Reglstered Charlty No.11140378 FORDHAM UNIVERSITY UK CHARITABLE TRUST ANNUAL TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 FORDHAM UNIVERSITY UK CHARITABLE TRUST CONTENTS Pag• Refgrence artd athi1nlstr8￿vo Infuyna Report ol the TNsts6 2-12 Independent wdbW8 roport 13-16 Stalemanl of fin8nd•l aclfvltle8 17 Balanco shoèt 18 Slalemenl of c88h llov 19 Notes to thg flnanrjal $tslomfjnt8 20-29 FORDHAM UNIVERsrrY UK CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DEfAILS FOR THE YEAR ENDED 30 JUNE 2022 CHARrrY REGISTRATION NUMBER 1040378 PRINCIPAL ADDRESS: FcKdham Unfv8rslty London Centrè 2 Eyre Street Hlll London EC1R 5Er TRUSTEE F(¥dham un￿6￿￿Y (USA) UK Program8 Llmlted DIRECTORS OF THE TRUSTEE: E Fahey-smiih V Beever- Appolnted 1710Y2022 D R8p8cdoll - Reslgned 2910312023 M S Swnmons~ Rti8vJned 1710W2022 INDEPENDEKf AUDrroRS Price Bailgy LLP Chartered Account•nts & Ststutory Audm Tenny30n H¢Juse Cambridga 8uslne$6 Pork Cambridge CB4 U4VZ BANKERS The Royal Bank of Scot18nd LLThJon Holbom Branch 127-128 Hlgh Holbom WC1V 6PQ SOLICITORS Clydè & Co LLP Sl Botolphs 8ulldlng 138 Hound5ditch L(MKI EC3A 7AR FORDHAM UNIVERSITY UK CHARITABLE TRUST {Charlty No: 1040378) REPORT OF THE TRUSTEE FOR THE YEAR ENDED 30 JUNE 2022 Our Charltabl• Obl•¢tlve8 To provije ethJCaI￿ for untlergraduate sludents of the Charity whllsl stud￿n9 In the Unlted Kingdom - to advance educalion and leamSng ond ￿ere they m8y work tOW8rds undergraduate degrees of the Charity. No member ol Ihe Charity wll b• suts.ect to any tesl of a religious, racial, political or soclal tharacter. The Charlty dellvers these obiedives. kgeping within the goa* and obJ8ctlves ouuined In Foidham Universitvs Mission Statsment. The Charity slriv8s lo provide high-ouallly undeTgradual academic. c￿ and extra-curricular Opp￿tunItIeS lo sludents in an English-speakiry. bLrt cuKiJrally diversg urban context. There is a strong commitment to Ihe creative combination of fomal IclassrcwJn> and experientlal loff-sltel ￿arn1ftg. In the pursuot of these objeGtives. the Charity hokls d8sses, lectures and seminars, antl ￿ganIseS r￿d studies and guide travel opportUn￿es. Throughoul thelr Semester of study slud8nts arn fully SUPP¢Jrted wth experiencod caro fry their well-being. OurGoal To provlde premler study obroad kycgrammes In the UK for Students from F¢)rdham Unfversty In New York, and for other US unNerslb'es. vthilst ke•p#ig within the 90815 and obje¢tivè5 oulllned In Fordham Unlverslty'8 Mi&sion Slalement. Our Mlsslon Fordham Unlverstty In Londcffj's mlsslon Is lo educaie quallfled IndI￿d￿81S from different faiths. cultures and beliefs in line with our Jesuil traditlon of careful observatson. criiKal thinking. creaJwly. moral Tefflectlon. and articulato expressh)n in preparing students Icf responslble leadership In 8 global soclgty. Our Adlvltl•8 Thls year the Charity's ad1￿11￿8 continued to focus on the Iwo main academic programmes.. the Gabelll School of 8u8lness IGS8) London Programm• and Liberal Azts ILAS) LondM Progr8mme. The CharFiy provides an edut41ional onvironmenl that enables undergraduato sludents to dgvelop thelr capabilities, knowledge and skllls. 11 prrxnoles the academic and cullural leaming of its students through the Pfogramme, whlch Indude5 academic COUTses. and eXtra￿rr￿uIar activities. It provklgs an edu¢ali¢)nal environmenl in which, in addilion to compleling rigorous academic Cou￿aS. 8ach student can develop and luKIl their polènlial., buikling their seW•confidence and inculcaling a desire lo conlTibute lo the wlder ¢ommunbty. In (ioing 50. it prepares students for the opportUn￿es. re8ponsibilitles and experienc8s oflgtsr lrfe. The Charity offers approved coufses In a ￿de variety of SU￿e¢1S induding Accounting and Taxallon. Communications and Media Managemenl, Finance and Business E¢oncthi¢s, Law Ethics, Marketing, Amthropology, Art History. CoMmunicat￿n and Mèdl8 Studie5, Economics, English Literatur8 and Wfiling, Film and TV. History. Music. Philosophy. Physics. PoEiti¢81 Suonce, Psychobgy, Theatre and Theology. Studenis who complete Ihese courses successfully are award8d cr8dlls whlch are counted towards thelr de￿ee at FoTdham Unwersity or at Ihe universty ￿frre they are enrolled. FORDHAM UNIVERSITY UK CHARITABLE TRUST {Charity No: 1040378) REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2022 Publle B•nèllt The Trustee ofthe Charty has u)nsldered tho Chwity Ccthmlssh)n'$ guidanee on thè Optsra￿0n of publlc benefit under the Chariti86 Act 2011 and cowder that the requirements have been mel under Ihe Charity's objects and activities. In summary, the Charity provrdes, in conJun¢tlon wilh Fordham unfvars￿Y In Neiw York, an èducation whlch Is recognised Inlematlonally as belng of the h￿hest standard for some 500 students each year. This educalion devalops sludents academlcally. supports their c8re6r amLlbons, and promolas th8lr community and intsrpefsonal skills. On graduation from the Univarsiiy thèy arè enablèd lo play enhanc8d and effective roles for the be￿fit of society around the wortd. This world418ss education is provided lo 8ludenls who have the highest academic polential vthalever their financial means or religious, racial, pollllcal or soclal backgrcyjnd. We gr8 an equ81 opportunlly ￿ganIsa1￿ and are commltted to a wotklng envlronment that Is free from any lo￿1 of dI￿r￿ninatIon ¢)n the grounds of colour. race. ethnlclty, rellglon. Sex. sexual orienlalion cf disabilily. The sludents of the Unlvèrsity are the wlmary benelklarfes and are dlreclly engaged In edLbcatlon and loarnlng. Chalr'• M•ssag• Summary of acad•ml¢ y•ar 2021.22 a¢hl•v•m•nts Desplle ongoing disnjptlr￿ ¢8u$ed by Cowd. we 8chieved successful resumption of our study abroad opgr8llons from 18to August 2021 Indudlng a very large spriry 22 cohort of 331 sludents. Ovgr 400 undergraduate students fr¢yn Fordhom as well as our Jesuit Parlners studlod In LMdon durfng tho year. We ran inlemshlp programmes in tho spring and summgr. A new Senic¢ Dlrector, Vanessa 8eever. jolned in September. Ms 8eev8r brings extansiv? leadershlp experfgnce In hlgher education and malntalns legal Creden￿al5 in both New York and In the Unrted Kingdom. Under the leadership of the Dean of the School of Profe$$lonal 8nd Continulng Studies the new programme in MS Applied Health Infomotics. ran onllne for the first tlme from January 22. 