COSTS 2021 Total 2020 Total Wages and saaries Soa'al security Employer pen&on Agency slaff Admlnistralion fees 320,896 31,831 11,803 29).979 60,635 23,068 59,505 364.530 434,187 Tuition and fees (all ac•demi¢ prc*3rammesl 39,615 997,742 404,145 1,431,929 Averag• numb•r of •mployM• 2021 Numb•r 2020 Numbèr Salarled Staff Administralion TeachirrfJ (part-time) 15 15 22 Contract staff and consultants Tutors Ipart-timel 31 29 The charity's Trustee was not paid and did not re￿8 any othèr ￿nefits from the chanty12020: £Nil) nor were they reimbursed expenses during the year (2020". £Nil). The charity considers its key management personnel to comprise Ihe Artistic Director, Head the centre and Awstant Head of the centre. The total ￿[40yTnenl benefits of the key managernent personnel Y￿re £82.4￿ (2020.. £36.510). One ￿nplOYee had emFloyee benefits in excess of £60.0(M) (2020 - Nil wnployees). 2021 Number 2020 Nurnber In the band £60,CKI1- £70.(

FORDHAM UNIVERSITY UK CHARITABLE TRUST Icharlty No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 10. GOVERNANCE COSTS 2021 Total 2020 Total Auditc* remuneration Legal and professional fees 12,469 12.938 7.925 13.735 25,407 21,660 11. FIXED ASSETS Loasehold Improvements Total ost Brought foThvard Additions 1.933,100 206.554 1.933.100 206.554 Carrl•d fO￿ard 2,139,654 2.139.654 Oepreclatlon Brought fofward Charge for the year 188,699 86,713 188,699 86.713 Carrlod forward 275,412 275,412 Not Book Value At 30 Jun& 2021 1,864,242 1,864,242 At 30 June 2020 1.744.401 1,744,401

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 12. DEBTORS 2021 2020 PrepayTnenl$ and acC￿￿d incc*n8 Other debtors 125,000 4,633 129,633 13. CREDrroRS'. amounts talllng due wlthln ono year 2021 2020 Sod81 securfty and other taxes other ¢￿￿1101S Accruals and deferred Income 8,356 14.688 79,636 256,032 256,032 102.680 14. CREDrroRS: amounts falllng duo after morn than ono yèar 2021 2020 Accruals 1,499.944 1,571,655 1,499,944 1,571,655 15. LEASING COMMITMEKrs The ¢harity's future miThmLm 0￿rating lease payments are as fdlow5: 2021 2020 Land and Buildlng¥: Within one year Between two and five years Greater Ihan five years 1.000,000 4,000,000 17,OC(J,000 1,000,000 4.000,000 18,000,000 Operatino leases tharaed as an exDense totslled £684,72412020: £928.2891. In the vear ended 30 June 2021 the Chafitv received a rent conCe￿On due to Covid-19 of £250,000 vknich resulted in lower operabng lease payment&

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charlty No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 16. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NEf CASH FLOW FROM OPERATING ACTIVITIES 2021 2020 Net {expenditure) for the ￿ritsd las per Statement of Finanryd Aclivllios) (7,8091 1115.986) Adjustments for. Depreciation charges Interest Income (IncreaseyDecrease in Debtors Incr8asel{Decrease) in Creditors 86,713 {12) {129.633) 81.641 75,844 (230) 150,000 301.008 30,900 410,636 17. ANALYSIS OF CASH AND CASH EQUIVALENT 2021 2020 Cash In hand 96,453 272,095 Tot•1 ush and ￿$h •qulv•l•nt 96,453 272,095 18. ANALYSIS OF CHANGES IN DEBT Al 1 July 2020 At 30 Jun• 2021 Cash flDWS Cash at bank and in hand 272,095 (175,642) 96,453 272,095 {175,6421 96,453 19. PENSION CoMM￿ME1{[S The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an indep8ndently adMir￿stered fund. The pension cost tharge represents cxjntribulions payat4e by the tharity to the fund and amounted to £11,803 (2020 - £33,007). Contributions totalling £Nil 12020: £Nill V•Ere payable to the fund at the balance sheet date and included in creditors.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charlty No: 1040378) NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 20. TRANSACTIONS Y•TfH RELATED PARTIES Amounts recewed from the UnNwgty (knrirg the yoar totslltyj £1,376.66712020: £5,064,363). 21. CAPITAL COMMITMENTS 2021 2021 Capltal ccmmiknent at 30 June 2021 we as fdlows: Authorfsed and contraclad 77,519