REGISTERED COMPANY NUMBER: 04395455 (Englatld and Wales
REGISTERED CHARITY f4UMBER: 109456J
Re
rt ofihe Trustee5 and
Audited Financial St*tements for the Year Ended
June 202
for
UDiversit of Penns
Ivani*
Foundation Ltd
USA
Nielsens
Chartered Accountants .
& Statutory Auditor5
The Gatehouse
4S3 Cranbrwk Road
Ilford
E$5ex
IG2 6EW
111
*ACZ82A5K•
2010312024
COMPANIES HOUSE
A10
#278

Universi
of Penns Ivania
FowDd*tion Ltd
USA
Contents f the Financial Stat¢rneTrlS
for the Yur Ended 30 June 2023
Page
Report of the Tr￿Stee$
Re￿rt of the IDdepend¢nt Auditors
Ststement of Fin•ACi81 Actiyitits
Balance Sheet
Cash Flow Statement
Notes lo ihe Ca$h Flow Statement
10
Note5 ¢0 the Financial Statements
11 to 13

Universit of Penns
Ivani¥
USA
Foundation Ltd
istered number: IM395455
ort of the Trtssttts
f r the Year Ended 30 Jun¢ 2023
The trvstees who are also directors of ihe charity for ihe purw of ihe Companies Act 2006, present their report with
the financial statements of the charity for the year ended 30 June 2023. The irttsiees have adopted the provisions of
A¢¢ounting and Reporting by Charitie5.' Siatement of Recomrnended Practice applitable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ITeland (FRS 102)
[eff￿tIv¢ l January 2019).
Dlrectors aThd Charity Trustees
The Charivs direciors. colleciively referred io as trus*es in this report, have Served in office throughoul the year under
review, unless otherwise stated. and were as follows..
B M Bandeen
S D Palley
P J Burger
A Haida5
J H Zeller
The truste¢s holding oifice al the end of th¢ financial y¢ar did not hold any beneficial interest in the issued share capital
of ihe charity ai any tim¢ during ihe year.
The trustees fomi the managemeni committee elected by the shareholding trustees to operdte lh¢ organisation. At least
two directors must be in office ai any time and new directors may be appoinied. or remov¢d, in a m¢etin& where at l¢ast
half the directOTS should be present. by a unanimous vote of all dire¢tots.
. 0￿ECTIVEs AND ACTIVITIES
Objectives and aims
The obje¢tive5 of the charity. for the public benefiL are to=
-operate a regisiered charity. under the Chariiies Act 1993. to assist in the advanc¢m¢nt of ¢du¢ation
make grants to the University of Pennsylvania and 0[￿r educational inmitutions
- assisr in the advancemeni of education of students allending those i￿Lt￿l￿)n$.
The aims for the year have been to increase ihe collection of gifts and donations from members of the public, alumni
and friends. and consider further ways io bring the Charity's educaiional programme benefits io a wider rang¢ of peopl¢.
with?n the available budgets.
Future plans art to continue to build on the increw in donated funds activity and make these funds available for grant
making.
Gr8ntm8kiTtg & Public Benefit
The Charity, Ihrough it5 governing body. the Board of Twstee5. is aware of ils responsibilities as a charity to act for the
public benefit across its activiiies and has had due regard to ihe laiesl version of the Charity Commission's public benefit
guidance.
During the year under r¢view grants to educational e5tabli5hrnents of £5,527.212 (2022 £4,652.030) were made in
furtherance of ihe aims of the chariry_ The trusiees believe that the educational gran4 all rnade to ihe University of
Pennsylvania, ultimately result in benefiting the wtder public and hurnankind in general.
Page I

