2022-08-31-accounts

NYU IN LONDON

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

Registered Charity Number: 1079555 Registered Company Number: 03755048

NYU IN LONDON

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

CONTENTS	Page
Trustees' Report (including the Strategic Report):	1
Reference and Administrative Details	1
Structure, Governance and Management	1
Objectives and Activities	3
Strategic Report including:
Achievements and Performance	6
Financial Review	8
Plans for Future Periods	9
Principal Risks and Uncertainties	9
Statement of Trustees' Responsibilities	10
Independent Auditors' Report	12
Statement of Financial Activities	15
Balance Sheet	16
Cash flow Statement	17
Accounting Policies	18
Notes to the Financial Statements	20

NYU IN LONDON

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT)

FOR THE YEAR ENDED 31 AUGUST 2022

The trustees present their annual report and the audited financial statements of NYU in London ("NYUL") for the year ended 31 August 2022. The report includes both the requirements of a Directors' Report and the Strategic Report as required by UK company law.

REFERENCE AND ADMINISTRATIVE DETAILS

The trustees of the charity, who are also the directors of the company for the purposes of company law, as of 31 August 2022 are as follows:

Dr. Linda Mills Ms. Caroline Guen Mr. Bing-Le Wu

Dr. Mills, Ms. Guen, and Mr. Wu were reappointed as trustees on June 22, 2022 for a one year term. The trustees have made the following professional appointments:

Solicitor: Eversheds Sutherland, 1 Wood Street, London, EC2V 7WS Payroll Management: KPMG LLP, 1 Puddle Dock, London, EC4V Independent Auditors: PricewaterhouseCoopers LLP 1 Embankment Place, London, WC2N 6RH Bankers: Citibank, Citigroup Centre, Canary Wharf, London E14 5LB

The following key members of staff were responsible for the day-to-day management of the charity: Professor Catherine Robson, Director NYU London; Ms. Ruth Tucker, Associate Director Administration; Dr. Amy Rowe, Assistant Director for Academic Affairs; Mr. Nigel Freeman, Assistant Director for Student Life; and Assistant Director for Finance and Operations, Mr. Simon Coleman.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status & History

NYUL is a registered charity, and a company limited by guarantee, not having share capital. Every member undertakes to contribute an amount not exceeding £1 to the assets of the charity in the event of the charity being wound-up during the period of membership, or within one year thereafter.

The sole company law member of the charity is New York University, 70 Washington Square South, New York, NY 10003, United States of America.

The charity was set up in 1999 to support and promote education including, without limitation, the provision of services to students of New York University studying in the United Kingdom as part of their university programme of education.

NYUL was incorporated on 16 April 1999 and became a registered charity on 25 February 2000. The charity is governed by the rules and regulations set down in its company Memorandum and Articles of Association originally dated 16 April 1999, and as subsequently amended.

Organizational Structure

The overall strategic direction of the charity is determined by the trustees, who meet at least twice each year to monitor the progress of the charity in fulfilling its objectives and to take all the key high-level operational decisions.

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NYU IN LONDON

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STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Organizational Structure (continued)

NYU in London, located at 6 Bedford Square, Bloomsbury, London, is a private company limited by guarantee, registered with Companies House in England and Wales (no. 03755048), and a registered charity (no. 1079555) with the Charity Commission in England and Wales. Management is delegated by the trustees and consists of a single Director, assisted by an Associate Director and three Assistant Directors. There is a permanent staff office staff of 26, of whom 1 is part time, and teaching staff of 77. Some services such as cleaning and security are outsourced. The staff is structured into three primary departments - Academic Affairs, Student Life, and Finance & Operations - although there is some overlap in duties and responsibilities.

There are no subcommittees, management boards, or other groups that assist in the management of the charity.

Relationships with Related Parties

NYUL is closely related to New York University (“NYU”), which is the sole company law member of the charity. NYU is the principal funder of NYUL. One of the Trustees is also an employee of NYU.

Method of Recruitment, Appointment, Election, Induction & Training of Trustees

Recruitment

There are no formal procedures for board recruitment. Trustee candidates are recommended to the board by those persons thoroughly familiar with the organization.

Appointment & Election

Under the terms of the Memorandum and Articles of Association, trustees are generally appointed by the member for a 3-year term, unless otherwise decided by the member, and may be reappointed. The President of New York University, acting under delegated authority from its Board of Trustees, makes appointments on behalf of New York University, the sole member of NYUL.

Induction & Training

Trustees are provided with a copy of the Memorandum and Articles of Association and on-going information and advice including legal advice where necessary. Formal training will be arranged for Board members as and when a need arises, although each of the current Board members is extremely mature and experienced in relation to academic and governance matters.

Remuneration and Benefits Received by Key Personnel

Key Personnel

The key personnel are identified as those having responsibility for the programmes of NYUL on a day-to-day basis and who are closely involved in planning, directing and controlling the activities of the programmes in liaison with senior managers at NYU and on-site managers. During 2021-22 these employees were: Director Catherine Robson; Associate Director Administration Ruth Tucker; Assistant Director for Academic Affairs Amy Rowe; Assistant Director for Student Life Nigel Freeman; and Assistant Director for Finance and Operations Simon Coleman.

Pay policy for Senior Staff

All trustees, including the Chair, give of their time freely and no trustee received remuneration or benefit in the year from NYUL.

The pay of the senior staff is reviewed annually and normally increased in accordance with the Annual Merit Increase awarded to administrative staff of the university following an annual performance review. Senior staff salaries are benchmarked on appointment and reviewed regularly against equivalent roles in the UK such as at public universities, Study Abroad programmes of other US universities, and other commercial a n d c h a r i t y providers. The aggregate remuneration of the senior staff is disclosed in note 5 to the financial statements.

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NYU IN LONDON

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT)

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OBJECTIVES AND ACTIVITIES

Fall 2021 and Spring 2022 saw the very welcome return of in-person activity to NYU London, as well as the start of an exciting new venture, the First Year in London Opportunity (FYLO), for the NYU Stern School of Business, on which 32 first year students came to NYU London. The program brought some much-welcomed new courses to NYU London as well, included below.

During 2021-22, NYUL focused on maintaining the safety of our community and the smooth running of operations in an ongoing pandemic. Staff and faculty, well-supported by colleagues at NYU New York, were flexible, creative, and extremely hard-working in their response. NYU students were required to be doublevaccinated to participate in campus life; break-through infections nevertheless occurred and some individuals were also required to self-isolate by the NHS after contact with a positive case. Consequently our Student Affairs and Facilities teams were heavily involved in the support systems for these students, providing isolation rooms, food deliveries, and welfare check-ins. Academic Affairs were similarly responsive, ensuring that faculty running in-person classes offer remote instruction when needed and permitted. Throughout the year, we continued to be extremely vigilant enforcing the NYU-wide health and safety protocols (including, especially during Fall 2021, social distancing, mask-wearing, twice-a-week lateral flow testing and a daily "pass" system for admission to the Academic Centre). As Fall 2021 rolled into Spring 2022, these health and safety protocols continued. We were very pleased when improving conditions and cautiously loosened requirements allowed us eventually to incorporate more trips and events back into our courses and programming for a substantial portion of the Spring 2022 semester.