11 has been 8 useful pllol and debat8s around dgllvery 8ppr08ches have helped lo Idenufy the regulatory and Immlgralfvjn Issues wtth running lull programmes frryn L￿dOn. Wo also hosted three immersion wsits from the Gabelli Schod of Business IGSB) and ono group from the Graduate School of Sodal SeNc£. In May we hosted a Msit from the President ol Sl Louis. Missouri ISLUI and th8 Director5 of SLU Madrid and the Loyola UnNe￿rtY Chlcago, John Fellce Cenler, Rome. Th15 is part of Nbtjrk to assess the p0s￿bIlItieS of closer coll8b¢yalton bolwoon our respecuve In8litutlon8 kn Europe. We continued fo make gcrt)d pr￿re$S restruciuring our aTras of operations to ensure resources are deployed where most needed atthough thgrg is fvrth8r work stlll to b8 undertaken. Slnce September 2021 a re￿eW of our London opeTalions and infrastructure has been undertaken in conjunction with colleagues from New Yofk and exiernal legal advisors and work continues lo implement new andlor enhanced processes in a number of areas. Student affairs was restruclured In January 2022 with the appointment of a Housing Coordinator inslead of a Student Lrfe Assistant. Ellèn Fahey Smith Chalr FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charlty No: 10403781 REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2022 Prlnclpal •¢hl•v•tn•nts for th• y•ar Fordham unfve￿rfy, London Summer2021 The summer programme I￿1 operate because of the ongolng Com￿xIt16S and un¢ertaIn￿&S Caused by the pandemlc, Inlemational travel restrictions and the lith'ng of k)ckdown re6trSct+ons. Fall 2021 Datallgd planning wdertaken the summer 2021 to alk)w fw th8 reopening of and our hosting of a small cohort of 46 slLKlenls fty fall 2021. Thi6 represented the first in-parson s8m8sl8r in London Sin￿ March 2020. The relatsvely small cohort allowed staff lo run'community Groups.. Thoso wore extracurricular events for groups of 10-12 students. These groups were established to provid8 a deliberate mlx ol studènts who mlght not otherwise share dass or other activities togeiher. These and other actlvf(ley Proved powlaf more so this year as students limiled at that lime lo personal travel wthin Great Brlt8in. Fordham's Centre for Communty Ergaged Lewnlng awathj a fel￿)Y￿h1P to Lond￿ faculty memter Ergem Senyuva Tohumcu for the 21-22 acad8mic ￿ar. Work was und8rtaken to assess the 18aslbility to develop the praGti¢e ol community-based work in ¢he context of thfr undergradu8to curriculum. Our facilities op8r818d ￿17 and most signrficanl challonge was ensuring tha r81iability of our IT and technology as well as ensuring that dassrooms were equipped wth the appropriale teChr￿lO9y. Sprfng 2022 The Spring semester finlshed 8uccessfulty In early May wlth most students retumlng home and som others lakSng Ihe opportunlty lo travel in Europe. Three new courses were offered successfully this s8m8stsr: Prlde & Preludhx: An Examination of Black Brilain and the Problem of Belonging.. Ethnogr8￿lC Methods.. The Cultures of London.. and the History ol British Political Thought. With venu8$ O￿nIng their doors lo mora visitors, faoJlly took full advanlage of London's cuhural. financial and social landscape, V+ith g wde range of excursions tsking a¢e dudng the Spdng 2022 term. Th8 Inlem¥hlp progTamme ran for the first ts'me since the pandemic. Applled Heath Infmatscs MS ran onlwie and ¢)Jnfvd delivery in M8y 2022. WLvk contlnued to $truclure fvwre delivery fomials to ctsnpty wAth ￿$3 rules. We ￿anISed a weekend study visit in earfy Apiil to St Edmund's College. Oxtord and three programme lrfps to Edinburgh ran during Marth and Awil. Changes in Covid conditions in many European countrbes meant that studenls were ab￿ lo travel m¢)re ￿￿thIn Europe during the second haw of the semester. Wg hosted a vlsll durlng sprlng break of appr0￿MatelY 160 MBA students and 10 staff and faculty. FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEE {continued) FOR THE YEAR ENDED 30 JUNE 2022 We also hosted a M51t from Sl Louis Universrty. Missouri and Loyola Univernity, Chicago in early May. This Is part of work lo assess the possibil￿eS of ck)ser collaboration beiween our respective institutions in Europe. In 8dvance of thls visit the Senior Oirector visited SLU Madnd to understand how over 50 years they had growm from a study abr￿ryd operation lo a full inlemalional branch campus of apyoximalely 900 students studw'ng in 15 undergraduate and graduate programmes alongside sludy abroad progr8mm68. The Gabelli Honcvs and Ignite SI*01a￿ ¥i86ted durin9 May 88 *pII as EMBA students from th8 Qulnlan Schoc4 of Business al LUC. We ran both mKksemester and end of semester surws and implemented immediately some of Ihe suggesilons ralsed by students ￿th ottw8 lo b8 oclloned In fLrture semestern. We were also successful in our aWicat￿Jn for a Teaching Race in the Curriculum grant. offered through Fordham's Office of the Chief Divgrsty Officer. receNing on award to develop Nthin th8 upcoming anthor das5'Britain Tc#JaV for al students, a straTrJ in which studants wil explore race and racism in 8ritsin. Our facilhies cmlinued to operatè well and tho most Signthcant ongting chall8ng8 ffjmalr￿ on8urlng our IT and technology is reliab￿. Summer 2022 The sumrner group comprised 60 students. Many ol the InteMSh￿ students, gthvgl was deloyed because of a vlsa PTocessir¥J backlog caused by the British consulate divarting resources to handllng Ukralnlan vls8 ap￿ICAtIOns. A new course Offèr￿ th18 summer was London Monuments, an examination of Ihe UK'S Imperial hlslory Ihrough tts monuments, and w8$ delfvéred by vlslllng from New York. A total of nkn8 courses were offered. alon98id8 the inlemshlp programme. As part of Ihe orlenlation programme, students paitcipated k) a wogramme trlp to Llverpool vthlch had 8 suslalnablllty theme. An alumni ￿￿￿￿rkIng event wa5 held In July to he¥) students underntand the opportunlUe8 to wr Internationally. We hosted a gToup from Frydham's Graduate Sthool of So¢lo1 Servke to urKlert8ke a ¥tudy prografflme. FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEE {¢onllnued) FOR THE YEAR ENDED 30 JUNE 2022 Plans for