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← Syracuse University (USA) London Program

2025-06-30-accounts

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Syracuse University (USA) London Program

Annual Report and Financial Statements

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30 June 2025

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Company Limited by Guarantee Registration Number 04270952 (England and Wales) Charity Registration Number 1088366

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Contents

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Reports

Reference and administrative information 1
Report ofthe Trustees’ 2
Independent auditor's report on the
financial statements 12
Financial statements
Statement of financial activities 17
Statement of financial position 18.
Statement ofcash flows 19
Principal accounting policies 20
Notestothefinancialstatements 25

Syracuse University (USA) London Program

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Reference and administrative information

Trustees S Bennett
D Buchier
R Cassell
Prof.
E Dekaney
S Harding
E Wilkens
Company Secretary R Cassell
Registered office Third Floor
20Old Bailey
London
EC4M 7AN
Principal address Faraday House
‘ 48-51 Old Gloucester Street
London
WC1N 3AE
Company registration number 04270952
Charity registration number 1088366
Auditor BuzzacottAuditLLP
130 Wood Street
London
EC2V6DL
Bankers Lloyds Bank PLC
113 Oxford Street
London
W1D2HW
Solicitors WithersLLP
Third Floor
20 Old Bailey
London
EC4M7AN

Syracuse University (USA) London Program 1

Report of the Trustees Year to 30 June 2025

The trustees, who are also directors for the purposes of the Companies Act 2006, present their report with the financial statements of Syracuse University (USA) London Program (the ‘Charity’) for the year ended 30 June 2025 which have been prepared in accordance with the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS102) (effective 1 January 2019), and the relevant provisions of the Charities Act 2011, as well as the relevant provisions of the Charity's governing document, and the notes to the accounts.

OBJECTIVES AND ACTIVITIES

Our charitable objectives (the ‘Objects'), as set out in our Articles of Association, are to facilitate the advancement of the education of students in various parts of the world.

The activities undertaken to achieve these Objects consist of four broad components: education, cultural immersion, student well-being, and access and opportunity.

Education — to deliver an abroad program for Syracuse University composed of high-quality teaching that connects students with the history, culture, and institutions of the UK, and to support and enable non-Syracuse students to access such high-quality experiences through collaboration with other Higher education and cultural institutions.

Strategies:

Cultural immersion — to provide field studies and guided travel opportunities (experiences outside the classroom) that broaden horizons and deepen understanding of British life.

Strategies:

Student welfare — to provide a safe, supportive, and inclusive environment for all students.

Strategies:

Access and opportunity — to ensure that financial need does not prevent students from participating.

Strategies:

Syracuse University (USA) London Program 2

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Report of the Trustees Year to 30 June 2025

Public Benefit

In setting the Objects of the Charity, and planning its activities to realise those Objects, the Trustees confirm that they have given careful consideration to the Charity Commission's general guidance on public benefit, and in particular to its supplementary public benefit guidance on advancing education — and as such have complied with their duty to have due regard to the relevant guidance.

ACHIEVEMENTS AND PERFORMANCE

The Program

Teaching and Learning in the London Program (the ‘Program’) is composed of high quality engaged learning experiences which can be understood in three categories: academic modules, work placements or internships, and engaged learning opportunities facilitated by staff and faculty.

Academics

The Charity offered over 148 modules across fall (45), spring (94) and summer (9) terms. These classes represented 29 academic disciplines including but not limited to: Law, Psychology, Philosophy, Political Science, History of Art, Communications, Drama, Economics, History, English, Architecture, Sociology, Geography, Management, and Design. Students who enrolled in these modules will meet and fulfil Syracuse University’s undergraduate degree requirements.

Work Placements

The Charity offered 119 internship placements in local organizations, including 14 graduate law placements. All the undergraduate internships were overseen and managed by Charity staff and included enrolment in an accompanying educational module. Approximately 12-15% of students per academic term participated in the internship program.

Engaged Learning

The Charity promotes engaged learning by leading guided walking tours, museum visits, theatre visits, and civic engagement opportunities benefiting local communities. It also facilitates further travel to engage, offering ‘ambassadorial trips’ to our partners in Lockerbie, Scotland, as well as day and overnight guided field trips outside London.

In AY '25, the Charity facilitated 2 trips to Lockerbie, Scotland, and 19 overnight trips elsewhere. Of these 19, 7 were part of ‘signature seminar’, field studies or summer term classes with overnight components, and 6 were for the Architecture special program. The remaining 6 trips offered all students an opportunity to explore Europe as part of their study program furthering our objective to ensure financial need does not exclude students from participating. The average student, depending on course enrolment, would have access to at least one overnight trip, but on average, 1.8 overnight trips. These activities are part of the strategy to organize trips, performances, and tours across London and the UK, thereby providing a broad and extensive offering of field studies and guided travel opportunities (experiences outside the classroom) as part of our cultural immersion objective.

