Companies House Syracuse University (USA) London Program Annual Report and Flnanclal Statements 30 June 2024 Company Llmll•d by Guaran¢80 RegSstraUon Numbw 04270952 (England and Wales) Reglstralon Number 1088386 *ADVS04F6• 0610212025 COMPANIES HOUSE A03 #149 Content8 Reports Reference and administrative information Report of the Trustees, Independent auditorfs report on the tlnancial 8tatements Flnanclal statam•nts Statement of financial activities 13 Statement of financial position 14 Statement of cash flows 15 Prlncipal accountlng policies 16 Notes to the flnanclal stalement8 Syracuse Unlversity (USA) London Program Reference and adminlstratlve Informatlon Trustees S 8ennett D 8uchler R Cassell S Harding M Harris R Raad G Rilter E Wilkens Company Secretary R Cassell Registered office Third Floor 20 Old Balley London EC4M 7AN Princlpal address Faraday House 48-51 Old Gloucester Streel London WC1N 3AE Company reglstration number 04270952 Charlty registration number 1088366 Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers Lloyds Bank PLC 113 Oxford Street London W1D 2HW Solicitors Withers LLP Third Floor 20 Old Bailey London EC4M 7AN Syracuse Unlversily (USA) London Program 1 Report of the Trustees Year to 30 June 2024 The trustees, who are also directors for the purposes of the Companie5 Act 2006, present their report with the financial statemenls of Syracuse University {USA) London Program (the 'Charity') for the year ended 30 June 2024 which have been prepared in accordan￿ with the Stalement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with th8 Financial Reporting Standard {FRS1021 (effective 1 January 2019) and relevant provisions of the Charities Act 2011. OBJECTIVES AND ACTIVITIES The Charily's charitabl8 object as sel out in its srticles of association 18 to facilitate the advancement of the cducation of students In various parls of the world. The Charity furthers Ihls object by delivering a study abroad program in London {the 'Programme') for students from Syracuse University and other U.S. universilies. The Charity also provides educational facilities and opportunlties to the wider community. In pursuit of these objecllves. the Clitiiily Iiulds Llasses, lectures and semin8rg, and orgonl- fSeld studies and guided travel opportunities. 11 collaborates with other higher education and cultural inslilulions to offer exhibitions and symposia and to foster opportuiiiliu>• for public dialogue on global and local issues. Syracuse University, with whlch the Charity works closely, Ss committed lo providing education lo all students based on merit, regardless of financial or class background. The University offers a wide range of financial aid, grants and scholarships to sludenls in the Programme. The Trustees have throughout the period taken the Charity Commission's public benelit guidance into account when exercising powers or duties to which the guidance is relevanl. ACHIEVEMENTS AND PERFORMANCE, The Programme The Charity offered over 100 separate modules acr085 fall, spring and summer terms, spanning over 30 academic disciplines. Enrolling in these modules helps fulfil undergraduate degree requirements for all p8rlir,ipating students. The Charity offered over 100 internship placements in local or9anisations, all overseen and managed by Charity staff and including an accompanying required module called The Global Workplace thal captures and compares experiences acr055 a range of seclors. The Charity led over 100 guided walklng tours and museum visits., six theatre visits lo London-based produclions.. two 'ambassadorial trips, to our partners in Lockerbie, Scolland,. day and overnight guided field trips outside London lo places such as Copenhagen and Bristol: and civic engagement opporlunilies benefiting local communities such as a communily garden and volunteering at a local food bank. Syracuse University (USA) London Program 2 Report of the Tru8tees Year to 30 June 2024 ACHIEVEMENTS AND PERFORMANCE (continued) Th• Programmo (conlinued) The Charity gives special emphasis to programming and support centred on diversity. equily. inclusion and access. In part this is a reflection of the high importance placed in thes8 areas by Syracuse Universlly, and In part it is an intentional immersion in Ihe unparalleled diversity of London as a global city. A public symposium was held in February, for example, on queer Irish Shakespeare involving external guest experts and student parlicipalion. Modules were offered In race, gender and the media, as well as a range of other diversily-related IOPiC5. The weekend trips lo other countries as well as the day trips and full Oyster cards are offered lo all sludenls at no extra cost, lo level the financial field and make accessible lo all Ihese high- impact learning opportunities based on travel within and outside London. Indicators and Benchmarks The Charity ulilises a number of instruments to measure the degree of success allained in meeting ils objectives, including enrolment measures and analysis, sludent queslionnalres (both quanlitalive and qualitativel and online course and program evaluations. The Charity analyses resultant feedback and aims lo improve the evaluative instruments used. Enrolmenis remained stable compared with simllar years since reluming from the pandemic. Every module 15 evalualed by 51udenls and results labulated by Ihe University, with