RFGISTERED COMPANY NUMBER.. 06635942 IEthtlAlld *nd WèlEJl REC.IS¥£RED CHARITY NUMBER: 1146078 R•porf •fth¢ Tnstres Ind Fln•n¢i*l statem￿13 for Ihe YeAr Ended 30 J*ne 2014 for GeoryttowD ￿￿1Ver￿lty (USA) UK loltlilivtg Ory*nts#llon Gra￿lI&ll0d Lerman Davis LLP Chirtertd A¢(ourtanis Sthiuiory AtMliiof5 Second Floor, Kirkland House 11.15 Pete¥botW8h Road Harrow Middl¢sex HAI 2AX Georyelown Univetslty IUSAI UK InitlAtl¥es OryAniOtlo ContsAts orihe Fin•oci•l St8t¢rxo15 forth¢ yE8rtnded JO June 2025 PAgt Report of thtTru51*tB R¢ptrrtof tht lDdq)eod￿l Audit• stsi•rn¢#t of FlngTr¢ial Atliyitle BAl*•eè Shl 12 Nole5 to th¢ finiotlll Stst¢Th￿ts 13 to 19 Det•ikd St•t¢rneni of fwb*•¢ial Acfwilies Ge•rE¢tOr￿ Unlv¢rslry IUSAI UK Report of the Truyt¢tS forfhe y¢*r tnd*J 30 Juae 202S Th¢ trUS¢C¢5 who Ire also dirt¢wrs ofihc ¢harity for Ihe pwposes of lh¢ Comptsnics Aci 2006, pr¢s¢ni Ih¢ir repon Mryih the fI￿n¢1a1 stsiemen15 of Ihc tharily for the Y￿ ended 30 Junc 2025. Th¢ tr￿¢¢5 have ￿trPiCd ihe provi5ioNs or Accouniing and Rewrling by Cbariiies.. ￿￿teMeN of R￿mmended Pra¢ii¢e applicabl< ￿ chariiic5 pKparing iheir acco￿￿19 ID a¢thance iwiih the Find￿181 R¢portinB Slandord aFvli¢abl¢ in Ihe UK ond Republi¢ of Ir¢1W￿ IFRS 1021 tfftllivc l jeTh￿ry 20191- PRINCIPAL AcfivJTY The principal aciiviiy of Gcorgeiown Universiiy IUSAI UK Iniiialive5 Organi581ion IGU UK) is providing acadcrni¢ courses in London ai the Cenier for TTPnsn￿1OnaI Lesal Studi¢5 ICtLSI 10 Stud¢D15 from •round Ihv %Yorld ￿udyI[￿ law 81 the t¢rti8ry or pJSi-Bradu￿t l¢v¢l. as i¥cll as pr¢seniinB publi¢ lectures and Ot￿r edwalional ¢Yents duriThg IhE academiG ￿r. OBJECTIVES AND ACTIVITIFS Objtctlwes owd iims GII UK pur5ur5 IhE odYBnccmeni ofedurBiion by providinB academi¢ courses in IAndDn w CTLS l(¥ studen15 Irom a[0￿d th¢ world siudyuw liiv at I￿ lertiary OT POSI-8Taduate level. as Ivell a8 pr¢seniin8 public ledufe5 Ind oiher education￿ ¢Yents duiin8 IhE È¢adunic yeor. CTLS ivaj founded on Ibe priJ)¢iple Ihrf li 1$ I￿￿r￿lD81Y IM￿rtant f 1¢8al ¢d￿allOn 8lob&l ith nature lo incI￿k iniernalionyl. compuaiive. IranSn￿lI)nal laiy so y5 W T¢tIEd rh¢ ifiCT¢ased ifflPaGI of 8lobali7Aiion en ail molln¢r ork￿1 Matte￿ In oiher Ivord5. 05 IhE world'shrinks,. thB lrnp)rta￿¢ of irnnsnaiional and inlernatu)ro1 le8at issues groivs. The followin8 is 8 ￿n-¢AhPuSI4ye lisi of past 3nd Course iopi¢s prcs¢nlrd iyiihin CTLS. proyided by iyay of illustration.. iransnalional legal Ih¢ory, 1rdn5￿￿10￿aI roAirnEI laiy. Id irade IBW. i￿l¢matiOns1 inv¢$imcnl laiv, ¢ompatalivc privacy laiv, comparative Al re8vlalion. comptr￿11￿¢ legal inmiluiions. Stud¢nis and faculty ai CtLS are