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← Fordham University UK Charitable Trust

2024-06-30-accounts

Registered Charity No.1040378

FORDHAM UNIVERSITY UK CHARITABLE TRUST

ANNUAL TRUSTEE’S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FORDHAM UNIVERSITY UK CHARITABLE TRUST

CONTENTS

Page
Reference and administrative information 1
Report of the Trustee 2 - 9
Independent auditor’s report 10 - 13
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 26

FORDHAM UNIVERSITY UK CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 JUNE 2024

CHARITY REGISTRATION NUMBER 1040378
PRINCIPAL ADDRESS: Fordham University London Centre
2 Eyre Street Hill
London
EC1R 5ET
TRUSTEE Fordham University (USA) UK Programs Limited
DIRECTORS OF THE TRUSTEE: E Fahey-Smith
L Aksoy
INDEPENDENT AUDITORS Price Bailey LLP
Chartered Accountants & Statutory Auditors
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ
BANKERS The Royal Bank of Scotland
London Holborn Branch
127-128 High Holborn
London
WC1V 6PQ
SOLICITORS Clyde & Co LLP
St Botolphs Building
138 Houndsditch
London
EC3A 7AR

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2024

Our Charitable Objectives

To provide education for undergraduate students of the Charity whilst studying in the United Kingdom – to advance education and learning and where they may work towards undergraduate degrees of the Charity. No member of the Charity will be subject to any test of a religious, racial, political or social character. The Charity delivers these objectives, while keeping within the goals and objectives outlined in Fordham University's Mission Statement. To provide high-quality undergraduate academic, co- and extra-curricular opportunities to students in an English-speaking, but culturally diverse urban context. There is a strong commitment to the creative combination of formal (classroom) and experiential (offsite) learning. In the pursuit of these objectives, the Charity holds classes, lectures and seminars, and organises field studies and guide travel opportunities. Throughout their semester of study students are fully supported with experienced care for their well-being.

Our Goal

To provide high quality study abroad programmes in the UK for students from Fordham University in New York, and for other US universities, whilst keeping within the goals and objectives outlined in Fordham University’s own Mission Statement.

Our Mission

Fordham University London’s mission is to educate qualified individuals from different faiths, cultures and beliefs in line with our Jesuit tradition of careful observation, critical thinking, creativity, moral reflection, and articulate expression in preparing students for responsible leadership in a global society.

Our Activities

This year the Charity’s activities continued to focus on the two main academic programmes: the Gabelli School of Business (GSB) London Programme and Liberal Arts (LAS) London Programme.

The Charity provides an educational environment that enables undergraduate students to develop their capabilities, knowledge and skills. It promotes the academic and cultural learning of its students through the programme, which includes academic courses, co- and extracurricular activities.It provides an educational environment in which, in addition to completing rigorous academic courses, each student can develop and fulfill their potential; building their self-confidence and inculcating a desire to contribute to the wider community. In doing so, it prepares students for the opportunities, responsibilities and experiences of later life. The Charity offers courses in a wide variety of subjects including: Accounting and Taxation, Communications and Media Management, Finance and Business Economics, Law and Ethics, Marketing, Anthropology, Art History, Communication and Media Studies, Economics, English Literature and Writing, Film and TV, History, Music, Philosophy, Physics, Political Science, Psychology, Theatre and Theology. Students who complete these courses successfully are awarded credits which are counted towards their degree at Fordham University or at the university where they are enrolled.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2024

Public Benefit

The Trustee of the Charity has considered the Charity Commission’s guidance on the operation of public benefit under the Charities Act 2011 and considers that the requirements have been met under the Charity’s objects and activities.

In summary, the Charity provides, in conjunction with Fordham University in New York, an education which is recognised internationally as being of the highest standard for some 500 students each year. This education develops students academically, supports their career ambitions, and promotes their community and interpersonal skills. On graduation from the University they are enabled to play enhanced and effective roles for the benefit of society around the world. This world-class education is provided to students who have the highest academic potential whatever their financial means or religious, racial, political or social background. We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability.

