**REGISTERED COMPANY NUMBER: 06635942 (England and Wales) REGISTERED CHARITY NUMBER: 1146078** ## **Report of the Trustees and** **Financial Statements for the Year Ended 30 June 2022** ## **for** **Georgetown University (USA) UK Initiatives Organisation** Grant Harrod Lerman Davis LLP Chartered Accountants Statutory Auditor 1st Floor Healthaid House Marlborough Hill Harrow Middlesex HA1 1UD Georgttgwn Vnivtrsity (USA) UK Ibiiiaiivts Organisatioty Coate•ts of th¢ FiNawei¥l Ststtzncnts for tht yt*r t*dtd J• June 2022 Page Rewjrl of ihe Trnstees Report of the Indept*dtnt AudltOTS 7 to 10 St*temeot of F•n*ntial Attivitits Balance Sheet 12 Note5 to the FiAallti*l StateW￿ts 13 ￿ 19 DetAlled Statement of FinaAe•al Atlivities 20 Ceorgetown Utsiver5ity (USA) UK Initiatives Organis%tiow Repvrt of ihe TTW5tecs lor the ye*r e*ded 30 Jutht 2022 The trustees who are also direttors of the tharity for the purwbses of the Cornpanies Acr 20(kS, present their rew)rt with the financial ststemenis of the charity for the year ended 30 June 2022. Tht tnLsiees have adopicd ihe provisions of Accounting and Rewrting by Chariiies.. s￿lemen1 of ReComrr￿[Kied Praaice applicable ￿ charitie5 preparing their accounts in accordance i¥iih the Financial Rtportirt8 Stsrtdard 4)plitable ith the UK and Republie of Ireland IFRS 102} (effective l January 2019). PRIP4CIPAL ACTIVITY The prineipal activity of Geor8eiown Universiry {USA) UK Iniiiaiives Or8anisaiion IGU UK) is providing acaikmic course5 in London at the Cenrer for Transnation￿ Legal Swdse5 IcfLS} io swdenis from around the world studying law 2¢ Ihe tertiary (pr FK)si-graduate level, as well as presMtin8 publi¢ lectures and other ¢dwiion31 ¢vents thjring the academic year. OBJECTIVES AND ACTIVITIES GU UK pur5Lies the 8dvancemeni ol edU￿tIOn by ryoviding aL￿emIC course5 in London at L￿Ls to students from around the world 5tudyiDg law at the ierti8ry or r￿s¢-gradUate level. as ￿11 as presenting public lectures amd oiher educational events during the academic year. cfLS was fotsnded on the principle thai il is increasin8ly imSM)rtant for lcgal educalion to k global in nawre and to include intema¢ioDal. comparative. and van5n3tional law so as to reflect the incre&sed imFdCI of 8lobali2aLion on all manner of le8al mallers. In other ivords, as the Ivorld "shrinks,, the imp)rtante of transn81ional and internaiional legal i55ues grow5. The following is a r￿￿-eXhaUS[lV¢ list of p85t aryj curr¢ni course topics pie5ented ivithin cfLSJ provid¢d by way of illustration- IraTh5natioThal 1¢8al th¢oryi ¢omparatlV¢ ¢ODlr3ft theoryt world trade laiv. iniernaiional invesiment laiv. comparative privacy law. regtslaiion and developmet)I, and comparaiive Students and faculty at CTLS are pritnarily drawn from Georgaown University Law C¢nttr ?nd currenily seven panicipaiing laiv sch(M)1s fmm around Ihe w￿r1d-. the Ciiy Universiiy of Hong Kong, ESADE Law School (Sp#in), th¢ H¢bT¢iV Univcrsiry of J¢ru5alern. King's College London. NationJl Univcrsity of Singarore. Ihe University of FritK>urg Iswiizerlandl, the Universily OITorino. Studenis entolled ai othet: non-participaiin8 laiv 5choo15 ay also apply individually to attend cfLS. Students attend tourses at cfLS on a fvll_iime ba515 for one academic term during Iheir degree o)urse at iheir 'home' law school, or exceptionally for i¥w) iem)s. Siudenis whD have attended ihe CTLS progTamrn¢ may go on to w¢¢rs in law, judiciary* acaderni¢J 8ov¢rnrncnT S￿1￿, intu￿TIOnal organi5ation5. charities or non-8overnTnen121 oiganisations INGOS). 01 elsewhere. Due io the 8lobal stope of participation, tach cl)ss intludes Students frorn a diYcr5C 5¢t of Icgal and Thational backgrounds. Stvdcnts of Gwrgetown UDiver51ty at)d Ihe participaiing law $ch￿)IS th) not pay tuilion ￿ GV UK for iheii at*ndance ai CTLS. Instead, Sludethts ai participatiog low %hools wntinut to pay their luitson diT¢Ctly ¢0 their "horn¢" law 5chool_ Each of the panicipaling law schools or univtrsities pays a fi.xed annual fee io GU UK ￿ participaie. George￿wn University additionally PTovides Eranl funding to GU UK to supp)rt its opcration. In ordv to athi¢v¢ GU UK'5 objKtsve4 th¢ Trust￿5 hav¢ 8iv¢n wefvl consideration to ihe Chariiy Commission's 8eneral 8uidance on public benefit including its supplementhry public b￿er11 guidance on advancirtg ed￿￿10Th and o fec charg¢Dg. GU UK benefits the law siuthnls froffl around the glo￿ who attcnd cfLS them5elve5 may be in recespt at their home law schools tsf bur52ri4 scholarships or oihtr finaneial assistance. GU UK'S activities alw provide i¥ider publi bentfil in advancing ihe Mate of legal education and krnwledgc in the areg of tyansoaiional law and iniernalional law. li is also e¥p¢cted that a proFQrtion of the 51ud¢nls of cfLS will yse the internaiional legal ¢ducalioTh that they gain at CTLS in