prirnarlly dr•wn from GEtsTg¢knWn Universiiy IAIV cth)￿r and curr¢nily 22 rffjrti¢iydlin8 laiy sch)01s frotn around Lht world.. Amsl¢rd￿n Law School. Buc¢riu5 Law School. City UnivrJsiiy of Hon8 Kong. EBS Univetsiiy, ESADE LNW 5¢hool. Fre¢ VniveTSiry gf Beflir4 the H¢b¥e%v Univ¢tsily of Jcrusalem. IE L•iY S¢hK)l. Jindal Glob?1 LHIY S¢hDoI, King'5 College Londoll. lh¢ N￿lO￿al Univ¢r51ty of Sing4)or¢. PthnlifKia Univer5idad Javer¢Hn& Univer5idad de105 Andes. Univcrsidad Pamrnericana, UniYew5id8d TorcuBio Ji Tclla, Universi0￿1¢ de Sw Paulo, IhB Unsver5ily of Fritrour& Ihe Universtly of Melt￿llr￿¢, lh¢ Univer51ty of New South Wak& Urtiv¢rsiiy of Torino, lh¢ Univcrsiiy of loronlo. and Yonsei Laiv School. Siud¢ms enrolled al other, on-pani¢ip&tinB laiy SCI￿lS may Also apply i￿1VIduallY ro ￿tend CTLS. SrudEnts ￿(end courses ai CTLS on fjJll.limc bLsis for on¢ •cad¢mic term during thrir Ik8r¢e covrs¢ 91 their 'homc' laiv xhth)l. or excepiioTwlly for ¢ems. Siudcnts lyl￿) have atiendtd Ihc CTI_S progtsmtne rnay 80 on 10 career5 in law, the judiciary. ￿thI¢, govcrnmcni servire, intcrnational org4nisaiiorts, charities or rrfJD*oY¢rnmeThlal organisaiion5 INGOsl, or elsewhcre. th 10 ihe Elobal scop¢ of pirti¢iwion. rnch C￿8 includ¢5 stud￿15 from a divets¢ Sei of IcgBI and ￿ational ba¢k8rolltKIs. Swden15 of G¢org¢lD1￿ Univ¢TSi¢y and ihe participating lalv 5Ehoo15 do tK¥l pay iuilion to GU UK for Iheir ait2ndwKE ai CTLS. IN4ead, stud¢nlS ai particip4ling Ioiv 5chuols ¢ontinu¢ ￿ pay th¢ir iuiiion directly 10 their 'hom¢ laiv school. Eèch of lh¥ w1kclpaltng la%¥ sc1K￿lS or univ¢rsiii¢s pays 8 fixcd annual fec ￿ GV UK to participaic. OtorBeiow Univcrsity additionally providc$ 8rant l￿dIng ￿ GU UK ¢0 support its operation. In order 10 A¢hiev¢ GU UK'S ¢bj¢ci¢v¢5, lh¢ Truslcts hav¢ &iv¢n car¢ful consideraiion 10 the Charity Commission's gen¢Tal gUid￿t on public benefil including its supplenthiwy public b¢nefii gUidaT￿¢ on advawing Cd￿￿￿*0￿ and on fee d￿rging. GU UK beDcfits Ihe laiy St￿nts from ￿OUr¥j the globe who aiieDd CTLS wha ih¢mselve5 may be in ￿celp1 HI Ih¢ir l¥)m¢ la%v sGhools of bursarics. S¢1￿10r$hipS. or other fi￿*D¢ll[ 0s11st￿re. GU UK'S activities alw proviil¢ ivider publi n¢fii in ￿1VanC]ng Ihe St￿¢ orig￿1 ¢du¢all￿ and knowl¢d8e in t￿ ￿e1 af transn￿10￿al law artd snlerrtaiion*l law. li is also ¢xp￿ted I￿$ a proportion of th¢ siudents of cfLS will we ihE internaiioMI legal education Ehal Ihey gain ai crLS in public service ￿Te¢r$ wilh 8ov¢rnm¢iii a8wicie& inL¢rn*ional organisaii0115, charili¢S. NGOS or oth¢r wblic in*resi Orgonisplions. ln addiiion. GU UK pr¢senis frte public l¢¢tur¢s arml other ¢v¢nlS