follow-up conversations wlth leaching faculty where helpful. Participation in all optlonal programmlng remains robust, a reliable gauge indicating that structured activities continue to meet overall program learnlng goals. FINANCIAL REVIEW The Charity is funded by Syracuse Universlty In accordance with an annual budget of projected op8raling expenses. The Charily reporls monthly expenditures lo Ihe donors, who also conduct periodic informal audils of the Charity's finances. The nel Incoming funds for the year were £7,541.944 (2023.. £7,027,228y against which £7.760,979 (2023: £6,729.985} was spent on charitable activities. Banking The Charity's funds are held at Lloyds. Mosl banking Ss done online but all payments follow procedures, contro15 and limlts agreed by Trustees. Reserves pollcy The Truslees have a policy, reviewed annually, that the reserves should be suffici&nt lo cover the Charity's overheads for at least Iwo weeks, with a tolerable threshold lirnil of 10D/o. Historically year-on-year, this level of reserves has proved sufficient. Whilst two weeks of reserves may appear unusually short, il is important to highlighl that the Charily's funding arrangemen15 wilh Syracuse University ensure that it can request funds as needed, in the shorl-lerm, which significantly reduces the risk of insufflcienl working capital. Monlhly forecasts of expenditure are produced which are followed by, on average. Iwo or three monthly transfers of funds. This arrangement is inlentionally in place to allt)w grealer control of outgoings, and will remain so for the foreseeable future. Syracuse Universily (USA) London Program 3 Report of the Trustees Year to 30 June 2024 FINANCIAL REVIEW (continued) Reserves pollcy (continued) Resepies, for the purpose5 of clarity. are defined as unrestricted resenrfes represented by net current a55els, which includes cash at bank and in hand. This is deemed to be the readily available and convertible element of the overall reserves. The reseNes held at year-end were £725,857 (2023. £803,831). Flnanclal rlsk manag¢ment Forecast8 are prep. As such, the Charlly has not {wilh reference to section 162A of the Charities Act 2011): subscribed lo any scheme or standard relating lo fundraising; monitored any aclivities carried out on ils behalf for the purpose of fundrai5ing.' received any complaints in relation to fundraising., nor needed lo take steps lo protect vulnerable people and other members of Ihe public frorn the behaviour connected to fundraising and referred to in section 162{a)12) of the Charilies Act 2011. Syracuse University (USA) London Program 4 Report of the Trustees Year to 30 June 2024 FINANCIAL REVIEW (continued) Revenue The Charity granted one sub-licen5e to share occupation wilh an international educalion program for the year. the revenue from which is used solely to support the Charity's activilies and objeclives. The Charlty is also registered for Glft Aid with HMRC, enabling it lo aocepl grfts that may be lax efficient lor donors. A separate account. linked to the maln account, exists with Lloyds for the accurate tracking and accounting of all donations from 8ny individual and corporate donors. Golng concern At the time of reporting, the Charity remains a going concern, with a Strong commitment from Syracuse Universily, the Charity's main donor. to support its operations. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng docurnent Syracuse University (USA) London Program was incorporated on 15th August 2001 and is registered charity. The Charily Is consliluled as a company limited by guaranlee and the registered company number is 04270952. The Charlty is governed by ils Memorandum and Articles of Association which require that it ha5 a minimum of five trustees but specify no maxlmum. Recrultment and appointment ol new trustees There are no formal procedures for board recrullment. When warranted, c8ndidales are recommended lo the board by those familiar with the organization. Truslees are appointed and removed by unanimous resolutions of the board. The member of the Charily has the power to veto any such appolntment bul not to veto their remov81 or disqualificatlon. Organl8ational •tructur• The Charity is funded by Syracuse University Abroad. a division of Syracuse University. Syracuse, New York, USA. The Charity currently has 8 Iruslees, 3 of whom are resident in Ihe USA and 5 in the UK. The member is Kent Syverud in his capacity as Syracuse University Chancellor and President. The Secretary of the company 15 Richard Cassell, a trustee. The following key members of stsff are responsible for the day-to-day management of Ihe Charity.. Dr Troy Gordon, Direclor Ms Joanna Reeves, Assaciate Director fof Finance & Adminislratlon Mr Marco Figueiredo, Assistant Director for IT & Operations Dr Becca Farnurn, Assistant Director for Teaching & Leaming Syracuse University (USA) London Program 5 Report of Ihe Trustees Year to 30 June 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (contlnued) Organisational structure (continued) Salaries for key management personnel are determined by a number of criteria, includlng sector averages. the level of responsibility and living costs. The 8oard meets several times per y8ar and entru8ts the s13ff. under the leadership of the Director. with the day-to-day running of the Charity's operalions. The Director reporls directly lo tho