public service careers with government a8encies. iniernauonal orÉanisaiions. charities: NGOS or other public inler¢st organi5alions. In addition, GU UK pre5¢nts fr￿ public le£ture5 and other ev¢nt5 during ihe academic year {from Augusi io May). includLtI8 the Transnational law Colloquia S￿leS and the LectLtrts in TranSnat￿na1 Jusiiee. Page I Georgetown Univtrsity {USA) UK IDlti*tivcs Orgathisatio Report of tht Trnsttts for th¢ yt*r tndtd 30 Ju•t 2022 ACHIEVEMENT AND PERFORMANCE The Center for Transnational Legal Studie5 r¢wm¢d in-FKrwn O￿allOThS dwin8 Ihe 2021-22 academic year followin8 the COVID-19 Wdnd¢mic, offeiing a mostly i￿￿rSOn, hybrid pmgram dLtring the Fxll 2021 s¢rnc51er, aThd a fully in-person program durin8 the Sprin8 2022 seffles￿. crLS continued io take advanta8e olihe universal onllne platform n¢te5sitstal by the COVID-19 pJThd¢rnir to aid the reium lo in-person leaching. DuriThg the Fall 2021 semester. cfLS offered eighi clective wurse5 sraffed by faculty from crLS partner sclwls. Thrtt courses ivert iau8hi rem￿clY via Zoom duc to the urKenxinty of tht on80ing global health siliitytion. Stud¢nls were T¢quired to altend all coutses in-r*r%)n and engage with iheir eollwucs at CFLS in London. evtn in eases where the laculty member %vds online. There wert 43 Studen￿ from ten 5th001s in seven dilTerent countries enrolled in the Fall 2021 semester. Th¢ courses covered a wide variety of topics ran8in8 f￿M Compeiiiion Law io Climinal L8w." Theory and Comparative Pewly￿ from Iniellectual ProFtrry and Popular Ojliure to Comparative Constitutional Law. In the Spring 2022 s¢mE5tcr, CTLS off¢r¢d nin¢ cl¢divc courxs also wffed by faculty from CTLS pJrtner Instilulions. The Spring 2022 semester saw the reium of fvlly in-Fr%Trn I￿h1￿$ ai cfLS. with all laculty present on sile in London. There ￿Te 52 studcn15 from tn schwls in ten different tountries enrolled in cours¢s s￿h as Al. AlgoTithms. Sothvar¢ and th¢ Law, Islamic Law in a Transrtaiional Ptsspetliv< and LAW Mttts Film. Alongsid¢ thE5¢ offerings th¢ Trarwational Lawcolloquia series ¥etutrtd during the 2021-22 academic year. Cla55es were given by guesi speakers from a range of legal backgrounds. who pr¢5cn*d topics in the field of public law, private 12w and legal Ihetsry. The Global Pratlice Exertise also Ttsumed art irtiertsive, multi-day exercise in Iransnaiional andlor comparative la%v. The exercise provided an opportunity for the diverse studcnts and faculiy at CTLS ¢0 work together on 3 Eomrnon l¢gal problem. Tn the Spring 2022 s¢me51er. the Core Cour5¢.' In¢￿)d￿tIon ￿ Transnatio￿[ Law able ￿ resume as a requiretnent for all students, as was ihe Leeiures in Transn&iot)al Jusiice series. CTLS welcomed Aidan OTrJeill KC and The Ri Hon. the Baroness Hale of Richmond DBE to spth ￿ Studen￿ fxulty aDd members of the wider legal 8nd 8rJd¢mi¢ community. In-peTSOrt so¢ial ewenis were also offered during FK*ih semeM•s, enablin8 Studenrs and faculty 10 en8age with the program and each other. Events included walking tours of lega] LO[￿on. mid4emester pub nigh￿ ar￿ ￿Veral rnovie nigh￿ including a $hoiwn8 of "Baghdad in my shath)￿, atxi a discu&siort with the directhr, Samir. Teaching Innovation CTLS otTertd a hybrid approach to teachirtg in the 2021-22 ac*Janic. ￿￿ch yequired faculty io enga￿ techno108y ¢0 dcliver engaging and innovativc course con¢cnl.. CTLS its Action CTLS held its Annual Conferencc in Awil 2022 0Th"The Guiding Prin¢ipl¢s on Business artd Human Righs., whi¢h was attended by studenLS, faculty artd members of the public. CTLS also hosted two roundtable events during the summer of 21r22. iyhich broughi Iwl scholars and pracitiioners from acr055 ihe world to London to think collatK)raiively aboui very iimely tOPiC5. Thc first expert Toundtable fo¢us¢d on the Draft EU Due Dilig¢ncc Dirtttive" athd the setotml focused on "Conxiiutional DetTh)C48cy Around the Globe.. Contemporary Challenges & FuiuTC Direciion". FUTURE DEVELOPMENTS CTLS will offer a fvlly in-person pro￿arn during the 2022-23 acadcmic year. The recruilmcni drive for new partnEf5 to in¢r¢ase divcrsity ¢onlinucs in the 2022-23 xJdEmi¢ yejr. Page 2 Ceorgetown Ubfv¢rsity (USA) UK lfjiiiatives OrgAniyti•tt Report of the Trustee5 for the year emded 30 J¥Rt 2022 FINANCIAL REVIEW The Statement of FinJncial Affliviiies set out on pa8e 10 of the financial sthtemerbts sknws IK)w GU UK'S incomin8 T¢sources i¥ere expended in th¢ yw wded 30 Jun¢ 2022. Total unrrstricted incoming r¢50urc¢5 ?wKwnt¢d to $993,140 (2021 - $899,217). 