Throughout the year, NYUL also paid increased attention to the mental well-being of our student community: the pandemic has hit everyone hard but our young people are especially vulnerable. Counseling and Wellness Services in New York and London, both in their individual sessions with students and our regular series of “Students in Distress” workshops, tailored specifically to faculty, staff, and security personnel, to ensure awareness of the contexts in which our students study, and to be advised of support services available to those students. NYUL holds the weekly “Students of Concern” meeting which has played a vital role in supporting students, and we also continued to organize a themed “Health and Wellbeing Week” each semester, across our student community, offering fresh fruit, free meditation courses, mindfulness walks, and much more.

In common with organizations worldwide, we have continued to face a volatile labour market impacted by the “Great Resignation” compounded by the effects of Brexit; significant numbers of our faculty have for instance chosen, or found it necessary, to return to the EU. We have continued, with the help of our colleagues at NYU New York, to do our best to address these challenges. For example, Academic Affairs team members, in concert with our Senior Faculty Advisor, have worked extremely hard to create a sense of community and, in particular, respond to new faculty members’ questions and concerns. Returning to in-person meetings will greatly aid this effort, and we have continued to work hard to fill vacant positions in our administrative staff, who in turn continue to work hard to support our students and faculty.

Charitable Objectives

The charitable objective for which the charity is established is as follows:

The advancement of education, in particular (without prejudice to the generality) through the provision of educational programmes in the United Kingdom to students of New York University.

The charity fully embraces the mission of New York University as a Global Network University that celebrates the opportunities for New York University students to study abroad in as seamless a way as possible. The New York University system is designed to allow faculty and students to enrich their research and learning by offering participation locally in some of the world's leading idea capitals without compromising connectivity to the rest of New York University. Although NYUL has a distinctive place within the Global Network University and has rigorous local responsibilities of management of the student experience, it also operates as part of a greater whole of high-quality university education.

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OBJECTIVES AND ACTIVITIES (continued)

Charitable Objectives (continued)

In pursuance of the overall goal of its charitable objectives, NYUL's principal activity is supporting and promoting education, which is primarily focused on providing educational courses to meet the demand of students from New York University and other United States colleges and universities (who subscribe to the New York University Global programmes) studying in the UK.

NYUL strives to provide research-led undergraduate and graduate education of the highest possible quality and the opportunity to experience a foreign, English-language, but culturally diverse, society. NYUL's study abroad programme extends beyond the classroom, recognizing that combining experiential and formal learning in an integrated way is educationally most effective. In addition to undergraduate programmes and one postgraduate programme, NYUL has a Global Research Institute ("GRI") as part of its Academic Centre, which provides opportunities for faculty and graduate students to come to London to carry out research activities in the city and the UK for periods of between one month and one semester.

NYUL aims for its course offerings to be of an equivalent standard to those available at New York University, and engages experienced and well-qualified faculty from United Kingdom universities to provide taught courses in their respective fields of expertise.

NYUL also aims to provide wide-ranging co-curricular activities which complement the students' coursework, as well as enhancing their understanding of the society and culture in which they are staying.

The curriculum is developed as a response to various categories of students (for example, pre-medical, business, and teacher training) and the sort of courses they need while in London to both broaden their horizons and fulfil requirements.

Before the COVID-19 pandemic, NYUL also hosted events, both public and internal, such as lectures, seminars, workshops and book launches that support and promote education within the broader community, and as restrictions lifted during 2021-2022, we began to slowly reintroduce these events into our calendar.

Over 16 years ago, NYU forged a relationship with the Royal Academy of Dramatic Art ("RADA") to offer students training that is not available in the United States. This relationship continues as an exclusive learning opportunity immersing NYUL students in the world of Shakespeare. The conservatory training of RADA focuses on skills necessary for the performance of Elizabethan and Jacobean drama. This bespoke NYU-sponsored curriculum provides students with the unique occasion to learn about British culture by working with British arts professionals in specialized arts training, and we were delighted to organize the Spring 2022 end-of-program performances by our talented Tisch students on this program. By this point in the semester, acting students were permitted without masks, to their great delight and that of their (masked) audiences: the RADA Shakespeare performance of Timon of Athens and the staged readings of works from the Advanced Screenwriting track at the Bush Theatre were both absolute triumphs.

Since Spring 2019, NYUL has also partnered with the National Film and Television School (“NFTS”) to offer students a course Directing the Actor during the spring semester each year, further expanding the exclusive learning opportunities NYUL students can have access to, and we were delighted to also be able to restart this important partnership in Spring 2022, when 8 NYUL students visited the NFTS each week to study Directing the Actor .

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NYU IN LONDON

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT)

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OBJECTIVES AND ACTIVITIES (continued)

Indicators, Milestones & Benchmarks

The trustees monitor a range of measures by which to try to determine the success of the charity in meeting its objectives. These measures include: level of student enrollment; student demand for courses; feedback from students on their experience with NYUL through regular evaluations of courses, the programme as a whole and particular aspects of the provision such as residences; peer review of the NYUL programme from the academic departments of New York University; feedback on the implementation of new programmes; and interest expressed in public programming initiatives and events. NYUL's programme is also validated locally by the Quality Assurance Agency for Higher Education ("QAA").

Enrollment is mainly managed by New York University, but it’s through high quality programmes that NYU in London maintains high interest by students to attend NYUL given they have the choice of where to study abroad.

Enrollment at NYUL continued to be impacted by the pandemic conditions in 2021-22, but interest in attending the site remained steady, and we have been delighted to be able to welcome increasing numbers of students through the course of the year, as circumstances have allowed us to do so safely. In Fall 2021 we welcomed 179 undergraduate upperclass students, plus, for the entire academic year, 16 graduate students and 88 first year undergraduates. In Spring 2022, we welcomed 227 undergraduate upperclass students. In Fall 2021, we offered 59 undergraduates courses, with 76 sections taught by 62 lecturers; in Spring 2022, this rose to 74 undergraduate courses, with 96 sections taught by 66 lecturers.

We were also delighted to once again welcome Global Research Institute (GRI) fellows to NYU London during 2021-22; in Fall 2021 we welcomed 1 professorial and 5 graduate student fellows, in Spring 2022 5 professorial and 5 graduate student fellows, and the Summer 2022 GRI Writing Workshop supported 6 graduate students in the final stages of thesis writing.