: Syracuse University (USA) London Program 3

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‘Report of the Trustees Year to 30 June 2025

The Charity facilitated: 152 walking tours, 116 of which were in classes, 33 on weekend trips and 3 as part of day trips; 217 museum visits, of which 165 were in classes, 48 on weekend trips and 4 were part of day trips; and 59 theatre visits, as part of courses and programming activities. As a result, students would have been able places in, on average, about 6 walking tours, 7 museum visits, and 5 dramatic performances in their time at the London centre. Ina 15 week program, that is more than one engaged learning opportunity per week. Finally, the Charity facilitated four opportunities for volunteering and civic engagement across the year. These high impact opportunities for engagement were open to all students who wished to give back to their community.

Within the Program, the Charity echoes the high importance Syracuse University places on specialist programming and career readiness. Across 2024-2025, special programs in Drama, Architecture, Design, Computer Science, and Business accounted for 31% of total annual : student enrolment (63% of fall and 28% of spring enrolment) and 20% of all modules. Equality, Diversity and inclusion : The Charity continues to support diversity, equality, and inclusion, and it maintains a commitment to widening access to study abroad experiences. Students intellectually engaged with academic content focused on themes of diversity and inclusion in modules such as:

@ The Economics of Inequality

@ Sex, Gender and the City

The Program structure supports access and widened participation by ensuring that every student has access to a weekend ‘overnight’ trip to another country. These trips are developed with specific learning outcomes, and are offered in order to ensure that every student in the Program is able to explore the wider geo-political context of the UK. Students are provided with a full zones 1 & 2 Oyster card, to enable all students to make the most of metropolitan ‘London. The Program also includes access to organized day trips, theatre shows and group meals, all of which are offered to every student. This makes high-impact learning opportunities, and cultural and historical exposure, accessible to all students, regardless of their socio-economic status.

Syracuse University (USA) London Program 4

Report of the Trustees Year to 30 June 2025

Indicators and Benchmarks

The Charity utilises a number of instruments to measure the degree of success attained in meeting its objectives:

Enrolment measures

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In AY'25, 645 students enrolled at the London centre: 144 in fall, 407 in spring and 94 in the summer. This was compared to 521 students who enrolled in AY'24, so there was an increased enrolment of 23% in 2025 (by 124 students). However, it must be noted that this growth took place entirely in the spring semester, with enrolments in fall and summer of AY'24 being 144 and 95 students respectively. This unprecedented growth (by 43%) in spring presented a challenge and an opportunity to the program. Accommodating this unprecedented growth required flexibility and creativity. Having met this challenge represents a key success of the reporting period.

Student program evaluations

All students are given the opportunity to respond to a program evaluation survey. From this ’ survey it is possible to conclude that students generally find courses intellectually stimulating (rating the courses on a 4-point scale, the spring average was 3.20, fall was 3.10). Students noted that a strong feature of the abroad learning experience was the way courses integrated the local context by including site visits, field trips, and guest speakers. Students reported that this made classes more engaging, and helped them connect learning to London itself.

Experiential Learning, like field trips and events, were consistently highlighted as a major contributor to learning. In both semesters, nearly 80% of respondents selected field trips as one of the most helpful aspects of understanding their study abroad destination. Students noted that using London as a classroom deepened their understanding of history, culture, and professional practices.

In terms of their personal and professional development, students reported increases in confidence, independence, and adaptability. Many said that they became more open to different viewpoints and improved their ability to communicate with people from different backgrounds. The surveys show that students gained greater awareness of multiple perspectives on the U.S.’s place in the world (survey results showed a spring average of 3.51, fall of 3.42). Students also developed professional awareness, reporting a better understanding of what it means to work in another national context (spring mean was 3.27: fall mean was 3.22).

The program evaluations also show challenges and areas for growth, not the least of which is increasing survey participation (only about 20-25% of students respond to the evaluation) in order to get more robust feedback. Some students in both semesters noted that certain classes could be more rigorous or engaging; that the seminar format of long, once-a-week lectures could be tiring, and that course scheduling for special programs could limit ability to join field trips.

