REGISTERED COMPANY NUMBER: 06635942 (EnglAAd and Wales) REGISTERED CHARITY NUMBER: 1146078 Rep)rt of the Trnsteu nd Fli•vl&l Sltemeits for ¢b¢ Yer Ellded 30 J•n¢ 21123 for Geory¢tOW Ujlvtnlty {USA) UK Inl¢l•tfveJ Orynkntlo Grnit Harrod Ixrnwi D•vis LLP art¢d A0tants Statutory Awli¢or 151 Flwr Healthaid How Marlborough Hill Harrow Middle5¢X HAI IUD
Georgetowtt Unlvtrslty (USA) UK lllititives Orn7$tIon ofth¢ Flnn¢6#1 Stt¢mthts for the y¢#r ended 30 2023 Pale Report of the Trwlees Reporl of the lJdependeA¢ Auditon 8 to 10 S¢i¢¢m¢n¢ of Fkng4¢i•l A¢try#les B•l¥n¢e Sheet 12 Notes lo the FiniTrel•l Statements 13 to 18 Detailed Statemewl ofFIATrcl*l Attlvltks 19
Georyetown UDiversity (USA) UK Inltlltlves OrgxttistiD Rtport oftht Tr•stee5 for Iht year ended 30 JuThe 2023 The trustees who are also directors of the charity for the wtw)5es tsf the C¢Mnpanies Art 2(X16. present their rert with the financial statements of the charity for the year ended 30 Jun¢ 2023. The truslees have adopted the provisions of Aeeounting and Reportin8 by Clwities: Sttttement of Recommendgj PiCe applicable to charities preparing their OCCOUnts in accordance wilh the Financial Reporting S¢andard applicable in the UK and Republic of Ireland (FRS 102) (efftttiv¢ l J8DUW 2019). PRINCIPAL ACTIVITY The prineipAI aetivity of Georgetown University IUSA) UK Initiativ Organi5ation (GU UK) is providing academic ¢tsurs¢s in London 4t th¢ C¢nter for Tr•n5na¢ional Legal Studies (cfLS) lo students frc4n around the world sttJdyin8 law Jt ¢he tertiary or post-grUatc level. well a5 presenting public lectures and other educational events during the academic year. owE1V AND A1VITIL8 GU UK pursues the advancement of educati(ffl by providing acthmic courses in thll w CTLS to siudenls fr(rfn around the world studyin8 law at the tertiary or post-graduate level. as well as presenting public k¢wr¢s 4nd other educational events durin8 the xademic year. cfLS was (jnded on the principle that it is irt¢r¢&%in8ly imwJrtan¢ for le8al education to be global in nature and to include inlernaiional, compatative. and trAnSn)ti01j•W 50 45 10 reflKt the increased impact of 8lobali7Ation on all manner of le8al matters. In other words. as the world "shrinks," the importan¢e of transnaticaI and international le8al issues grows. The following is a non.¢xhaustiv¢ lisr of pa$t and ¢UTrent ¢our5e topics presented wiihin cfLS. provided by way of illLhSlrnllOlI." transttatimal l¢gal theory, ¢ompirniive ¢ontrt ¢heory. world trade law. international investmeni law. compfiraiive priv•¢y l•w, r¢gu141ion •nd developmenl and comparative legal insliiutions. Sitsdents ond faculty ai CTLS are wimarily drown from G¢org¢iown University Law Center and currenily 17 participaiin8 law schools (rom rnnd th¢ world.. Bu¢¢rius Law S¢hool, Ihe City University of Hong Kon8, ESADE Law School (Spain). Free University of Berlin, the H¢br¢w Uniw¢r5ity of J¢ru5alem, King'5 College London, Naiional University of Sin8ap)re. Pot)tific& Univer5id8d Jav¢riJn•, Univ¢r5id•d d¢105 Andes. Universidad Torcualo di Tella. Ihe University of Amsterdam, lh¢ University of Au¢klanit the University of FriEr8 (Switzerland), the University of Melboume, Ihe University of Tor0. University of Toronto. and Yonsei Law School. Students enrolled 41 rfh¢r, non-p4rti¢iFAling law xhoo]s may a150 apply individually to attend CTLS. Students attend courses al CTLS on a full-time basis for i)ne acaderni¢ kn dwing their degree 1r5e at their 'horne" law school, or exceptionally for two iernis. Students who have attended the CTLS pro8ramme may 80 LKI to careers in law. the jtsdiciary, 4cademic, governmen¢ s¢ryice, in¢ernalional or8ani5a¢ions, charilies or non-8overnmen¢al otEanisations (NGOS), or ¢ls¢wh¢re. Due to global scope of PArticipation, each class includes students from a diverse set of legal Ind nalional backgrounds. Students of Georgetowm UniveIty and the participatin8 law scknols do not pay tililion to GU UK for their attendance at CTLS. Instead students at participatin8 law schools continue to pay their tuiiion dir¢t¢ly lo their "home" law school. Each of the participating law schools or universities pays a fixed annual fee to GU UK to participate. Georgetown University additionalty provide5 8rant fuAlin8 to GU UK to support its operation. In order to achieve GU UK'S objectives. the Thte¢S have given c&reful clsleI10n io the Charity Commission'$ general guidance on public benefit includin8 its supplernentsry public nefit guidCe on advan¢ing ¢du¢4tion and on fee char8in8. GU UK benefits the law siudents from around the globe who attend CtLS who themselves may be in receipt at their home law schools of bursarie& scholarships. or other financial lstance. GU UK'S aciivilies also provide wider publi benefit in advancin8 the stste of le8al education and knowledge in th¢ w of traAsnat1aj law #nd Énternational law. It is also expected that a proportion of the students of CTLS will th¢ iniern&tion#l legal education thai they gain ai CTLS in public seTvi¢e careers wilh governmeni a8encie& InternlOnal trganisations. dwrities NGOS or other publi interest organisations. In addition. GU UK preset)ts free public ledures and other ev¢nts during th¢ a¢ademi¢ year (frorn August to Mayk including th¢ Transnatlonal law Couoquia s¢ri¢s •nd th¢ L¢aur¢5 in TrdnsRation#l Justice.