dur5n8 ihe 8cad¢mic yur (from A￿￿5110 Mtyl. includin8ikTransik81ioD#l Law Colloquia se¥i¢5 8T￿ the iKciurs in Transn&tional Jusii¢¢. P8Be Georye¢¢*WA Uthlv¢r51ty IUSAI VK InlllNIiYes OwnliAtI Rtyort oftht Trustets for tb¢ yrftr emded 30 Juot 2025 ACHIEVEMENTS AiYD PERFORMANCE The Ceffjer fDT Trattsnation81 LeBal StudKs cortiinued 10 Otr¢r a ftslly in-WSDn durin8 the 2024-25 acndemi¢ year, durin8 ivhi¢h theK were 73 Students from 13 ditfereni schools repres¢niin8 12 dilrerenl iounlries in the FBII 2024 semes*i 57 Students from 14 di[re￿nI sch(K)Is. r¢prc5¢nlin8 10 ditTcrni COURtriu in lh¢ Spring 2025 KrThBsiw. The progrHm offcrtsl a b2lanc¢d vwiely of Gour5es kn the fields of public and pri¥at¢ la%v. altsngssde ihcory-orieni¢d ¢otsises. Durirtgihe Fall 2024 seme#¢r. cfLS otYcrEd 12 clethive courses staffed by fsculiy from cfLS parmer 8chools. Courbes rovertsl an #rray ol wpics rnn8in8 from InierDei Laiv (o World Trad¢ L44v, frnm Transrwtiot)kl W¢alih ManggerrKnl Laiv to TrJDsndtional Comrn¢rcial Lili88tionand Di5PUte R¢soluiiDtb. In the Swing 2025 5¢mester. CTLS 4)ffered 10 el¢¢iiYe (¥>vrses staffed by tswliy from CTLS partner insiiluiiot ud¢nlS enroll¢d in COUTses 85 Miscaniages of Jusiicc, Current Issue8 in Corporaie GoverDan¢< and Q)mF•raliVC d Tran5nalional F4mily UndEisiaryiin8 thr Glob81 Family. Alowmle ikiT ele¢li¥e couts4 swdcnts Wert enrolled in the CDrc Course.. TT8rtnaisonal La%v'. IniT0dL￿1loft wd Scle¢ted Isgues and ihe Gk)bo1 Pra¢ti¢¢ Exu¢ise in bolh sme$tets. afi iniensiye, M￿li1-daY exerGtse in trans￿lI0n￿l a¢KVor Gomparotive l&i¥, ￿'hICh provid¢d an opwbrtunily for Ihe div¢rse *udenig and faculiy ai CTLS io Nvork together on cornmon legal woblem. SNdents also attended iY¢¢kly colloquia and skKcial gu¢5¢ Icdure5 by sp¢akeis fTom a rangc of 1¢881 bockwynd5 as part ofihr TrarLSrtaiional LaivC¢lloquium and Lcriure$ in Transllalibnal lusis¢E seri¢s. Thc 2024.25 Lectu￿$ in TraDsnaiion)l ]￿lIc< xri¢$ wa5 4 8T¢￿ su¢¢e&s and continued io expand the CenieI5 ¢Jwg¢ffteni iviih Ehe i¥i(kr leBuI cOmm￿lIY itb London furth¢r afield. In the F8112024 %fflesi¢r, Nabih8 Syed. Ex¢cuiive D￿e￿or of Ihe Mozilla FouNIH(S00, and Proftssor Teemu Ruskola of the UniY¢rsily of P¢nnsylYania Carey iaiy Scknol, iwcrt invited io give I￿￿ur¢s. In ih¢ Sprin8 2025 sen*5ter. CTLS inviied Prof¢ssor Jennifer Hillman of Gwr8down Liw Profewr PTiya ￿18 ofswiford Univ¢tsiIy. A vaTi¢iy of in-per50n social eYen¢S w¢re a150 offercd during s¢mesier5, enabling $ithJents and faculty ￿ en￿8£ iyiih lh¢ progrwn atyj each ￿her. Evenis in¢l￿ed wolkin8 ￿￿T$ of legal lA)¢¥JO￿ rnid-seTnesicr pub nights and s¢vcral nM)iiie nights. The PTO8rnm