Universit of Penns
Ivania
USA
Fowndation Ltd
islered number: 114395455
rt of the Trustees
for the Year Ended 30 June 21123
STRATEGIC REPORT
Financial position and review
In the year under Teview incoming resour￿5 amounted to £6269,654 (2022 - £4211.774) and the Charity exce¢ded its
financial objective5 for the year. The Charity continued its policy of Tnaking educational grants to the University of
Pennsylvania and io keep minimum reserves of under £IO.000 for administration purposes only. The Charity has the
support of its sole member. the University of Penn5ylvanii in its day to day obligations.
Future plans are to coniinue to build on the increase in donaied fijnds activity and make the fvnds available for grani
making.
Investment policy and objectiv
In accordance with the charity's Memorandum of Association the Tru5ttes of the charity have the power io invest in such
iTrv¢stments. s¢¢urities. or property a5 they see fit. Funds are inv¢sted in accordance with the donor's wishes and in ihe
absence of a specific requ¢si- donations received by the charity are placed on bank deFMlSit until disiribution.
Reserves ￿lleY
To achieve its objectives. the Charity has elected to donaie all its incoming resouTC¢5 less admini5trativ¢ expen5¢S. to
designated educational institutions. Therefore, all funds are designaied. and. as a policy, funds are not reiained in general
re5erv¢s, save to rne¢t general expenses of £lO.ODO.
The charity's Memorandum of AS￿latIon does not allow payn*nt of any dividends ro shareholders. It a150 precludes
shareholder5 from partaking in the distTibuiion of any remaining propety. should the charity be wound up or dissolved,
in which ¢v¢nt, any remaining 5urplu5 would b¢ paydbl¢ to charitable institutions with similar aims.
STRUCTURE. GOVERNANCE AND MANAGEMENT
Governing docurnent
The charity is controlled by its governing document. the metTLOtandum and articles of association dated 15 Ma￿h 2002,
and constitutes a limited company having a share capitsl of £100. Ls defined by the Companies Act 2006.
Recruitment and appointment of new trvstees
Any new appointments are ai the 'unanimous recommendation of the board but after con5ultalion with the ultimaie
controlling party. At least half the boaTd members should be at such meding.
Organisational structure
A minimum of iwo trustee3 must be appointed. who thall hold office until the AGM following their appoinrment.
TruS￿e& who are ¢omp¢lenl may be re-appointed for a fvrther terrn. There been an averdge of 5 trustees throughout
the period.
Induction Iraining of new trustees
On appointment. each irusteE is given, in the view of ihe board. suificient training and has suffici¢nt kI￿WI¢dge of their
specific field io undeTStand the naiuie of the charity and is fully compliani with the charity'5 ¢urrent view of its
progr¢s5ion and given a c(yy of the UK Charity Q)mmission's publication The Essential Trustee: what you need to
know and what you need to do. and agrees io follow it.
Related partie$
The University of Penn￿1Vania (USA) is the beneficiary of the charitable donaiions made by th¢ company and it bears
the annual audit and accountancy Costs amoulltiTtg io £3,570 (2022 £3.570) of which audii fee5 were £2.250 (2022
£2,250). It also contributed Nil {2022 £20,000) towards the charity's finance and administration costs. These
contributions are recorded as part of other inwme kn the ¥counts. In addition. it also confirmed that it will support
the charity's activities for the ensuing 12 month peri¢>J.
Risk manag¢ment
The trustees have a duty to rdeniify and review the risks to Ithich the charity is exposed and t0 en5ur¢ appropriale
controls are in place io provide reasonable &ssurance against fraud and error.
The trustees have reviewed the major risks to which the Charity is exposed and are con*ni.wiih the procedures ihat have
bttn ¢stablished to mitigate those risks. They do not bElieYe that there is any rnaierial risk at present to which the
Charity 15 exposed and which needs disclosure.
Page 2