Syracuse University (USA) London Program 5

Report of the Trustees Year to 30 June 2025

Online class evaluations

Based on the fall 2024 and spring 2025 class evaluations, the program is delivering highquality teaching, with consistently strong ratings for clarity of syllabi, encouragement of participation, and a sense of belonging in class (all averaging around 5.0 or higher on a 6- point scale). These results indicate that students experience classes as well-structured, engaging, and inclusive. At the same time, student ratings of class assessments and instructor feedback, while positive, remain slightly lower than other measures, suggesting an area for continued improvement. Students participated in class evaluations at a higher rate (40%) than in the aforementioned program evatuations, but the class evaluations unfortunately do not explore learning outside of the classroom in as much detail as the program evaluations do.

Taken together, these measures demonstrate that the London centre is successfully advancing its objectives by growing enrolments, sustaining high-quality teaching, and offering students transformative learning experiences in the UK context. The enrolment growth in AY'25, particularly the unprecedented expansion in the spring semester, show both the demand for and the resilience of the program. Program evaluations show that students are not only academically engaged but also developing intercultural awareness, confidence, and independence, with experiential learning through London's history, culture, and institutions consistently highlighted as a distinctive strength. Class evaluations confirm the quality of classroom teaching, particularly in creating inclusive and participatory learning environments. At the same time, the evaluations point to areas where the program can continue to strengthen, including enhancing the rigor of certain courses, improving the quality and timeliness of feedback, and increasing student participation in surveys to ensure richer data. Overall, the evidence indicates that the London centre is fulfilling its educational mission while identifying clear opportunities for continuous improvement.

FINANCIAL REVIEW

The Charity is funded by Syracuse University in accordance with an annua! budget of projected operating expenses. The Charity reports monthly expenditures to the donors, who also conduct periodic informal audits of the Charity's finances.

The total incoming funds for the year were £9,232,026 (2024: £7,541,944) against which £9,020,525 (2024: £7,760,979) was spent on charitable activities.

Banking

The Charity's funds are held at Lloyds Bank. Most banking is done online. All payments follow the procedures, controls and limits agreed by Trustees.

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Reserves policy

The Trustees maintain and review annually a Reserves Policy which requires the Charity to hold enough funds to cover at least two weeks of overhead costs. Although the reserves level is lower than sector norms of one to three months, the Charity's unique funding arrangement with Syracuse University ensures liquidity can be accessed at short notice, significantly reducing risk. A tolerance threshold of 10% is applied to the two-week requirement.

Syracuse University (USA) London Program 6

Report of the Trustees Year to 30 June 2025

In practice, this level of reserves has consistently proved sufficient year on year. The Charity’s funding arrangement with Syracuse University provides an added safeguard, as funds can be requested at short notice to cover short-term needs, significantly reducing the risk of insufficient funds. This arrangement will continue for the foreseeable future.

For clarity, reserves are defined as unrestricted reserves represented by net current assets, including cash at bank and in hand. This is considered the readily available and convertible portion of the overall reserves. The reserves held at year-end were £1,018,418 (2024: £725,857), representing 8 weeks of overheads. This exceeds the two-week threshold by £672,425 ensuring compliance with our policy.

Financial risk management

The Trustees take a systematic approach to financial risk management, with risks identified, mitigated, and monitored on an ongoing basis. Forecasts are prepared periodically throughout the’ fiscal year, supported by monthly management accounts and careful tracking of preauthorised expenditures.

Payment controls are robust and multi-layered. All payments are first checked by the initial purchaser and approved by the finance team, with a secondary review by the Assistant Director for Operations. Payments are then authorised online by a designated bank signatory. Authorisation limits are as follows:

Independent oversight is provided through secondary review by colleagues at Syracuse University, adding an additional safeguard to ensure accuracy and accountability.

Further risk mitigations include:

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Ongoing monitoring

Trustees regularly consider the financial risks to the Charity at Board meetings. Key risks include liquidity, dependency on Syracuse University as the primary funder, and variability in enrolment levels. Mitigations include reliable funding commitments from Syracuse University, monthly cash-flow forecasts, and tracking of enrolment trends to anticipate longer-term impacts. The Trustees are satisfied that these arrangements ensure prudent financial management and effective mitigation of material risks.

Syracuse University (USA) London Program 7

Report of the Trustees Year to 30 June 2025

Fundraising Disclosures

During this financial period, the Charity did not actively seek to solicit funds from the public, nor engage professional fundraisers or commercial participators to fundraise on its behalf. Potential donors (generally alumni of Syracuse University) may contact the Charity wishing to make a donation. During this period, unsolicited donations amounted to £12,813 (2024: Enil). As such, the Charity has not (with reference to section 162A of the Charities Act 2011) subscribed to any scheme or standard relating to fundraising; monitored any activities carried out on its behalf for the purpose of fundraising; received any complaints in relation to fundraising; nor needed to take steps to protect vulnerable people and other members of the public from the behaviour connected to fundraising and referred to in section 162(a)(2) of the Charities Act 2011.