In October 2021, NYUL posted its Action Plan online in response to the QAA’s recommendations in their May 2021published report of the delayed 2020 review, in which NYUL was certified as "meeting UK expectations for Higher Education," with the primary recommendation that contracts with external providers are completed in a timely manner, to ensure continuity of provision for students. In January 2022, NYUL submitted its annual monitoring report as required by QAA. This provided updates on the 2021-22 academic year and incorporated strategies implemented from our Action Plan; in early March 2022, additional documentation was provided as requested by the QAA review team, with May 2022 seeing confirmation that the review cycle had had a positive outcome.

Public Benefit

The trustees, in compliance with section 17 of the Charities Act 2011, have had regard to the Charity Commission's guidance on public benefit in determining the activities of the charity.

Benefits & Beneficiaries

In accordance with its charitable objectives, the charitable company strives to support and promote education, principally of those participating in the courses, lectures and wider programmes of study and public events run by the charity. The charitable company's beneficiaries are therefore those being educated, and benefits are provided through continuing to maintain a high standard of education throughout the organization.

Trustees' Assessment of Public Benefit

In relation to the assessment of public benefit, the trustees regularly monitor the types of activities reported by the Directors and other staff which are wholly or partly for public benefit. Trustees also review the level of involvement in these activities through programme statistics and evaluations to assess success in reaching out beyond the main programme participants. Trustees also discuss with the Directors and other staff ways and means of expanding existing activities and developing new ones to ensure public benefit is being addressed.

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OBJECTIVES AND ACTIVITIES (continued)

Grant Making Policy

NYUL awards discretionary grants to eligible faculty to engage with colleagues in New York or at other sites, to promote their research and involvement in professional conferences. This activity continued to be paused during 2021-22 but NYUL aims to resume this during 2022-23.

Representation on Other Bodies

NYUL does not currently further its charitable objectives through representation on any other bodies.

ACHIEVEMENTS AND PERFORMANCE

Activities and Events

NYU in London’s primary objective is to maintain high quality programs and ensure stable or growing enrollment, and to this end, NYU in London continues to meet objectives wherever possible.

Throughout 2021-22, we continued to offer students leadership opportunities in the newly-created Student Rep roles in diversity, equity and inclusion (DEI), sustainability, community building, and student health and well-being; allowing student leaders to augment the support given by professional staff, as well as to work with the more established student leadership roles of Global Ambassador, Student Council and Global Equity Fellow.

We also continue to work hard to devise ways to play our part in NYU's broad and vital mission to create more sustainable practices, large and small, to combat climate change. A belief in the value of international education is at the core of all we do: educated immersion in new cultures and contexts creates individuals who can pivot between the global and the local, who will be well-equipped to become a new generation of environmentally-sensitive leaders. For instance, we encourage student cohorts to get to know this country in greater depth and to take the train to continental Europe for longer trips before or after their academic semester with us.

We were delighted to introduce some new courses at NYU London during 2021-22, both as part of the new FYLO venture with the NYU Stern School of Business, and beyond;

First Year London Option (FYLO) new courses for Fall 2021:

Culture & Commerce Business Statistics Calculus & Algebra Calculus Cohort Leadership Program

First Year London Option (FYLO) new courses for Spring 2022: Microeconomics with Calculus Regression and Forecasting Business & Society

In addition, we offered the following new courses to supplement the NYUL portfolio;

Political Economy (part of a new Stern School of Business “Business and Political Economy” track – Fall Semester only) Texts and Ideas: Power, Political Leadership and the Renaissance (Fall and Spring) Cultures and Contexts: Britain in/and the Black Atlantic (Fall and Spring)

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NYU IN LONDON

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ACHIEVEMENTS AND PERFORMANCE (continued)

Activities and Events (continued)

We were delighted to be able to resume much of the programming activities at NYU London in 2021-22, and were able to once again offer enriching opportunities to our students, such as “Uncomfortable Statues” walking tours, day trips to historical cities such as Bath and Cambridge, hikes in the Cotswolds, boat tours of the River Thames, and many, many more. Furthermore, we continued to support students to establish their own societies or groups for their time with us in London, and were impressed with the ingenuity and enthusiasm which saw the establishment of groups such as The Law Society, 3C: The Critiquing Cinema Club, The LGBTQ+ Club, and local promotion of the NYU Council of Female Business Leaders. As in past years there was a high rate of student participation in these opportunities, events and groups, and we continue to take every opportunity we can to engage with, and support, our students, wherever they are in the world.

In line with NYU President Andrew Hamilton’s initiatives, NYUL continued to target diversity awareness, local engagement and affordability wherever possible during 2021-22 (and ongoing). Amongst the many actions taken in furtherance of these initiatives, NYUL did the following:

• We were delighted to host, and for some of our faculty colleagues to take part in, an online discussion with colleagues from NYU Berlin and NYU Buenos Aires entitled “Decolonising Curriculums; NYU Global Perspectives from Buenos Aires to Berlin”

• Inclusion, Diversity, Belonging, Equity and Accessibility (IDBEA) themes continue to be interwoven into our student events, regular newsletters and locally-provided information and also within our campus facilities and in-person activities where possible. Local activities during 2021-22 included Chanukah quiz and Black British pub quiz nights, a DEI Jeopardy Night, Black History walks, an international cooking club, an interfaith iftar, as well as the marking of Transgender Day of Remembrance to name just a few; and we continued to be part of NYU-wide events such as Solidarity Week, NYU BeTogether events, mindfulness sessions led by NYU’s Student Health Center, and many more.

• The Diversity, Equity and Inclusion (DEI) Committee, which from 2021-22 included staff, student and faculty representation continued to meet monthly and to regularly engage with NYUL leadership to develop and promote events and initiatives.

• We have also introduced Identity Affiliation Groups to help students connect with those who share similar identities, backgrounds and experiences, promoting the development of a variety of student-founded groups during 2021-22, and supported the groups once they are established.

• Each semester we also organize orientation seminar events to advise students about careful budgeting and savings they can make across a range of their expenses, including food, entertainment and travel. This continued during 2021-22, and we continue to try to help students with their day-to-day expenses by offering a wide range of free or low-cost activities; by providing public transport cards loaded with credit; and we encourage our lecturers to make course readings available on NYU Brightspace whenever possible.

• The Student Affairs department continue to develop the Money Saving Guide on the LDN site, to build on the Money Saving Facebook groups which have been set up for several years now, to provide information for students about eating affordably, saving money on textbooks and when shopping locally, entertainment options in London, and how to reduce the cost of travel (in London, the UK, and in mainland Europe). This information has been refreshed and improved regularly, and in 2021-22 we were also pleased to be able to re-open The Food Pantry, providing food cupboard stocks for students at risk of food insecurity whist in London.