Georgttown University IUSA) UK Inlt5otiv¢y Ortpbtlo Report ofthe Trnsttes for the ye#r etsded 30 2023 ACHIEVEMENT AND PERFORMANCE The Center for Transnati)al Legal Studies continued to offer a fully in-person thiring the 2022-23 academic year, during which there were 74 students frcrfn I I different schools and 10 different countries in the Fall 2022 semester and 44 students fr( I I different s¢hool& representing 9 different countries in the Spring 2023 s¢me51er. The program offered a balanced variety of courses in the fields of public aTKI private law. alongsid¢ theory-orienled ourses. During the Fall 2022 semester, CTLS offered nine ekctive coursts styffed by fa¢ulty from CTLS portn¢r s¢hools and lo1 legal prg¢titionets. Coyrs¢s cov¢red an an8y of topics rangittg from Th¢ Trat)snational Dimensions of Firtan¢ial Regulation io an tntrodu¢ti(m to Int¢mational Criminal Law. on Introdu¢iion w Inrnalional Investment Law to D¢v¢loping CntrIeS in th¢ World Trirtg Sys¢¢m. In ihe Spring 2023 semeM¢r, crts also offered nine elective courses sthffed by faculty fTom cfLS partner institutions. Siudenis enrolled in courses such as Bioethics and the Law in Legal cnpalIve Perspective. Global Contract Law and the Di8btal Economy. and International Human Ri8hts Law. Alongside their elective courses, students were enrolled in the Core Course: Transnational Law.. Introduction and Selected Issu¢5 and ihe Gldjal Prxtice Exercise in iK)th seme51er5 - ¥n inlen5ive. multi41ay exc15¢ in transnational andlor comparative law, which provided an opiM)rtunity for the div¢rse sdenL and faculty ai CTLS to work iogether on a common le8al problem. StudenL% Also attended we¢kly colloquia and special guest lectures by speakers from a r•n8e of legal ba¢k8rouThJ$ as part of the Transnational Law Colloquium and Le¢iures in Transnational Justice series. The 2022-23 Lectures in Transnational Justice series was a 8reat success and continued to expand the Cenle¢s engagement with the wider legal community in London and funher afld. In the Fall 2022 semester, Angela Paolini Ellard, Deputy Director General of the World Trade Organizalion, and Professor Philippe Sands KC were inviied io give lectures. In the Spring 2023 5emesler. CTLS inviled Professor Martins Paparinskis of Univ¢r5ity Colkge l£ndon and Professor Fleur Johns of the University of New South Wales. A variety of in-person social events were also offered dwing b(rth semesters. ¢n•blirtg swd¢nis and f&¢ulty to ¢n8age with the program and each other. Events included walking IouT5 of legal [J0, mid-5eme5ter pub nights aThd severol movie ni8h(s. The wogram also hosied a number of carttr ialks by high pmfile speaker4 includin8 a talk by His Excellency Markus Leitner. Swiss Ambassador to the Uniied Kin8dom. In the Fall 2022 semester, class field trips resumed with a trip ¢0 Ejath, organtTzd by ProfeyJor J. Pe¢¢r Byrne ((ieorgetown Law Center) in connection with his class on International and Comparative Cultural Heritage Law. The trip was or8anized in the United Kingdom due to ongoing uncertainty regarding the public health situation and Frf)Icntial int¢rnJtional trav¢1 r¢stri¢¢ions. Th¢ stydent5 Yirylted the Bath World Heritage Centre arKI took part irt a walkin8 tour overin8 m•ny ¢ultyr¥l sit¢5. In the 5prittg, a field trtp to Geneva was or88nhzed by Professors Giovanni Grnni and Yuval Shjny in rn¢¢I10n With iheir (lasses on World Trnle Law and International Human Rights Law respectively. The 51udenls vi51ted the World Trade Organization and The OffKe of the High Commissioner for Human Righis. Facilitatin8 such visits offers CTLS students the chance to witness how laeTS frLMn a range of different backgrounds 80 Ot) to develop their career4 whilst also dn1Th8 their substsntive understandin8 of particular subject areas. CTLS sent a team to participate in the Willem C. Vis International Comrnercial Arbitraiion Moot in Vienna during the 2022-23 academic year and hired an external coach. Ms. Grace Chen& a twrister at 39 F.55ex Chamber5 in LKndon. The team also look part in numerous Pre-mcots. including the in-Pern BudaF¢St Pre-moot and the CIF.TAC Cup and IAC Central Asia virtual Pre-moots. CTLS a150 sent ¥4 team 10 POrti¢ipAt¢ in the Nelson Man(ki4 World Human Rights Moot for the fwst time in 2023, hiring ¢xtem41 ¢ts•¢h M$. LAur¢n Suding, a barrier Field Court Chambers in London. This gave s(knts from the spring s¢mester the oroortUnTty to take pth in an irtiemational moot competition. The ¢xp¢ri¢n¢es or¢ hug¢ly rewarding StsentS and allow them th develq) their skills as advocaies. cfLS will ¢ontinue ¢0 re¢ruii t¢8m$ for Ixjih ¢omF¢tilions in the next xademic year. CTLS is commirted to irtcreasing alumni engagemeni a1 lawiched its online Alumni H) in Spring 2023. The Hub is a unique platforni for cfLS students to discover new career opp)rtunities and to aid Frofes5ional developmenl and advancement. All fomier CtLS students were invited to join the Hub to reLx)nnect with their cfLS colleagues and grow their professional cwcle.