also hostd a numbu of ¢breer tslks. wilh speakers inGludin&Nana SHrian from HÈT¥8rd Lai¥ School and Padw5hre¢ G¢hl Sarn￿b. ChiefEx¢cuiive Officer of the Phornia¢ruiic81 Technology Foundwio In Fall 2024 5emser. J clos3 l￿d trip to Gent￿ was organized by Prof¢550rs Giovwmi GruThi IESADE Lttw khcN)11 aThJ Yuval Shony (Hebrcw Univetsi¢y of J¢rusaleml IN conneaion wilh thelr ¢lws on World Trade L¥w and Ihe Core Courge.. Tra￿natIOn￿l L61v'. InifoLfvctioo llnd Seleoled Is$ue& re5pEdivcly. ThE siuden15 Vi511ed IhB World TradE Ow8DnizJlion and Otrice of Ihe High Comffli5sionLY foi HU￿&￿ Rightk In the sprin8 5em¢51cr. the Cenier orrerd a rielo Irip io GM¢va in thnw¢iion wilh the cla$5 Comp8rJliV¢ I￿) Trnnsnsi￿n￿I F9mily Law. organiied by Professor Sharon Shak8rEy (Hebrew Univer5ily of Juusalejnl. Siudenls visiied the United NollOn5 tt)d aii¢Dded the Commiiiee on Ihe ElImi￿allon of Di5criminalion agaill￿ Wom¢n. mecting ¥viih commiii¢t m¢Thb¢r, Prof¢ssai Daphna H￿ktr. FacilitaiiD8 swh visits olyers CTLS siu¢knTS ihe chjnce to iviin¢ss kK>W laivy¢rs frorn a ranB¢ of dirrercni back8rounds o on to develop their care¢r$, whiisi also d¢epcning Ih¢ir 5ubstsnlive uTrJ¢r5tanding of pthicular 5ubj¢th ar crLS seni a Tearn to ppnicipaie in Ilx Will¢m C. Vis Intem*￿nal Comm¢rcial Arbiirnlion Moot in Vienna drrin8 the 2024.25 academic ycaT. hiTIDBextemal eoach Ms. Grace Cb¢n& a baffisitr ai 39 E5s¢x Chafflb¢r5 IN London, Th¢ ieaffl look part in the iTrper50n Budap¢51 Pr￿M￿l. A Icam frorn CTLS also PArtiCiP9ted in thc Nelson Mitthla Wodd Hutnan RiEhi5 Mool. led by exlcmRlly hi¢ed woch Ms. D8i5y P¢t¢rsotK Visiiing L¢ciurer in Publir Inlcrn￿lOt￿I LAW Mcoiin8 &1 Kiog's Colk8¢ Lorykn. Eni¢rin8 a icani ID ts>ih wmWiiiOThS allowed $tud¢nts frDm eath semester ihc opportunily 10 lakt part in iniernational moot comFiiiion. Thes¢ expcri¢n¢es are hug¢ly reMvrdiDg foT *udeDts and alloiv them io develop their skills &$ advu¢aies. Ci-LS ivill w¢)tiDur io rtcruit i¢prrLS for ¢omkxLLiiOThS in Ihe next ac&Ocmic yw. CTLS is rommiiied 10 in¢rea5ing alwnrti eng8gemthi and o)nliDued to promoie11s AlINnni Hub in th¢ 2024.25 acad¢mic year. • wii4ue plaifomi for 5tu¢kplS w diswvcr C￿e¢r opportuni11￿ and aid prof¢ssional devtlopmem. All formtr CTLS stud¢nis ar¢ Snvited 10 join the io rt¢onn¢ct iviih IhciT cfLS collea8￿$ and grow th¢iT prof¢5sional circlr. cfLS a150 held ihe CTLS Global cOnfer￿￿e in May 2025 al parintf school. lh¢ Univ¢rsity of Torino in lily. durin8 which CTLS alumni weK invited io ai*nd a k¢Y￿￿¢¢Venl r￿EptiO[L P8ge 2 G￿rydoWn unl￿￿5ty (VSAI UK Irbitiatives Oryonl¥•tlon Rtport Dfth¢ Trnst¢¢5 forl&e y￿r tndtd 30 2025 crts In A¢tlon