Universit of Penns
Ivania
USA
Foundalion Ltd
istered number: 04395455
Re
rt of the Trusttes
for the Year Ended 30 June 2023
REFERENCE AND ADMif41STRATIVE DETAILS
ReEjStertd CompANy number
04395455 (England and Wales)
Registered Charity nurnber
1094561
Registered office
19 Noreott Road
London
N1678J
TrwJtees
B M Bandeen
S D Palley
J H Zeller (resigned 1.8.22)
P J Burger
A Haidas
M F Dingfield {appoirtted 19.7.23)
J J Husson (appoinied 19.7.23)
Cornpany Setretary
R A Cass¢ll
Auditors
Nielsens
Chartered Accountants
& Statutory Auditors
The Gatehouse
453 Cranbrook Road
Ilford
Essex
IG2 6EW
Bankers
HSBC Bank pl¢
90 Baker Street
London
WIU6AX
STATEMENT OF TRUSTEES. RESPONSIBILITIES
The trustees (who are a150 the directors of University of Pennsylrdnia (USA) Foundation Ltd for the purposes of
company law) are responsible for preparing ihe Report of the Trustee5 and the financial statements in accoidance with
applicable law and United Kingdom A¢¢ounting Stsndards (United Kingdom Generally Awted Accounting Ptactice).
Company law requires the tru51ees to prepare financial statements ftir each financial year which give a true and fpir view
of th¢ State of affairs of the charitable company aTrd of the in￿ming resources and application of resources, including
th¢ income and exp¢nditur¢. of the charitable cornpany foi that period. In preparints those financial siaiements, the
trustees are required to
select suitable accouniing wTrlicies and then apply them consistenily-
observe ihe method5 and principle5 In the Charity SORP-
make judgements and estimates that are rusonable and pwdent.
state whether applicable accounting siandards have been followed, subject io any material d¢partures disclosed and
explained in the financial statements-
prepare the financial statements OTr the going corKern basis unless il is inappropriate io presume tha¢ the charitable
comparty will coniinue in business.
Page 3

Umiv
Pen
F uthdati
•L¢d
rtoftheT
for the Ve•r Ettded 30
e 2023
SfATEMÉNT OFTRUSTEES. RESPONSIBILITIES- toHl•wJued
Th¢ tiiistte5 are re5wsible for keeping proper accouniin8T¢COTds which distknc wtth re￿￿•ble accurw ai any lime
th¢ financial F4)Sition of th¢ tha11￿ble cornpany ind to enable th¢m io cnsurc th¥ the finatKid srafemenrs ¢omply with
the Companie5 Act 2006. They are also re5N)nsible for safe8uardin8 the wets of Ihe cTrwi¢abl¢ tompany and h¢rte f¢x
tskirlg reasonabl¢ slep5 for the pr¢¥¢ntion of frawl oth¢r irregularilie
lfi ￿ far as the tnLStets are aware..
there is no relevant audit informa(ion of whith tharitable o)mpwLy'S iuditots are 4Lnawwe' and
the trusiees have 4kcn all step5 th• thty oughl lo have trk¢n to makc themselves awdre Of any ttlevant oudit
inf0m￿li0￿ and io esiablish tht the audilors•r¢ •w8reof that infonniti¢)n.
AUDITORS
Th¢ oudiiors. Nie15cn& will be pwos¢d fc( R4ppOi￿r * the forthcomiog AnThw¥l Gcncral Meeting.
Report of th¢ truSIe￿ it*orpor•iinE 3 #rntegic ¥proved by order of the of rruste¢s. as th¢ wmpllny
direwry on 12 December 2023 artd si8ned on the Ixjard's bthalf by..
S D P4lley- Trtsmee