5350.OLK) 12021 - S3(￿.ollO) ￿rely in lh¢ forrn of Eifts and $643,14012021 - $599,217) tsf tuition and fee5 r￿e1Ved. Resowce5 exprnded arnount￿ to $1.269.946 {2021- S871.6631 on education. An analysis of the T¢50vrccs expendcd is provided in noies 4 ￿ 5 of ihe financial Stsiem￿ts. The rtsuliing d¢fi¢it for the year unrestricted fvnds wgs IS276.8061 {2021 - S27,554 Surplus). which gavc a totol funds deficit of S3,733,48112021 $3,456,675). The balance sheet set oui on page I l of the fithancial ststrments sIKj￿ the firtancial w)sition of Gu UK at 30 June 2022. Current a5S¢t$ art represented by deb￿r$ of $39,011 (2021 - $17.197} orwj cash at bofLk and in hgnd of SIO.914 12021 $90.1701 Total a55ets le55 current liabilities amounted ro ($3.733.481) (2021 1$3.456.6751) uthich is represented by the closing balance of {$3.733,481112021 . IS3.456,6751} of unre￿rI¢l￿ funts arKI Snil of re5tricteil fvnds. GU UK is committed to Using its resou￿¢5 iTh pursuit of its ch3ritsbl¢ objeclive5. AltlK¥ugh the financial 5raiement5 of GU UK reflected a negative reseTre balance ai 30 June 2022. GU UK is commiiied 10 securing a level of reserves thai is Sufficient to ensure thal all commiimcnts can ￿ rn¢i and Io PTOt¢cl Ihc long-tern future of its operalion5. Until GU UK can securt a level of restrves io mttt ils on-going liabilities. Ihe UniveTsily is eornmitted to PTovide the resource5 n¢¢dcd 10 5U5tain GU UK'S acTiviiie5. GU UK 15 assessing new initiatives ihai will siabilize (he operating re5uIt5 going forward. These new iniii8tives include increased iuilion. increased entollmeni, and the pursuit of other educational programs such a5 CX¢CUtiv¢ education. revenue5 will F¥)5itively affect th¢ fvturc financial fe5ults and reduce GU UK'S dependency on the Univer5bty. GU UK relies very much on Ihe financial and operaiiorrdl sUp￿rt otihe University and is 8r*ful to ihe University for ITS SUPPOrt. Reserves policy The tharity is funded by Geor8etown Univetsity and there art rto reservts carried forth. Golng ttsnter The financial 5ta¢em¢nt5 have been PTepaT¢d on a going concem basi5 as the paMi undertaking has indieaitd its willingness to provide the nettssary fin2neial supw)rt to enable ihe eompany io tneei liabililies for a period of ai le8St Iwelvt months from the dale of aFvrnval of ￿e financial sthremen Page 3 Ctorgetown University (USA) UK IDitiatives Oryni5ation Report of the Trnstees for the year ended 30 J¥De 2011 FUTURE PLANS IThe plannin8 comrnillee established in the Sprin8 2020 seffle5t¢r in reSp)p￿ lo the COVID-19 pandemic ivas diseonlinued in July 2021 after re(x>M￿ndIng the continuaiion of fully tn-ptsson ttachin8 fi￿rn the 2022-23 academic year and 80in8 forward. The pro8rnn has the ability to tmvt to hybrid or fully-virtval teaching if the need arise5. The University of To[on￿ r¢ joit*d as a Fourtdin8 Partner in Fall 2022 aThl tht Universiiy of Melboume will re-join in the Spring of 2023. From 2023, cfLS will welcome lh¢ Univttsiiy of N•v Souih Wales as an Intermediate Partner. and Universidad Panarneritana and Univetsidad de Las Américas (UDLAI as Partners. In the upcomirt8 year, CTLS also ex￿.. - To strengthen teachin8 by eontinuinE th emphasize co-ieachinE faculty and studettt engagemeni. - To continue developin8 a ctsrriculum which is wtll-bal8ncal busitw and nOn-busine￿ subje¢tSJ publi¢ law prlvate law. theorctical and doarinallpraclical. - To continue increa5iDgthe diversity of the Program wicipants and the curriculum. - To continue developing cfLS a5 a plaiform for leaures. pa￿ls. aThl high-wofile spe4kers by building on the research nd 5cholar5hip a5p¢d of th¢ en¢¢rpris¢. P4e4 CeoTgetown unive￿{ty (USA) UK lfyitiatives Organisatio R5iiion of Chief Financial Officer ai the University$ and liiil the individual >K)Idin8 the p)silion of Executive Viee President for Law CenieT Affairs and Dean of the Laiv Cenier ai the Urs¢ver5ity. The ￿¥0 aforemeniioned iTrd¢vidua15 serve as members by virtue of ihc po$i¢ions they hold at lh¢ Univer5ilytr if they istte to leave their positions at the Univetsity. Ihe irusteeships MThJld iransfer io their successors in their rK)siiions ai the University. GU UK'S p)licy is set by the Board of Trus*es {Ihe "Board"). and AdrniThis¢T¥¢ive Dirtctor, Currently Maike KoLt¢rba-Wi15on, ¢x¢r¢i5¢s the day4oqlay rnana8Ement of CTLS. The Ttustees of GU VK or ihe Boatd may¥ frotn lime lo lirne. appoini any person as a member of Ihe Board either to fill a wual vauncy or by way of addiiion lo ihe Board. subject to ihe provisions of the Articles of Assoeiaiion. Any Trusiee so apjxjinted shall rdain office tsniil he or she re5igas a5 a trustee of GU UK or other ¢irwrnstsnr￿ %1 forth in th¢ Artir1¢5 of A¥￿idti0￿. RISK STATEMENT The Trustees ar¢ aware of their re5pon$ibility 10 eiiwre thai the major risks io wbich GU UK is exw)sed are identifi& and to establish Systems lo mitigaie ihose ri5k5. The Tru51x5 believe thai adwuaT¢ contro15 #nd sysiems arc in plac¢ to miliyt¢ any ¢xt¢rnal ?nd int¢rnal Ti5k5 that GU UK may fart. REFERENCE AND ADMINISTRATIVE DETAIiS Rtgislered Cojnpany number 06635942 (England and Wale51 Reglstered Ch*rity number 