REGISTERED COMPANY NUMBER: 04395455 (Englatld and Wales REGISTERED CHARITY f4UMBER: 109456J Re rt ofihe Trustee5 and Audited Financial Sttements 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$5ex IG2 6EW 111 *ACZ82A5K• 2010312024 COMPANIES HOUSE A10
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Universi of Penns Ivania FowDd*tion Ltd USA Contents f the Financial Stat¢rneTrlS for the Yur Ended 30 June 2023 Page Report of the TrStee$ Rert of the IDdepend¢nt Auditors Ststement of Fin•ACi81 Actiyitits Balance Sheet Cash Flow Statement Notes lo ihe Ca$h Flow Statement 10 Note5 ¢0 the Financial Statements 11 to 13
Universit of Penns Ivani¥ USA Foundation Ltd istered number: IM395455 ort of the Trtssttts f r the Year Ended 30 Jun¢ 2023 The trvstees who are also directors of ihe charity for ihe purw of ihe Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023. The irttsiees have adopted the provisions of A¢¢ounting and Reporting by Charitie5.' Siatement of Recomrnended Practice applitable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ITeland (FRS 102) [efftIv¢ l January 2019). Dlrectors aThd Charity Trustees The Charivs direciors. colleciively referred io as trus*es in this report, have Served in office throughoul the year under review, unless otherwise stated. and were as follows.. B M Bandeen S D Palley P J Burger A Haida5 J H Zeller The truste¢s holding oifice al the end of th¢ financial y¢ar did not hold any beneficial interest in the issued share capital of ihe charity ai any tim¢ during ihe year. The trustees fomi the managemeni committee elected by the shareholding trustees to operdte lh¢ organisation. At least two directors must be in office ai any time and new directors may be appoinied. or remov¢d, in a m¢etin& where at l¢ast half the directOTS should be present. by a unanimous vote of all dire¢tots. . 0ECTIVEs AND ACTIVITIES Objectives and aims The obje¢tive5 of the charity. for the public benefiL are to= -operate a regisiered charity. under the Chariiies Act 1993. to assist in the advanc¢m¢nt of ¢du¢ation make grants to the University of Pennsylvania and 0[r educational inmitutions - assisr in the advancemeni of education of students allending those iLtl)n$. 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 resour5 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 ASlatIon does not allow paynnt 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 Mah 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. TruSe& 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 kIWI¢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 Penn1Vania (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 conni.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 inming 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¢ tha11ble 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 inf0mli0 and io esiablish tht the audilors•r¢ •w8reof that infonniti¢)n. AUDITORS Th¢ oudiiors. Nie15cn& will be pwos¢d fc( R4ppOir * 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 starards (United Kingdorn fjeneTally Accepied AOUntIng Prn¢ti¢e). In our opinion the finallcial staternents.. giv¢ a true and fair view of the 51ale of the charitable COMpanS afFdirs as at 30 June 2023 and of its incoming Te50urces and application of Te50ur¢e5. including it5 incorne and expelldlre. 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 sements, 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 Infomil0n. 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 TrUet$ 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 merial aftwunt is likely io be d¢tKicd whilst (olidtill¥ 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 Ivnl SA 30 Juth¢ 30.6.23 30.6.22 Totsl fund CURRE[ ASSETS Debio Cash * bnk 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 Comp1¢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¢Mling thot lY with Seaions 386 and 387 of th cOmpIe$ 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 re9uirerrlts of seTr5 394 395 Rnd whith oknis¢ comply With thB rwuirements of the Comp4nies Act 2006 relatin8 10 finCIal 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 Tnte$ 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 Fond9*10n Ltd USA Notes to tht Financial Statements for the Year Endtd 30 June 2023 ACCOUNTING POLICIFS Basis of prepari8 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 requ1ments 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 allOced 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 ColltiVe 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