Re
r( of the Ind¢
UThiversi
endent Auditors lo the Trustees or
of Penns
IvaThia
Foundation Ltd
Opinion
We have audited the financial statEments of University of Pennsylvania (USA) Foundation Ltd (the charitable
Company) for ihe year ended 30 June 2023 which comprise the Siatemeni of Financial Activities, the Balance Sheet. th¢
Cash Flow Statement and noie5 10 the financial Statements, including a summary of signifhcant accounting policies. Th¢
financial reporting framework that has been applied tn thetr preparatron rs applrcable law and Uniied Kingdom
Aceounting star￿ards (United Kingdorn fjeneTally Accepied A￿OUntIng Prn¢ti¢e).
In our opinion the finallcial staternents..
giv¢ a true and fair view of the 51ale of the charitable COMpan￿S afFdirs as at 30 June 2023 and of its incoming
Te50urces and application of Te50ur¢e5. including it5 incorne and expelldl￿re. for the year then ended-
have been properly prepared in accordance with Unit¢d Kin(rdom G¢nerally Accepted Accounting Practice" and
have been piepared in accordance with ihe requirements of the Companies Act 2006.
Basis for opinio
We conducted our audit in accordance with Iniemaiional Stsndards on Audiiing (UK) {ISAs (UK)) and applicabl¢ law.
Our re5pon5ibilities under those standard5 are further described in the Auditors. responsibiliiies for the audi( of the
financial staiements 5ecrion of our report. We are independent of the chaiiiable company in accordance with ihe ethical
reoyirements thai are relevant to our audit of the financial statements in the UK. including the FRC'S Erhical Scandard,
nd we have fulfilled our orher ethical responsibilities in accordallce with these requirements. We believe ihat the audit
evidence we have ob(ained is sufficieni and appropriate to provide a basis for our opinion.
Conelusion5 relating to going eoncer
Ln auditing the financial statements. we have concluded that the injstees. use of the going concern bpsi5 of accounting in
th¢ preparation of the financial statements is appropriate.
Based on the work we hav¢ performed, we have not identbfied any material uncertainties relating to events or conditions
Ihat. individually or wllectiv¢ly, may cast significant doubt on th¢ charitable COrnpan￿$ ability to continue as a going
concern for a period of ai le&Ei t5velYe months from when the financial stst¢nieJiis ¥r¢ authorised for issue.
Our responsibilities and the responsibilities of th¢ tTUSittS with respe¢1 to going concern are d¢scribed in the relevant
sections of this report.
Other information
The trustees are T¢5pon5ible for the other informaliop. The other information compriscs the information included in th¢
Annual Report, other than the financial staiemeftts and our Report of the Independent Auditors thereon.
Our opinion on the financial statements doe5 not cover the other information and, except to the extent otherwise
expliciily slated in our repor4 we do noi express any fomi of assurance conclusion ther¢on.
In connection with our audit of the financial s￿ements, our responsibility IS to read the other information and. in doing
so, consider whether th¢ other infoTmation is rnaierially inconsistent wirh the finaficial siatetnents OT our knowledge
obtained in ihe audit or oiherwi5e appears to be materially rnisstated. If we identify such material inconsisiencies or
pparent maierial mi5Statements, we are required to detemiine whether this give5 rise to a material missiatemeni in ihe
financial sthtements ihemselves_ If, based on the work we have p¢rforrned, we conclude that there is a material
missiaremeni of ihis orher Infomi￿l0n. we are required io report thai faci_ W¢ have norhing to report in this r¢gard.
Matter5 on which we are required to report by exception
W¢ hav¢ nothing to report in respect of the following matters where the Chaiities (Accounts and Reports) Regulations
2008 requires us ro rewt 10 you if, In our opinion..
the information given in ihe Rew)rt of ihe TrU￿et$ 15 inconsisteni in any material respect with the financial
5tatem¢nts' or
the ¢harirabl¢ company has not kept adequate accounting records,. or
the financial siatemenis are not in agreemeni with (he accounting records and returns. or
we have noi received all ihe inforniation aThJ explanations we require for our audit.
Pag¢ 5