Trustees on any major change or rlsk to the Programme., matter5 pertaining to Ihe management of risk are the primary decisions Trustees take, Inductlon and training of now Trustees Prospective and newly appointed Iruslees are provided with Ihe Charity's Memorandum and Articles of Association as well as up-lo-date guidance notes from the Charlly Commlssion on the role of a trustee. Care Is taken with employees of Syfacuse University who are elected trustees, so that any conflicts of intere51 can be flagged early and the independence of the Charity Is nol cofflpromised. The new truslee Is Invited by the Director to vlsll the CIiGlI ily. sludy cenlre, Faraday House, to meet slafl, confer with other Iruslees, and generally acquaint themselves with the operations of the Charity, its key features and rnajor challenges. Risk managemenl The trustees regularly consider the risks to which the Charity could be susceptlble. Areas of risk idenlified include financial, governance, operational. environmental and external, and 18wlre9ulalion compliance. In particular, trustees afe increasingly attuned to risks from external factors such as mass health emergencles and armed conflict In neighbouring countries. The Iruslees have revised and approved a Risk Policy for the Charily, in accordance with UK governmenl recommendations, including identifying, assessing, recording, managing, millgaling, revlewing and reporting on risks. Plans are regularly drawn up for any steps thal need lo be taken to address or miligale signiflcanl or major risks. and control systems are embedded in management and operational processes. In addition to financial risk mitigations noted above, other mitigations include {1) governance.. bi-weekly meetings with Director and the 8oard Chair, weekly rneelings wilh Director and Charity leadership team,. (2> Dperalional.. robust health and safety Dverslghl and training for all slaff, facilitated by Facilities Manager and including risk assessments for all studenl aclivilies,. (3) environmenlal and external. mass emergency plans in place including an emergency phone and emergency check-in procedure5, incidents in London, the UK and across Europe are monitored by staff in terms of student safety: (4} lawlregulalion compllance.. yearly data security and privacy training for all staff and facully, regular guidance sought from ACAS re employmenl law. health & safety regulations maintained by Facilitie5 Manager and other relevant staff. The Board expecls all staff lo consider the risks any activity poses and to acl in accordar with any recommendations made for risk management. Staff are asked to submit a risk analysls to the Board for any significant activity lo be inlroduced, changed or expanded. Syracuse University (USA) London Program Report of the Trustees Year to 30 June 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Legal revlew The Charity is a licensed sponsorforworkers and students through the UK Visa & Immigration Office. Legal advice is sought when necessary on employment law. immigration, emergency procedures, data protection compliance, health and safety regulations, and properly law. STATEMENT OF TRUSTEES, RESPONSIBILITIES Th8 trustees {who are also the directors of Syracu8e Univer55ty (USA) London Program for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law require5 the trustees to prepare financial stalemenls for each financial year which give a true and fair view of the slate of affairs of the charitable company and of the incomlng resources and 8ppllcallon of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements. the trustees are required to do the following.. select suitable accounting policies and then apply them consistently,. observe the method8 and principles in the Charity SORP,. make ludgmenls and eslimaies that are reasonable and prudent: and prepare the financial statements on the goino concern basis unless il Is inappropriate to presume that the charitable cornpany will continue in busine58. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the flnancial position of the charitable company and lo enable them lo ensure that the flnancial stalernenls 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 deteclion of fraud and olher irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevant Infomalion (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditors are unaware, and each trustee has taken all Ihe steps that they ought to have taken as a trustee in order lo make them aware of any audit information and to establish that Ihe charitable company s audilors are aware of that infomiation. This report has been prepared in accordance with the special provisions of Part 15 of Companies Act 2006 relating to small companies. Approved by order of the board of trustees on behalf by.. 27 January 2025 and signed on its R Cassell - Secretary Syracuse University (USA) London Program 7 Independent auditor's report on the financial statements 30 June 2024 Independent audltor's report to the members of Syracuse University (USA) London Program Opinion We have audited the financial statements of Syracuse Univefslty (USA) London Program (the 'charilable company,) for thè year ended 30 June 2024 which comprise the statement of financial activities, the balance sheel, and statement of cash flows, the principal accounting policies and the notes to Ihe financial slalements. 