1146078 Registered orfite Third Fl(K)r 20 Old Bailey London EC4M 7AN Tru5tee5 W Treanor D Greetj M Mattson Pa8e 5 Ceorgetowa University (USA) UK IDitigtivts OTgAnis*tioD Report oftht Trmstees for th¢ y￿r eDdtd 30 Juthe 2022 REFERENCE AND ADMINJSTBATIVE DETAILS Auditors Grant Harrod Lerman Davi5 LLP Chartered Accountsnts Ststuiory Auditor I si Floor Healrhaid House Marlborough Hill Harrow Middlesex HAI IUD STATEMENTOF TRUSTEES. RESPONSIBILITIES The trusiees (who are also Ihe directOTS of Geor8eiown UrtivasiLy {USA) UK Initlalives Organisa¢ion for the purposes of company lawl are re5p)nsibl¢ for preparing Ihe Re￿rt of the Trusiees and thc flnancial statements ¢n accordance with applicable laiy and Uniied Kingdorn Atts)unting StxrKJards (Uniied KIng￿rn Genenlly Atcepl¢d Accounting Practire}. Company law requires the Injsiees io prewe fi[￿NtIAl sthtemertts for each financial year %thith give a irue and fair view of the State of affair5 of the charitsble compaThy 3r¥J of ihc incoming resources and application of resource5. incIL￿Ing th¢ iTh¢om¢ and ¢Xp¢ndI¢u￿, of the charita￿¢ ¢ompaDy for that ￿lOd. In preparing thtsse fin)ncial sts¢ements, the tru5tee5 are required to select suilablt accounting Folicies and then wly them wn5i*enrly' ob5¢rv¢ th¢ Jn¢thod5 and princip1¢5 in ih¢ Charity SORP. make judgemenis and esiimaies thai are re&sonable and prudent. prepare the financial 5tal¢m¢nts OTh thc going Cor￿ basis unl￿5 it is I￿PproprI¥l¢ to presum¢ th* th¢ ch¥ritsbl¢ company will coniinue in business. The ITusiee5 are responsible for keepin8 proper accout)lin8 records ivhich disclose wilh reasonable accuracy ai any time the finantial po$ition of the charirable company and to ¢nable thcm to en5ur¢ that the financial slalemenrs comply with th¢ Companies Act 2(K)6. They art also responsible for safeguarding ihe assets ofthe charithble company and hence for king reasonable steps for thc pmemion #nd iJeie¢tion of frhud and other iry¢gularilies. In so far as ihE trustee5 are aware: ther£ is r¢lcv#n¢ gudit inforrnaiion of ¥thich the charitable o)mpany's a￿litorS ￿ unawaTe- and the ir￿￿t¢S have tsken all sitps Ihat they oughi io have Liken 10 make themselves aware of any relevant audii inftsrrnaiion and to csthblish that th¢ auditots 3rc aware of that information_ AUDITORS The auditors, Granl HaTTod L¢rnian Davi$ LLP, will b¢ propos¢d for ie-appointment ot the forthcoming AThnu81 Gener8] Meeting. Approved by order of tht IKJard of trus*es on.... ...... .... .. . and s18rt￿ on its l*haifby". D Green- Trustee Report of tht Independent Auditors ¢0 tbt Member5 of Gtoryetown Uniwersity {USA) UK Initiatives Organ￿￿¢10 Opinion We have )udit¢d the financial 5tatcm¢nts of GwTgdowJ UnivcT5ity (USA) UK Inittative5 OTgJThi58tion (the charitable company,) for the year ended 30 June 2022 whith tompri5e the Stsiement tsf Financial Activities, the Balante Sh¢¢t, the Cash Flow Siatemeni and notes 10 ihe finartcial sthiements, includin8 a summary of signifitant accounting policies. The financial rep)rtIDg frarn¢w)rk thai ha5 bttn applied In iheir preparation is applicable law and United Kingdom Accounting Standards {Urtited Kingdom Generally Accryled A¢coun¢ing Prn¢ti¢el. In our opinion the financial slaiemenLs'. give a true and faiT vithv of th¢ sta* of the tharitable ttsmpany's affairs as 01 30 Jun¢ 2022 and of its in¢oming iesouites and applieation of Tesoiirces. including ils lrtcome and expendilure. for the year then ended.. have been proptrly prepared in accordance ￿￿th Uniied Kingthm Gen￿allY Accq)ted Accounting Practice. and h8v¢ been prepared in accordance thr ￿quIreMen[S of the Companies Acr 2006. B*si5 for opinion W¢ conducted our audit in acwrdarK¢ with Int¢mational Standard5 on Auditing IUKI {ISA5 IUKI) and applicable law. Our respTrnsibiliiies under Ihose sthrtdards are further described in (he Auditors. resp)nsibilities for the audii of the fiiiaKial ststeniciits seitioji ofuvT wrwrt. W¥ 11th￿¢J￿nI uf th¥ charirable company In accordance wilh ihe ethical r¢quir¢tn¢nls that are relevant to our Judit of th¢ fJnan¢ial statem¢nts in th¢ UK, including th¢ FRC5 Ethiul Standard, and we have fulfill￿ our other fflhical re5fM>n5bbiliiies in xcordar￿e iviih ihe5e requiremenL8. We believe that the audit evidente we have obtained is sufficient and appropriate to Provide a basi$ for ouropiThion. Contlu5ions relating to going conce In audiling the financial statement5, we have concluded thal the tnLStees' use (If the going toncern basis of attounting in the preparaiioTh of ihe financial sthiements is appropriate. Based on the w)rk we have ￿rroMitd. have identified any material unctrtaiThiie5 relatin8 ￿ evtnis or conditions that, individually or coll¢ctively. may cast significant doubt on the ¢h3ritsblc company'5 ability io continue a5 a going concern for a ￿lod of ai leasi twelve