Rt
rt of the Inde
Utyiversi
dent Auditors lo the Trustee5 of
of Penns
Ivanig
USA
Foundation Lld
Responsibilities of trustees
A5 explained more fully in the Stsietnenr of Trustees. Responsibilitie5, the tnjstees (who are also the diieciors of ihe
charirable company for the pJrpos¢s of company law) are responsible for the preparation of the financial statements and
for being sat15fied thai ihey give a irue and fair view. and for such inlernal control a5 the tru5t¢e5 determine is Trecessary
io enable the preparaiion of financial sraiemenis thai are free frorn maierial missraiemen4 whether due io fraud or error.
In preparing ihe financial statements. Ihe trustees are responsible for assessing the charitable ¢ompony's ability to
continue a5 a going concern, disc105in& as applicable, rnatters related io gobng concem and using the going ¢onc¢Tn
basis of accounling unles5 the trustees elther intend to liquidaie the charitable company or to cease operaiion& or have
no realisti¢ alternative but to do so.
Our responsibilities for the *udit of the fingntial s¢¥t¢ment$
We have been appointed as auditots undEr Seciion 144 of ihe Charities Aci 2011 and report in accordance with the Act
and relevant regulations made or having effeci ihereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
maierial missiaiement, whether due io fraud or error. and io issue a Report of ihe Ind¢p¢ndent Auditors ihat includ¢5 our
opinion. Reasonable assurance is a high level of assurance. bui is not a guaraniee ihai an audii condllcred in accordance
with ISAS (UK) will always detect a Tnattrial rnisststernent when ti exists. Misstatements can arise from fraud or error
ar￿ ar¢ coll5rder¢d fflaterial if, individually or ill the aggregare, Ihey could reasonably be expe¢t¢d to influence the
economic decislOn5 of users taken ¢)n the basis of ihese financial statements.
Irregulariti¢s, including fraud. aT¢ in5tan¢es of non-compliance with laws and regulations. We design procedures in line
with our responsibilities outlined above. io detect material rnisstatements in respect of irregularities, including fraud.
The extent io which our pro¢edures ar¢ capable of deiecting irregularities, inclllding fraud is detailed b¢low-.
Any fraud or irregularity of a m*erial aftwunt is likely io be d¢tKicd whilst (olid￿till¥ our routin¢ proc¢dur¢s.
A further description of our responsibilities for the atsdii of the financial siatements i5 located on the Financial Reporting
Council's websit¢ at www.frc.org.uklauditorsiesponsibiliiies. This description fom)s pari of our Report of th¢
Independent Auditors.
Use •four report
This report is made solely to ihe charitable companys trustees, as a body, in accordance with Part 4 of the Chariiies
(A¢counis and Reports) Regulations 2008. Our audit work ha5 been undertaken so that we might slate to the charitable
company's irusrees those matters we are required to sthie to ih¢m In an allditors. report and for no other purpose. To the
fullest exieni permitted by law. we do noi accept or assume responsibility to anyone other than the Charttable cornpany
and the ¢haTiiable compan￿$ trusiees as a body. for our audii work. for this report. or foT the opinion5 we have formed.
for and on behalf of Nielsens
Chartered A¢couniant5
&. Statutory Auditors
Eligible to act as an auditor in temis of Seciion 1212 of the Companies Aci 2006
The Gatehouse
453 Cranbrih)k Road
Ilford
Essex
IG2 6EW
12 December 2023
Page 6

Unive*sit of Penns
Ivania
Foundation Ltd
USA
St%lernent of Financial Activities
ratin
an Income and Ex
eThditure Aeeount
for the Year Ended 30 June 2023
Inco
30.6.23
Unre5tTiCt¢d
fund
30.6.22
Total
nds
Notes
INCOME AND ENDOWMENTS FROM
Donations and l¢gacies
6.266.084
4.188,204
Other income
3.570
23.570
Ttytal
6,269.654
4,211,774
EXPENDITURE ON
Charitable activities
Grants to educational institution%
5,527,212
4,652,030
Other
42,742
19,623
Total
5.569.954
4,671,653
NET INCOMEI(EXPEiYDITURE)
099,700
(459,879)
RECONCILIATJON OF FUP4DS
Total fund5 brou"
.hi forward
l.S16,184
1,976.063
TOTAL FUIYDS CARRIED FORWARD
2,215,884
,516,184
The noies fom) part of these financial staiements
Page 7