The students of the University are the primary beneficiaries and are directly engaged in education and learning.

Chair’s Message

Summary of Fordham University London (FUL) Achievements - Academic Year 2023-2024

The 2023-2024 academic year marked a significant period of growth and achievement for Fordham University London. We achieved an annual enrollment record of 567 undergraduate students, reflecting the increasing appeal of our programs.

A key highlight of the year was the establishment of a new partnership with a real estate investment firm to provide modern, convenient housing for our students. This partnership has significantly enhanced the student experience, offering comfortable and well-located accommodation.

We continued to prioritize student experience by expanding our academic offerings with new courses in diverse fields, including “The Physics of Climate Change,” “British Government and Politics,” and “Media and the Environment.” Additionally, we launched a new selection process for program trips, offering a wider range of destinations and experiences.

The interim leadership team, led by the Interim Senior Director and Interim Academic Head, played a crucial role in navigating the transition period following the departure of the Senior Director. The team focused on maintaining operational excellence and fostering a positive academic environment.

We also invested in faculty development through a Faculty Exchange program and a Professional Development Fund, enabling faculty to collaborate with colleagues at Fordham University New York and engage in professional development activities.

As we look to the future, we are excited about the opportunities to further enhance the Fordham University London experience. We will continue to prioritize student success, academic excellence, and innovative programming.

~~Ellen Fahey-Smith~~ Ellen Fahey-Smith (Apr 30, 2025,3:44pm)

Ellen Fahey Smith Chair

30 Apr 2025

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2024

Principal achievements for the year

Summer 2023

The summer programme ran for the 1 month teaching period in June, with the internship programme still suspended. 54 students attended and nine classes ran successfully, including ‘The Physics of Climate Change’ which introduced a science class to the London offering by making use of a virtual lab environment. As part of the orientation programme, students participated in a programme trip to Liverpool which had a sustainability theme.

Fall 2023

As a result of the University’s move to a single application deadline for undergraduate study abroad, the impact of greater student application flexibility enabled a record fall semester enrolment in London with 214 students attending our study abroad programme. 34 courses (across 59 sections) were delivered by 33 faculty (4 new) with new courses in ‘British Government and Politics’ and ‘Media and the Environment’ offered in London.

Following the departure of the Senior Director, an interim leadership team consisting of an Interim Senior Director and Interim Academic Head were appointed to steer the London programme until further notice. The team was also supported by an increase in the hours and responsibilities of the Academic Technology Lead.

Two schemes were launched to support the development of the London faculty: i) Faculty Exchange, and ii) Professional Development Fund. We are grateful to a donor for supporting the London - NY faculty exchange programme which has seen faculty connect and travel between the U.S. and U.K. Furthermore, a Professional Development fund has been established to support faculty wishing to engage in academic work within their respective fields. Colleagues in New York also supported the development of resources to assist faculty with navigating course proposals and understanding the University’s core curriculum for our London faculty and staff.

Fordham London relaunched its internship and the placements are now coordinated in house. Students are no longer guaranteed an internship, but instead can apply for an opportunity sourced by Fordham London or find their own. Fordham London hosted five interns in Fall 2023.

The Student Life team introduced a selection process for the ‘Programme Trip’ thereby enabling the trips to consist of students from either the Liberal Arts or Business programme, as opposed to a programme specific trip. Students had the choice to attend a weekend trip to one of either Paris, Edinburgh, Brussels or Amsterdam, with 214 students travelling with Fordham London across three weekends.