Georgetown Unlverslty IUSA) UK Initiatlves Organtsltlon Report of the Trnstees for tbe year e#ded 30 21n3 CTLS in Action CTLS held its annual Academic Conference "Al and Social DiViOn. in Mar¢h 2023. organi5ed by Profe&sor Yuval Shany (CTLS Academic Co•Director. Hebrew Univetsity of J¢nLsalem) 4nd attended by leading academics in the field. students and faculty. The confererKe Inc11¢d an a¢ademi¢ w(¥ksh(w. coll¢4uium and reception for all participants. CTLS ulso ]aunched its Summer ScholaTrin-Residence l¥ogrom in th¢ summer of 2023. The Program designed to allow faculty to spend one to fr weeks at cfLS in Lonth)n to ¢ondud research and to generaie xlk)larly ollaborations over the summer Feriod. Four inaugwal Summer S¢holar5-in-Residence were seleaed from a ompelitive application process open full-iime Georgetown faculty who submitted prop)sed res¢ar¢h proj¢¢is or scholarly collaborati($ that would meonirtgfully benefit being in London. The response frim th¢ inaugural Summer Scholars-in-Residence 2023 w•5 overwhelmin8ly w)5itive and CTLS plans to ¢xnd ihe program to faculty from its partner institutions from the summer of 2024. FUTURE DEVELOPMENTS CTLS coniinues its etTffls to recruil independenl students. In Fall 2023, CTLS launched a pgid advertising campaign via Linkedln aimed At POrtlial independenl Students from the us. cfLS also coniinues its pl9 to incree alumni en8agement. launching a new alumni webpa8e in Fall 2023. showcasing dumni profiles. CTLS Also added fwr othlitional pwtnu5 from Fall 2023. Jinthl Global Law School hls joined li the Foundin8 Partner l¢v¢l, lh¢ University of New South Wale5 ha5 joined at the Interniediate Parther level and Univer5idad de América5 in Ecuath)r and Universidad Panamericana in Mexico have joined ai the Regular Partner level. In athliticffi. current partner Universidad de Los Andes has upgraded to the Interniediaie Pattrer level.
GeoTg¢¢own u1ver$i1Y (USA) UK Initi*tives orpnilI0I Report of the Trnstees for tht yur tttded 30 June 21123 FINANCIAL REVIEW The Statement of Financial Activities set out on pa8e 12 of the fancial 51a¢ements shows how GU UK'S incoming resources were expended in the year eThled 30 June 2023. Total unrestricted incomin8 resources arnountrd to $1,080.045 (2022- $993.140A s3(KI,( {2022 - s350.() rec¢ived in ihe fomi of gifts and $780.(45 (2022- $643.140) of ¢uition •nd fees re¢¢ived. Resources ¢xp¢nded amounied io $1,122,427 (2022 - $1.269.946} on ethcatl. An analysis of the r¢g)urces eXded 1$ provided in not¢s 4 10 5 of th¢ fth•n¢ial statement The resultin8 deficii for the year on unrestricted funds was ($42.382) (2022 $276.806 deficit), which gave a total funds deficit of $3.775.863 (2022 - $3.733.481). The b81ance sheet set out on page 13 of the fmancial statements shows ¢h¢ finan¢iAI Posbtion of GU UK 8130 June 2023. CurnI 455ets are repSented by deirtors of $17.942 (2022- S39.011) and ush w bank and in har#J of $126.017 (2022- $10,914). Total assets less current liabilities amounied io {$3,775.863) (2022 - ($3.733.481)) which is r¢pres¢nted by the closin8 balance of ($3.775.863) (2022 - ($3.733.481)) of unrestricted funds and Snil of restri¢¢ed fund5. GU UK is committed to usin8 its resources in pursuit of its charitable objeciive& Although the fin¢141 statements of GU UK reflected a negative re5er4e balance at 30 June 2023, GU UK is ¢ommitted to securing a level of reserves thBt LS suffKient to ensure thai all commitm¢niS ¢#n be met #nd woteci the long.temi of its operaiion$. Until GU UK can secure A level of reserves lo rneet its on-going liabilitie5. G¢orgetown UrtLv¢fsity (the University) is committed lo provide Ihe r¢50urc¢s Treed to 5U51ain GU UK'S •ctiviiies. GU UK is ass¢ssin8 new initiatives ihat will stabilize the operating results going forward. Th¢s¢ new initiatives in¢lud¢ in¢r¢os¢d iuititw. increas¢d enrollment, and the pur5UIt of other educal¥Jnal program5 such as ¢K¢¢ylive eduuiion. In¥Y¢wd rev¢nu¢$ will positiv¢ly affect Ihe fulur¢ rman¢ial results and red¢ GU UK'$ dependency on the University. GU UK relies very much on ihe financial And (geraiional suFpcfft of the University and is Oeful to the University for its support. Reserves polley The Charity 15 fvnd¢d by th¢ University Jnd th¢rt ar¢ no ServeS Carried fon¥Ar Goln% eothtern The financial siatemenis have been wepgred on • 80in8 cfflcern bAsis Is the pwent undertaking has indicated its willin8ne&8 to provide ihe necessary fancial support lo enabk the company to meet its liabililies for a period of l¢all iw¢lv¢ m¢)nths frm the date of approval of these ritwla1 sernents.
GeoryetOWD University (USA) UK Inittatives Orpnistio Report of tht TrnJt¢es for tbe year ended 30 JuDe 21ll3 FUTURE PLANS CTLS CltinueS to prioritize parnership re(Jvitment efforts io inLYease diversity. Sirathmore University in Kenya h&$ agreed to join CTLS as its first Pro Bono pkner And the University of Slo Paulo has confirnied that they would like to re-join CTLS at the Intem)ediate Partner level. CTLS remains conscious of the impad of &Jditional students on 5pxe need5 and 15 tskin8 a measured approa¢h to partnership recruitment while also looking at long-terrn space options. CTLS is working with King's College with a view to rentin8 the remaining spac¢ on the 4th flwr in Bush HIKW, North-We5t Win& In the upcomin8 year, CTLS also ¢xpe¢ts'. - To siren8th¢n iea¢hing by ¢ontinuin8 ¢0 emphasize cctrteaching fxulty student Ul8agem¢nt. - To coniinue developing a ¢urri¢ulum whi¢h 15 well-ba1Ced between iwiness and non4usin¢s$ subj¢¢i& public law and private law, Ih¢or¢¢i¢o1 ond diKlrinaVwactical. - To ¢Miinue increasing the dIVeity of the program partiCipts and the CWTiculum. - To continu¢ d¢veloping CTLS as a platforni for lectu panels. and hi8PprOf11e $p¢Ak¢ts by building Im the research and scholarship aspect of ihe enterprise and tlwough increased alumt)i engagement.