months from kn the fina￿la1 sttttsmits are authorbsed for i&sue. Our responsibilities and the respTrnsibililies of the trILs￿ with respect tsTr 80ill8 concem are rt of thE Indcrthdent Audits)TS thcreon. Our opinion on the financial sialem￿ts does Tr)1 cover the oiher infomi*ion aThJ. except lo the ¢Yttnt otherwi expliciily stai¢d in our repor4 do rM)i express any fomi of &ssuranc¢ con¢lusion thereon. In connetlitsn with our audit of the firRncial ststertLenW our restx)nsibility is 10 read ihe oiher infonTAtion and, in doing so. eon5ider Htheiher the other inforni*ion is M￿triallY inconsisieni with Ihe flnancial OT our knoiyledge obtained in the audit OT Otherwise appears to be mxierially misststed_ If we identify such maierixl intonsistencies or apparent ma(erial misstatemertts, i* are requiTed io dderniine wtheiher this gives rise 10 a material misstaiemeni in ihe financial statements themselves. If, based on thr work iv¢ have p￿Or￿ed. we ¢on¢lude that I￿rE 15 a m#¢erial missiatemtni of this other ittftsrmatiort, wt are rtquired to rep)n thai faa. Wt have nothin8 10 rq)ort in this re8ard. Opinions on other matters prescribed by the Compxnies Ar¢ 2(Mb6 In our opinion, based on the iv0￿ undertaken in the course olihe audit.. the inf(Kmation given in the RerM>rt of the Tn￿¢¢5 for thc fiDanci¥l year for which the f¥D￿Cl￿ 5tst¢ments are prepared is consisleni ￿th the financial Sialem￿ts., and the Report of ihe Trusttts ha5 prepareil in WCCOTdance with applirablc legal requirements. Pa8e 7 Report of the Indeptndent Auditors to Ibe Members of Gtorgttown UDiVtTsity (USA) UK Initi*¢•v¢s Orgxttiytio• Matters on whleh wt are requlred to report by txteptlo ITh the light of lh¢ knowledg¢ and under5tsnd¢n8 of the charilablc company ard its ¢nvironrn¢n¢ obtained in the course of the audi4 Me hawe noi identifjed rnatthal mis*¥¢cm¢nlS in th¢ RewTrrtof the Tr￿mee$. We have nothing to reFMNt in respect of th¢ following the Companies Aa 2006 wuirts us lo re￿rt to you if. in our opinion.. adquait accountsng record5 haye not Ixcn kepi or relurns ad¢qua¢e lor our 3wlii haye not been received from brdnches not visited by us- or the financial statemeN5 ar¢ not in agT¢tm¢nt with the ¥cwunting r￿￿5 and r¢turni or certain disclosures of Irustees, remuneration specified by laiv are noi made- OT we have noi received all ihe infornuiioTh and explana¢ions we requi￿ for our audit. or the trustees were noi eniiiled io take adv8nra8e of the small companies exemyion from the requirement to prepAre A Strategic Report or in preparing the Rep)n of the TrusEC¢5.. Responsibilities of trusttts As explained more fully in the Stater[￿1 of Tru5t¢¢g Rw5ibilili4 th¢ trust￿5 (who are also the directors of the charl￿ble LY)mpany for the purposes of company law) are tewnsible for the PTeparaiion of the financial staternents And for being saiisfied thai they give a irue and fsir view, and for 5uth intrnl roThtrol as th¢ tru5tce5 detrrmine is necessary to enable the preparation of financial s￿￿me￿iS th￿ are free from material missiaiemeni. thher due to fraud 01 errtsr. In Preparing the financial •teMen￿ the trus*es are r¢sp)nsible for Issessing the ¢h8TitAble ¢Dmponys )bility to continue as a going t￿ctIn, dis¢losin& as applicablE mattu5 retstcd io going concern and using Ihe going concern basis of accounting unless ihe tnLsiees eithei inierwj to liquid*e the thatithble company or to ¢¢ase 0￿ratIonS. or havc no ieali$tic alteTrtaliv¢ bui io do $0. Page 8 Report Of iht Indtptndent Aydi¢ors to the Members ol Georgetown Uttivtrsity (USA) UK Iniliativts Orynts*tio Our responsiblJitie5 for the audlt ofthe financial statememts Our objeciives are io obtain reasonable assurance atrf>ui ￿h¢ther the rjrw￿l9I staiements as ¥ whole are free from material rnisstal¢Tn¢DL wh¢iher due io fraud or etror, arKI kn issue a R¢port of ¢h¢ Ind¢wd¢nt AudiLtyS thai in¢lud¢s our tspinion. Reasonable assurance is a high level of assunnce, bul 15 Th)r a 8uardniee thai an audii conducted in accordance wtih ISA5 (UK} will always deteci a mat¢rial Tlli55ui¢w*ni %then it eX15ts. Mi55tatwn¢Dts ran arise from fraud or errol #nd Are Considered material if, individually or in ihe a88regate, they could rtasy)nably E¢ expecLed ￿ influence Ihe ¢¢onofflie decisions of users taken on the basis olthese flnancial statements. The exttnt ￿ whieh our w)tedures are capable of ddeciin8 Irrt8ularities, including fraud is deraild below.. We have obt8in¢d gn und¢rMarKiing of the legal and Tegul*ory frameM)rks applicable LO the Company and the industry li operates. We deiemiined thai ihe following laus and TeBulations were most significani.. FRS102. Companies Act 2006, Health and Safety. We obtained an undcr5t8nding of Iw)iv the Company 15 cornplying %Yith those legal and regulatory fraTheworks by makin8 ¢Thquirics of management, those rtsp)nsible