FY 2023 Overvl•w We welcomed Fordham's new president. Tani8 Tetlow In Ortober. We are very much looking fowward to working vllh her and other colleaguès lo develop 8nd tleliver the strategy for London to enhance th6 exlsllng study abroad offer as well as h¢reaslng other a¢8￿￿ programming based here. Fordham also ap￿inted a r)ew Oe8n. Ler2an Aksoy, of the Gabelli School of Business ITr December. Thal sch￿1 L8 a key partner In our w(Mk here and we ￿ntinue lo work ck)sely wlth Dean Aksoy and her leam. We ¢cmtinu• to be w811 supported by our Adwsory Board, chaired by Dr Andrea Mennlllo. who 81orbg with other board members continue to be very engaged in our wc*k Including introduc*ng pot8nlLql $pe8kers and othgr c￿neCtIOns. We remoln very appredalfve of thss Supp￿ and all othor gngagement with us and our NY colleagues ITc¥n board memb8r8. Fol0￿￿9 the November vlslt ol Fr John Cewo, VP fof fr11gslon and Minlsty and Jule G8fnèy, Executive Dlrector of the Cenler for Communlty Eng3getl Leaming. diw$sions have b88n held vllh thè Guardians of Croalim team from tho Laudato Si, R￿arCh Institute. Oxford University and St MaW5 Unlverslty lo Involve students In carbon counting work In Catholic Dioceses. Itls hoped that Ihl8 work could to offered in dug course as an inlemship Opp￿t￿nitY. We art also wo￿￿19 with Caritas COn￿mIng other polenlal ¢dl8boratlon ¢)P￿tUnit￿s. We continue to priorilise ￿kIng out and acting Im student feedback mainly through thg wi of mid- 88m•st8r surveys. Wé adoptsd • Fordham LondM Sustainabillly Plan after 8n extensN8 consultation period wth relevant stskeholders. Implementallon of Ihe F4an Is proceeding very well 8nd bging stewarded by a lolnl staff and sludenl committee. Stv¢Jtsnts are ￿annIrt9 a For¢lham London 'Earth Day on 18 &DrfI and we are 8180 worklng on 8W8rene8s ralslng campa￿n$ in the meanlimo. We hope lo collatknalo colleagues In New York leadlng ￿MIlar Inrtlatives thwo to share best practice. We held our first Easter reception co-hosted by our Adwsory Board Chair. Dr Andro8 Mennilk) and Sgnior Director. Vanessa 8eever in Marc* for students, stsff, facutty and alumnl. At Ihis event we welcomed. new alumni chair, Brbanna MiU8r IFCRH 20191. EnrDlmenl 88fore the p8TrJemK there harl been sleady grovrth of ewoknenl numbgrs over Ihe prewous four ￿ar8. This year has again seen a h￿h demand and some of Ihis wll be held over demand resulb.ng from the 5uspenslon of on the ground study abroad during Ihe 202(h21 academic year. The imbalance between the fall and spring semesters remains 8 challenge and various initlalive5 art bèing evalualod to S8e how b8St lo ba13nco out tho $emeslefS. The fall semester ran successfulty vthh our cohort of 127 students retuming home in the mlddle of December. The spring semesler induded a much larger colK)rt of 335 students including 24 partner students from Marquelte. Loyola mary7n0￿1 University. St. L￿15 University and Loyola Chlcago. St81fing Durfng the summer ￿ appointed a part tkne Student Mental Health Counsellcff lo promde resource to address the incr¢asing domand for on site counselling. Following the departure 8159 in thè summèr ol both the Director of Academic Affairs and Academic Cwrdinalor. a new rde, Academic Programmes Manager, was created and an appointment made in August 2022. This has alk)wed the Senior FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charlty No: 1040378} REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2022 Director lo become more invofved in this area of our operatlons and to understand Its strengths and areas for imwvement. A new role. Head ol Experiential Leaming was created in September and an exisb'ng member of faculty. Ergem Senyuva Tohumcu. appointed to work cthely with the Senior Director and coneagues in the Gabely sth0￿ of Busyiess. Stsffinglgvels and utillsallon continues to be a priorlly. Temporary administratlve and student life asstsiants are being employed lo provlde addltlonal resources during period5 of h*3h acuvlly during the academic year. Work conunues lo IntToduGe furt￿1 HR pollcles aThJ procedures. Academks 8nd expeiiential leamvw We continu8 to be fortunate lo have a core of exwri8nced and supportNe f8cutty relum lo us each semestei. We were successful in reCnI￿n9 new members of facully to run cLqsses In Race, Class, Gender and the Medra and Rock and Pop Musi¢ Since World War 2. Many faculty ¢onlinu8d to use London as a da5SToom. taking sludents on a varied range of visrts io London'$ well-known Ihealres, 0811od68 and museums. Fa(JJlty also conllnued to host guest speakers thjring their teachln9 S8S8ions. We mlnimi8ed the disruptknn caused by Ihe frequent rail strikes during thi8 perlod, including on occasion provlding hotel aCc(￿mod81i0n for la￿tty based outslda London. As a r8sull virtually all leaching sgs$lons wgrg dellvered lace lo face. Faculty member. Ergem Senyuva Tohumcu re18unched 8 successful collaborallon wlth SLU Madrld tsklng a group of 12 8uslness sludents In February lo a ￿￿keThd at SLU M8drld to collabc¢ale on a markellng project focusing on $ustsinability. Wo wlll host a rolum vlsll In ￿rI1 whlch ￿11 culmlnate In a joint had(alhon challenge judged by exlemal experts. The Oxford Unlver5My weekend ran again this March 81 Wadhwn Colage. Thls event allow8 8tudenls to Participate in a dals leclures plus two f￿1 cdl8g8 dinners and a chml conc*rt. Th8 focus contlnued on ensuring exollent leaching and leaming in London. Faujlly were supported to adopl a new swlabus lemplalo lo prowde cons151enl 8nd clear Inforynation especially around 05sessmenl to students. We also worked very closely with Library t68ms in New York lo enc¢Jxag6 faculty to ensur8 key learning res￿￿$ and materials am a¥a￿abl9 onlwiè. The intemshlp progiamme w85 suspended after summer 2022 as delaJB In woce551ng ￿Sa$ caused a nvmber of students to arrive and a decision to undettske a ievlew to 8ssess the quality of the existing provision. Wcrfk is being undertaken to relaunch the programme ag8in from f8112023 and to manage this internally as had been the Ihe past. rather than through the serwce$ of a third- party provider. We are 81s0 working towards the creation of a c￿e dass for all St￿enIS induding pre-arrival goal s8tUng and a requlrement Whi￿ here to leam aboLrt and reflect upon London and UK cuNure. The London Speaktsr Series was re•launched in November 2022 Bnd will nJn Unt￿ May 2023. It has been dov8loped and led by our Head of Experiential LeamiThJ. and faatures sessions from alumni and other speakers working rn a range of sectors and industries in London. A related new award scheme Idrawng on similar schemes in the G8belli Business School) has been ueated. The Lffidon Responsible Business Leaders Award Is g￿9￿ lo sludents volunteered to co-host ar￿ facllltste the SeS￿onS and subsequenuy disseminat¢ ￿nten1 on social media. Partidp8nis receive a certificate of attendance. FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charlty No: 1040378) REPORT QF THE TRUSTEE (Gontlnued) FOR THE YEAR ENDED 3Q JUNE 2022 Sludenl affalrs Participalton was h￿tt in 8 wkle range of sodal advilles on offer as well as tha compulwy programme lrips to Lillé. Brussels, Paris and Am51ertlam. These destinatims chO￿A so WVJ wera able to us• Ihe Eurostar 85 Part of our commitment lo sustalnable S￿dY 8broatJ. Our Studgnl Mental Health Couns8llor. in addit￿n to counselling studtsnts workèd dosaly with staff teams lo plan how to support student menlal heafth and wellbeing while 5tsjdy￿g abroad. Further wo IB also bein9 undertaken to train facully and slaff lo understand how io spot the signs of poor mental health, to have suppfft conversati￿¥ and swjnposting. We made irnPTovements lo our orientation ac￿￿tieS induding a day sel aside for small group sesslons to allow Students to consider toplcs relallng to Imng and thrthng in another culture. Students also attended special events with speakers covering Iq)ics including Brexrt. immigrebon, the ujllures of London, urban rogeneralion and Brits8h ￿￿11(£. We havo launched anolh&r now award s¢hemo in L(Mdon. the Fordham London Fellowship Awards lo allow students 8nd th•ir p•èrs. AkJngsid• staff and f8culty. to nominate a student who has made a significant contribution to the sludenl expertence andlor demonstrglgd exceptlonal commltmenl lo the student commur4ty. The thrfje award categories are Susta￿abl11tY, CommLbnity and Leadershlp. Students affalrs are also worklng 51udents ￿3h to undertake volunteedng %thilsl they are In London and we ar6 thlng ￿th studènts lo help them find sui18b￿ opportvniles. Facilities 8nd Operations Facilities and operollons conunue lo Nn well atthough aloryJ with many Lc￿dOn employers we are finding the recwitmgnl of expgrienced receplion. securty and ¢kn8nlng staff challenging. Classroom technology upgrade work has conllnued and by mid-MaTth lour of our len classrooms and our conference room had been equipped with ceiling microphones allowing us lo dispense wlth the need for hèld microphonés during hybrid s6ssions. Following intwmitiont prob￿M$ wth our intemel servlce provlder we now have a 5G inlernel bad(up Capabl1￿Y. GR.IT. en IT m8nag8m8nl cunpany, is now onsite four aftemoons a week il Is pie8slThJ lo soe how they are worklng to successlully resolve IT18gues expW1en￿d dudng le8chlng sesslons and as well a8 rooting out and ras0￿ing onw*vJ ISSLies. Flre and evacuation procedures have been updated and staff trained as well as an EvacPad installed should we need to evacualg a building user could nol use the stairs unaided. All of the full time staff team now have up to date emergency firsl alder certifution. An automalK defibrilklor has also been in51alled in reception. Receplion slaff have had Se￿￿ty trainiTrJ. We contlnue lo oenerale Inct￿e Irc¥n renlhg out wr classro(Mn space lo Intemal and exlemal group8 and visitors. FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 10403781 REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2022 Structure. governance and management G0￿mIng do¢umanl The Fordham University UK Charitable Trust was inwrporaled under its f¢)rmèr name MLC Charllab Trust on 24th August 1994. It ha5 no share capital and is a registered ¢h8Nly. Th8 solè trustee is a corporate btsjy, Fordham Universty IUSAI UK Programmés Limited, registered 8s Company No. 03828979. The goveming doujment Is the Memordndum and Artlcles of Assw8Uon. The Ch8rlly In conjunctlon with Fordham University in N8w YL¥k, USA prowdes 8n educ8tion of thg hi9h8sl quality threugh group t8athlng. academlc sUpe￿$￿n. sodal ￿ ￿kur81 acimties and liwng accLYnM￿JaIjOn. Recruitmonl and appoinlment of new 8o•rd Members There are no Icymal kyocedures for r•uui¢ment for Direc¢ors to the Board of the Charity. When warranted, candidates a￿ recommended by those thoroughly familiar ￿th Ihe organlsation. Diredors of th8 Board of Ihe Ch8rity are apwnled an¢J removed by unanlmous resolution of tho Board. The member of the Board h85 the power to veto any such app)Inlm•nt but nol to veto hlsther removol or dlsquaiificatlon. Th8 Charlly is funded by Fordham Unfverslty In New yo￿. USA. The Board ￿1rrentlY has three members, Iwo ol vthom are resldenl In the USA and one In the UK. As of 30 June 2022 thls co le Inckthd the folb)vAn directors.. Ellen F3hey-Smllh, Assoclale Wce Presldenl and Chl•f ol Slaff at Fordhgm Unlverslty Van*8sa Be8v8r Senior Dirécttr Fordham Universiiy in Ltr)don Oonna R8pacckJli, Dean of the Gab81￿ School of Busln88s al FNdham Unfverslly Fahe ¢h. soryes as C alr an(J s rust me M8n8gement and staffing The I￿lOw1n9 key member8 of slaff ore r￿p￿SIble for the day-l￿aY management of the Charlly.. Vane8sa Beever, Senlor Dlrector Matthew Holland, As5iStanl Senior Dire(lor and Dkector of Sludent Affalrs NiO￿a Blake, DlrectOT of Opwations The administrative staff is divided into three function￿ a￿8$.. Ac8demiGs le¢J by Vane$s8 Beever. Student Affairs led by Matthew HollanLI, and Fadlrtles led by Nicola Blakè. AJI rèport to the Senior Dlreclor. allend weekly m8nagement meellngs and meet wu18rfy wtth their office groups lo dlscuss key issues of policy and practice. S818ries for key management personnel are determined by a number of criteria. including sector averages for wmparable positsons in study atrnad eduCat￿&￿- the degree of responslbility in the ro particularty In relation to student safety, seujrity and wellbeing.. and living costs particulady r8latlng lo travel lo and from the Charitls kxation in central London. The Board entrusts the