GeoTtelowD Uttivtrsity (USA) UK Imitlltives Orpnistio Report ol the Tmtees lor tbt yr emded 30 Junt 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT GU UK is a company limited by guarant¢¢ (company r¢gi5trion number 06635942) ONI is gov¢med by its Memorandum and Articles of AsKKiation. GU UK is r¢gi51ered with the ChaTity Commission of England and Wales (charity re8istration number 1146078), with ¢ff¢c¢ from 23 February 2012. The Tru5t¢es, who are •150 the dir¢¢tOT5 forth¢ PrySe$ of ¢pY l•w. who smed thjring the yearand up to ihe date of the report were: W. Treanor M. MattSINI D. Green Trusttts use their own network of conlacts to identify 5uithble c4ndid4te5 p)wssing the necessary knowledge and skills lo Kt as TTU5tee$ of GU UK. Ai the preseni lime. GU UK h&s three which is corsidered adequate for ils purwses. Trustees we r¢¢Juiied on the bosts of ih¢ir existing relevant knowledge. Inforni1(ffl rel&iin8 to GU UK'S legal fth4n¢es ond a¢iiviiies are provided in VanCe of appoinDneni. Trustees are expeaed to identify their trainin8 needs and to tske megsures io ensure thai these needs are meL GU UK has ihree Trustee& which are {]) the University. a non-profil inslilution of higher e(ratIon oryoni5¢d a5 non-stock corporation under federal charter in the United Sts¢es of America lthe University) (a5 r¢pre5en¢ed by ¢he individual holding the position of Secrelary of the University), (li) Ihe diVlU4] holding th¢ wJsi¢ion of Chhef Fin¢11 orricer at the University. and {iii) the iThJividu41 holding the p(tsilion of Ex¢¢uiiv¢ Vi¢¢ Pr¢$id¢ni for Law C¢nter Affair5 and Dean of ihe Law Cen¢er ai ihe University. The aforem¢niion¢d individuals setve as members by vitThe of the positions they hold ai ¢he Univ¢r5ity,' if they were le4v¢ their postiions 81 th¢ University. the tnjsteeships would Iran$fer io their Su¢¢eOr$ in their )llonS 4t the University. GU UK'$ policy is set by the Board of TN4¢¢s (the "Board"). and an Administraiive Director. cutrently Maike Kotterba-wilson. exercises the day.tO•day management of cfLS. The Trusttts of GU UK or ihe Board may. from time to lime. appoint any person as a member of the Board either to fill a casual vxancy w by way of addition lo the Board, subjeci to the provisions of Ihe Anicles of Association. Any Tru51ee so apFKJinted shall relain orre until he or she resi8ns as a trustee of GU UK or upon other ¢ircum51ance5 sei forth in the Artick5 of A550¢iOLion. RISK STATEMENT The 'l'rustees arc aware of iheir Te¥Jonsibility io ertSre the major risks to which GU UK is ex are identified and to esthblish systems to mitigate those risks. The Trnstees believe thai adequate controls and systems are in place to miiig¢ ttny ¢xt¢mal and iniemal risks thmt GU UK may face. REFEREJ¥CE AND ADMif41STRATIVE DETAILS ReKistered Cornp*ny number 06635942 (England and Wales) Reglslered Charity nurnber 114&)78 Registered offict 1st Floor Healihaid House Marlborough Hill Harrow Middlesex HAI IUD Trus¢tts W. Treanor M. Maltson D. Green
Georyetow• UDivtrsity (USA) UK IAitttfves OrgtstS0 Rtw)rt of the Trn$t¢ ror the yer ¢lld¢d 30 Juthe 2023 REFERENCE AND ADMINISTRATIVE DETAILS Auditors Grant Harrod Lernian Davis LLP Chartered Accountants Statutory Auditor 1st Floor Healthaid Hse Marlbomugh Hill Harrow Middlesex HAI IUD STATEMENT OF TRUSTEFS, RESPONSIBILITIES The Trustees (who are a150 the direclors of Georgetown University (USA) UK Initiatives Organisation for the purposes of company law) are rrspry15ible for prewin8 the Repcrt of the Trustees and the fmancial $tatemenis in aOrdance with arpli¢able l•w and United Kin8dom Acc(ntin8 StandaTds {United Kin8th)m fjentrally A¢¢epied A¢UNtIng Pra¢¢i¢¢). Compony law require5 the Trustees to prepare financial statements for each financiAI year which give 4 true and fair view of the 51a¢¢ of affairs of the charitable company and of the incomin8 re$wr¢ ond applicaiiort of resource in¢luding ihe income and expenditwe, of the charitable cornpany for thai period. In preparin8 those financial slatcments. the Trustees are required to Select suitable accounting policies and then appty ihem consisientty: . observe the method5 and principles in ihe Charity SORP: - make judgements and estimales thai are reasonable 8TrJ pw(kni: prepare the fmancial statements on the goin8 ¢(ffi¢ern bosis unless li is inaAroprii to presume that the charitable company will continue in business. The Truslees are responsible for keeping proper a011n8 records which di5c105e wilh reasonable accurncy at any time the fanCIal position of the charitabk wmpany and io eble them to ensure th the financial siaternents comply with the Companies Act 26. They aye also respsIble for feguArding the as5e15 of the charitable company and hence for tAkin8 reasonable $*ps for the weveniion and detection of fraud and other irre8ulariti In so for 0$ the Trusie¢$ are aware: - there is no relevant audit infomi4tion of whi¢h the ¢htritsble companys alI10r9 are unawore. and rhe miMe¢s have tsken 811 $tep$ th¥¢ Ilw ought lo have tsken to make themselves awve of any relevf1 wdit inf0mail and io estgblish that the auditor5 are aware of that infomiation. AUDITORS The audi¢ors. Gront HarriNJ Lernian Davis LLP. will be proposed for Te•appointment At the forthcoming Amual General Meding. ..S.I.IL.Sf)9.{........... Apwjved by order of the Eoard of tTU5tees on ... . awl $i¢d on its behalf by.. D. Green- Trustee