Revenue

The Charity granted one sub-license to share occupation with an international education program for the year, the revenue from which is used solely to support the Charity's activities and objectives.

The Charity is also registered for Gift Aid with HMRC, enabling it to accept gifts that may be tax efficient for donors. A separate account, linked to the main account, exists with Lloyds Bank for the accurate tracking and accounting of all donations from any individual and corporate donors.

Going concern

At the time of reporting, the Charity remains a going concern, with a strong commitment from Syracuse University, the Charity's main donor, to support its operations.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Syracuse University (USA) London Program was incorporated on 15th August 2001 and is a registered charity. The Charity is constituted as a company limited by guarantee and the registered company number is 04270952. The Charity is governed by its Memorandum and Articles of Association, which require that it has a minimum of 5 trustees but specify no maximum.

Recruitment and appointment of new trustees

There are, at present, no formal procedures for Board recruitment. When warranted, candidates are recommended to the Board by those familiar with the organization. Trustees are appointed and removed by unanimous resolutions of the Board. The Member of the Charity has the power to veto any such appointment, but not to veto their removal or disqualification.

Syracuse University (USA) London Program 8

Report of the Trustees Year to 30 June 2025

Organisational structure

The Charity is funded by Syracuse University Abroad, a division of Syracuse University, Syracuse, New York, USA.

The Charity currently has 6 Trustees, 3 of whom are resident in the USA and 3 in the UK. The Member is Kent Syverud in his capacity as Syracuse University Chancellor and President. The Secretary of the company is Richard Cassell, a Trustee.

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

Salaries for key management personne! are determined by sector benchmarking, their level of responsibility, and retention.

The Board meets twice per year and entrusts the staff, under the leadership of the Director, with the day-to-day running of the Charity's operations. The Director reports directly to the Trustees on any major change or risk to the Program; matters pertaining to the management of risk are the primary decisions Trustees take.

Induction and training of new Trustees

Prospective and newly appointed Trustees are provided with the Charity's Memorandum and Articles of Association, as well as up-to-date guidance notes from the Charity Commission on the role of a trustee, and Trustee legal duties. Care is taken with employees of Syracuse University who are elected Trustees, So that any conflicts of interest can be flagged early and the independence of the Charity is not compromised. New Trustees are invited by the Director to visit the Charity's study centre, Faraday House, to meet staff, confer with other trustees, and generally acquaint themselves with the operations of the Charity, its key features and major challenges.

Risk management

The Trustees have revised and approved a comprehensive Risk Policy for the Charity, in line with UK government recommendations. This policy sets out a framework for identifying, assessing, recording, managing, mitigating, reviewing, and reporting on risks. Plans are developed to address significant or major risks as they arise, and control systems are embedded in both management and operational processes.

Syracuse University (USA) London Program 9

Report of the Trustees Year to 30 June 2025

Risk management covers the following key areas:

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Governance

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Trustees maintain close oversight through fortnightly meetings between the Director and the Board Chair, and weekly meetings with the Director and the senior leadership team. This ensures emerging risks are identified promptly and addressed at the appropriate level.

Operational

The Facilities Manager oversees robust health and safety systems for our facilities as well as mandatory first aid and fire safety training for all staff. Risk assessments policy for student activities is aligned with Syracuse University and industry norms and overseen by the Assistant Director for Teaching and Learning. These measures safeguard students and staff during academic and extracurricular programs.

Environmental and External

The Assistant Director for Student Wellbeing oversees mass emergency plans, as well as using a dedicated emergency phone and Syracuse University’s monitoring technology ‘Alert Traveller’ that includes check-in procedures. Staff continuously monitor incidents in London, the UK, and across Europe for potential impact on student safety, enabling a swift institutional response when required.

Legal and Regulatory Compliance

The Assistant Director for IT and Operations ensures annual training is provided to all staff and faculty on data security and privacy. The Associate Director of Finance and Administration regularly seeks guidance from ACAS regarding employment law and ensures that all staff and faculty complete mandatory workplace training including workplace sexual harassment training. Compliance with health and safety regulations is maintained by the Facilities Manager and relevant staff. °

The Trustees review risks regularly and are satisfied that these systems provide effective oversight, reduce exposure to material threats, and embed a culture of risk awareness across the Charity.