• We continue to prioritize acquiring affordable additional housing for our students, and were pleased to be able to once again offer affordable space at Stay Club Kentish Town for this purpose during Spring 2022.

We were also able to slowly reintroduce NYU London-wide events during Spring 2022 which, whilst not open to the public due to Covid-related restrictions in place at the time, were nonetheless a hugely welcome return for our community. These included;

• A dynamic panel discussion in March 2022 on the situation in Ukraine: Dr. Georgios Giannakopoulos, who teaches Western European Politics at NYUL, invited three young women (a former Ukrainian MP, a Russian journalist and a Russian historian) who each spoke powerfully, bringing context and answers to our students' urgent questions.

• A talk in April 2022 by NYU London’s Liberal Studies professor Dr. Karen Karbiener with co-author and illustrator Brian Selznick entitled Live Oak, with Moss: Walt Whitman's Secret Same-Sex Love Poems.

• An event in May 2022 to launch New York-based Liberal Studies lecturer Dr. Rochelle Almeida’s book, The Year The World Was Mine: An Anglophile Hits a Half Century , about her year-long assignment to NYU London .

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NYU IN LONDON

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT)

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ACHIEVEMENTS AND PERFORMANCE (continued)

Public Benefit

During the year 2021-22 the trustees gathered the following evidence that demonstrates to their satisfaction that the charitable company continues to benefit the public through its activities targeted to achieve its charitable objectives, factoring in the variety of restrictions NYUL has operated under throughout the year:

• NYUL continues to promote civic responsibility amongst its student body, and we work to maintain or establish contact with a variety of charities and tutoring organizations to this end. During 2021-22 these connections included assistance sorting donations to be delivered to Ukrainian refugees, Camden Green Gym, Kanlungan (who support Filipino migrants), elementary school student tutoring, Islington Centre for Refugees and Migrants, and Nightline (a listening and support resource for students in London).

• During 2020-21 we developed a small number of voluntary student leadership positions within NYUL, to enable some of our students to more fully integrate with and contribute to their new community, but also to help NYUL support our student community throughout the year, and we maintained these positions during 2021-22. These positions included that of Site Ambassador, and Reps for Community, DEI, Wellbeing, and Sustainability, and the students who took up these roles played a significant role in the success of NYUL’s online and in-person community during the year.

• We advertised these opportunities in our pre-arrival communication, during our newly-developed online Orientation and welcome events, and throughout the semester in our weekly “Sunday Sandwich” and “The London Lowdown” newsletters. We now also have a well-established Volunteering page that lists all the opportunities available in detail, and we will continue to work with our Student Volunteer Committee (SVC), a small group of students that meet once every two weeks, to plan events and initiatives that will engage the student body.

FINANCIAL REVIEW

Financial Results of Activities & Events

The total income of NYUL was £12,821,220 for the year ended 31 August 2022 (2021: £14,086,370). The total expenditure was £14,126,954 (2021: £14,185,884). Total current assets at 31 August 2022 were £626,905 (2021: £1,000,895) and total current liabilities were £969,710 (2021: £627,240). Total charity funds at 31 August 2022 were negative £1,195,329 (2021: positive £110,405). There was a negative net movement in funds for the year ended 31 August 2022 of £1,305,734. The negative movement is the result of an increase in expenses due to the return to full inperson instruction and the updated valuation to the Universities Superannuation Scheme (“USS”). This valuation was based on a new schedule of contributions that significantly increased the liability reflected in the financial statements. The valuation resulted in a loss of £571,098 recognized in the NYUL Statement of Financial Activities. The USS continues to monitor and assess asset levels and funding requirements post-valuation. The USS has reported as of 31 January 2022, the value of the scheme’s assets has recovered to pre-pandemic levels.

NYU continues to support NYUL and will continue to support NYUL for the foreseeable future. NYU has approved an FY22 budget for the academic year through 31 August 2023. NYU has also provided a formal letter of support confirming continuing support through January 2024. NYU has committed funds to cover NYUL’s costs over the next 12 and therefore there are no going concern issues.

Reserves Policy

Given the nature of the relationship between NYUL and NYU which involves a detailed annual budgeting and funding approval process, the trustees believe that NYUL should continue to maintain its practice of aiming to hold free reserves of £Nil (2021: £Nil). If NYUL performs under target, NYU will provide funding as needed which has been documented in a signed letter of support. The management of both NYUL and NYU as principal funder of NYUL will continue to evaluate the appropriate level and frequency of funding from NYU to maintain this reserve policy of £Nil.

Investments Policy

In accordance with the Memorandum and Articles of Association, the trustees have wide-ranging powers to invest the funds of NYUL as they see fit.

In practice and in view of the trustees' current reserves policy, any surplus funds of NYUL are held as short-term cash balances in interest bearing bank accounts.

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PLANS FOR FUTURE PERIODS

• The further development of summer and intersession (January) programmes at NYUL.

• To expand the diversity of undergraduate course offerings at NYUL in order to increase opportunities for students from different disciplines to study abroad in London. NYUL will work in full cooperation with the three NYU degree awarding campuses to fulfil the mission of the Global Network University that ensures an integrated curriculum structure open to all students but rooted strongly in the academic strength of the site and the uniqueness of the location. In particular it will coordinate site academic development with a dedicated committee (the Site Specific Advisory Committee) in New York to ensure prioritization of needs and that standards are maintained and validated by the UK QAA and internal NYU monitoring and evaluations.

• To expand local academic connections through contracting with prestigious local institutions for the delivery of appropriate courses for our students.

• To plan through the academic programme and student support provision for increasing numbers from NYU's two portal campuses in Abu Dhabi and Shanghai.

• To introduce further ways of trying to address the issues of diversity awareness, inclusion and equality, accessibility, affordability and sustainability in collaboration with colleagues throughout the NYU community.

• To continuously review the range of extra-curricular and volunteering activities available to students to promote better cultural understanding.

• To continue to develop and promote academic programming designed for the benefit of the public in the United Kingdom including public lectures, symposia, workshops, events and other initiatives.

• Increasing use of the residences during out of semester months through expansion of NYU programmes or contracting with suitable organizations or institutions that further NYUL’s charitable purposes.

Public Benefit

In the future, when circumstances allow, the trustees intend to ensure that the charity continues to benefit the public by its commitment to its established activities of public programmes, book launches, voluntary and charitable activities and other opportunities for public and cross-cultural engagement by students; a bursary policy that supports a diverse student population; and building on partnerships with public institutions such as RADA and NFTS.

In addition, NYUL will seek to promote the opportunities for voluntary and charitable activities through pre-arrival and orientation information, on-site publicity and newsletters. NYUL is also seeking new opportunities for reciprocal academic arrangements through discussions with other prestigious London universities. NYUL will also seek to promote the increased use of its Academic Centre and other facilities as a site for public educational events, when possible.