Report of tht Independent Auditors ¢0 ibe MemberJ of Georg¢tDwn university (USA) UK Initi•tive5 Organis•1io Opinion We have audited the financiat statements of Georgetown University (USA) UK Initiatives (hganislon (the 'charitable company'} for ¢h¢ year ended 30 Jun¢ 2023 whtch comprise the Slement of Financial Aciiviiies. Ihe Balance Sheet, the Cash Flow Stsiement and nos to the fllwicial ststements. includin8 a summary of significant accounting Foliciek The fmancial reporting framework tht has been applied in iheir preimraticffl is applicabk law and United Kin8dorn Accounting Siandards (United Kingdom Generally A¢ttpted Acc11 Practicel In our opinion the financial statements.. give a true and fair view of the sts¢e of the chjritable CThnP•Dy'S ¥ffaI ¥s #t 30 Jun¢ 2023 #nd of its in¢ixning resources and application of resources. in¢luding its income #nd expcrmliture. for the year then ended; have been properly prepared in accordance with United Kingdom Gerterally Acttpted Aceouniing Practice; and have been prepared in accordance with the requir¢m¢nts of th¢ Companies Ad 2(KJ6. BMi$ ftsr opinio We conducted our audit in accordgnce with Iniemaiional Standards (ffl Auditing (UK) (ISA3 (UK)) and applicable jaw. Our resp)nsibilities under those stsndayds are firther described in the Audilors. responsibilities for the audit of the fmancial slaiements section of our report. We are indendent of the charitsble company in accordance with the ethical requirements that are ttlevani to our audit of the fanCial slatements in the UK. including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in ac¢mtsn¢e wilh th¢s¢ r¢quirem¢nts. We b¢li¢ve that ihe audit evKlence we have obtained is sufficient and OT0pri4t¢ ¢0 provide 8 b4$is our opinion. Con¢lw$loThJ r¢l•tlng ¢0 g•lTrE ¢0¢¢ In auditing ih¢ financial staiemenLS. w¢ have ¢oncluded that ihe tru#ees' use of the 80in8 concern basis of accounting in Ihe preparation of ih¢ fthan¢1 &ai¢menLS is aN)r(TJri&tr. Based on ihe work we have perfornied. we have noi identified any material uncertainiies relatin8 to even15 or conditions that. individually or collectively. may cast Si8nificant doubi on the charilable company's ability to coniinue as a going concern for a period of ai least twelve months from when the financial ststements are authlxised for issue. (Jr responsibilities and the responsibilities of the trustees with re5Fd to going con¢em Are described in the rel¢van¢ Sections of this report. Other InfoTmMtIo# The trust¢es are r¢spon$ibl¢ for the other infomolion. Th¢ other infomiaiion comprises the inforniaiion included in the Annu81 Report, oiher than ihe finAn¢i81 swtements and our Rep of ihe Indqjendent Auditor5 thereon. Our opinion on ihe financial ststements skns noi cover ihe h¢T information aThJ, except to the extent otherwise expliciily slated in our reFQrt. we do not expr¢55 any forrn of J55urance conclusion th¢reon. In connection with our audit of ih¢ financial stsiem¢nts, our responsibility is read the other infonnaiion and. in doin8 50, ¢on5ider whe¢her the other infonnation is materially inconsistent with the financial statements or our knowled8e obtained in ihe audit or otherwise appe5 to be maierially missthted. If we identify such material inconsistencies or apparenl malerial rni5ststem¢nts. we are required io deiern)ine whdher this 8iYes rise to a material misstatement in the financial statemenis themselves. If. based on the work we have rf[rned we conclude that there is a material MItateMent of this other infmation, we are required to ryort that facl. We have nothing to re&rt in this regard. Oplnlon$ on other Matters prtterlbed by the Compnles Att 2( In our opinion. based on the work undertaken in the course of the audit.. the infonnatioTh given in the Report of the Tru51e¢s for the ycar for which the fmanrijl 5tJtern¢nts ¥r¢ prepared is consistent with the financial staternents- and the Report of the TTUStees has been w¢pared in with aN>licable legal requimtients.
Report ofthe Independettt Allditors to the mberS of Georgetown University (USA) UK IMititive5 MAtters on wbieh wt re reqwired to report by exeeptw) In ihe light of the knowledge and understanding of ihe charitsble CLMnpany artd its environmertt obtsined in th¢ courn¢ of the audil we have not identified material misstatements in the Report of the Truste We have nothing to re in rtspea of the following matters where the Compfinies Act 2006 reqUIS rep)rt to you if, in our opinion: adequate cOUnting records have been kem or rfums adeqiiate for wr audit have been reiVed from branches not visited by us: or the fthancial statements are ncrt in ayeement with the acCn(ln8 C(d$ and reiurns; ¢¢rtain disclosures of tru#ttS' remunerntion specified by law are not made. or w¢ have not received all the infomiation and exptana¢iorts we require for our audit: I Ihe trUeel were not entitled to take advatttage of ihe 5m411 ¢C4np1¢s exemption from the requirement to Prep¢ a Strategic Rep(wl or in pr¢porin8 the Rew)rt of the Trusltts. Rtspothiibilitits of truite¢J As ¢xplain¢d more fully in the Stht¢m¢ni of