for le8al and eomplianee procedurts and the (ompany secreiary. Our rindin8s were corroFx)rdied by review of the board minule5 paper5 weyared by the ix)3rd of diT¢¢ttsTS. We assessed the su5ceplibility of the Company's financial sla¢eM￿ts to mw¢wial mis518¢￿Tr￿ including how fraud mighi o¢tur. Audit proceduTes ￿fOrn1ed by the audit ieam Incl￿¢￿.. - Obtaining an undefsianding of how those charged iyith 8overnance Considered and addressed the poierslial for override of conirols or other i￿pprOprIate influenc¢ over the financial reportin8 process. - ChJll¢ngin8 a35UmPtion5 and jud8ernents M*Je by managa￿e￿i in its Si8nific4ni accounrin8 esiimaies. - Ideniifying and ie51iDg journal entrie4 ivith a fo¢u5 OTh Mtries r[￿le with UDusual accounting tombinations. - IdeniifyinE and assessiftg the desi8n and effecrivene55 of conrro15 managemeni ha5 in place to pr¢v¢Thi and d¢*¢t fraud. A fvrther d¢￿rIPtIon of our re5F¥)n5ibilitics for the xudit of the financial stsiements is located oth ihe Financial RetX)rtin8 Council's websb* ai www.frc.org.uklauditorsreswn5ibiliiiw. This de5CTiplion forms part of our R¢p)rl of the Ind¢pcnden¢ Audittsrs. Repjrt of the IDdepeadent Audito￿ to the Members of CtorgttoivD Univtrsity IUSAI UK Initiatives Oryttts*ti¢ Use of our report Thi5 report is rnaJ¢ solely to the charitable company's mcmbw4 J5 ¥ i¥xly. in acry)rdanc¢ Chapier 3 of Part 16 of Ihe Companies Act 2006. Our audit Mry)rk has i*en urKlert2ken so ih8t Mt mi8ht state io the ch¥ritsbl¢ COmpaTh￿S rnembcr5 th￿￿ m8tt¢r5 w¢ ¥r¢ requird to Stsle to thun in an auditors. reF¥)ry aThd for other purpose. To iht fulltsi exieni p iued by laiw. ￿ do noi accept assum¢ reS￿￿$iblllfY to anyone other than the tharithle company and the ¢h4rilabl ¢ompan 's memixrs as a b)d . for work. foT this rwrt. or for the opinions we have fornied. Jon ant (Senior Statutory Audstor) fora behalf of Granl Harrod Lennan Davis LLP Charl Accountants Statutory Auditor 1st Floor Healthaid House MarlLN)Tough Hill Harrow Middlesex HAI IUD han Dale-. Page io CeorgetOWD University {USAI UK IDiliativt$ Org*oisation Statethe•t of finaDcA*l Activities for the yur etsdtd 30 Jyne 21122 2022 Total runds 2021 Total funds Unrtgricted nd ReAridtd fund INCOME AND ENDOWMENTS FROM Don21ions and le8acies 350,1 350.1XKI 300.0(M) Other IradiDg atlivilies 643,140 643.140 599.217 TotAI 993.140 993,140 899,217 EXPENDITUREof4 Charitable aetiviti Edutatioii 1.269.946 .269,946 s71.￿3 NET INCOMEI{EXPENDITURE) (276.806) (276,806) 27.554 RECONCILIATION OF FUNDS Total fund5 brought for¥Y3rd (3,456.675) (3,456,675) (3,484,229) TOTAL FUNDS CARRIED FORWARD 13.733.481) 13,733.481) 13,456,675) The Th)tes folm partof thEse ffiwcial y*ements Page 11 Ceorgetown University (USA) UK Initiatives Organis&tioD B*lance Sheet 30 Jun¢ 2022 2022 Totsl funds 2021 Total nds Unresiricted fijnd Reyricted fvnd Notes FIXED ASSETS Tan8ible assets 809.782 809.782 986.062 CURRENT ASSETS Debtors Cash ai bank and in ha￿1 10 39,011 10.914 39.011 10,914 17.197 90,170 49,925 49,925 107,367 CREDITORS Amounts falling due within onc year (4.593.188) {4,593,188) 14:550.I041 NET CURRENT ASSETSI(LIABILITJES) 14.543.263) (4.543.263) 14,442.7371 TOTAL ASSETS LESSCURRENT LIABILITIES (3,733,481) (3.733.481) {3.456.6751 NET ASSETS/{LIABILITIES) (3.733.481) {3.733,481) 13,456,675) FUNDS Unre5rricted ￿ndS 13 {3,733,481) (3,456,675) TOTAL FUNDS {3,713,481) 13,456,675} These financial slatcrncnis have been Prepared in XCOTdance wth the provisions apPI￿able to charitable companies subject io the small comwies re8iffle. e fi aneial stattments wrr¢ 3ppro￿d by the Board of and authori5ed for issue and wtre si8ned on its behalf by.. on D Green- Trustee The Th)tC5 forni part of th¢5¢ fina￿181 5tst¢m¢nts Page 12 CtoryttowB Univtrsity {USA) UK lttitiitives Orgattisltiott ote5 to the Fi•a•cial Statements for the year ellded 30 Jywe 2022 ACCOUNTING POLICIES Ba$15 of prep¥ring tkn financial 51ateDwits The financial stateTnents of the tharitsble cornpany. Mthith is a publit ￿￿Th¢fit eniity under FRS 102. have been prepared in accordance with the Chariiies SORP IFRS 1021 'Accouniing and ReKK>rtlft8 by Charilies.. Siaierntnt of Re(y)mmcnded Praaice applicable to chariiie5 preparin8 their accounts in accordance with the Financial Reportirt8 Standard applicable in the VK and Republic of Ir¢land {FRS 102) l¢ffrxtivt l Janyary 20191,, Financial Rerorting Siathdard 102 The Financial ReirtMin8 Standard applicable in ihe UK and Republic of Ireland, and the Companies Acl 2￿. The financial a#*mcnts havc bEen PTyrcd undcr the historical ¢0 ¢onvention. Financial reporting 51andard 102- redue¢d disr105￿re ei¢mptions The charity has iaken advanla8e of ihe ColloiYin8 disclosuie exetnptions in preparing thes¢ finantial st2temeThlS as perniitted by FRS 102 The FinaThcial Rtwrting Slarthrd applicable in the UK aThJ Republic of Ireland,: Ihe requirements of Secrion 7 StaiemeThi of Cash Flows- the requirements of Section I l Financial In5vuments Foragraphs I1.41{b). 