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 Ihe UK and Republicof Ireland. (United Kingdom Generally Accepted Accounting Practice). In our oplnion. the flnancial statements,. give a true and fair view ol the state of the charitable company's affalrs as at 30 June 2024 and of ils income and expenditure for the year then ended: have been properly prepared in accordance wilh United Kingdom Q?enerally Accepted Accounting Practice., and have been prepared in accordaiice with Ihe requirements ol the Companies Act 2006. Basis for opinion We conducled our audit in accordance wllh International Slandards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibililies under those standards are further described In the auditor's responsibilities for the audit of the financial statements section of our report. We are independenl of the charilable company In accordance with Ihe ethical requirements thal are relevant to our audit of the flnanclal slalements in the UK, including the FRC'S Elhical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our oplnlon. Concluslon8 relallng to golng concern In auditing the financial slalemenls, we have concluded that the trustees, use of the 90ing concern basis of accounting in Ihe preparation of the financial slatements is appropriate. 88sed on the work we have performed, we have nol idenlrfled any material uncertainties relating to events or conditions that, individually or collectively, may casl signrficant doubt on the charitable company's ability to continue as a going concern for a period of at leasl twelve months from when the financial slalem8nt5 are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Syracu5e University (USA) London Program Independent audltor's report on the financlal statements 30 June 2024 Other infomiation The other information comprises the information included in the annual report . including Ihe trustees, report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomialion contained within the annual report. Our opinion on the financial statements does not cover the other information and. except lo the extent otherwise explicitly slated in wr report, we do not express any form ol assurance conclusion Ihereon. Our responsiblllty is to read the other information and, in doing so, consider whether the other informalion is materially inconsistent with the fir*ancial slatement3 or our knowledge obtained in the course of the audit or olhetwise appears to be materially misstated. If we identify such materlal inconsistencies or apparent malerial misstatements, we are requlred to determine whelher this gives rise to a material misstatement in the financial statements Ihemselves. If, baseil on the work we have performed. we conclude that there is a material misstalemenl of this other information, we are required to report Ihat fact. We have nothing to report in this regard: Oplnlon8 on oth•r mattèrg pr•8crlbed by the Companlès Act 2006 In our opinion, based on the V￿rk underlak8n in the course of the audit: the information glven In the trustees, report, which is also the dlrectors, report for the purposes of company law and includes the strategic report. for the financial year for whiGh the financial slalemenls are pr8pared is consi51ent with the financlal slalemenls., and the trustees, report, which is also the directors, report for the purposes of company law and includes the strategic report, has been prepared in accordance with applicable legal requiremenls. Matters on whlch we arq requlred lo report by axception In the li9htoflhe knowledge and understanding oflhe charitable company and ils environment obtalned in the course of the audit, we have not idenlilied material misslalernenls in Ihe tTustees' report including the 51ralegic report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report lo you if, in our opinion.. adequale accounting records have not been kept, or returns adequate for our audlt have not been received from branches not visited by us: or the financial stalements are not in agreement with the accounting records and returns,. or certain disclosures of Irustees. remuneration specified by law are not made. or we have not received all the Information and explanalions we require for our audit: Syracuse University (USA) London Prograrn Independent auditorfs report on the flnanclal statements 30 June 2024 Responsibilltlos of trustees As explained more fully in the trustees, responsibililles statement set out on page 7, the trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation ol the financial stalements and for being salisfied that they give a true and fair view, and for such internal control as the truslees d8lermine is necessary to enable the preparatton of financial sla18ments that are f￿e from material missialement, whether due to fraud or error. In preparlng the financial slatemenls, the Irustces are responsible for assessing the charitable company's ability lo contlnue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless Ihe trust8os either intend to liquidate the charitable company or lo cease operations. or have no redlislic alternatlve bul to do so. Auditor's r08ponslbilitiès for the audit of the financial slatemgnts Our objectives are to obtaSn reasonable assurance about whether the financial statements as a whole are free from material misslalement, whelh8r due lo Iraud or error, and to ISSU8 an