Tnlsts Re5ponsibililies the ITU5ttts (who are th150 the directors of the charitable cornpany for ihe puTpK)ses of company law) are resWm5ible the preparation of the fanCiAl statemenls and for being 5ati5fied thal they give J ¢rue and fair view. and for such int¢mal conlrol a5 the trustees detennine is necess to enable the preparation of financial statements that are free from material misslalemenL whether due to fraud or eThor. In preparing the financial statements. the tru5tee5 are resp)nsibk fw assessin8 the charitabk company's ability to continue as a going ccfflcern, disclosin8, as applicable, matters related ¢0 goin8 concern and using the goin8 concern basis of accountin8 unless the trustees either intend to liquidate the charitable c(qnpany or to cease operations. or have no realislic alternative but to do so. Our regponslblllllu for tht audit of the fin•ncl•l slatefftemts Our objectives are to obtsin reasonable assurance about whetIr the fmancifftl statements as a whole are free from rnaterial misststemeni, whether due to fraud or error. and kn issue a Rewrt of the Independenl AudirS thai includes our opinion. ReasCab1e assurance is a high level of gssurnnce. but is nol a 8uaranttt thai an audit condu¢t¢d in accordance wilh ISAS (UK) will always deieci a mat¢ri&l misstaianent wh¢n tl ¢xisis. Misstaiernents ¢an Irise from fraud or error and are considered material if. indiv1thIlY in the we8ate. they could r¢ason&bly be expect¢d lo influence the economic decisions of ustts taken on ihe basis of these financial swement$. Th¢ ¢xitnt to which our wule3 we capble of d¢¢iin8 irr¢gul¥iiies. including fraud is d¢thil¢d below: W¢ have obtsin¢d on und¢r5tandiDg of the l¢g¥l and regul0ry frxmewwk5 4ppli¢uble to the Company and the indu51ry it operate5. We daemiin¢d thai ihe following laws and w8u110tts were most 5igrtif1¢4rtt.. FRS102. CiJmpJnie5 Acl 2006, H¢alih ond S4fety. We obtained an un(krsthnding of knw the ij ¢omptying with those legal Tegulatrry frameworks by making enquiries of rn4nagernen¢, Ihose responsible for legal and compliance pnKedures and the company secretary. Our findin85 were corroborad by review of the board min$ and paF¢rs prepared by the board of direcloTS. We assessed th¢ su5c¢p¢ibility of the Company's fanCial slatem¢nts to material mi5tenn( includin8 how fraud might wcur. Audit procedures perfonned by the audit team included: - Obtaining an understanding of how those char8ed with governance C(51dered and addre the potential for oveThiik of controls or other inapprowiate influence over the financial rew)rting F(ess. - Chailenging assumptions and judgernents m by managet in its significant accounting estimates. - Identifyin8 and testin8 joumal entrie& with a focus on entries nwk with unuswil xcounting combinaiions. - Identifying and a55essin8 the design and effectiveness of controls management has in place to prevent and detect A further de5CriPtion of our responsibilities for the audit of the financial slatements is located on the Financial Reporting Council's website at wwiv.frc.org.uklauditorsrewsibilities. This dewtion forn part of our ofthe IndeF¢ndent Auditors.
Rert orth¢ Independent Audltorj to ¢h¢ M¢Mbers of Ceorgetowll Unlv¢rslty (USA) UK Ihit¥atiYes Organisatio Use of our r¢port This rcpDrt is made 501ely to the charitabl¢ ¢ornpanYs memi¢r& as a bpdy, in aordance with Chapter 3 of Part 16 of the CompaTrie5 Act 2006. Our audit work has been undertak¢n so thAt we might st¥t¢ lo the chatithble compaDy m¢mber5 those matter5 we r¢quired io st81¢ to Irn in an auditors, report and for no other purp(tse. To the fullest ¢xi¢ni p¢m)itted by law, we not accept or assum responsibility io other ihan the charithble etsmpmy and ihe charithNe company's tnetnb as a body. [( r th5$ fEPQT( or forthe opinions we have fornd. Jonarhan Grani (Senior for and on Ixhalf of Gra Chartered Accountants Statlltr¥ry AlItOr Isi Floor Healthaid House Marlborough Hill HaOW Middlcscx HAI IUD uditor) L¢mian Davis LLP HWT Dat¢.. 13 £02¥
Georgetown Uttiverslty IUSAI UK Il(latIVeS OreanlJAtIott Stt¢tyeot of F1McIal A¢th+lths for the ye•r ¢#dtd 30 2023 2023 Totsl 2022 Total funds Unyestrided Restred fund fund INCOME AND ENDOWMENfs FROM Donations and legacies 31KI.(KK) 31X).O 350.oc Other trading activities Tot1 1080 045 EXPENDITURE ON Charitable activllks Education IYET INCOMEJ(EXPENDITURE) <42Jf2) {42.382) (276.806) RECONCILIATION OF FUNDS Tothl furnls broughi forward 13.733.481} (3.733.481) (3,456,675) TOTAL FUNDS CARRIED FORWARD 3 775 803 3 733481 The noies forni part of these fuwicial statements
Georgetown University {USA) UK Iniliitiw¢s OrpllLs•lio B•lanet Sheet 30 June 21 2023 Total fund5 2022 Tot41 fund5 Unrestricted Restricted fu fund Notes FIXED A&SETS Tangible assets 633,489 633,489 809,782 CURRENT ASSETS Debtors Cash ai bank and in hd 10 17,942 126.017 17.942 126017 39.011 143.959 143,959 49,925 CREDITORS Amounts falling due withui on¢ y¢ar {4.553.311) (4.553.311) (4,593,188) NET CURRENT A&SETSI(LIABILITIES) 4 409 352 4 409 352) 4.543 263 TOTAL ASSETS LESS CURRENT LIABILITIES (3.775,863) {3.775,863) {3.733,481) NET A&SET51(LIABILITIES) 3 775 863 3 775 863) 3733481 FUNDS Unrestricted funds 13 3 775 863 TOTAL FUNDS 3 775 863 These financial slalements have been prepared in a¢Crydae with the provisiS applicable to charitable companies subject to the small compffiies re8im¢. The fin cial s(a*ments were approved by the Board of T¢¢$ and iuthoris¢d for issue on £iiY9Qg.4............... and were signed on ifs behalf by.. D. Green- Trustee The notes fm part of these flllancial statements