U•lv¢r5i
ofpeDns
Foundatio
Iv*nl*
SA
30 Juth¢
30.6.23
30.6.22
Totsl
fund
CURRE[￿ ASSETS
Debio
Cash * b*nk
625.773
191,305
1324 879
2254.349
.511184
Nyf CURRENT ASSÈTS
2 254 349 ￿￿]84
TOTAL ASSETS LESS CURREPtr
LEABILITIES
2,254349
1.516,184
NET AssErs
2 254 349
.516.184
FUNDS
io
Unrestri¢tcd funds
49 1 516 184
TOTAL TriINDS
2.254
9 1.516 184
The ¢haritsbl¢ cornp¥Ly 35 entitltd w cxarythj from raxlit w¥Jtr Secti(th 4T1 of the Comp￿1¢5 Ad 2006 for the ycar
d¢4130 June 2023.
The melnbers hve not dvwAited PLllWmt to Se£trort 476 of the Cry•rrie5 A¢t2(#)6 rtgumngan *udit of thB5e
The wystees acknowled8e their rcspNtsibiliiK5 for
(4)
enSUrith8 the clwi¢able Lwipany keeps a¢M￿ling thot ￿lY with Seaions 386 and 387 of th*
cOmp￿Ie$ Act 2006 and
Frylaring whith give •trur WLd fair viov of the stateof affatts of the cornpatty 85
Ihe end of eAeh fiftanciay ye•r ar￿ of its Surp1￿ or d¢fitii fry eath financial year irt attord**¢ with the
re9uirerrl￿ts of se￿￿Tr5 394 395 Rnd whith oknis¢ comply With thB rwuirements of the Comp4nies Act
2006 relatin8 10 fin￿CIal 5t¥ttsD¢n￿ w fw as •pplir•ble dwitablet¢%thpw.
(bl
These h•ve been auditrd tl* r•iirEmEntsof knion 145 ofthe ￿arItIeS Ac12011.
The fjnanciql Wut appr￿￿ by ts Bwd of Tn￿te$ atsj authtyi*d for y5sue w 12 De¢embty 2023 Ind
re IL% tthlf by:
S D Pall¢y- Tnjs

Universi
r Penn5
Ivani
Foundation Ltd
Cash Flow Ststement
for the Year Ended 30 June 2023
30.6.23
30.6.22
Notes
Cash Ilows from operating #ctivttie5
Cash generaied from operations
Tax paid
600.425
{335,1921
(479.115)
17,915)
Net cash provided by/{u5¢d in) operating activilies
265,233
(487.030)
Change in cash and cash equiv*l¢nls ity
the reporting peri•d
Cash and cash ¢quivaTenls at the
beginning of the reporting period
265.233
(487,030)
1.324.879
1,811,909
Cash t#sh equivaltnts at the end of
the reporting period
1,590,112
1,324,879
The notes form part of these financial ststements
P4oe 9

Univers•t of Penn5
Ivania
Foundatio￿ Lld
USA
Notes to the Cash Flow Stat¢rnenl
for the Year Ended 30 June 2023
RECONCILIATION OF NET INCOMEJ(EXPENDITURE) TO NET CASH FLOW FROM
OPERATING ACTIVJTIES
30.6.23
30.6.22
r4et incomel(expendilure) for the reporting period (as per the
Statement of Fina￿¢1>1 Activities)
Adjustrnents for-
Increase in debtors
699,700
{459.879)
(99275)
(19.236)
Net cash provided byl(u5¢d in) operations
600,425
(479,1 l5}
ANALYSIS OFCHANGES IN NET FUNDS
At 1.7.22
Cash flow
At 30.6.23
Jyet tash
Cash at bank
1.324,879
265.233
,590,112
1.324,879
265.233
,590,112
Total
1.324,879
265,233
1.590,112
The notes forni part of th¢5¢ financial ￿trments
Page 10