Spring 2024

300 students participated in our undergraduate study abroad programme. 36 different courses were offered (across 70 sections) by 35 faculty (6 new) and 3 new courses were offered (Plays and Players: 1600-1700, Global Marketing, Global Consumer Behavior). Only four students participated in an internship in Spring 2024. Two faculty exchanges were initiated thanks to the Faculty Exchange scheme. Prof Miguel Alzola (GSB, NY) visited London in March 2024 in an exchange partnered with Dr Jamie Woodcock (Ethics in Business, London). Prof Alzola and Dr Woodcock hosted a panel discussion in London on the ethics of AI and work. Dr Woodcock subsequently visited NY in May 2024 and taught/participated in the intensive three-day graduate level course 'Theories and Applications in Contemporary Ethics'. Prof Stephen Grimm (Philosophy, NY) visited London in March 2024 in an exchange partnered with Dr Piers Benn (Philosophical Ethics, London). Stephen and Piers hosted a panel discussion on free speech on campus. The Interim Leadership team conducted the first phase of a mapping exercise with staff and faculty to assess Fordham London in relation to the University’s current strategic vision ‘Educating for Justice’ (2021-2026). This endeavour is expected to aid the leadership team in making well founded submissions to the University’s engagement regarding its next strategic vision endeavour. It is hoped that the mapping exercise will also help inform decision making in regards to local priorities.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2024

We launched the ‘Fordham London Insight’, a newsletter for alumni, stakeholders and partners, with the inaugural Easter 2024 edition establishing the beginning of a triannual approach to distribution. Students, staff and faculty also launched a Fordham London podcast with recordings of guest lectures and panel events being uploaded to the respective platforms.

Summer 2024

Fordham London moved to a dual session programme with classes offered in both summer sessions

(June and July). 53 students studied with us in the summer with students opting for either session I, session II or both. This also coincided with the return of summer internships; however, they instead ran alongside classes across both sessions as opposed to a concentrated programme. Six students interned alongside their classes.

Fordham London also secured a foothold in the student housing sector, by partnering with a real estate investment firm who have acquired nearby accommodation, and entered into a 5 year lease. The new Clerkenwell accommodation hosted its first Fordham students in Summer 2024 and it will provide a core accommodation offering to the University for its existing study abroad programmes whilst also opening up new programming possibilities.

Andrea Mennillo stepped down as chair of the Fordham London Advisory Board earlier this summer having served in the role for four years with great passion, commitment, and integrity. Greg Minson has taken on the position of chair. Greg’s appointment comes at a pivotal moment, as we accelerate our efforts to enhance student experiences and to firmly establish Fordham’s global brand.

The Summer Networking Event took place on our roof terrace with alumni, students, faculty and staff enjoying the opportunity to connect with one another on a warm summer’s evening.

Plans for FY 2025

Overview

The Fall 2024 semester is set to deliver an enrolment record for a fall semester, with 245 students expected on the programme. With a further 280 expected in Spring 2025, Fordham London is on track to match or better the annual enrolment record (567 students) set in 2023-2024.

The leadership team is excited to work with the new London Advisory Council chair as we seek to further and renew its impact and engagement. This coincides with the increasing collaboration between Fordham London and the respective Deans and leadership figures across the University.

The first draft of the London Vision Map is set to be presented to the London Advisory Council, and shared more widely with colleagues and stakeholders, during the Fall 2024 semester, with a second draft expected during the Spring 2025 semester as we seek to better align our vision mapping with the ongoing work established by Fordham University President Tania Tetlow’s ‘Framework for our Strategic Plan’.

We’re working in partnership with colleagues in New York to identify tangible opportunities and increase programming opportunities which serve graduate students, alumni and our community. Discussions and planning are underway regarding a study abroad alumni residential programme in London for May 2025, a College at 60 study abroad course for May 2026 and an AI & Leadership professional development seminar for March 2025.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2024

Consideration continues to be given to the course offerings in London and serving the needs of our students. New courses in Urban Health & Politics and Digital Media & Advocacy have been approved for Fall 2024, as well as Sports Marketing, Public Media and London at Night for Spring 2025. We will create a dedicated space in the calendar for experiential learning events, tying them into the Britain Today (Fall 2024) and Global Citizenship and Responsible Business (Spring 2025) 1 credit courses. Furthermore, discussions are continuing in relation to address the obstacles students face with internships in terms of student visa cost and greater credit recognition.