Georgetow UDlvetslty (USA) UK Initiatives OryanisatioA Notes to tht Flnineill Sttoments for the yer ended 30 J•Ae 2023 ACCOUNTING POLICILS B41is of prtparlng the fithAmei#l itatthents The flrtartcial 5tatemertts olthe charitsble compoDy. 7¢h is & pthlic benefit tity under FRS 102. have been prepaTed in 4cwrdan¢e with the Chtiriti¢s SORP (FRS 102) 'A¢eouniing Rep)rting by Charities.. Siatemeni of R¢¢omrn¢nded Pr8¢ti¢e 4)plir4bk to chIlle$ preparing their accounts in a¢¢ordanee with lh¢ Fimncial Rewjrting Standard applicable in the UK at)d Rewblic of Ireland (FRS 102) (elTectiYe l January 2019),. Finan¢ial R¢p(irting Stsndard 102 Th¢ Financial Reptrding Siandard Applicable in the UK and Republic of Ireland, and the Companies 2(1)6. The f£)81 $tyments have been prepar¢d under the histori¢al ¢osl convention. FlnanclAI reportin# Stsidard 102- Tedueed dts¢105wre exemp¢i0Tr5 The chaTity ha5 laken Jvontsg¢ of the following disclosure exemptions in prepwing ih¢s¢ [ine11 s¢atemenis. nnitted by FRS 102 The Financial Rep(¥ting Sthnd•rd 4vIbb in the UK and R¢wbli¢ of Ir¢14nd: the requirements of Section 7 Statement of Cash Flow& the requirements of Section I l Financial InstwIrIs P4Ta8wthJ I1.41(bA I1.41(c). 11.41(e). 11.41(0. 11.42. 11.44.11.45. 11.47. 11.48(aXiii), 11.48(aXiv), 11.48lb> and I1.48{c): the requirements of Section 12 Other Fin•n¢iil In5trurn¢nts pryr4phs 12.26. 12.27. 12.29(al. I2.2) and 12.29A. Ihe requirements of para8raph 33.6 Key Managernent personnel c(Inpu11on. Ineomlni r¢wurces All income is recognised in the Slalement of Financial Aciivities once the charity has entitlement to the funds, it 1$ probable that the income will be Teceived and the amount can be measured Teliably. All incomin8 resources are irKluded in the Statement of Financial Activities when the charity is legally entiiled lo lh¢ irt¢om¢ and the amount can be quantified with reasonable xcuracy. Incomin8 resowces are accounted for on an J¢¢N41s basis with the ¢x¢¢wion of incomin8 resowc¢s relating w pl¢d8¢s which xcounted ftir on ¢ath basis. ReJour¢eJ exp¢thd¢d Liabilities are r¢cogDixd as ¢xpendiwr¢ &% soon AS there is a leyl or ¢mstrnetive obligation wnmitting the charity lo tha¢ exp¢nditur¢. it is probobl¢ th41 J trJrLsf¢r of e¢onornir b¢n¢fits will be required in settlement and the amount of the obligalion can be me¥sured reliably. EKpenditllTe 15 4rxount¢d on 4rcThJ15 b•sis and h45 been cla55ifKd und¢T he4ding5 thJl JBgr¢ge all cost relai¢d to the category. WThere costs cannot be directly attrilted io particular headings. they have been allo¢ed a¢tivitie5 ffi 1 Iwis ¢thsisl¢nt with th¢ use of resourcm. Reporting curreney The fthancial statements have been WePed in US dollu5 (l"1 The exchan8e rate at the balance sheet date wa5 $1- £0.79207 TTrgibk fixed sts Depreciation is provided at the followin8 arnual Tates in to lIe off each asset over it5 estimated useful life. Improvements to wopety Plant and machinuy 15Yo on cost stralt line over 5 years and Straight line over 10 years Relattd party exemptio Thc charitable company has tsken advantsge of exemption. under the ternis of Financial Rep((ling Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, not to disclose related party transactions with wholly owned subsidiaries within the group.
Georgetown University (USA) UK IDitiativu Organ154¢1on Nol¢s lo the FlnNn¢l*l Statemertts- eoDtlnued for tb¢ ye•r ended 30 June 2023 ACCOUNTING POLICILS- ¢•Ntlnued Tmyatlo The Charity is 8 regiSted charity. As such is eniiiled to certain tax exemmions on iwome artd wjfiis from inv¢stm¢Dts. and surpluses on any trading activities carried on in furtherance of the ¢hwity'S primory objective4 if these profi¢S And surpluses aye applied solety f(f charitable purye& Fund #eeounting Unrestricted funds can be used in a¢¢LYde with the ¢hwithble rt)ieaives at the discretion of the Thistee5. Restricted fund5 can only be used foT Particular restricted pufj)oses within the objects of the ch8rity. Restrictions arise when 5pttified by th¢ donor or when funds are raised for particular restricted pury>ose5. Further expl8nAtion of the nature and purp)se of each fill 15 included in the notes w the finon¢ial sw¢m¢nts. Golng conrern The fancial 51atements have been preFwed on 4 going wic¢rn Iwi5 as th¢ pttrtnt undertakirt8 has indicAted its willin8ness to provide the necessary financial 5YPWt to ¢n#ble th¢ ¢ompany to meet lis liabilities for a period of t I$t twelve M(th5 frcTh the te of approv410(these fthancial statements. Foreiln curren¢k> Asset5 and IvAbilities in fweign currencies are translated into dollars at the rale5 of exchange ruling w the balance sheet d4te. Tran$4¢11$ in forei8n currthcies are translated into thsliars at the rate of exchange ruling ai ihe date ofir•nwtion. Exchange differences are tsken into xcount in 1ving •¢ the opernting r¢suli. Operntlng ktse Amounis payable under Owatin8 leases are chuged io ihe Sw¢meN of Fin•ncial Activities on A strai8ht line basis over the pttiod of the lease. Penslon eosty and other pMt-retlrem¢nt b¢n¢llts The Company (perales 4 defth¢d ¢ontribuiion nSIon scheme. Conlribulions payable to the Comynys pension herne are ¢har8ed io the profit and loss accouni in the periTrJ io which they relate. DONATIONS AND LEGACIES 2023 2022 Gi OTHER TRADING A1VITI 2023 2022 Tuilion and fees