slaff. under the leadership of the Senior Direetor, with the day-ttrday wnnlng of the Charitvs opeTations. The Senior Director reports directty to the Board on 8ny malor change or risk to the Programmes. matters pertaining lo the ManagY￿ of risk are the prfmary decisiws the Board tskes. FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEE {¢ontlnued) FOR THE YEAR ENDED 30 JUNE 2022 The Bowd gave olthdr ￿me freely and no remuneration was paid kn the acoyjnting pedod. DetaiL% of expenses and relale(J party transactions are disclosed in notes 9 and 20 to the accounts. Fordh8m University London stsff are employed by tho Trustee and managed by the Trusts8 and Fordham Universily in New Ycrfk, USA. Induction ond Iroining of new Board Members Prospective and n8vly appc¥nt8d Board aro wowded wth the Mamoranthjm and Artides of Association. uP-t￿date guidance noles on the role of a Board Member are provided, and all responslbbllties are outlined. Care is taken with employees of Fordham Universlty who are on the Board. so that any conflicts ol interest can be logged up early and the independenc& of th8 Charity18 not compromlsed. The new Board Member is Invlled by the Senlor Director lo visll the Chartvs oper8llons in London, lo rneel stsff. lo confer oiher Board Members, and to 9enèrally ac4uaint themse￿OS wth the operabcTh of the Charity, its key fealurtss and major challtsn9es. Flnancl•l R•vl•w Three prlmary Galeg￿¢S expkin Ihe a¢tiwtie$ of the Fordham Univgrsily UK Charitsble Trust.. Tuilkln and Fees, Housing. and Support Costs. Wrthin Suppcwt Costs we also maintaln a subcategory ol Govemance Costs to accuralely rellod this Sort of expense. Most 8XP9nse$ are dependent upon expense per student and the overall nurnbeT ol St￿0nts. Thls year we exper￿need an IMpress￿e posl-pandemlc rebound. Dudng FY20 we welcomed 492 studenis lo our London Contre. FY21 we had zoro sludents on4rto although offered somo Vbrlual educational programmlng and lor FY22 we nearty reached FY20 Itrv8ls vlth 437 studenls on41te, mere 11.2% fewer students than in FY20. We are very pleased wth this resutt. Please note ex arison en ecom ari adz on in o both FY21 or al Fees.. thls categcwy Include8 fee8 pakj lo Instr￿¢￿8 as wo11811 expgnses Sncurred by field trips, cultural activits'os and olhor items directty relat8d lo tho prowsbon of instructh)n to sludenls In our a¢a¢Jemic progr8mmes. li also indudes lullion Pa￿￿ents paid to Brilish universities for modules offèr8d ¢0 our Liberal Arts sludants., not6 wa now offef this option to very few of our students. Nearfy all of these oxp8ns¢s are dkectly ￿lat￿￿ lo the over811 number of sludents although this Category does Include somo fixed ￿)StS. The Trust incurr8d over 20r￿ts￿ more expenditure in this calegory than in FY21 which was expected given we h05ted zero students and offered very litt￿ virtual education in FY21 whi151 we hosted 437 sludents on-srte In FY22. Comparfsons FY20 are more useful.. the Trust knwrred 12.7% less expendf(uro wi this ￿l￿gory than in FY20 when comparing like-for4ike, similar to the redudon In student numbers 0111.2%. We expeded a greater reductk)n given al the closure of the London Dramatic Academy and ris teaching and extracurricular exp8ns8s: bl B 57.8% reductlon In tultion fe￿ paid directly to British universlties tmjt these savings were partially offset by a 14% inuease in actsmties and excursions costs. bl Housing.. this catagory indudès tho cost of Lmdon4iasèd ￿￿￿Sing provlded to students. This expense is d1￿Ctty related to the overall number of students although al time5 we have to pay for empty beds. The Trust inCu￿ed approximately 3.1% more expenditur& in this category than In FY20 when comparing like-for-fike. However as our sludenl number was down 11.2Vt4 when compare¢J lo 2020 this roughly represents an inmse of 16% per bed. This was not unexpecied given the recent inflatson that has touch&d all parts of the economy, including short-temi studenl housing. ￿ch continues to be in great demand and therefore sul¥ecl to 10- FORDHAM UNIVERSITY UK CHARITABLE TRUST {Charity No: 1040378) REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 30 JUNE 2022 regular Increases in cost. cl Support Costs.. this caleg(ry incurs great eypense due to the indu5ion of costs necessary to support ¢)ur Lcmdon Centre, in lum provides educatoon to our students Jcross all programmes. This Includes all costs related lo the Centre {rent, m8inlen8nce. ulllitie5, etc.), 8dministratsve slaff, stsff travd, offte supplies, printing. elc. A full lisl can be seen in the notes to our finandal slalements. The majoTIty of the58 expenses are flxed and do not vary on 8 ￿r-stUd0nl basis ahhough an increaslng number of students ¢Joes ￿ad to high6r support costs. The Trust incuffed over 40.2•A knss expendilv￿ in this category than in FY21 wh￿h Illu$trate$ how much of thLs cost is Ilxed despite student numbers. Comparisons with FY20 are mora usoful.. tho Tru$l incurrod approximaloly 2.1% 8xp8nditure in this catsgory Ihan in FY20. primarily due to administrative staff salarles and fringe benefits. We are satisfied wlth this result despite our student enfolmenl doryeasing 11.2% as most of these costs are Independent of actual slud8nt parb¢ip8tiM kn ow prc#Jrammlng. dl Governance Costs.. this category includes expenses direclly related to goveming the tharlty. Expondilure was down by 54.1% compared to FY21 Ma￿lY duè to r￿Uced lawyor and *al feeg.. We are very pleased wlh thls result. Many pa￿￿ents were mède by vAre transfer dlrncuy our homa Insututlon kn New York. Both local exwndilures and New York-based Wre transfars we Inckjded #i the annval accounts lo ensure 8 complete piciure of the Twsl's financial opwatsons. R•s•p4•8 Pollcy Tho Trust's r686ryes polScy Is not lo malntain any shJnifi¢anl c8sh res8rv88 In our bank ac¢ounl{sl a8 all our opgrallons are flnanced through Student lu￿on and lees paid In the US. The currenl comblned unr8slrict8d resaNes of £669,848 on our baLqnce sheel primarily represents assets. In addlt6on lo rental 8nd other oper8ttng Income. the ch8rfty beneffts from Inve5trn8nt Inc¢Jme from Bank Interest and does not undertake fvndraising aclivilies. Furthermore. deficiis can be met by the parent institution, Fordham University. Our goal Is lo retain cash rnserves that alk)w U5 to ￿Ver costs several rnonlhs wito the luture. Rlgk Revl•w though the global pandem￿ had 8 tremendous Impad ort educatlonal mobllty we remain conffident of a su¢c8ssfiJl fulure as London remalns one of the top three mosl py)u18r slutjy 8brDatl destination for stud¢nts of US unlversilles. It Is reassudng to see that demand f￿ study ab08Yd at Fordham London has relumed to pr9-pand8M￿ levels. The Charity believes r( is well position8d to sustain operBlions. Oversight by the Board ol our wporatg Tn￿1￿0 a$ a$ dose management by Fordham University New York mitigates our risks. 