Legal review

The Charity is a licensed sponsor for workers and students through the UK Visa & Immigration Office. Legal advice is sought when necessary on employment law, immigration law, emergency procedures, data protection compliance, health and safety regulations, and property law.

Syracuse University (USA) London Program 10

Report of the Trustees Year to 30 June 2025

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors of Syracuse University (USA) London Program for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of 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 those financial statements, the Trustees are required to do the following:

‘

The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company, and to 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Trustees are aware, there is no relevant information (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 the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company’s auditors are aware of that information.

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 ..... 0.January2026 and signed on its behalf by:

R Cassell - Secretary

Syracuse University (USA) London Program 11

Independent auditor's report on the financial statements 30 June 2025

Independent auditor’s report to the members of Syracuse University (USA) London Program

Opinion

We have audited the financial statements of Syracuse University (USA) London Program (the ‘charitable company’) for the year ended 30 June 2025 which comprise the statement of financial activities, the balance sheet, and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of treland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable taw. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

in auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Syracuse University (USA) London Program 12

Independent auditor’s report on the financial statements 30 June 2025

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report including the strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Syracuse University (USA) London Program 13

Independent auditor’s report on the financial statements 30 June 2025

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, 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 and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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.

Auditor’s responsibilities for the audit of the financial statements

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

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

How the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

:

Syracuse University (USA) London Program 14 -

independent auditor’s report on the financial statements 30 June 2025

Auditor’s responsibilities for the audit of the financial statements (continued)

How the audit was considered capable of detecting irregularities including fraud (continued)

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more 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 limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise 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.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Syracuse University (USA) London Program 15

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independent auditor’s report on the financial statements 30 June 2025

, Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

ucadh Abt UP

Hugh Swainson (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL 28 January 2026

Syracuse University (USA) London Program 16

Statement of financial activities Year to 30 June 2025

:

Unrestricted Unrestricted
2025 2024
Total Total
funds funds
Notes £ £
Income and endowments from:
Donations and legacies 1 9,189,982 7,490,686
Other trading activities 2 41,304 50,363
Investment income : 3 740 895
Total 9,232,026 7,541,944
Expenditure on:
Charitable activities
. Supporting and promoting education 4 9,020,525 7,760,979
Net income (expenditure) 211,501 (219,035)
Reconciliation offunds
Total funds brought forward 806,917 1,025,952
Totalfundscarriedforward 1,018,418 806,917

The notes form part of these financial statements.

Syracuse University (USA) London Program 17

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Statement of financial position 30 June 2025

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:

Unrestricted Unrestricted
2625 2024
Notes £ £
Fixed assets
Tangible fixed assets 9 _ 81,060
Current assets
Debtors 10 795,563 497 282
Cash at bank and in hand 389,573 345,267
1,185,136 842,549
Creditors
Amounts falling due within one year 11 (166,718) (116,692)
Net current assets 1,018,418 725,857
Total assets less current liabilities 1,018,418 806,917
Total netassets 1,018,418 806,917
Funds 13
Unrestricted funds
. Income fund , 1,018,418 806,917
Totalfunds 1,018,418 806,917

The financial statements were approved by the Board of Trustees and authorised for issue on 2. yanuary 2026. and were signed on its behalf by:

[Uk CC

R Cassell - Trustee

Company number 04270952

Syracuse University (USA) London Program 18

Statement of cash flows Year to 30 June 2025

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |Note|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|;|A|43,566|(273,101)| |Net|cash|provided|by|(used|in)|operating|activities|43,566|(273,101)| |Cash|flows from|investing|activities| |Interest|received|740|895| |Net cash|provided|by|investing|activities|740|895| |Change|in cash and|cash|equivalents|in|the year|44,306|(272,206)| |Cash|and|cash|equivalents|at the|beginning|of the year|345,267|617,473| |Cash|and|cash|equivalents|at|the|end|of the|reporting|period|B|389,573|345,267| |Reconciliation|of|net|income|(expenditure)|to|net cash cash|flow from from|operating|activities| |2025|2024| |EE|£| |Net|income|(expenditure)|for the year (as|per|the statement|of| |financial|activities)|211,501|(219,035)| |Adjusted|for:| |Depreciation|charges|81,060|81,061| |Interest|received|(740)|(895)| |(Increase)|in|debtors|(298,281)|(137,454)| |Increase|in|creditors|50,026|3,222| |Net cash|provided|by (used|in)|operating|activities|43,566|(273,101)| |Analysis|of cash cash|and|cash|equivalents|and|movement|in|net|debt| |At|1|July|A|30 June| |2024|Cash|flow|2025| |aE|£| |Cash|and|cash|equivalents| |Cash|at bank and|in|hand|345,267|44,306|389,573| |Total|Cash and|cash|equivalents|and|net debt|345,267|44,306|389,573|