UDivtrsit of Penns lyania
Fo￿nd9*10n Ltd
USA
Notes to tht Financial Statements
for the Year Endtd 30 June 2023
ACCOUNTING POLICIFS
Basis of prepari￿8 the financial statements
The financial siaiemenis of ihe charitsble company. which is a publi¢ benefit ¢ntity under FRS 102, have been
prepared in actordance wilh the Charities SORP {FRS 102) 'AccounriDg and Reporting by Chariiie5'. Sthtement
of Recommended Practice applicable to charities preparing their accounts in. a¢cordaTrce wilh the Financial
R¢porting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),.
Financial Reporting Standard 102 The Financial Reporting Standard applicable in ihe UK and Republic of
Ireland. and the Companies Aci 2006. The financial sthtement5 have been prepared under the historical cost
conveniion.
The charirable company has iaken advanrage of the following disclosure exemptions in preparing these financial
statements. as permitted by FRS 102 The Financial Reporting Srandard applicable in the UK and Republic of
Ireland,:
the requirement of paTagrdph 3.17(d):
the requ1￿ments of Paragraphs 11.42. 11.44, 11.45. 11.47, 11.48(a)(iii). 11.48la)(iv), 11.48(bl and
11.48(c)-
the r¢quiTemeTht5 of pardgraphs 12.26. 12.27. 12.29(a). 12.291b) and 12.29A;
the requirement of paragraph 33_7.
All income is recognised in the Statement of Financial AciivitFes once the charity has eniiilement (o the funds. it
is probable that the income will be received and the amount be measured reliably.
Expenditure
Liabili¢ies are recognisd a5 vApendiiure as soon as there is a legal or constructive obligatiorb committing the
charity to that expendilure. it IS PTobable ihai a transfer of economic benefits will be requir¢d in settlement .and
the amount of the obligaiion be measured reliably. Expendirure is a¢counted for on an accrua15 basis and has
been classified under headings that aggregate all cost related to the care(pory. Where costs cannot be directly
attributed to particular headings they have been allOc￿ed to activities on a basis consistent with ihe use of
resource5.
Granis offered subject to conditions which have been rnet at the year end date are noted as a commitment bui
not accrued as expendrtur¢.
Foreign eurreNcies
Transactions in foreign currencies are recorded at the rate ruling ai the date of the tran￿¢tiOn. Monetary assets
nd liabilities are retranslaied at the rate of exchange ruling at the balance sheet dale. All differences are iaken to
the SOFA.
Taxation
No lax is provided in ihese financial siaiements as the company is a registered charity and is exempt from tax on
its income and gains.
Pagell
continued..

Universil of Penns
Ivania
Foundation Ltd
USA
Notes to the Financial Statements- continued
for the Year Ended 3
June 202
DONATIOIYS AND LEGACIES
30.6.23
30.6.22
Donations
Gift aid
5,524,300
741,784
3.890,929
297,275
6.266,084
4,188,204
CHARITABLE ACTIVITIES COSTS
These are all represented by funding of tsrants to e41ucaiional inslitution5 (see nol¢ 5).
CRANTS PAYABLE
30.6.23
30.622
Grants to educational instiiuiions
5,527.212
4.652,030
The total grartts paid io instiiuiions during the year wa5 as follows-.
30.6.23
30.6.22
GTaniS io educational instilulions
5,527.212
4,652,030
SUPPORT COSTS
Govemance
costs
Finance
Totals
Other resources expended
39,172
3,570
42,742
NET INCOMEI(EXPENDITVRE)
Nei incomel{expenditur¢) is staled after charginJ(crditing)=
30.6.23
30.6.22
Auditors remuneration
Other non.audit services
2,250
1,320
2,250
1,320
TRUSTEES. REMUNERATION AND BENEFITS
There were no ttusiees. remuneraiion or ￿h¢r benefits for th¢ year ended 30 Jun¢ 2023 nor for the year ended
30 June 2022.
Trustee5' expenses
Ther¢ were no trustees. expenses paid for ihe year ended 30 June 2023 nor for the y¢ar ended 30 lune 2022.
Page 12
continued...

Universit of Penns
Ivania
Foundation Ltd
USA
Notes to the Financi31 Statements- continued
for the Year Endtd 311 June 2023
STAFF COSTS
There were no employees during the year Nil (2022 -Nil)
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors include Gift Ahd due of £491.888.
Jo.
MOVEMENT IN FUNDS
Funds'include restricted funds, for the ￿lled-uP share capitsl of £100. repr¢senting 100 shares of £ l each issued.
allotted and fully paid by the uliimate controlling parry.
RELATED PARTY DISCinSURES
The University of Pennsylvania (USA) 15 the ben¢ficiary of the charitsble donations made by the company and it
bears the annual audit and accountancy costs amounting to £3.570 (2022 £3.570) of which audit feel were
£2,250 {2022 £2.250). Ir also contributed Nil {2022 £20,000) toward5 the charity's finance and administraiion
costs. These coniiibutions are recorded as part of other income in the accounts. In addition, it has also confirmed
that il will support the charilys activities for the ensuinu 12 fflonth period.
12.
ULTIMATE CONTROLLING PARTY
The dire¢tor5 regard the Trustees of the University of Pennsylwania (USA). as a Coll￿tiVe body. to b¢ the
ultimate controlling party. On winding-up of the company the share capital may only be distributed to another
charity insiirution.
Pag¢ 13