audiior'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) wtll always detect material mlsstalement when it exlsls. Mi5s1atements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financialslatements. Irregularities, including fraud. are inslan¢es of non-compliance wlth laws and regulallons. We design procedures in line with our responsibilities, outlined above, to detect material misslalements in respect of irfegularilies, including fraud. The extent lo which our procedures are capable of detectlng irregularities, Including fraud 15 detailed below.. How the audlt was consldered capable of detectlng Irregularftles Includlng fraud Our approach lo identifying and assessing the risks of material misslatemenl In respect of irregularities. including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance wilh applicable laws and regulations., we identffied the laws and regulations applicable to the charity Ihrough discussions wilh trustees and other management, and from our commercial knowledge and experien￿ of Ihe sector., we focused on specific laws and regulations which we considered may have a direct material effect on the financial slalemenls or the operations of the charity. induding the Companies Acl 2006, Charities Acl 2011, data proleclion legislation. anli-bribery. employment, health and safely legislation,. we assessed the exlent of compliance with the laws and regulations identified above through making enquiries of managemenl and inspecting legal correspondence: and Syracuse University (USA) London Program 10 Independent auditor'8 report on the financlal statements 30 June 2024 Audltor's responsibilities for the audlt of the financial statements (continued) How the audlt was consldered capable of detectlng Irregularltles Includlng fraud (continued) identified laws and regulations We￿ communicated within the audit team regularly and the leam remained alert to instances of non-compliance throughoul the audit. We assessed the susceptibility of Ihe charlty's financial statements lo material misstatement, including oblaining an understanding of how fraud might occur, by- making enqulrles of management as lo where they considered there was susceptibility to fraud. their knowledge of actual, suspected and alleged fraud; and considering the internal controls In place to mitigate risks of fraud and non-compliance with laws and regulations.. To address Ihe risk of fraud through managemenl blas and overrlde of controls, we: performed analylical procedures to identify any unusual or unexpected relationships: and tested the implementation of financial controls. In response to the risk of irregularities and non-compliance with laws and regulations. we design8d procedures which included, but were not limited to.. agreelng financial statemenl dlsclosures lo underlying supportlng documenlalion., reading the minutes of meetings of those charged with governance., enquiring of managernenl as to actual and potential litigation and claims., and revlewing any available correspondence wilh HMRC and the charlty's legal advlsors (allhough none was noted as being received by the Gharity). There are inherent limitations in our audit procedures described above. The rnore removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limil the audit procedures required lo identify non-compliance with laws and regulations lo enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misslatement5 that arlse due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at www.frG.org.uklauditorsresponsibililies, Thi5 description forms parl of our audilor's report. Syracuse University (USA) London Program 11 Independent audltor'8 r•port on the flnancial 8tatem•nt8 30 June 2024 Us• of our r•port Thls report is made solely to the charitabl8 company's member5, as a body, in accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we might state to the charitable cOMpan￿S members those malters we are requlred to state to them in an auditor's reporl and for no other purpose. To the fullesl exlent permilted by law. we do not accept or assume responsibility to anyone olher than the charitable company and the charltable company's member¥ Incom• for th• y•ar (a• p•r the 8lat•m•nt ol flnanclal actlvltl•a} Adlusled for. Depreciation charges Inleresl received Incfease in deblors Increase (dec￿8$e> In credliors Net cash used In operatlng actlvitse8 (219,0351 297.243 81,061 81,061 (8951 13151 (137,4541 (338.8081 3.222 (53,128 1273,101 } (13,9471 B Analysls of cash and cash equlval•nt• and mov•m•nt In net debt Al 1 July 2023 Cash flow A JO June 2024 Cash and cash equSvalent• Cash at bank and in hand Total Cash and cash èquivalents and net debt 617,473 617.473 1272,206> 1272,2061 345.267 345,207 Syracuse Universily (USA) London Program 15 Principal accounting pollcles 30 June 2024 Stalutory information Syracuse University (USA) London Program is a private charitable company. limited by guarantee. regislered in England and Wales. The Charity's registered number and registered office address can be found in the Report of Ihe Trustees. Tlie n?enibers of Ihe Charity undertake to contribute lo the assets of Ihe Charity. in the event of the Charily being wound up while they are mefflbers, or within one year after Ihey cease to be members, for payments of the debts and liabililies of the Charity contracled before they cease to be members, and of the costs. charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amounl as may b8 requlred not exceeding £10. 