Georyetown University (USA) UK Initiatives Org•DiUtion Notu to the frlnancial St•teTh¢nts- continued lor the yer ended 30 J¥ne 2023 CHARITABLE A[VITIEs COSTS Totals 2023 2022 2023 2022 Education 1 122427 122427 1269 946 NET INCOMFJIEXPENDITURE) Net in¢omel(expendiwre) is slated 8ft¢r charging(creditin&): 2023 2022 Depre¢iaiion - owned sse Other operaiing le•5¢S Auditors, remuneralion 176.293 237,911 176,280 257.855 TRuELs, REMUNERATION AND BENEFITS TheTe were no tru¢¢$, wanuntlOn or other bthefits the year ended 30 June 2023 nor for ihe year ended 30 June 2022. Trwteu, expenses There were no trustees. expenses paid for the yeAT ended 30 June 2023 nor ftir the ye4r cndrd 30 June 2022. STAFF COSTS 2023 2022 Wages and tarI¢S Social security costs Other pension costs 254.140 19.128 221,991 20,973 261686 The avern¥¢ m¢Jnthly number of ¢mployces during the ye•rwas follows: 21Y23 2022 Administration The number of ernployees whos¢ employee benefits {¢x¢ludin8 employcr Sion cos¢s) ¢x¢¢*d $60,1)CKI wa5: 2023 2022 S110,(W-$120.(
Georgetowtt University (USA) UK ltsitiatives Organistion Notes to tht FiMaDciI St•ltments- eonlinued for the yer ended 30 June 2023 COMPARATIVES FOR THE ATEMENT OF FINANCIAL ACTIVITILS UnreMricted fvnd Restricted fund Totsl funds INCOME AND ENDOWMENTS FROM Donations and legacies 350.0(rf) 350,¢Xrf) Oiher ¢r4ding oai¥iiies Tot•1 993.1410 EXPENDITURE ON Ch4rltsbl¢ ¢tlvl¢l¢s Edycalion NET INCOMEJ(EXPENDITURE) (276.806) (276,806) RECONCILIATION OF FUNDS Total funds brought forward (3.456,675) (3.456.67S) TOTAL FUNDS CARRIED FORWARD 3 733 481 3733481 TANGIBLE FIXED ASSETS ImFYovemenls ¢0 Prorty Plant and machinery Totals COST At l July 2022 and 30 June 2023 1405 244 1514940 DEPRECIATION Ai l July 2022 Charge for year 661280 165 323 43,878 705,158 176293 At 30 June 2023 826 603 881451 NET BOOK VALUE At 30 June 2023 578641 633 489 A¢ 30 Jun¢ 2022
Georyetown Unlversity (USA) UK Initiatives Oryanisation Notes to the Flnaneiil St•tements- eontinied lor the year ended 30 JU 2023 io. DEwfoiLS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Prepayments 39.011 CREDITORS.. AMOU]YTS FALLING DUE WITHIN ONE YEAR 2023 2022 Amounts owed io gTOYP undtskin8S her ¢rediiors A¢¢nwl$ and defened in¢(Nn¢ 4.466.328 21.691 65292 4.484,110 50,776 4553311 4593 188 Georgetown University have gu4n¢eed io provide the ne¢¢&54ry finon¢ial Sup[ io enable Georgetown University (USA) UK Inilialives Orglnisalion lo meet its liabililies for a period of ai le l year from ihe date of apFYoval of these f¢111 ltern¢nts 12. LEASING AGREEMENTS Minimum lease payments under non•cancellable OFmtin8 teases fall thje 15 follows.. 2023 2022 Wiihin one year Beiw¢en one And five y¢grs 210.770 203.017 456 789 474 233 13. MOVEMENT IN FUNDS Net mov¢rnen¢ in funds Al 30.6.23 At 1.7.22 Unrejtrtcted funds General fijnd (3,733.481) (42.3r2) (3,775,863) TOTAL FUNDS 3 733481 3 T15 863 Nel movement in funds. in¢lud¢d in the abov¢ are as folknys: Inc4Jnin8 Resources ex[ed Movement in funds UnT¢Stri¢ted Genernl fund 1.080.045 (1.122.427) (42.382) TOTAL FUNDS 1080 045 122 427
GtOTg¢tow• Unfv¢r5ity (USA) UK Inititivts or£#8t10 Notes to tbt Flnnell Sttements- conllnued for the year ended 30 June 2(123 MOVEMENT IN FUNDS- contlnued cOmrIt¢S for movememt in funds Net movement in funds At 30.6.22 At 1.7.21 Unre51rlcted funds Generdl fvnd (3,456,675) (276,806) (3.733.481) TOTAL FUNDS 3 456 675 Comparative mov¢m¢ni in fvnds, included in the above ¥rt as follows: Incomin8 Resources expended Movement in funds unrestr1¢t fund General tund 993,140 (1,269,946> (276,8061 TOTAL FUNDS Th¢ urtre5tricted funds att t¢en used in attordance wilh the CnIAble obje¢iives at the discretion of the trustees. The charitable 1p)Se is ihe advarKemenl of ¢dutIon via the pn)vision of ac8demic courses. Both funds are currently in defi¢it 15 ¢urrently ¢xpenditwe relating to the charitable object5 of the Company currently exceeds the funding rffeived. The fin¢11 ststements have been prepared on a going concern basis as the paren¢ undertaking has indicated its willingness to provide the nece5sHry financial support lo able th¢ comparby ¢0 rnttl it5 liabilities fff a period of at least twelve months from the date of gpproval of these financial statements. 14. RELATED PARTY DISCLOSURES The company has taken advantsge of the exem01 available under the tenns of paragraph 33.1 A of FRS 102 from disclosure of transaction with otb¢r wholly owned group undertaktngs. ULTIMATE cowfROLLING PARTY The dwectors regard Georgetown Universiry, a nonrofit institution of higher education organised as o non-s1k ¢oryM)ration under federal Charter in the United s¢$ of Am¢ri¢4 to be th¢ ultimate pareni ndenaking aTrJ ihe uhimate crntrolltng pfity. 16. COMPANY LIMITED BY GUARAiYfEE The CoMY inc• on 2 July 28 as a mp•y Limited by Guardntee.