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A_ Reconciliation of net income (expenditure) to net cash cash flow from from operating activities

B Analysis of cash cash and cash equivalents and movement in net debt

Syracuse University (USA) London Program 19

Principal accounting policies 30 June 2025

Statutory information

Syracuse University (USA) London Program is a private charitable company, limited by guarantee, registered in England and Wales. The Charity’s registered number and registered office address can be found in the Report of the Trustees.

The members of the Charity undertake to contribute to the assets of the Charity, in the event of the Charity being wound up while they are members, or within one year after they cease to be members, for payments of the debts and liabilities of the Charity contracted 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 amount as may be required not exceeding £10.

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iretand (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of the financial statements are set out below and have been consistently applied to all years presented unless otherwise stated. .

Preparation of the accounts on a going concern basis

The Charity reported a cash inflow of £44,306 for the year. Funding for the Charity’s day to day operations is secure with Syracuse Abroad confirming its continued support and there are no material uncertainties and on this basis the Charity is a going concern. Accordingly, the Trustees continue to adapt the going concern basis in preparing the financial statements.

Income . All income is accounted for in the statement of financial activities (SOFA) when the Charity is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.

Grants 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.

Rental income is income derived from the hire of rooms and facilities at Faraday House and is recognised when earned.

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Principal accounting policies 30 June 2025

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Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that 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 related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Redundancy payments

Redundancy costs 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 activities

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Rent and rates represent 49% of the floor area devoted to student use and consists of 9 standard classrooms, photo laboratory, design studio, 2 architecture studios, IT suite, 1 large classroom, 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 such as toilets, storage, lobby and corridors.

Staff costs are allocated on the basis that the expenditure is incurred by the Charity in the delivery of its services for the benefit of the students. It includes both faculty and administration staff costs which are analysed into direct and support costs in note 4.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements - Over the duration of the lease Fixtures and fittings - Straight line over 4 years Computer equipment - Straight line over 4 years

All capitalised assets are initially recorded at cost of acquiring the asset plus any incidental costs to bring the asset in current use.

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Principal accounting policies 30 June 2025

Tangible fixed assets (continued)

Computer equipment (moveable equipment)

Computer equipment is capitalised if each individual piece costs more than £4,000.

If it is a system or fabricated equipment, which may include more than one piece, it is capitalised if the total value of the system is more than £4,000.

Furniture and fixtures

If the replacement items are capitalised for example a HVAC system, it has to meet a value of £40,000 or more. Furniture is capitalised if it costs more than £4,000.

Buildings

All costs relating to the building refurbishment are capitalised.

Taxation

The Charity is exempt from corporation tax on its charitable activities.

The Charity is not registered for VAT. Irrecoverable VAT is added to the cost of expense incurred or asset acquired.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

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 disclosed in note 12 to the financial statements.

Hire purchasing and leasing commitments

Rentals paid under operating leases are charged to 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 at the amount prepaid net of trade discounts due.

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Principal accounting policies 30 June 2025

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 party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets — trade debtors and accrued income are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 10. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Financial liabilities — trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 11. Taxation and social security are not included in the financial instruments disclosure definition.

Employee benefits

The Charity provides short term benefits, including holiday pay and other similar nonmonetary benefits to its employees. These are recognised as an expense in the period in which the service is received.

Significant judgements and estimates

The Charity makes estimates 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 material adjustment to the carrying amounts of the assets and liabilities within the next financial 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 reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

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Principal accounting policies 30 June 2025

Significant judgements and estimates (continued)

Allocation of costs between direct and support

The allocation of property costs between direct and support costs are based on the square meters used for charitable activities and the support function.