PRINCIPAL RISKS AND UNCERTAINTIES

Disclosure of principal risks and uncertainties

The major risks faced by NYUL include the risks of failure to meet its educational objectives or to achieve the high standards expected by NYU. The organizational structure, strategic framework and operational management processes of NYUL are set up to meet its objectives and to achieve these standards. As set out on page 5 (Indicators, Milestones and Benchmarks), inspection and accreditation exercises undertaken in the year demonstrate the effectiveness of the current arrangements and the fact that these risks are properly addressed.

From a financial perspective, NYUL is reliant on ongoing funding from NYU. The risk of all funding being withdrawn is considered low given the University's commitment to its global programmes and by the fact that NYU is a co-party in NYUL's significant contractual commitments. Operational uncertainties arise in respect of the cost of operating in London. The largest costs incurred by NYUL relate to rented premises which are subject to market variations and to staff costs including pensions. These risks are considered manageable within the broader context.

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PRINCIPLE RISKS AND UNCERTAINTIES (continued)

Risk & Corporate Governance Matters

Risk review procedures are in place and trustees have enacted controls to mitigate against major risks.

Financial risk management is a priority for NYUL. Payroll is managed by KPMG LLP in liaison with senior management at NYUL who conduct cross-checking. All expenditures are submitted to a review and approval process and are cross-checked and reconciled by NYU management. Appropriate receipts and documentation are required for all cash disbursements. All cheques above the value of £7,500 are countersigned by two appropriately authorized individuals approved by Trustees.

Insurance coverage is provided in coordination with NYU’s Insurance & Risk Management Department to ensure adequate insurance coverage for NYUL's assets, staff and students. NYU uses Marsh Insurance Brokerage Services to facilitate the procurement of appropriate insurance coverage on behalf of NYUL. NYUL and the NYU Insurance & Risk Management Department continue to evaluate insurance requirements on an on-going basis to ensure appropriate coverage, and to risk assess any external spaces considered for hire prior to NYUL’s commitment.

NYUL continues to work with NYU on the creation and implementation of a coordinated health and safety policy. A risk register is updated regularly by NYUL's senior management.

NYUL's legal advisers actively provide updates to the trustees and the senior management of NYUL on relevant legal issues. These updates are coordinated through the NYU’s Office of General Counsel.

NYUL has formal policies describing the terms and conditions of service of NYUL employees, and rules regarding the academic performance and general conduct of students.

The trustees have delegated day-to-day administration of the charity to the senior management team of NYUL, who report periodically to the trustees. In addition, senior management of NYU has certain consultation, reporting and approval rights with respect to the decisions of NYUL's senior management pursuant to an Affiliation and Services Agreement between NYUL and NYU. Academic courses taught by NYUL are subject to approval and regular oversight by the departments and schools of NYU to ensure compliance with the university's standards and accrediting requirements

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Trustees' & Directors' Responsibilities in the Preparation of Financial Statements

The trustees (who are also directors of NYU in London for the purposes of company law) are responsible for preparing the Trustees’ Report (including the Strategic Report) and the financial statements in accordance with applicable law and regulation.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities (2019);

• make judgments and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

10

NYU IN LONDON

TRUSTEES' REPORT (INCLUDING THE STRATEGIC REPORT)

(continued) FOR THE YEAR ENDED 31 AUGUST 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES (continued)

Trustees' & Directors' Responsibilities in the Preparation of Financial Statements (continued)

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to Disclosure of Information to the Auditors

The trustees at the date of approval of this trustees’ annual report confirm that, so far as the trustee is aware, there is no relevant audit information of which the company’s auditors are unaware, and the trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

This report, including both the Directors' Report and Strategic Report, was approved by the trustees on and was signed for and on behalf of the board by

Linda Mills Trustee

March 10, 2023

11

Independent auditors’ report to the members of NYU in London

Report on the audit of the financial statements

Opinion

In our opinion, NYU in London’s financial statements (the “financial statements”):

• give a true and fair view of the state of the charitable company’s affairs as at 31 August 2022 and of its incoming resources and application of resources, including its income and expenditure, and cash flows, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and

• have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 31 August; the statement of financial activities (including an income and expenditure account) and the cash flow statement for the year then ended and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

12

Strategic Report and Trustees’ Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Report, including the Strategic Report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Strategic Report and the Trustees’ Report have been prepared in accordance with applicable legal requirements.

In addition, in light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we are required to report if we have identified any material misstatements in the Strategic Report and the Trustees’ Report. We have nothing to report in this respect.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of Trustees’ Responsibilities , the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ 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 auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (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.

Based on our understanding of the charitable company, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journals to manipulate financial results or conceal the misappropriation of assets and potential management bias in accounting estimates. Audit procedures performed included:

• identifying and testing journal entries, in particular journal entries posted with unusual account combinations;

• obtaining confirmations of cash balances as at 31 August 2022;

• enquiry of management and the board of trustees, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• assessing the reasonableness of key accounting judgements and estimates including USS defined benefit pension accounting;

• reading minutes of meetings of the board of trustees; and

• assessing financial statement disclosures, and testing to supporting documentation, for compliance with applicable laws and regulations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

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

13

Use of this report

This report, including the opinions, has been prepared for and only for the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not obtained all the information and explanations we require for our audit; or

• adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• the charitable company financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

David Wildey (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London March 10, 2023

14

NYU IN LONDON

STATEMENT OF FINANCIAL ACTIVITIES (including an Income and Expenditure Account)

FOR THE YEAR ENDED 31 AUGUST 2022

		Unrestricted	Restricted	Total	Total
		Funds	Funds	2022	2021
	Note	£	£	£	£
INCOME FROM:
Donations	1	-	300,025	300,025	1,257,010
Charitable activities:
Supporting and promoting education	2	12,521,195	-	12,521,195	12,588,516
Other Income	2	-	-	-	240,844
		-----------------------	------------------	---------------------	---------------------
TOTAL		12,521,195	300,025	12,821,220	14,086,370
		-----------------------	-----------------	--------------------	--------------------
EXPENDITURE ON:
Charitable activities
Supporting and promoting education	3	13,826,929	300,025	14,126,954	14,185,884
		----------------------	-------------------	----------------------	----------------------
TOTAL		13,826,929	300,025	14,126,954	14,185,884
		-----------------------	-------------------	----------------------	----------------------
Net movement in funds		(1,305,734)	-	(1,305,734)	(99,514)
		--------------------	---------------	-------------------	------------------
RECONCILIATION OF FUNDS
Fund balances brought forward
		93,805	16,600	110,405	209,919
		------------------------	--------------------	----------------------	----------------------
FUND BALANCES CARRIED
FORWARD	10	(1,211,929)	16,600	(1,195,329)	110,405
		===========	=========	==========	==========

The net movement in funds for the year arises from the charity’s continuing activities.