A new course minimum rate structure has been agreed for London faculty which will see faculty with 4+ years of service subject to a higher minimum course rate. The faculty exchanges are set to continue with two London faculty scheduled to visit New York in October 2024. The professional development support has also been extended for another year to support faculty with conference, seminar and training attendance. An employee handbook is also set to be established which will unify and centralise a number of existing practices and policies.

Structure, governance and management Governing document

The Fordham University UK Charitable Trust was incorporated under its former name MLC Charitable Trust on 24 August 1994. It has no share capital and is a registered charity. The sole trustee is a corporate body, Fordham University (USA) UK Programmes Limited, registered as Company No. 03828979. The governing document is the Memorandum and Articles of Association. The Charity in conjunction with Fordham University in New York, USA provides an education of the highest quality through group teaching, academic supervision, social and cultural activities and living accommodation.

Recruitment and appointment of new Board Members

There are no formal procedures for recruitment for Directors to the Board of the Charity. When warranted, candidates are recommended by those thoroughly familiar with the organisation. Directors of the Board of the Charity are appointed and removed by unanimous resolution of the Board. The member of the Board has the power to veto any such appointment but not to veto his/her removal or disqualification.

The Charity is funded by Fordham University in New York, USA. The Board currently has two members, and both reside in the USA.

As of 30 June 2024 this corporate body included the following directors:

Ellen Fahey-Smith, Vice Provost for Administration at Fordham University Lerzan Aksoy, Dean of Gabelli School of Business at Fordham University

E Fahey-Smith. serves as Chair and signs off on Trust documents.

Management and staffing

The following key members of staff are responsible for the day-to-day management of the Charity:

Matthew Holland, Interim Senior Director & Director of Student Affairs John Annette, Interim Academic Head Nicola Blake, Director of Operations

The administrative staff is divided into three functional areas: Academics led by John Annette and Matthew Holland, Student Affairs led by Matthew Holland, and Facilities led by Nicola Blake. All report to the Interim Senior Director & Director of Student Affairs and meet regularly with their office groups to discuss key issues of policy and practice.

Salaries for key management personnel are determined by a number of criteria, including sector

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2024

averages for comparable positions in study abroad education; the degree of responsibility in the role particularly in relation to student safety, security and wellbeing; and living costs particularly relating to travel to and from the Charity's location in central London. The Board entrusts the staff, under the leadership of the Interim Senior Director, with the day-to-day running of the Charity's operations. The Interim Senior Director reports directly to the Board on any major change or risk to the Programmes; matters pertaining to the managing of risk are the primary decisions the Board takes.

The Board gave of their time freely and no remuneration was paid in the accounting period. Details of expenses and related party transactions are disclosed in notes 10 and 20 to the accounts. Fordham University London staff are employed by the Trustee and managed by the Trustee and Fordham University in New York, USA.

Induction and training of new Board Members Prospective and newly appointed Board are provided with the Memorandum and Articles of Association. Up-to-date guidance notes on the role of a Board Member are provided, and all responsibilities are outlined. Care is taken with employees of Fordham University who 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 to visit the Charity's operations in London, to meet staff, to confer with other Board Members, and to generally acquaint themselves with the operations of the Charity, its key features and major challenges.

In light of the shifting demands of higher education and the ongoing efforts to support today's students, faculty and staff, the University has engaged outside counsel to explore updated trust structures and assist in the review and migration of the current charitable trust structure to that of a charitable company limited by guarantee. This model simplifies the governance structure and many similarly situated US-based universities providing education in the UK have changed to this structure. We have sought approval of the Fordham University New York board of Trustees to continue these efforts and move forward with this transition. The effective date of this change will be dependent upon the approval timelines of the various agencies.