11_41lc). 11.41(el. 11.4110. 11.42. 11.44.1 i.45. 11.47. 11.481axiii}.. 11.48laKivl. I1.48lbl and I1.48lcl.' ihe rwuir¢m¢n¢S of Seciion 12 thher Financ¥al InstnrneThts paragr4ph5 12.26. 12.27. 12.29la). 12.29lb} and 12.29A. - the requirements of paragrdph 33.6 Key ManagemeThi rrtrsonnel Comr￿saI10n. Incoming resource5 All incoTThe Is Tecognised in thc Stst•n¢ni of Finar*ial Artivities otKe the ¢hJrity has entitlement to the fundg it is probabl¢ thai ihe income %vill be received at)d the amouni eAn be m￿SUred reliably. All incomin8 resources are included in.the Statement of Finart¢Kal Aciivities when the chariiy is le8ally entitled to th¢ inwrne and th¢ amunl bc quantifi￿ with r¢asonabl¢ a￿vraCY. Incoming r¢sourcc5 are accounted for on an accruals basis with ihe exeeption of incoming rwurces relaLin8 LO pledges wthich are aecounied for on a rash basis. Resourtes expended Liabilities are recognistd as expenditure as scon as there is a le8al or constructive obligation wmmit¢ing thc charity to ihal expenditure. bi is probable thal a tran5f¢r of economic benefits iyill ￿ required in selllemenl arKI the amDunt of the obligation can be measuTed reliably. Expendilurt is aCcourt￿d for on an attnjsls basis and has been classifie41 under headirsBS thai aggrega* all cost rel&ed ￿ tht caiegory. Where costs cannoi ￿ direcily oitribul¢d to particular headings, I￿Y have ￿ allocaied LO &tivitie5 on a b25is con51Stent iyith the use of Reportirtg eurrehty Th¢ fsnancial 51atemcnts have b¢¢n pr¢pared in US (h)Ilar51"S"}. The uthang¢ rnt¢ al th¢ baJanc¢ sh¢et d8t¢ was $1- £0.82231 T&ngibl¢ fixed a55etS Depreciation is provided ai the followin8 annual rate5 in Order ￿ ivrite off each &￿[ over its e￿•mated useful Improvements to property Plani and machinery 15%on¢o Straighi line ovtr 5 yeats and Suaight lint ovu 10 years Relattd party exemptioD The charitable comparty has tsken advania8e of exemption, under ihe ￿MIS of Finat)cial Reportln8 Stsndard 102 The Financial Reponing Sthndard applicabl¢ in thc UK and Republic of Ireland.. not to di5c105e related party irartsaciion$ ivith wholly own¢d 5ubsidiaties within the gtoup. gc13 continucd... G¢orgetowtt University {USA) VK laitiatives Org*oisation Not¢s tts tht Fin*ntl*l Ststsments- t•*tlnued for the year ended 3(1 J•ne 2022 ACCOUNTINC POLICIES- co•tIn￿¢￿ Taxation The Charity 15 a regi51ered chaTityJ and a5 Such is enLitled (o certain tax eXeM￿lOn5 on income and prtsfiis from invesimtnts, and surpluses on any irading activiries carried on in fvrtknDtr of the rhJriWs primary objective8 if these Profiis and surpluses arc applied solely for rlwtable purFKJ5¢S. Fund accounting UnTestTl¢ted funds ¢srt be in accordance with the chariuble obie£tives ai the discTeiN)n of the TILLSttts. Re$tri¢tcd fund5 can only be used for particular resiricied purposes within the obje¢ts of ihe ¢hariiy. R¢stri¢tions arise when specified by the &tyDoT or whcn funds are for yarticulaT restriaed purp)se5. Further explanation of the nature and puw oft4ch fund is irKluded irb the io the financial stateM￿t5. Coing toffttern The flnancial 51atem¢nt5 have t¢cn pryred on a going conccm basis as the pa￿nI undertaking has indicated its willin8ness to wovide the necessary financial supp)rt io enable the company io meet its liabilities foi a period of at leam tweSve months from Ihe date of approval of these finarKial 5taiements. Foreign turrentits As5¢ts and liabilit1¢5 ID foreign CUTrerKie5 translat￿1 into th)liars at the Tate5 of exdwige ruling at the balance sheei date. Trafftsaciions in forei8n curtencies are tsanslaled ithto dollats ai the raie of exchange ruling ai the dat¢ of trans8ciion. Exch3Thge diffcrentt5 are tskeTh inlo xcouni in 3fTiving ai th¢ opcraiin8 Te5uII. Optr#ting lease ArrK>unt5 payabl¢ under OpErdting l¢a5¢5 th¢ Sts*m¢nt of Financi￿ Artivit1¢5 OD YI Strai8ht line basis over the period of ihe I￿e. Penslon ¢osts and oth¢r post-retirtmtttt bttttfits Th¢ Company OPEf3t¢s a d¢find ronlributs(bn PEn5iOD %h¢m¢. Contribution5 FOyabl¢ lo the Company'5 prn5iti scheme are charyed to the [￿orIt and 105s acLYMmi in the period ￿ which they relate. I)ONATIONS AND LEGACIES 2022 2021 Gifts 350.(MJ) 3(MJ,000 OTHER TRADING ACTIVITI 2022 2021 Tuiliort and fees 643,140 599,217 Page 14 conlinued... Georgelown bnivetsity {USA) UK Initi¥tive5 organ￿1101 14otts to the Finxntial Stst¢w¢nts- tottti#utd ror the yur ended 30 June 2022 CHARITABLE AcfiviTIES COSTS Direa Costs T¢)tals 2022 2021 2022 2021 Edurntion 1,269,946 871,663 1,269,946 871,663 NET INCOMUEXPENDTTURE) Incomell￿pend1I￿re} is sia*d after Chargin￿(credIti￿8). 