11 FORDHAM UNIVERSITY UK CHARITABLE TRUST IChaTity No: 1040378) REPORT OF THE TRUSTEE (contlnued) FOR THE YEAR ENDED 30 JUNE 2022 Stat•m•nt of Trust••'s respon¥lbllltl•$ The truste& Is reswnslble prepariNJ the Trusle8's' Annual RepNt and the financh11 $ts18m8nts in accordance wth applicable law and United Kwigdom Accounting Standards (United Kingdcl Generally Accepted Accounting Practic¢). The law applicable to charities in England & Wales requires the trustee to prepare financial slatements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and appthcation of resources of the dwrity for that Peri￿. In preparlng thes6 finanual statemtnts. the trustoes aro reqU￿ad to.. selgct suitabl8 accountsng ￿liCI&S arKI then aprly conslslenfjy. obseNe Ihe methods and pr#)¢ipl8s in the Charities SORP 2019 IFRS 1021., make IL￿gements aThJ e511matss that are reasonable and [￿Udent., stale thether applicable accounting stsndards have been I￿lOW¢d. Sutiect lo any malorlal departures disdosed and expl8lned in Ihe flnanclal statefflents.. prepare the financAal statements cr¢ the going ￿nCeM basis unless h Is Inappropriate lo presume that the c*anty will continue in operation. The trustee Is responsble for keeplng proper accounting records that dlsclose wllh re8$onèblo accur8cy at any limo tha ffinancial position of the charily and enabl8 them to ensur8 ¢hal the fin8nci81 slalements ¢(￿pIY with Charitles Acl 2011. the Charitles {AectsJnts and Reports) Rogula￿OnS 2008 and the provisi(￿ of the trust deed. They are also responsible for safeguarding the assols of the charlty and hence for laking wsonable steps for Ihe Ffevention and déleclion ol fraud ond other Irregularflles. Audltoi Thè Audllors. Prlce 8all&y LLP, wll be rrtcyosed for r•-8ppolntment al the next annual general meellng. Slgned on behaff otlhe Trustee Ellen Fahey4mllh Chair Dale: q (JF/23 12- **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 2022** ## **Opinion** We have audited the financial statements of Fordham University UK Charitable Trust (the ‘charity’) for the year ended 30 June 2022 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: - give a true and fair view of the state of the charity’s affairs as at 30 June 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; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **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 - 13 - ## **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 2022** 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: - the information given in the financial statements is inconsistent in any material respect with the Trustee’s report; or - the charity has not kept adequate accounting records; or - the financial satatements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **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. - 14 - ## **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 2022** ## **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: - agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiries of management including those responsible for key regulations; - enquiries of management about GDPR compliance; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reviewing correspondence with the Charities Commission; - in addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgement made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business; and; - reviewing the risk management processes and mitigating actions in place. 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. - 15 - ## **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 2022** ## **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: 28 APRIL 2023 Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. - 16 - FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) STATEMENT OF FINANCIAL ACTlVtriES FOR THE YEAR ENDED 30 JUNE 2022 Nots 2022 Unr•slrh¢tgd Total 2021 Unrestrlctsd Total INCOME FROM Donatlons and legadgs Investments Other trading income Other Income 5.505.141 41 7.945 15,000 1,376,687 12 560 68,925 TOTAL INCOME 5.520,127 1 N46,164 EXPENDITURE ON Charltable activiti•$ 5,192,631 1.453,973 TOTAL ExpeNDITURE 5,193,033 1.453,973 NET (EXPEND￿vRE) AND NET MOVEMENT IN FUNDS 33&496 (7,8091 RECONCILIATION OF FUNDS Totsl funds brought fonvard 88 prevSously ststed 334.352 342,161 AT THE BEGINNING OF THE YEAR 334,352 342,161 TOTAL FUNDS CARRIED FORWARD AS RESTATED 669,848 334,352 All Income and expendllure dorlves from ￿tInuIng aclivilies. All Income from donatlons and grants was unrestricted In 2022 and 2021. The notes on pages 20 to 29 foTh port of these fmancsal statements. 17- FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charily No: 1040378) BALANCE SHEET AS AT 30 JUNE 2022 Note 2022 2021 FIXED ASSErs Tang￿t 8888ts 11 1,921,177 1.864.242 CURRENT ASSETS D8bfors Cash at bank ond In hand 12 17 129,633 96,453 306.197 556,197 226,080 LIABILMES Credhors: amounts fallng due wNhkn one year 13 {379.291) 256,0321 NET CURRENT AS8ET8 I (LIABILITIES) 176,906 (29,9461 Crethlor8:amounts fallng due after more than one year 14 {1.428.2351 {1,499,944) NET ASSETS 669,848 334,352 GHARITf FUNDS Unresldct¢d funds 669,848 334,352 TOTAL FUNDS 869,848 334.352 The flnancl#l 81atem¢nts wart arvowj 8ThJ auv￿rI￿1 lor Issuo by the Twst8o on on th¢ir b?h•W. by.. 8nd slgned EJ-￿¥ 87 rf/xfl, Ellan Fahoy- S Ch•lrporson The noles ￿ page 20 10 29 fonn part of these f￿an¢¥al stalgmants. 