Financial Review

Three primary categories explain the activities of the Fordham University UK Charitable Trust: Tuition and Fees, Housing, and Support Costs. Within Support Costs we also maintain a subcategory of Governance Costs to accurately reflect this sort of expense. Many expenses are dependent upon expense per student and the overall number of students.

This year we continued to demonstrate an impressive post-pandemic rebound. During FY24 we enrolled 567 students on our programmes, a 10.74% increase on the 512 students enrolled in FY23. This sets a new annual enrolment record for Fordham London. We are very pleased with this result.

a) Tuition and Fees: this category includes fees paid to instructors as well all expenses incurred by field trips, cultural activities and other items directly related to the provision of instruction to students in our academic programmes. It also includes tuition payments paid to British universities for modules offered to our Liberal Arts students; we offered this option to very few of our students: 13 students in Fall 2023 and 11 students in Spring 2024. Nearly all of these expenses are directly related to the overall number of students although this category does include some fixed costs. The Trust incurred 10% more expense in this category than in FY23, an expected result given student enrolment was 10.74% greater than in FY23.

b) Housing: this category includes the cost of London-based housing provided to students. This expense is directly related to the overall number of students although at times we have to pay for empty beds. The Trust incurred approximately 5% more expenditure in this category than in FY23 when comparing like-for-like. We are very satisfied with this result given our student enrolment was up 10.74% when compared to FY23 and housing prices per bed almost always increase on an annual basis.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2024

c) Support Costs: this category incurs great expense due to the inclusion of costs necessary to support our London Centre, which in turn provides education to our students across all programmes. This includes all costs related to the Centre (rent, maintenance, utilities, etc.), administrative staff, staff travel, office supplies, printing, etc. A full list can be seen in the notes to our financial statements. The majority of these expenses are fixed and do not vary on a per-student basis although an increasing number of students does lead to higher support costs. The Trust incurred 13% greater expenditure in this category than in FY23, an expected result given student enrolment was only 10.74% greater than in FY23. Most of this increase was due to increased administrative staff expenses.

Many payments were made by wire transfer directly from our home institution in New York. Both local expenditures and New York-based wire transfers are included in the annual accounts to ensure a complete picture of the Trust’s financial operations.

Reserves Policy

The Trust’s reserves policy is not to maintain any significant cash reserves in our bank account(s) as all our operations are financed through student tuition and fees paid in the US. The current combined unrestricted reserves of £792,905 on our balance sheet primarily represents assets.

In addition to rental and other operating income, the charity benefits from investment income from Bank interest but does not undertake fundraising activities. Furthermore, deficits can be met by the parent institution, Fordham University. Our goal is to retain cash reserves that allow us to cover costs several months into the future.

Risk Review

We remain confident of a successful future as London remains one of the top three most popular study abroad destinations for students of US universities. It is reassuring to see that demand for study abroad at Fordham London has eclipsed pre-pandemic levels. The Charity believes it is well positioned to sustain operations. Oversight by the Board of our corporate Trustee as well as close management by Fordham University in New York mitigates our risks.

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2024

Statement of Trustee’s responsibilities

The trustee is responsible for preparing the Trustee’s’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

The Auditors, Price Bailey LLP, will be proposed for re-appointment at the next annual general meeting.

Ellen Fahey-Smith Ellen Fahey-Smith (Apr 30, 2025,3:44pm)

Signed on behalf of the Trustee

Ellen Fahey-Smith

Chair

Date: 30 Apr 2025

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 2024

Opinion

We have audited the financial statements of Fordham University UK Charitable Trust (the ‘charity’) for the year ended 30 June 2024 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.

Emphasis of matter Financial statements prepared on a basis other than as a going concern

We draw attention to note 2.2 to the financial statements which explains that the trustees intend to transfer its activities, assets and liabilities to a new charitable company and will then close the charitable trust.

Our opinion is not modified in respect of this matter.