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Notes to the Financial Statements Year to 30 June 2025

1 Donations and legacies

1 Donations and legacies
Unrestricted funds
2025 2024
£ £
Grants—Syracuse UniversityAbroad,
New York, USA		 a divisionofSyracuseUniversity, 9,142,250 7,471,550
Donation received 12,813 _
Intangible income— legal fees paid by Syracuse University Abroad 34,919 19,136
_
9,189,982 7,490,686
2 Othertrading activities
Unrestricted funds
2025 2024
—__fs fs
Ee
Rental income 41,304 50,363
3 Investment Income
Unrestricted funds
2025 2024
£ £
Depositaccountinterest 740 895
4 Charitable activities costs
Provision of
student
. Promoting
education		 accommodation
& facilities		 2025
EE £
Wages and related costs 1,354,496 — 1,354,496
Property expenses 1,493,295 — 1,493,295
Course materiats 104,389 _ 104,389
Housing allowance _ 3,666,223 3,666,223
Student activities and recreation _ 816,069 816,069
2,952,180 4,482,292 7,434,472.
Support costs(seebelow) §85,923 889,607 1,475,530
Governance costs (see below) 43,888 66,635 110,523
. 3,581,991 5,438,534 9,020,525

4 Charitable activities costs

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Notes to the Financial Statements Year to 30 June 2025

4 Charitable activities costs (continued)

Support Governance Total
costs
£		 costs
£		 2025
£		 Basis ofapportionment
Wages and related costs 1,024,035 — 1,024,035 Allocatedbydepartment
Pro ratabased on sq
Propertyexpenses 284,436 _— 284,436 meters
.
The expenses incurred
were considered to be
Officeexpenses 78,516 _ 78,516 supportcosts
The expenses incurred
were considered to be
ITexpenses 7,663 — 7,663 supportcosts
The expenses incurred
were considered tobe
Membership and registration 2,674 _ 2,674 supportcosts
The expenses incurred
Travel, subsistence and were considered to be
meeting costs 74,075 _ 74,075 supportcosts
The expenses incurred
were considered to be
Bankcharges 4,131 —_ 4,131 supportcosts
Legal fees _ 81,153 81,153 Govemance
Auditors’ remuneration - 29,370 29,370 Govemance
_ 1,475,530 110,523 1,586,053
Provision of
student
.
Promoting
accommodation
education
& facilities
2024
EEE
Wages and relatedcosts 1,017,185 — 1,017,185
Propertyexpenses 1,497,126 — 1,497,126
Course materials 109,566 _ 109,566
Housingallowance _ 3,166,396 3,166,396
Student activities andrecreation _ 575,369 575,369
2,623,877 3,741,765 6,365,642
Supportcosts (see below) 545,003 777,198 1,322,201
Govemance costs (see below) 30,146 42,990 73,136
3,199,026 4,561,953 7,760,979

Syracuse University (USA) London Program 26

Notes to the Financial Statements Year to 30 June 2025

4 Charitable activities costs (continued)

Support Support Govemance Total
costs costs 2024
£ £ £ Basis ofapportionment
Wages and related costs 883,167 167 _ 883,167 Allocatedbydepartment
Pro rata basedon sq
Propertyexpenses 285, 167 _ 285,167 meters
The expenses incurred
were considered to be
Officeexpenses 66,173 _— 66,173 supportcosts
The expenses incurred
were considered to be
ITexpenses 18,359 _ 18,359 supportcosts
The expenses incurred
were considered to be
Membershipandregistration 1,763 _ 1,763 supportcosts
The expenses incurred
Travel, subsistence and were considered tobe
meetingcosts 64,421 _ 64,421 supportcosts
The expenses incurred
were considered to be
Bank charges 3,151 _ 3,151 supportcosts
Legalfees _— 49,136 49,136 Govemance
; Auditors’ remuneration _ 24,000 24,000 Govemance
1,322,201 73,136 1,395,337 :

To align the allocation of property costs between support and direct activities with the charity's stated policy, the method of allocation has been updated in the 2024/25 financial statements. The 2023/24 figures have also been restated to reflect this update, enabling more meaningful! year-on-year comparisons.

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5 Grants payable
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2025 2024
EE
Supporting and promoting education 12,813 —
The total grants paid to institutions during the year was as follows:
2025 2024
EE
Syracuse University 12,813 —
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Syracuse University (USA) London Program 27

Notes to the Financial Statements Year to 30 June 2025

:

.

6 Net income (expenditure)

Net income (expenditure) is stated after charging (crediting):

2025 2024
ee-
Auditors’ remuneration 16,275 16,500
Auditors’ remuneration — non-audit services 4,200 4,000
Depreciation —-owned assets 81,060 81,061
Hire ofplant and machinery (193) 11,689
Operatingleases—rent 1,201,000 1,201,000

7 Trustees’ remuneration and benefits

During the year under review, no trustee remuneration nor benefits have been paid (2024: £4 500 was payable to M Harris, a Trustee, for provision of educational services).

Trustees’ expenses

Expenses totalling £nil (2024: £118), expenses paid for the year ended 30 June 2025.