No separate statement of total recognised gains and losses has been presented as all such gains and losses are included in the statement of financial activities.

15

NYU IN LONDON

Company Number: 03755048

BALANCE SHEET

AS AT 31 AUGUST 2022

		2022	2021
FIXED ASSETS	Note	£	£
Tangible assets	6	100,344	118,520
CURRENT ASSETS
Debtors	7	198,465	564,218
Cash at bank and in hand		428,440	436,677
		----------------------	----------------------
		626,905	1,000,895
LIABILITIES
Creditors: amounts falling due within one year	8	969,710	627,240
		---------------------	---------------------
NET CURRENT (LIABILITIES) / ASSETS		(342,805)	373,655
		---------------------	---------------------
TOTAL ASSETS LESS CURRENT LIABILITIES		(242,461)	492,175
Provisions for liabilities and charges	9	952,868	381,770
		---------------------	---------------------
NET (LIABILITIES) / ASSETS		(1,195,329)	110,405
		==========	==========
THE FUNDS OF THE CHARITY
Restricted income funds
NYU Support Fund	10	16,600	16,600
Unrestricted income funds
General fund	10	(1,211,929)	93,805
		----------------------	----------------------
TOTAL CHARITY FUNDS	11	(1,195,329)	110,405
		===========	===========

The accompanying notes numbered 1 to 16 form part of these financial statements.

The financial statements were approved and authorised for issue by the trustees on December 9, 2022 and signed on their behalf by:

Linda Mills Trustee / Director

16

NYU IN LONDON

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2022

			2022	2021
		Note	£	£
Net cash generated from/(used in) operating activities		A	24,305	(577,435)
Cash	used in investing activities
Payments to acquire tangible fixed assets			(32,542)	(13,416)
			------------------	------------------
Change in cash			(8,237)	(590,851)
Cash brought forward			436,677	1,027,528
			-------------------	-------------------
Cash	carried forward		428,440	436,677
			========	========
Notes to the cash flow statement
A.	Reconciliation of net movement in fund to net cash		2022	2021
	generated from/(used in) operating activities		£	£
	Net movement in fund		(1,305,734)	(99,514)
	Depreciation		50,718	147,181
	Decrease/(increase) in debtors		365,753	(58,486)
	Increase/(decrease) in creditors		342,470	(496,743)
	Increase/(decrease) in provisions		571,098	(69,873)
			---------------------	---------------------
	Net cash generated from/(used in) operating activities		24,305	(577,435)
			==========	==========

New York University in London does not maintain any debt and therefore we have not included a reconciliation of net debt as the cash movements above provide the same information.

17

NYU IN LONDON

ACCOUNTING POLICIES

YEAR ENDED 31 AUGUST 2022

ENTITY STATUS

NYU in London is a private company limited by guarantee and registered with Companies House in England and Wales (no. 03755048) and also a registered charity (no. 1079555) with the Charity Commission in England and Wales.

BASIS OF ACCOUNTING

The financial statements have been prepared in accordance with Financial Reporting Standard 102 (‘FRS 102’) – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ and with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ FRS 102 as revised in 2019 (‘the SORP 2019’).

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

GOING CONCERN

A going concern basis has been adopted in the preparation of the financial statements. The charitable company is dependent on New York University as the source of the majority of its funding. The Trustees are content that New York University is willing to provide ongoing funding for the foreseeable future through a formal signed letter of support and have had regard to a period of not less than 12 months from the date of the approval of the financial statement in making this assessment.

INCOME

Income is brought into account when receivable and donated income is included gross of any attributable recoverable tax, where relevant. Income is derived from support to NYU in London from New York University to carry out NYU in London’s charitable activities. Revenue is recognized as support is received. Support received in advance of incurring related costs is recognized as income received in advance with creditors: amounts falling due within one year on the balance sheet. Donation income is recognized as support is received.

EXPENDITURE

Expenditure is allocated to the charity’s direct charitable activity where the costs can be identified as being directly related to that activity. All costs that cannot be identified as relating directly to the charity’s direct activity are categorised as support costs which include governance costs. Support costs are allocated to total charitable expenditure in the statement of financial activities.

TANGIBLE FIXED ASSETS

All the tangible assets purchased that are over the equivalent of GBP £4,306 (USD $5,000) and that have an expected useful economic life that exceeds one year are capitalised and classified as fixed assets. Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life as follows:

Leasehold improvements	10 years
Furniture, fixtures and equipment	7 years

LEASED ASSETS AND OBLIGATIONS

All leases are “operating leases” and the annual rentals are charged to the statement of financial activities as they fall due.

18

NYU IN LONDON

ACCOUNTING POLICIES (continued)

YEAR ENDED 31 AUGUST 2022

PENSION CONTRIBUTIONS

The charity participates in a multi-employer defined benefit scheme known as the Universities Superannuation Scheme (“USS”). This is a centralised scheme for certain qualifying employees with the assets held in a separate trustee administered fund. Because of the mutual nature of the scheme, the scheme assets are not hypothecated to individual institutions and a scheme-wide contribution rate is set. NYU in London is therefore exposed to actuarial risks associated with the other institutions’ employees. Therefore, the charity is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and the scheme is accounted for as if it were a defined contribution scheme, as required by FRS102.

FRS102 further requires that a liability is recognised equal to the net present value of the expected future contribution to eliminate the deficit on the pension scheme arising from the past service of members. The total amount charged to expenditure represents payments made in respect of current service costs charged as the they fall due together with movement in the provision for past service cost arising from change in the expected future contribution and the unwinding the discount applied in determining the net present value of the future deficit contributions.

The charity also makes defined contribution pension arrangements available to employees not eligible for the USS. The amount charged to expenditure in respect of defined contribution pension costs is the total contributions payable for the year.

TAXES

NYU in London is a registered charity with the Charity Commission in England and Wales. Throughout the year, the charity has acted within its charitable objectives and therefore there are no activities on which the charity should account for direct taxes.

FOREIGN CURRENCY

The charity’s financial statements are presented in pound sterling, which is also the charity’s functional and presentation currency. Foreign currency transactions are translated into the functional currency using the spot exchange rate at the dates of the transactions. Foreign currency gains and losses resulting from the settlement of transactions are recognised in the Statement of Financial Activities.

FINANCIAL INSTRUMENTS

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

The charity does not hold any complex financial instruments.

FUND ACCOUNTING

The general fund comprises the accumulated surpluses of unrestricted income over expenditure, which are available for use in furtherance of the general objective of the charity.

Designated funds are a particular form of unrestricted funds consisting of amounts, which may be designated for specific purposes by the trustees. The use of designated funds remains at the discretion of the trustees.

Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the financial statements. Amounts unspent at the year-end are carried forward in the balance sheet.

19

NYU IN LONDON

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2022

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATON UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant estimates include the useful economic lives of tangible assets as disclosed above which determines depreciation expense (note 6) and the USS Pension Scheme valuation inputs including discount rate, staff growth, and staff inflation. (note 13).

1.	DONATIONS	DONATIONS		Unrestricted funds	Restricted funds	Total 2022
				£	£	£
	NYU Support Fund			-	300,025	300,025
	DONATIONS			Unrestricted funds	Restricted funds	Total 2021
				£	£	£
	NYU Support Fund			-	1,257,010	1,257,010
2.	INCOME FROM SUPPORTING AND PROMOTING EDUCATION AND OTHER INCOME			Unrestricted funds	Restricted funds	Total 2022
				£	£	£
	Income from New York University for NYU in London			12,521,195	-	12,521,195
	Other Income			-	-	-
				12,521,195	-	12,521,195
	INCOME FROM SUPPORTING AND PROMOTING EDUCATION			Unrestricted funds	Restricted funds	Total 2021
				£	£	£
	Income from New York University or NYU in London			12,588,516	-	12,588,516
	Other Income			240,844	-	240,844
				12,829,360	-	12,829,360

Other income in 2021 of £240,844 relates to funds received from the government for the Coronavirus Job Retention Scheme.

20

NYU IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 AUGUST 2022

3. COSTS OF SUPPORTING AND PROMOTING EDUCATION

		Total	Total
		2022	2021
		£	£
	Payroll costs	1,071,630	933,394
	Other direct staff costs	1,223,624	962,210
	Operating lease cost – land and buildings	6,818,883	7,960,856
	Materials and other costs	214,007	45,228
	Student Life costs	406,986	182,499
	Donations to New York University	300,025	1,257,010
	USS Pension Scheme	571,098	(69,873)
	Support and governance (see note 4)	3,520,701	2,914,560
		----------------------	----------------------
		14,126,954	14,185,884
		===========	===========
4	SUPPORT COSTS (including governance)
		Total	Total
		2022	2021
		£	£
	Support
	Indirect payroll	1,197,927	1,148,122
	Other staff related costs	40,903	3,768
	Property and maintenance	1,588,193	1,066,909
	Depreciation	50,718	147,181
	Leased plant and machinery	15,224	20,981
	Administrative expenses	269,541	306,679
	Legal and professional	330,555	176,287
	Auditors’ remuneration (including VAT)
	Audit fees – current year	27,640	23,033
	Non-audit fees	-	21,600
		---------------------	---------------------
		3,520,701	2,914,560
		===========	===========

21

NYU IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 AUGUST 2022

5.	STAFF COSTS	2022	2021
		Number	Number
	The average monthly number of persons employed by the charity
	(excluding trustees) during the year was, as follows:
	Teaching staff	48	43
	Office staff	30	26
		------------	------------
		78	69
		=====	======
		2022	2021
		£	£
	Staff costs for the above persons:
	Wages and salaries	1,975,192	1,971,817
	Social security costs	898,450	673,975
	USS Pension scheme	571,098	(69,873)
	Other pension costs	514,236	336.561
		--------------------	--------------------
		3,958,976	2,912,480
		==========	==========

The numbers of higher paid staff receiving emoluments (excluding pension contributions and other non-taxable benefits) in excess of £60,000 are shown in the table below.

	2022	2021
	Number	Number
£60,000 to £69,999	5	3
£70,000 to £79,999	-	1
£80,000 to £89,999	1	-
£260,000 to £269,999	1	-
£280,000 to £289,999	-	1
	-----	-----
	7	5
	===	===

The trustees and legal directors received no remuneration for their services to the charity and were not reimbursed for any expenses incurred on behalf of the charity during the current or previous year.

The remuneration of the Key Management Personnel, who comprise the remunerated directors (1) and associate directors (1) of NYU London was £346,294 (2021: £295,534). This figure includes all remuneration whether taxable or not.

22

NYU IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 AUGUST 2022

6.	TANGIBLE ASSETS		Furniture,
		Leasehold	fixtures &
		improvements	equipment	Total
		£	£	£
	Cost
	1 September 2021	2,166,427	1,019,984	3,186,411
	Additions	-	32,542	32,542
		---------------------	-----------------	---------------------
	At 31 August 2022	2,166,427	1,052,526	3,218,953
		---------------------	-----------------	---------------------
	Accumulated Depreciation
	1 September 2021	2,101,710	966,181	3,067,891
	Charge for the year	26,383	24,335	50,718
		---------------------	------------------	---------------------
	At 31 August 2022	2,128,093	990,516	3,118,609
		---------------------	------------------	---------------------
	Net book value
	31 August 2021	64,717	53,803	118,520
		==========	=========	==========
	31 August 2022	38,334	62,010	100,344
		==========	=========	==========
7.	DEBTORS		2022	2021
			£	£
	Prepayments		198,465	564,218
			----------------------	----------------------
			198,465	564,218
			===========	===========
8.	CREDITORS: amounts falling due within one year		2022	2021
			£	£
	Other taxes and social security costs		47,858	59,589
	Accruals		493,412	130,974
	Income received in advance		428,440	436,677
			----------------------	--------------------
			969,710	627,240
			===========	=========

Income received in advance represents excess cash funded from New York University to the charity.

23

NYU IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 AUGUST 2022

9. PROVISIONS FOR LIABILITIES AND CHARGES

	2022	2021
	£	£
Pension deficit contributions (USS)	952,868	381,770

It is not possible to identify separately the company’s share of the FRS102 figures relating to the overall FRS102 deficit shown in note 13. Therefore, in accordance with FRS102, the scheme is accounted for as a defined contribution scheme but provision is made for the present value of the element of the expected future contributions which is intended to eliminate the deficit. The table below sets out the movement in the provision.