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 2024

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 2024

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 2024

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: 30 April 2025

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

(Charity No: 1040378)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024

Note 2024 2023
Unrestricted Unrestricted
Total Total
£ £
INCOME FROM
Donations and legacies 4 6,615,059 5,834,545
Investments 5 2,678 1,379
Other trading income 6 77,750 51,630
Other income 7 - 74,879
──────── ────────
TOTAL INCOME 6,695,487 5,962,433
──────── ────────
EXPENDITURE ON
Charitable activities 8 6,534,793 6,000,070
──────── ────────
TOTAL EXPENDITURE 6,534,793 6,000,070
──────── ────────
NET INCOME / (EXPENDITURE) AND
NET MOVEMENT IN FUNDS 160,694 (37,637)
RECONCILIATION OF FUNDS
Total funds brought forward 632,211 669,848
──────── ────────
AT THE BEGINNING OF THE YEAR 632,211 669,848
──────── ────────
TOTAL FUNDS CARRIED
FORWARD 792,905 632,211
════════ ════════

All income and expenditure derives from continuing activities. All income from donations and grants were unrestricted in 2024 and 2023.

The notes on pages 17 to 26 form part of these financial statements.

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

BALANCE SHEET AS AT 30 JUNE 2024

Note 2024 2023
£ £
FIXED ASSETS
Tangible assets 12 1,857,504 1,975,611
CURRENT ASSETS
Debtors 13 351,684 250,750
Cash at bank and in hand 333,700 157,149
──────── ────────
685,384 407,899
LIABILITIES
Creditors: amounts falling due within one
year 14 (465,170) (394,775)
NET CURRENT ASSETS / (LIABILITIES) 220,214 13,124
Creditors: amounts falling due after more
than one year 15 (1,284,813) (1,356,524)
──────── ────────
NET ASSETS 792,905 632,211
════════ ════════
CHARITY FUNDS
Unrestricted funds 792,905 632,211
──────── ────────
TOTAL FUNDS 792,905 632,211
════════ ════════
The financial statements were approved and authorised for issue by the Trustees on and
30 Apr 2025
signed on their behalf, by:

~~Ellen Fahey-Smith~~ Ellen Fahey-Smith (Apr 30, 2025,3:44pm)

Ellen Fahey- Smith Chairperson

The notes on page 17 to 26 form part of these financial statements.

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024

Note 2024 2023
£ £
CASH FLOW FROM OPERATING ACTIVITIES
Net cash used in operating activities 17 200,970 17,734
CASH FLOW FROM INVESTING ACTIVITIES
Interest received - 1,379
Purchase of property and equipment (24,419) (168,161)
CASH FLOWS FROM INVESTING ACTIVITIES (24,419) (166,782)
NET INCREASE / (DECREASE) IN CASH AND EQUIVALENTS 176,551 (149,048)
──────── ────────
Cash and cash equivalents at beginning of year 157,149 306,197
CASH AND CASH EQUIVALENTS AT
THE END OF THE YEAR 333,700 157,149
──────── ────────
The notes on page 17 to 26 form part of these accounts.

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1. GENERAL INFORMATION

Fordham University UK Charitable Trust is a charitable trust, domiciled in England, with the registered charity number of 1040378. The charity’s functional currency is the pound sterling.

The registered office is listed on page 1. The principal activity of the charity is to provide higher education to American students in England and Europe.

2. ACCOUNTING POLICIES

2.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

2.2 Going Concern

Fordham University will continue to provide sufficient financial support to enable Fordham University UK Charitable Trust to meet its financial obligations as they fall due for at least 12 months from the signing of that entity’s financial statements.

In an effort to simplify the governance structure, Fordham has engaged outside counsel to assist in the review and migration of the current charitable trust structure to that of a charitable company limited by guarantee. This restructure does not affect the value of trade, assets, or liabilities which will transfer to the new entity after which it is the intention of the directors to close the charitable trust and therefore these financial statements have been prepared on a basis other than as a going concern.

2.3 Funds

Unrestricted funds comprise those funds which the Trustee is free to use for any purpose in furtherance of the charitable objects.