8a$ls of preparing the financlal statements The financlal slalemenls of the chari18ble company, which Is a publlc benefil entity under FRS 102, have been prepared in accordance with the Charitie5 SORP (FRS 102> 'AccoLinting and Reporting by Charilles.. Slalement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporlin9 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Slandard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial slalements have been prepared under the historical cost convention., The financial statements are presented in sterling which is the functional currency of the Charlly and rounded lo the nearest pound. The slgnrficanl accounting policies applied In Ihe preparation ol the financial statements are set out below and have been consistently applied to all years presented unless otherwis8 slated. Preparation of the accounts on a going concern basls The Charity reported a cash outflow of £272.206 for the year. Funding for the Charity's day lo day operations is secure and there are no material uncerlainlies and on Ihis basis the Charity is a going concern. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statemen(s. Income All income is accounted for in the statement of financial aclivilie5 (SOFA) when Ihe Charity is legally enlilled lo the Income. receipt is probable and the amount can be quantified with reasonable accuracy. Granls are receivable from Syracuse University Abroad. a division of Syracuse University, USA and are recognised in the full SOFA in the year which they are receivable. Renial income is income derived from the hire ofrooms and facilities at Faraday House and Is recognised when earned. Syracuse University (USA) London Program 16 Prlncipal accounting policies 30 June 2024 Expendbture Liabilities are recognised as expendilure as soon as Ihere is a legal or constructive obligation commilling the charity lo that expenditure. it is probable that a transfer of economic benefits will be required in Settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relaled to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basls consistent wilh the use of resources. Redundancy payments Redundancy cosls arising from periodic review of staff levels are charged as part of payroll costs in the year in which an employee leaves the Charity. Charitable actlvitles Charitable expenditure comprises those costs incurred by Ihe Charity in the delivery of ils activities and services for ils beneficlaries. It includes both costs that can be allocated directly to such activi118s and those costs of an indirect nature necessary lo support them. Rent and rates represent 494/0 of the floor area devoted to student use and consists of 9 standard classrooms, photo lal)oratory, tjesign studio. 2 archileclure studios. IT suite, 1 large dassroom, computer room. auditorium and a student lounge. The remainder of the building consists of 31% offices and staff areas and 20% is for common areas $uch as tollets, starage, lobby and corridor5. Slaff costs are allocated on the basis thal the expendilure is incurred by the Charity In the delivery of its services for the benefit of Ihe students. It includes both faculty and administration slaff costs which are analysed into direct and support costs in note 4. Tanglble flxed assets Depreciation is provided al the following annual rates in order to write off each asset over its estimaled useful lrfe. Leasehold improvements Over the duration of Ihe lease Fixtures and fittings Straight line over 4 years Computer equipment Straight Ilne over 4 years All capilalised assets are init1811y rècorded at cost of acquiring the asset plus any incidental costs to bring Ihe asset in current use. Syracuse University (USA) London Program 17 i• Princlpal a￿OUntIng policies 30 June 2024 Tangible fixed assels (continued) Computer equipmenl (moveable equlpment) Computer equipment is capitalised if each individual piece costs more than £4,000.,, If11 Is 8 8y8lem or fabricated equipment, which may include more Ihan one piece, it is capitalised if the total value of the system is more Ihan £4,000. Furnlture and fixtures If the replacement item5 are capilalised for example a HVAC syslem, il has to meet a value of £40,000 or more. Fumilure is capitalised if It costs more than £4.000. Bulldlngs All costs relallng to the building refurblshment are capitalised. Taxatlon The Charity is exempt from corporation tax on its charitable activilies. The Charity is not registered for VAT. Irrecoverable VAT is added to the cost of expense incurred or asset acqulr8d. Fund accountlng Unrestricted funds can be used in accordan¢8 with the charitable objecllves al the discr8tlon of the Trustees. Re5tricled funds can only be used for particular reslricted purposes within the objects of the Charity, Restrictions arise when specified by the donor or when funds are raised for particular re5triGled purpos8$. During the year under review and in the previous year. the Charity had unrestricted funds only. Movements and nature and purpose of the unrestricted funds are disdosed in note 12 to the financial stalements. Hire purchaslng and leaslng commitments Rentals paid under operating leases are charged lo the Statement of financial activities on a straight line basis over the period of the lease. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al th8 amount prepaid nel of Irade discounts due. Syracuse University (USA) London Program 18 Prlncipal accounting policies 30 June 2024 Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid deposits or similar accounts. Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third parly and the amount due to seltle the obligalion can be measured or eslimaled reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any Irade dlscounts due. Financlal Ingtrumgnls The charity only holds baslc financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows.. Financl81 ass8ts - trade debtors and accrued income are basic financlal inslrumenls and are debt instruments Measured at amorlised Cost as delailed in note 10. Prepayments are not financSal instruments. Cash al bank - is classified as a basic financial instrument and is measured at face valuq. Flnanclal liabilitles - trade creditors, accruals and other creditors are flnancial instruments, and are measured al amortlsed cost as detailed in note 11. Taxation and social security are not included in the financial instruments disclosure def inition. Employee benafits The Charity provides short term benefits. induding holiday pay and other slmilar non- monetary benefits to ils employees. These are recognised as an expense in the period in which the seNice is recelved. Significant judgements and estimates The Ch8rity makes estlmates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a malerial adjustment to the carrying amounts of the asseis and liabililie5 within the next financlal year are addressed below. Useful economic lives of assets The annual depreciation charge for tangible assets Is sensitive to changes in the estimated Useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to rellect current estimates, based on future investments, economic utilisation and Ihe physical condition of the assets. Syracuse University (USA) London Program 19 Ip Prlnclpal accountlng pollclos 30 June 2024 Slgnlflcant ludgem•nt8 and estimates (continued) Allocatlon of costs between dlrect and support The allocation of property costs between direct and support costs are based on the square meters used for charitable actlvlties arid Ili¥ supporl function. Syracuse Universiiy (USA) London Program 20 Notes to the Financlal Statement8 Year to 30 June 2024 1 Donatlons and legacies un￿$triCted funds 2024 2023 '. Grants- Syracuse UnIv8￿lty Abroad. a dlvision of Syracuse Unlvetsity, New York, USA '. Donation ￿CeIVed Intanglble Income- leg81 fees pald by Syracuse Unlver5ity AbroBd 7,471,550 19,136 6.922,250 4.085 7,490,686 6.950,"623' 2 Other Iradln9 activltles Unrestricted lunds 2024 2023 Rpnl81 inco.m8 , 50,363. -76,290 3 Inv•8tm•nt Income Unre8lrlcleQ fun¢i. 2024 2023 Deposit account inlerest 895 315 4 Charltablo actlvltle8 Costs Provision of slud8nt Promollng accommodation educallon & facilili88 2024 Wages and related costs Property expenses Course materials Housing all¢Miance Studént activilies and recreation 1.017,185 607,123 109,566 1,017,185 607,123 109,566 3,166.398 3,188,396 575,369 575,369 3,741.765 5,475,639 1,733.874 Support ¢0818 {see below) Govemance costs {see bèlow) 700,500 23,159 -2,457.533 1,511,704 2.212,204 5.303.446 7,760,979 Syracuse University (USA) London Program 21 Notes to the Financlal Ststements Year to 30 June 2024 4 Charltabl• actlvitlos Costs (continued) Support Govemance costs costs Total 2024 Basis of apportionment Wages and related costs 883.167 883.167 Allocated by departrnent Pro rat3 based on sq 1,173,170 mÈ.lers The expenses incurr&d were considered lo be 66.173 support costs The expenses Sncul￿d were considered to be 18,359 8UPPOrt costs The 8xpènBes incurred were considered lo bè 1,763 support costs The exp8nses Inourred W8re considered lo be 64,421 support cosls The expensc5 incurrod wore considered to be 3,1 $1 support Costs 49,136 49,136 Governanco 24,000 24,000 Governance 73,136 2.285.340 Propcrty exp8n8e8 1.175,170 Office expenses 66.173 IT èxpense8 18.359 Membership and registration 1,763 Travel, subsistence and me8ling costs 64.421 Bank chaDJes Legal fees Auditors, r8mLmeration 3.151 2,212,204 Proviwon of sludent Pmmoting 8ccommodalion educ8lion & facililies 2023 Wages and relaled costs Property expenses Course rnalertals Housing allowance Sludenl aclivilies and recreallon Grant paid 714,370 615. 146 121,836 714,370 615, 146 121,836 2,456.113 2,456.713 492,218 492,218 4,085 3,038,331 4.493.768 4.085 1,455.437 Support costs (see below) Governance costs (see below) 889.897 34,367 2, 179,701 1.440.210 2.130,107 71,743 706,110 4.550.284 6, 729,985 Syra¢use University (USA) London Program 22 Notos to the Financial Slatements Year to 30 June 2024 4 Charltable actSvitles costs (continued) Support Governance costs ¢osls Tolal 2023 Basis of8ppomonment Wages and r81aled cosls 847.372 841.372 Allocated by departmenl Pro rala based on sq meters The expens8s incurred were considered to be support cosls The expenses incurred re Cons￿&r0d lo b8 support costs Th8 expenses incurred were considerèd to bè support costs The expenses incurred were considered lo be support cosls The expenses incuffed were consKYered lo be support costs Governance Governance Property expensas 1, 190,699 1.190,699 Office expensos 45.331 45.331 ITexponses 5,120 5.120 Membgrshlp and regislrallon 1.423 1.423 Trav81, $ub&stence and meellng cos18 42,407 42,407 8ank charges Legal fees Auditors, remuneration 3, 755 3, 755 88.110 88,110 18,000 18,000 706,110 2,236.217 2, 130,107 5 Grants payablo 2024 2023 Supporlin and promolin'g educatlon 4.085 The tolal grants paid to institutions during the year was as follows; 2024 2023 Syracuse Universlty 4,085 6 Net Income lexpondlture) Nel income (expenditure) is staled after charging (crediting).. 