18- FORDHAM UNIVERSITY UK CHARITABLE TRUST {Charity No: 1040378 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 Note 2022 2021 CASH FLOW FROM OPERATING ACTIVITIES Net cash used In operallng octfvkles 16 359.010 30.900 CASH FLOW FROM INVESTING ACTMYIES Interest recefved Purch8se of propety and atylpment 41 1149.3071 12 1206,5541 CASH FLOWS FROM INVESTWG ACTMTIES 1149,267) 1206,$42) NET IDECREASE)IINCREASE IN CASH AND EQUIVALENTS 209.744 (175,642) CaBh and cash equrvalents at beginning of year 96,453 272,095 CASH AND CASH eouivALEKfs AT THE END OF THE YEAR 306,197 96,453 The notes on page 20 10 29 fo￿ part of these occounts. 19- FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 GE14ERAL INFORIAAT1014 Fordham Universlty UK Charitable Trust is a charrtable tru51. domlc41ed In England, ¥￿th thé registered charlty nufflber of 1040378. The funcUon81 currency L8 the pound sterllng. The registered office is Isled on page 1. The prin￿paI aCti￿lY of the charity is to provide higher education to American studen15 In England and Europe. ACCOUNTING POUCIES 2.1 8•s14 of prep4ratlon of flnanclal sLthm•nts The financAal slalements have been prepared under th8 hIstor￿7 cost conVen￿On wlth Items recognlsed ét cost or transacllon value unl&ss otherwse slated In the Tèlevanl notelsl to these accounts. The financlal statements have been prepared ￿ accordance ￿th the Statement of Re￿mM￿ded Pracb¢e'. A¢c(yJnling and Rewtin9 by ChaTiti"88 prepèdng their accounts in acwdance wlh th8 Flnanclal RePor￿n0 Standard applbcable In the UK and R8publlc of Ireland IFRS 1021 and the Ch8rltles Act 2011. The chority consllutes 8 publlc benefft entlly as delh￿d by FRS 102. 2.2 Golng Ci¥nc•rn The ch8rlly generated a surFlus of £335.496 and Showed nel wrent assets of £176.906 for the year ended 30 June 2022. The Trustee considers that there are no matsrial uncertainties about th8 charltys ablltty to ￿ntinUe as a going cL*ncem. The charity believes It is wèll poSI￿oned to suslaln operallon3 on a llmlted basls for an extended pedod of fjme. The charfly conllrbues to rely on the financial supwl of the Trustee, 7hhich 16 exwctod to continu• for a of at least 12 months frorn &gn off. 2.3 Funds Unrestricted lunds ￿MpriSe those fvnds tAthl¢h the Trusloe kq frge lo use lor any purpose In furtherance of the chartiable obj'ects. 2.4 In¢¢)m• All income recognised onc8 the charity has entrflement lo th8 incomé, ￿ 15 wobabb that the In¢xrfne ￿11 be recefved and the amount of Income receIVab￿ can be measured reli8bty. Donations are recognised when the tharity has boen nobfied in wrbng of both the 8mount and setuemenl date. In the event that a donation 15 subject to conditions th81 requlre a 16vel of perfom8nce before the charity is entitled to the funds, the Income is doferred and not recognised untsl eilher Ihose conditions are fully meL or the fuKilmenl of those conditions is wholly withln th8 ontrol ol the Chartty and il is wobablg that those condt¢K)ns wll be fulfilled Sn the reportin9 peri￿1. Interest on funds hekl on deFQSit Is Included ￿en re￿Vable and the amount can be measured reliably by the charfty.. this Is nomially upon no￿TiCation ofthe interest pald or payable by the bank. Govemmenl Grants are accounted under the aoJuals model as pemiitted by FRS 102. Grants of a revenue nature are recognised in the Ststement of Financial Aclivitie5 in the same period as the re￿Ied expenditure. -20- FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 ACCOUNTING POLICIES (contlnued} 1.5 Expendltur• Llabilltles are recog￿0(1 as exponijture as as there Is a legal or constrvdvo obligation committing the charity to that expendrture, it is Pfobabk that sdUeThnl 4%ill ba required and the amount of the rtsligation can be measured rella￿y. All axpendilure is accounted for on an acc¥uals basis. ￿1 eypensos induding support costs and governanc* costs are allocated or apportioned to the applical￿ expenditure headings. Support costs have bo￿ 8Mocated between govem8iice costs 8ThJ othw supwt costs. Govemance costs compdse all ca)8ts invomng the publk aCC￿n￿bIlity of the charfly and 11$ compliance with Tegulalion and good praclce. 2.8 D•btorn Trada and other d8btrAs are recognlsed at transa(Abn pri￿. less any impalmènts. 2.7 Cash at bank and In hand Cash al bank and c8sh in hand cash and m¢Y￿Y hold in deFK)slt or 8lmlar accounts wllh a short m8turlty of three months or bss from the dale of acqulslllon or opthng of the depostt or slmilar accounl. 2.8 Cr•dltor8 Liabllilies are recognlsed whén thére18 an obllgatlon 8t th8 Balance Sheel d81e as a result of a past event, il is probable that a transfer of econcfftic benefft VAII be rgquirgd in settlement, and the amount of the sethemenl can be esllmaled rellaUy. Llakn'lilies are recognlsed al the amount that the charity antlcipates it wlll ￿Y lo settle the debt c* the amounl it has recelved as advanced Payrnents for the goods or 8eNlces rt must ￿10. 2.1 Flnan¢lal In$trum•nts The ch8rfly only has financl818s$91s and fin•nU￿ liabllltbes of a klnd that qualNy a8 ba8Ic finandal Instnjments. 88slc fin8naal Instruments ore inilially Tecognlsed al trans8¢tlon value 8nd subsgquenuy measurad at Iheir seltlement value %thich. in the of the tharity is at cost for ¢d￿orS and debtOTS. 2.10 Pen¥Son• The chority operates a deljned conlribulion p6nsion sclwme and the pons￿n ¢horge represents the amounts payable by Ihe charity lo the fund in respect of the year. 2.11 L•a￿d a410ts Costs in respect of operalrng leases a￿ charged on a straight line basis over the lease term. Any lease p￿MI￿ls LY Incentives are spread over the minimum lease term. The amount of the Inc6ntSve falllng due wthln one year has been based on the relevant prcoortion relating to th6 folbvAng 12 monlhs. 21 FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 10403781 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 2.12 Temilnatlon boneflt• Terminolion bengfits ore payable %then empkiyTnont terminated bythe charlty before the normal retirement date. or whenever an employee accepts voluntary redundancy in exchange for these benefits. The charity Tecognises terniinatic￿ benefits in profrt or loss when it is d#monstrably committed to ether li) terminating the empkjyinent of C￿￿ent ern￿OyeeS accordlng lo a delal formal pL4n wthout possibility of wIthdra￿dI. or {tt) provl¢Jlng terminatlon ￿nefit as a resvll ot 8n offer made to encourage voluntsry rodund8ncy. Benefrts faKing dug more than tsY8lve months fter the end of Ihe reportlng are discwnled to their present value. 