2.4 Income

All income IS recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Other trading income relates to classroom rentals and is recognised when the risk and rewards have been transferred to the charity.

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES (continued)

2.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

2.6 Debtors

Trade and other debtors are recognised at transaction price, less any impairments.

2.7 Cash at bank and in hand

Cash at bank and cash in hand includes cash and money held in deposit or similar accounts with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Creditors

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.9 Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value which, in the case of the charity is at cost for creditors and debtors.

2.10 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.11 Leased assets

Costs in respect of operating leases are charged on a straight line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term. The amount of the incentive falling due within one year has been based on the relevant proportion relating to the following 12 months.

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

2.12 Tangible fixed assets and depreciation

Assets costing £5,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment.

Deprecation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset on a straight line basis over its expected useful life, as follows:

Leasehold improvements - 25 year lease term IT equipment - 4 years

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets and liabilities Use of available information and application of judgement are inherent in the formation of the estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

4. DONATIONS AND GRANTS
2024 2023
Total Total
£ £
Grants receivable from Fordham University USA 2,500,000 1,650,000
Payments by Fordham University USA on behalf of the charity 4,115,059 3,884,545
Grants receivable from Fordham GSB New York - 300,000
──────── ────────
6,615,059 5,834,545
════════ ════════
5. INVESTMENTS
2024 2023
Total Total
£ £
Interest on cash deposits 2,678 1,379
════════ ════════
6. OTHER TRADING INCOME
2024 2023
Total Total
£ £
Classroom rentals 77,750 51,630
════════ ════════
7. OTHER INCOME
2024 2023
£ £
Miscellaneous - 22,879
Third party agreement - 52,000
──────── ────────
- 74,879
════════ ════════

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

8. CHARITABLE ACTIVITIES
2024 2023
Total Total
As restated
Provision of education: £ £
Tuition and fees (note 10) 684,502 621,546
Housing costs 3,014,166 2,858,977
Support costs (note 9) 2,836,125 2,519,547
──────── ────────
6,534,793 6,000,070
════════ ════════

9. SUPPORT COSTS

9.
SUPPORT COSTS
2024 2023
Total Total
As restated
£ £
Telephone 4,724 5,692
Broadband & cable 57,175 -
Rent and utilities 883,183 960,783
Property maintenance 23,295 26,086
Travel 5,457 8,547
Office supplies 26,625 27,916
Postage 332 434
Advertising 4,320 3,731
Other fees 26,310 51,946
Other expenses 173,021 104,343
Insurance 16,159 14,761
Electricity 75,677 59,928
Water 2,251 3,077
Security 54,783 42,662
Consultancy 98,771 -
Staff costs (note 10) 1,185,875 1,081,649
Governance costs (note 11) 55,640 14,265
Depreciation 142,527 113,727
──────── ────────
2,836,125 2,519,547
════════ ════════

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

10. STAFF COSTS

10.
STAFF COSTS
2024 2023
Total Total
As restated
£ £
Wages and salaries 1,035,836 931,511
Social security 114,046 88,785
Employer pension 35,993 61,353
──────── ────────
1,185,875 1,081,649
Off payroll tuition and fees (all academic programmes) 684,502 621,546
──────── ────────
1,870,377 1,703,195
════════ ════════
Average number of employees
2024 2023
Number Number
Salaried staff
Administration 7 16
Teaching (part-time) 38 16
──────── ────────
45 32
Contract staff and consultants
Tutors (part-time) - 8
──────── ────────
45 40
════════ ════════

The charity’s Trustees were not paid and did not receive any other benefits from the charity (2023: £Nil) nor were they reimbursed expenses during the year (2023: £Nil).

The charity considers its key management personnel to comprise the Interim Senior Director, Interim Academic Head, and the Director of Operations. The total employment benefits of the key management personnel were £209,565 (2023: £111,918). This remuneration was for their role as an employee of Fordham University Charitable Trust and not as a Trustee.

2 employees had employee benefits in excess of £60,000- (2023 - 1).