8 Staff costs
. 2025 2024
EE
Wages and salaries 2,032,290 1,657 446
Social security costs 216,811 146,795
Other pension costs - 129,430 96,111
2,378,531 1,900,352

The average monthiy number of employees during the year was as follows:

,
2025 2024
No. No.
Administrative staff 16 21
Faculty staff 39 40
a 55 61

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No, No.
_
£70,001 - £80,000 _ 2
£90,001 - £100,000 3 _
£110,001 -£120,000 2 2

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Notes to the Financial Statements Year to 30 June 2025

8 Staff costs (continued)

Key Management Personnel

During the year, the total aggregate remuneration paid to key management personnel was £384,287 (2024: £444,103).

The faculty staff are.employed on part-time short-term contracts each semester.

All administration staff, apart from 3, are employed on full time basis.

Pension costs are allocated to activities in proportion to the related staffing costs incurred and on this basis the costs are treated as support costs.

9 Tangible fixed assets

Leasehold Fixtures and Computer
improvements fittings equipment Total
£ £ £ £
Cost
At 1 July2024 and 30 June2025
Disposals		 1,742,809
_		 135,892
(135,892)		 528,232
(528,232)		 2,406,933
(664,124)
At 30June2025 1,742,809 _ _ 1,742,809
Depreciation
At 1 July 2024 1,661,749 135,892 §28,232 2,325,873
Charge foryear 81,060 — _— 81,060
Eliminated on disposal —_ (135,892) (528,232) (664,124)
At 30 June 2025 1,742,809 _ — 1,742,809
Net book value
At 30June 2025 _ _ — -
At30 30June 2024 81,060 _ _ 81,060
10 Debtors: amounts falling due within oneyear
2025 2024
EE
Other debtors §82 100
Prepayments and accrued income 794,981 _
497,182
795,563 497,282
11 Creditors: amounts falling duewithin one year
2025 2024
EE
Social security and other taxes 69,291 §1,024
Othercreditors 38,234 18,175
Accruals and deferred income §9,193 47,493
166,718 116,692

10 Debtors: amounts falling due within one year

11 Creditors: amounts falling due within one year

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Notes to the Financial Statements Year to 30 June 2025

12 Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |a| |Within|one|year|1,338,217|1,201,000| |Between|one|and|five|years|5,352,868|—| |;|6,691,085|1,201,000|

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13. Movement in funds

Net movement in funds, included in the above are as follows:

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||||||| |---|---|---|---|---|---| |At|1|July|At|30|June| |2024|Income|Expenditure|2025| |aE|EEE| |Unrestricted|funds| |Income|funds|806,917|9,232,026|(9,020,525)|1,018,418| |Total|funds|806,917|9,232,026|(9,020,525)|1,018,418|

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Comparatives for movements in funds

Comparative net movement in funds, included in the above are as follows:

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||||||| |---|---|---|---|---|---| |At|1|July|At 30 June| |2023|Income|Expenditure|2024| |Unrestricted|funds| |Income|funds|1,025,952|7,541,944|(7,760,979)|806,917| |Total funds|1,025,952|7,541,944|(7,760,979)|806,917|~|

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Purposes of unrestricted funds

The unrestricted fund includes grants received from Syracuse University Abroad which has not expressed any preference as to how the funds should be spent. These funds are applied for the charitable purposes of the Charity at the absolute discretion of the Trustees.

Syracuse University (USA) London Program 30

Notes to the Financial Statements Year to 30 June 2025

14 Analysis of net assets between funds

Analysis of net assetsassets between funds
Total
Unrestricted Restricted funds
funds funds 2025
EE
Fixed assets
Currentassets 1,185,136 — 1,185,136
Current liabilities (166,718) _ (166,718)
; 1,018,418 _ 1,018,418
Unrestricted
funds		 Restricted
funds		 Totalfunds
2024
EEE
Fixedassets 81,060 —_ 81,060
Currentassets 842,549 _— 842,549
Currentliabilities (116,692) —_ (116,692)
806,917 — 806,917

15 Related party disclosures

.

Agrant of £12,813 was paid to Syracuse University by the charity for a scholarship fund.

The Charity’s solicitors are Withers LLP. R Cassel is a partner in Withers LLP and a trustee of the Charity. During the year, fee notes amounting to £34,919 (2024: £19,136) were received by the Charity for services rendered by Withers LLP. Transactions were conducted at arm's length, standard rates were used and the trustee did not take part in any related decision making.

16 Ultimate controlling party

The Trustees believe that no one individual or group of individuals acting together control the Charity.

17 Indemnity insurance

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