	2022	2021
	£	£
As the beginning of the year	381,770	451,643
Contributions paid	(25,860)	(17,828)
Changes in expected contributions	593,598	(55,343)
Unwinding of discount	3,360	3,298
	-----------------	-----------------
As the end of the year	952,868	381,770
	=========	=========
The pension provision has been calculated using the following assumptions:
	2022	2021
Discount rate	3.32%	0.88%
Salary inflation	2.50%	3.50%
Staff Changes	1.00%	1.00%

24

NYU IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 AUGUST 2022

__________________

10.	THE FUNDS OF THE CHARITY	1 September	Income	Expenditure	31 August
		2021		& Transfers	2022
		£	£	£	£
	Restricted Income Funds
	NYU Support Fund	16,600	300,025	300,025	16,600
	Unrestricted Income Funds
	General Fund	93,805	12,521,195	13,826,929	(1,211,929)
		---------------------	----------------------	----------------------	---------------------
	TOTAL FUNDS	110,405	12,821,220	14,126,954	(1,195,329)
		==========	===========	===========	==========
	THE FUNDS OF THE CHARITY	1 September	Income	Expenditure	31 August
		2020		& Transfers	2021
		£	£	£	£
	Restricted Income Funds
	NYU Support Fund	16,600	1,257,010	1,257,010	16,600
	Unrestricted Income Funds
	General Fund	193,319	12,829,360	12,928,874	93,805
		---------------------	----------------------	----------------------	---------------------
	TOTAL FUNDS	209,919	14,086,370	14,185,884	110,405
		==========	===========	===========	========

The NYU Support Fund was set up in 2009 for the purpose of receiving donations from individuals who wish to apply such donations to New York University to support its educational activities. The trustees have determined that NYUL’s charitable objections are reasonably and proportionately furthered by the making of gifts to New York University in accordance with the mutual charitable and educational purposes of NYUL and New York University. The funds are accepted by NYUL and distributed to New York University in accordance with the requirements of NYUL’s Gift Policy, as reviewed and updated by the trustees from time to time.

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NYU IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 AUGUST 2022

__________________

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS	Fixed Assets 2022 Net Current Assets and Liabilities 2022 Total 2022 £ £ £ - 16,600 16,600 100,344 (1,312,273) (1,211,929) 100,344 (1,295,673) (1,195,329) Fixed Assets 2021 Net Current Assets and Liabilities 2021 Total 2021 £ £ £ - 16,600 16,600 118,520 (24,715) 93,805 118,520 (8,115) 110,405
Restricted Income Funds
NYU Support Fund
Unrestricted Income Funds
General Fund
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Restricted Income Funds
NYU Support Fund
Unrestricted Income Funds
General Fund
12. COMMITMENTS UNDER OPERATING LEASES 2022 2021 £ £ At 31 August the charity had total minimum commitments under non- cancellable operating leases as follows: Payment due within one year 9,648,988 6,125,039 Payment due between two and five years 32,074,861 23,593,302 Payment due after five years 22,312,753 24,930,716 Equipment Payment due within one year Payment due between two and five years 15,628 - 5,870 440 ---------------------- ---------------------- 64,052,230 54,655,367 =========== ===========

26

NYU IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 AUGUST 2022

13. PENSION COMMITMENTS

The charity participates in a multi-employer defined benefit pension scheme known as the Universities Superannuation Scheme (“USS”).

The latest available complete actuarial valuation of the Retirement Income Builder is at 31 March 2020 (the valuation date), and was carried out using the projected unit method. Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The total cost charged to the profit and loss account is £571,098 (2021: £69,873). A key factor used to calculate the provision is the element future contribution rate that relates to funding the existing deficit. This is finalized once the triennial valuation of the scheme has been completed.

The basis of the calculation of the provision within the accounts is using the 31 March 2020 actuarial valuation and is carried out using the projected unit method. Since the institution cannot identify its share of scheme assets and liabilities, the following disclosures reflect those relevant for the scheme as a whole. The 2020 valuation was the sixth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the asset of the scheme was £66.5 billion and the value of the scheme’s technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%.

Defined benefit liability numbers for the scheme have been produced using the following assumptions:

Pension increases (CPI) Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long-term difference of 0.1% p.a. from 2040. Discount rate (forward rates) Fixed interest gilt yield curve plus: Pre-retirement: 2.75% p.a. Post retirement: 1.00% p.a.

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows:

2020 valuation

Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements to mortality CMI 2019 with a smoothing parameter of 7.5, an initial addition of 0.5% p.a. and a long-term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females

27

NYU IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 AUGUST 2022

13. PENSION COMMITMENTS (continued)

Since NYUL has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, NYUL recognises a liability for the contributions payable that arise from the agreement with related expenses being recognised through the statement of financial activities. A new deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate will increase to 6.3%. The 2022 deficit recovery liability reflects this plan. The liability figures of the scheme have been produced using the assumptions found in note 9.

The current life expectancies on retirement at age 65 are:

	2020	2018
	valuation	valuation
Males currently aged 65 years	23.9	24.4
Females currently aged 65 years	25.5	25.9
Males currently aged 45 years	25.9	26.3
Females currently aged 45 years	27.3	27.7
	2022	2021
Scheme assets	£66.5 billion	£89.6 billion
Total scheme liabilities	£80.6 billion	£104.5 billion
FRS 102 total scheme deficit	£14.1 billion	£14.9 billion
FRS 102 total funding level	83.00%	89.00%

28

NYU IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 AUGUST 2022

__________________

14. RELATED PARTIES AND RELATED PARTY TRANSACTIONS

The charity is a company limited by guarantee, not having a share capital. Every member undertakes to contribute an amount not exceeding £1 to the assets of the charity in the event of the charity being wound-up during the period of membership, or within one year thereafter. The sole member of the charity is currently New York University, 70 Washington Square South, New York, NY 10003, United States of America.

The largest and only group in which the results of the charity are consolidated is that headed by New York University. The consolidated financial statements of New York University are available from the Controller, New York University, 105 East 17[th] Street, New York, NY 10003, United States of America.

NYUL is closely related to New York University, which is the sole company law member of the charity. New York University is the principal funder of NYUL. One of the Trustees is also an employee of New York University. Transactions with New York University are disclosed in the preceding pages of these financial statements.

There are no other related party transactions to be disclosed.

15. FINANCIAL INSTRUMENTS

	2022	2021
	£	£
Financial assets held at amortised cost	428,440	436,677
	===========	===========
Financial liabilities held at amortised cost	1,922,578	1,009,010
	===========	===========

Financial assets at amortised cost represents cash. Financial liabilities held at amortised cost represents other taxes and social security costs, accrued expenses, income received in advance (note 8) and pension liability (note 9).

16. SUBSEQUENT EVENTS

On 9 September 2022, NYUL entered into a multi-party agreement for lease (“AFL”) regarding an office building located in central London. The AFL provides the terms for the renovation of the building and the conditions for NYUL to enter into a full and repairing lease for the entire building and associated property (the “Property”), which conditions include the grant of planning permission to allow dual office and educational uses at the Property. Estimated discounted payments over the term of the lease total up to £91,618,000.

On 21 February 2023, NYUL entered a share purchase agreement to acquire (the “Acquisition”) the corporate entity (the “Target Entity”) holding title to the Property for £118,500,000. Upon Acquisition, NYUL intends to liquidate and dissolve the Target Entity, terminate the AFL, and take title to the Property and complete renovations of the existing building. The funds for the Acquisition and associated renovation will be provided by NYU. If the Acquisition is not completed, NYUL will continue in its obligations under the AFL.

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