2.13 T•nglble Ilx•d ass•tg and d•prncl8tlon Assets costsng £500 or more are capitalised as I￿￿16 fvxgd assets and are ca￿led at cost, net ol depreciation and any pro￿￿On for KnpaThienL Deprecallon 18 provlded on all tsnglb￿ flxed assets. at rales calculated io wrlle off th• cost of each asset on a straighl h'ne basi5 over its expeclod useful life. as fdlows: Leasehokl Improvwnenls remainkng1&88e term JUDGEMENTS ￿ APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In preparing tha financial Statem￿ts. managemenl 1$ required to make estimates and assumpllons whlch affect rewtod ineom8, expens8s assets and IlabllSlles Use of avallable infomiation and application of judgement are inherent in the lonnatscn of the estlmales, togethèr vllh past experlon¢8 and expectsfjons of ftjlure events that are belleved lo be reasonable undar Ihe drcumsl8n¢es. Actual results in the future Could dfffer from such es￿MateS. -22- FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charlty No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 DONATIONS AND GRAwrs 2022 Total 2021 Total Grants recdv8ble frLWn Fordham UnNersity USA 1,734,993 600,0 Poyments by Fordham Uni¥ersty USA on behall ofthe charity 3.220,148 776,667 Grants receiva￿￿ from Fordham GSB New Yo 550,CKN) 5,505.141 1,376,667 INVESTMENTS 2022 Total 2021 Total Interest on cash deposits 41 12 41 12 OTHER INCOME 2022 2021 Govemment grgnls receivable 68.925 Misc8118neous 15,OCVJ 15,000 18.925 During the year ended 30 June 2022. the charlty recognlsed an amount tolalling £Nil (2021 £68.9251 receivable under the UK Govemment's Coronavirus Job Retention Scheme. -23- FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 CHARITABLE ACTMTIES 2022 Total 2021 Total Provl•lon of educ•tl¢)n: Tultion and feos {nots 9) Housing costs Support costs (rnte 81 870,650 2.359,146 1,962,835 39,615 1.414.358 5.192.631 1,453,973 SUPPORT COSTS 2022 Totsl 2021 Tot•1 Telephone Rent and ulllltles Property m8lnl•nance Tr8vel Offic• supplie8 Postage Advertising Other fees Other expenses Stsff costs Inole 9) Govemancè ¢￿ts (note 10) Depreclallon 4,205 980,635 47,083 12,375 36.039 953 3.495 40.017 301.458 432,546 11.656 92,373 6,314 722,862 22,924 437 9,536 445 719 30,750 143,721 364,S30 25,407 86,713 1,962,835 1,414,358 -24- FORDHAM UNIVERSIry UK CHARITABLE TRUST (Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 STAFF COSTS 2022 Total 2021 Total Wages and salarks SocSal Se￿rity Employer penslc 386.767 36.555 9,224 320,896 31,831 11,803 432,546 Tultbon And fws (all academk wogrwnmas) 870.650 39.615 1.303.196 1,431,929 A¥•rag• numb•r of •mploy••s 2022 Nufflb•r 2021 Numb•r S*larl•d staff Adminislratic Teachlng Ipart-Um81 10 12 15 22 Contract staff and Gonsultants Tutors Ipart-timel 26 31 The ch￿ty'S Twstse was not pa*J and did nol recelve any other benefits frL¥n Ihe charity {2021'. £NIII nor We￿ they T￿mb￿sad 0xp•n￿S during the year12021: £Nill. The charfty considers its key managemenl personnel to rKJmpfise the Artistic Dlrector, Head of the centre and Asslstant Head of Ihe centre. The total em￿Oyment benefrts of the key management personnel were £78,64612021.. £62,400). One empbyee had empbyets benellts In excess of£60,0￿12o21- £60.000). 2022 Numb•r 2021 Numb•r In the band £60.￿1 - £70.000 In the bond £70,CW- £80.000 -25- FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 10. GOVERNANCE COSTS 2022 Totsl 2021 Total Audltor remuner8tion Legal and professional fees 11.370 286 12,469 12.938 11,656 25.407 11. FIXED ASSETS L•a••hold lfflprovements Total Co•t Brought Iotvmrd Additions 2,139,654 149,307 2,139,654 149,307 Carrl•d forward 2,288,961 2.288.961 D•prnelatlon Brovght lorw8rd Charge Icrf the year 275.411 92,373 275,411 92,373 Carrl•d fon¥ird 367,784 367.784 N•t Book V•lu• At 30 June 2022 1,921,177 1,921,177 At 30 June 2021 1,864,243 1,864,243 -26- FORDHAM UNIVERSITY UK CHARITABLE TRUST {Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022. 12. DEBTORS 2022 2021 Prepaymenls and acGrued income Other dèbtor3 250.0 125,IX)O 4.633 250.000 129.633 13. CREDITORS.. amounts falllng du• wlthln on• y•ar 2022 2021 Social securlty and other tsxe$ Acwalg and deferred Income 19.802 359,491 256.032 379,293 256,032 14 CREDITORS: 4mount• falllng due after more than Th• y•ar 2022 2021 Accruals 1,428,235 1.499,944 1,428,235 1,499,944 15. LEASING COMMtrMENTS The charfty's future minimum operating payments wo as foll(Ms: 2022 2021 Land and Bulldlny: Within one year 8elween two and five years Greater than fNe year5 1.000.000 4.OJO.OOD 16.000.000 1,000.000 4,000.000 17,000,000 ODer8Jno leases ch8rn￿ 83 an e¥pense total￿d £1.000.(NXIO 12021.. £684.7241. In the vear ended 30 June 2022 the Charily received a rent concession due to Covid-19 of £Nil 12021 £250.0001, which reSU￿ed in kjwer operatw lease payments. -27- FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 1& RECONCILIATION OF NET MOVEMENT IN FUNDS TO NEf CASH FLOW FROM OPERATING ACTMTIES 2022 2021 Nel income I (expenditure) for the peri￿￿ (0$ per Statement of Financial Activiti681 335.496 (7.809>1 Adjustments for. Depreclauon char9es Interest Income Ilncre8881 In Debt¢)r8 In(xea58 In Cred￿S 92.373 141) (120.367) 51,549 86.713 112) 1129.633) 81,641 359.010 30,900 17. ANALYSIS OF CASH AND CASH EQUNALENT 2022 2021 Co8h in hand 306.197 90.453 Totsl caBh and cash •qufval•nt 306.197 96A53 ANALYSIS OF CHANGES IN DEBT At 1 July 2021 At 30 Jun• 2022 Cuh flows C88h al bank and In haThl 96,453 209,744 306,197 96.453 209.744 306,197 19. PENSION COMMITMENTS The charity operates a ¢Jeffined ￿ntribu￿(WI$ pwslon stheme. Th8 assets ofthe sth8m8 are hekj separatgly from those of the ¢hadty in an Independenwy adminl$lered fvnd. The pension wst tharge represents contributions pardble by the charity to Ihe fund and amounted lo £15.884 {2021 £11.8031. Contributions totdling £Nil12021: £Ni51 wer8 pa￿1￿8 to the fund at the balance sheel dale and Induded in creditors. -28- FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charfty No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2Q22. 20. TRANSACTIO14.4￿Th RELATED PARTIES Amounts recdved fr(xn Ihe Univw81ty durfng the yew tot8M8d £S,505.141 12020.. £1,376,667). -29-