2024 2023
Number Number
In the band £70,000 - £80,000 1 -
In the band £80,000 - £90,000 1 -
In the band £90,000 - £100,000 - 1
──────── ────────

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

11. GOVERNANCE COSTS

2024 2023
Total Total
As restated
£ £
Auditor remuneration 12,200 11,230
Accounts fees 2,200 2,000
Legal and professional fees 41,240 1,035
──────── ────────
55,640 14,265
════════ ════════
12. FIXED ASSETS
Leasehold
Improvements IT Equipment Total
£ £ £
Cost
Brought forward 2,304,450 152,672 2,457,122
Additions - 24,420 24,420
──────── ──────── ────────
Carried forward 2,304,450 177,092 2,481,542
════════ ════════ ════════
Depreciation
Brought forward 462,014 19,497 481,511
Charge for the year 98,254 44,273 142,527
Carried forward ──────── ──────── ────────
560,268 63,770 624,038
════════ ════════ ════════
Net Book Value
At 30 June 2024 1,744,182 113,322 1,857,504
════════ ════════ ════════
At 30 June 2023 1,842,436 133,175 1,975,611
════════ ════════ ════════
13. DEBTORS
2024 2023
£ £
Prepayments 351,684 250,000
Accrued income - 750
──────── ────────
351,684 250,750
════════ ══════

FORDHAM UNIVERSITY UK CHARITABLE TRUST (Charity No: 1040378) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

14.
CREDITORS: amounts falling due within one year		 14.
CREDITORS: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
18,020
20,799
Accruals and deferred income
447,150
373,976
────────
────────
465,170
394,775
════════
════════
Deferred rental income relates to income received from the University in relation to prepaid rent.
The movement of deferred income has been analysed below:
At 30 June
At 30 June
2023
Movement
2024
£
£
£
Deferred rental income
253,450
14,950
268,400
15.
CREDITORS: amounts falling due after more than
one year
2024
2023
£
£
Rent free period accrual
1,284,813
1,356,524
════════
════════
16.
 LEASING COMMITMENTS
The charity’s future minimum operating lease payments are as follows:
2024
2023
£
£
Land and Buildings:
Within one year
2,607,880
1,000,000
Between two and five years
10,330,360
4,000,000
Greater than five years
14,000,000
15,000,000
═════════
═════════

Operating leases charged as an expense totalled £1,000,000 (2023: £1,000,000).

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

17. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024 2023
As restated
£ £
Net income (expenditure) / income for the period
(as per Statement of Financial Activities) 160,694 (37,637)
Adjustments for:
Depreciation charges 142,527 113,727
Interest Income - (1,379)
(Increase) in Debtors (100,934) (750)
(Decrease) in Creditors (1,317) (56,227)
──────── ────────
200,970 17,734
════════ ════════
18. ANALYSIS OF CHANGES IN NET DEBT
At 1 July At 30 June
2023 Cash flows 2024
£ £ £
Cash at bank and in hand 157,149 176,551 333,700
════════ ════════ ════════

19. PENSION COMMITMENTS

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £35,993 (2023 - £88,785).

Contributions totalling £4,208 (2023: £Nil) were payable to the fund at the balance sheet date and included in creditors.

20. TRANSACTIONS WITH RELATED PARTIES

Amounts received from the University during the year totalled £6,718,639 (2023: £5,834,545). There are no other related party transactions to note (2023: none).

During the year, A Bothamley, son of V Beever who served as a Trustee during the year, received remuneration of £NIL (2023: £12,801).

FORDHAM UNIVERSITY UK CHARITABLE TRUST

(Charity No: 1040378)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

21. PRIOR YEAR RESTATEMENT

A prior year restatement has been made to reclassify £333,553 of expenditure between support costs and tuition and fees, following a review of cost allocations. This adjustment has no impact on the total charitable activities or net movement in funds previously reported and is purely a presentational change to better reflect the nature of the costs.