2024 2023 Auditors, remuneration Prevlous y&ar- Audit Depreciation - owned assets Hire of plant and machinery Operatin lea58$- ￿nt 18,600 5,400 81,061 11.689 1,201,000 18,000 81,061 8,886 1,207,832 Syracuse Universlty (USA) London Pro9ram 23 Notes to the Financlal Statements Year lo 30 June 2024 7 Tru8tO08' ramuneratlon and benefits During the year under review, fees of £4.500 (2023.. £4,500) was payable to M Harris, a Trustee, for provision of educational services. No other Trustees, remuneration nor other benefits were paid. Trustees, expenses Expenses lotalling £118 {2023.' £nll) was pald lo one Trustee for the year ended 30 June 2024. 8 Slaff cost8 2024 2023 Wa9e¥ and salarl8S Social security costs Other penslon eosls 1,657,446 146,795 96.111 1,900,352 1.347,865 123,719 84.158 1.555,742 Th8 average monthly number of employees during the year w25 as follows.. 2024 No. 2023 Admlni51r8tlvè staff Faculty 8laff 21 40 61 22 32 The number of employees whose employee beneflls (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. £70,001- £80,000 £90,001 . £100,000 £110,001- £120.000 Key Management Personnel During the year, the total aggregate remuneralion paid to key managemenl personnel was £444,103 (2023: £387,725). The faculty slaff are employed on part time short term contraGts each semester.: All administration staff, apart from 3, are employed on full lime basis. Pension costs are allocated to activities in proportion to the related staffing costs incurred and on this basi5 the costs are treated as support costs. Syracuse Unlversity (USA) London Program 24 Notes to the Financial Statements Year to 30 June 2024 9 Tanglble fixed assets Leasehold improvements Flxtures and Computer fthings equipment Tolal Cost At 1 July 2023 and 30 June 2024 1,742.809 135,892 528,232 2,408,933 D•preclatlon At 1 July 2023 Charge for year At 30 June 2024 1,580,688 81,061 1.661.749 135,892 528,232 2,163,751 81,061 2,325,873 135.892 528,232 Not book value At 30 June 2024 At 30 June 2023 81,060 162,121 81,060 162,121 10 Debtors: amounts falling duo Within one year 2024 2023 Other deblors Prepayments and accrued Income 100 497,182 497,282 362 359.466 359,828 11 Credltor8: amounts falllng due wlthln one year 2024 2023 Soclal security and other taxes Other creditor8 Accruals and deferred income 51,024 18,175 47,493 116,692 25,799 21,725 65,946 113,470 12 Loa8ing agreements Minimum lease payments under non-cancellable operating leases fall due as follows.. 2024 2023 Within one year Be￿een one and five years 1,201,000 1,201,000 1,201.000 2,402.000 1.201.000 Syracuse University (USA) London Program 25 Notes lo the Financlal Statements Year lo 30 June 2024 13 Movement in funds Nel movement in funds, included in Ihe above are as follows: At 1 July 2023 At 30 June 2024 Income Expenditur8 Unrestflct¢d fund8 Income funds Total funds 1,025,952 1,025,952 7,541,944 (7,760,979) 7,541.944 (7.760,9791 806,917 806,917 Comparatives ftlr movements in funds Comparative net movemenl In funds, included in Ihe above are as lollow8.' At l July 2022 AI 30 Jun8 2023 Income Expenditure Unreslrlcléd funds Income funds Total funds 728, 709 T28. 709 ' 7,027,228 (6, 729,985) T.027,2Z8 (6, 729,985) 1,025,952 1.025.952 Purposes of unrestricted funds The unreslricled fund includes granls received from Syracuse University Abroad which has not expressed any preference as lo how the funds should be spenl. These funds are applied for the charitable purposes of the Charity at the absolule discretion of the Trustees. 14 AnalyslB of net a88•t8 b•tween fundg Tolal funds 2024 un￿stricted fvnds Reslricled funds Fixed a$8els Currenl assets Current liabilities 81,060 842.549 1116,692) 806,917 81.060 842,549 1116,692) 806,917 UnreslriGled funds RestryGled Total funds lunds 2023 Fixed asspts Current asse1$ Current liaknlthes 162. 121 9T7,301 (7 13,470). 1.025,952 162.121 977,301 (113,470) 1,025,952 Syracuse University (USA) London Program 26 Noles to the Financial Statements Year to 30 June 2024 15 Related party d18closure8 Grants of £7,471,550 (2023.. £6,922.250) and contributions towards legal fees of £19,136 (2023.. £24.2881 were received from Syracuse University Abroad, a division of Syracuse University, New York State. USA. The University has also acled as a guarantor to secure the lease for the premises in London. The Charily's solicitors are Withers LLP. R Casselsl a partner in Withers LLP and a Irustee of the Charity. During the year, f88 noles amounling to £19,136 (2023: £24,288) were received by the Charity for services rendered by Withers LP. Transactions were conducled al arm's length. standard rates were used and the trustee did not take part in any related decision making. 16 Ultimalè controlllng party The Trustees believe that no one Indivldual or group of indlvlduals acting together Gonlrol the Charily. 17 Indemnity Insurance During the year the Charity subscribed to an indemnity insurance for the trustees at the c05t of£8,400 (2023: £8,400) Syracus8 University (USA) London Program 27