2022 2021 Depreciation- owntd assets Oiher opcrJting Itase5 Auditors. iemuneration 176,280 257.855 53,560 176,294 240.679 51,934 TRUSTE&S' REMUNERATION AND BENEFITS There were no irustee5' remunerarion or othu benefirs for the year ended 30 June 2022 nor for ihe year ￿ded 30 Jutje 2021. Tru5tee5' expenses Ther¢ were Irust¢¢s' experises paid for the year thded 30 June 2022 T￿r for theytsr endtsj 30 June 2021. STAFF cosrs 2022 2021 Wages arbd salaries Social security cosls Other pension costs 221.991 20.973 18.722 195,481 19,813 18.067 261.686 233.361 The average monthly number of employees during theyew as follo￿.. 2022 2021 Admirtistration No employee5 received enx)luments in exce5sof $60.(W. Pa8e 15 )n(inued... C¢ory¢towu Univ¢r5ity IUSAI UK Ini1181ive5 Organisitio Noles ¢0 the Fiwawi•l S¢•teme•ts- continued for the year ended 30 June 2022 COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIFS Unresiricied fund Resiricted fund funds INCOME AND ENDOWMENTS FROM Dortaiions and le8acies 3(M),OCQ 3(K).(KK) Other trading activities 599.217 599.217 Total 899.217 899.217 EXPENDITUREON Ch•rilabl¢ •¢tivitits Education 871.663 871.663 ET INCOME 27.554 27.554 RECONCILIATION OF FUNDS Total funds broughi forward (3,484,229) 13,484,229) TOTAL FUNDSCARRIED FORWARD 13.456.675} 13.456.675) TA14CIBLE FIXED ASSETS Imw>vtsnents Plant arml machinery pro￿rty Tothls COST At l July 2021 and 30 June 2022 1.405244 109.696 1.514.940 DEPRECIAT1014 Ai l July 2021 Char8e for year 495.970 165,310 32.908 10,970 528.878 176,280 At 30 Jurt 2022 661,280 43,878 705,158 NET BOOK VALUE At 30 June 2022 743,964 65,818 809,782 At 30 June 2021 909,274 76,788 986,062 Page 16 ts)ntinued... Gtorg¢town Univ¢r5ity (USA) UK Initiative$ Organis*tiort Note5 to the Finaneial StatenMts- contiThued for the year emded JO Jynt 2022 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Prepayments 39,011 17,197 CREDITORS: AMOUNTS FALLINC DUE WITHIN ONE YEAR 2022 2021 Amounts o¥ved to 8roup undertakin8S Other creditors A¢¢ruals and defery¢d income 4,484,110 50.776 58.302 4,414,087 79,862 56,155 4.593.188 4.550,104 Geor8￿0W￿ University have 8uarathteed LO wovide the rteeess2ry finartial suppojl to thable Georgctowi University (USA) UK Ini(iaiives Organisauon io mea its liabililies for a period of ai lea￿ l year from the date of approval of these financial staierrtnts LEASINC ACREEMEIYTS Minimum lease payments under norpcanc¢llable ¢)PEraiing leases fall duE 85 follo￿5.. 2022 2021 Wiihin one year BeThYeen one and five ye4rs 203.017 456,789 225.371 732,456 659,806 957.827 13. MOVEMENT IP4 FUNDS Net nK>vemem( in funds Al 30.6.22 At 1.7.21 Unrtstritttd fund$ General fijnd {3,456,675} (276,806} (3,733,481) TOTAL FUNDS {3,456.675) (276,8061 13.733,481) Nei movement in funds, intluded in the aiK*vt are a5 follo￿5= IrwmiThg rewurces Resource5 expended Movernenl in f￿rtd$ Uthresiritted fund$ G¢n¢ral fund 993.140 {1269,946} (276,8061 TOTAL Fuf4DS 993.140 (1.269.946) (276,806) Page 17 Conlinued... Ceorgetown Unryersity (USA) UK Initiativo Orgsnis#tio Notes to the FIA*￿•*1 S¢ate*tTrts- coo¢inued for tht ye￿r ¢Dd¢d JO June 2•22 13. MOVEMENT IN FUNDS- totttltsued CornpardtiV¢5 for movement in (￿ndS Nei movemeni irt funds Ai 30.6.21 Al 1.7.20 u￿reStriCted funds Genttal fund (3.484.229) 27.554 (3.456,675) TOTAL FUNDS (3.484.229) 27.554 (3.456,675} Comporative net ￿￿vemeN1 in fvnds, i#¢lud¢d in th¢ alxpV¢ are 8$ folloMs= Incoming resourcts Rc50urces %￿nded Mov¢m¢nt in funds Uthrestrittsd funds General fund 899.217 1871.663) 27.554 TOTAL FUNDS 899,217 1871.6631 27,554 The unrestrieted lunds are btert used in attordanct iyith the charitable objectives ai the discretion of the trustees. The charitable PUTFknse is the advanc¢Trtniof du¢•iion vi) th¢ provision of acadcrnic wurses. Both fvnds are currcndy in d¢ficit as currently cxpcnditure relating w ihe charitable objects of the company curtently exceeds the furtding received. The firbancial ststements h3ve been prtpartd on a going concern basis as th¢ parent und¢rtJking has indica￿J its willingncss to provide the necessary financial 5UPPOrt io enable thc compat)y ￿ mtti its liabililies lor a ￿riod of at leasi Lwtlve Thonths from the dale of approval ofihese financial statements_ 14. RELATED PARTY DISCLOSURES The company has taken advanmge of the exemmion available under the iemis of para8raph 33.IA of FRS 102 frorn di5¢105yr¢ of trJn5adion with othv thlly group utthrtakin 15. ULTIMATE CONTROLLING PARTY The directors regard George￿W￿ University, a non-profit institut￿rt of hishtr education orgatsised as non-stock totporation under federal charter ID th¢ Vniied States of Awio ￿ be the ultiinjte parent ndertakin8 and the ultimate eoninllirh8 party. Pa8e 18 ¢ortlinu¢d... Georgetown University IUSA) UK IDitl*tfves Ore4DlsA¢I•A Notes to the FRnaD¢ial St#t¢ll￿ts- eonthilled for the ye•r e•ded 30 JuDt 2022 I& COMPANY LNfTED BY GUARANTEE Page 19