CTLS cominucd the'CTLS Globhl Conferencc" ITr May 2Q25. Dr8arsii£d by CTLS Ac8deTrsic Co-Dite¢wr5 Pwres￿r Simona Novaretti Iuniversity ofTorirK>I and Profeswr Madhayi Sunder IG¢ooetown Lawl, The Conference held &1 crLS partn¢r Kknol the Univ¢r5iiy ofToTinO in Italy and lh¢ Ih¢m¢ w&%"Transnational Law in T[￿Sition.. Ffflergent Issues in Public and ￿lVare Law.. The Global ConftruK¢ irtclud¢d a Kries ofPa￿lS by ludin& &¢adcmiG5 in th¢ field followed by a hithprofile k¢yntsie pgnel and rttepiion for alumni, iyiih k¢yrtoi¢ speak¢rs Piofessor JrDnifer Hillm8n Itrorgc￿Wn La%vl 8nd Professor Giorgio Saterdoii IBoceoDi Univew3iiyl. b)Ih former rn¢mber5 of Ik World Trad¢ OrgantZAlion Appcllalc B(bdy. Thc confcr¢nte ww3 well-att¢nd¢d by l¢ading academics in the field, siud¢nlS. fa¢uliy and crLS alumni. CTLS Ivill ¢onlithue iyiih the GlobNI Confer¢t￿e in U￿OrnIng ￿*￿em•¢ year4 r￿atIng lo￿li0n bEtiv¢en LOTh￿￿ and ils PartnEr sch￿15. CTiS ¥150 coniinued ils SufflN*f $¢kn1ar￿In-R¢SidC￿e Propn in lh¢ summerof 2025. IK)$lin8 Ihw& full-ILme r￿UllY rrom Georgetowa tAiv orK fTom tk Nalional Universily of 5inrdP)re. Th¢ PTogram dcsigncd Iv ollow faculty ro spend onc to four we¢ks ai CTLS ID London io corKLu¢i res&vth arKI to BthKT8le s¢holafly collahrntions over rh¢ $ummer pcriod. cfLS plans 10 ¢Ki￿d progrnm to faculty fvom oth¢r rMrtrter Instit4￿10￿S (rom Ihe summer of2026. tknln8 Ihe Fall 2024 s¢meM¢T CTLS expanded 115 off¢rits8 of ¥&lemi¢ tvcnts ep¢n kn ihe wbli¢, kn￿ing six knok ¢v¢nts iyiih promineffti l¢gal schol)rs, imcludiro Professor 14arold Hongiu Koh (Yak La%¥ School) for his book "Tr NatiDng1 Seeurlty LonstilllllQn in fv 215t cE￿v￿ and Professor CufTiS A. Bradley IUniv¢rsiiy ofchicago Laiy Schooll for hi5 twk "fj1055in8 Ihc Foreign A￿￿r3 Conslilulion.. T￿ events i¥er¢ ver). I￿11-￿tIved ￿d CTLS pkns 10 conlinue kn offcr public events ￿ advanGe inl¢rnrtlh?￿l Iwl edvcatioTr fynd gcholatship. FUTURE DEVELOPMENTS CTLS coniiAuc5 ils efforts ￿ rEcruii inderrtkn $l￿dentS. In 202￿25 aEad¢mic ythr cfLS ran anoiher pid advertising cJmpaign via Linkullrt aimed at wieNial ind¢per¥Je￿ SILbknts frorn lh¢ US and IK5 cnrollcd seveTh sludmts rfom n¢iY US sch￿15 Its aiiEnd Ihc PT¢wam in 2025-26. cfLS Lx>th¢nues lo incrt4se alumni engagcTD¢nl. focwin8 ¢ITort5 on invliin8 local alumni 10 8ive car¢er ialks at CTLS during the 2025.26 ac*lemi¢ yetr and planThiog for the spring 2026 cfLS Glob81 conf¢re￿¢ a￿19$30¢1&￿d alumni ¢v¢nL CTI.S also launc￿5 its firsl alumni rundyals￿g ¢amp8i8N in lh¢ 2025.26 academic year. CTLS added an oddiliotwl rAnner from Fall 2025, Iviih EBS UDivu5ily jolning for the rim lim¢ & lh¢ Reylar PartAer Itv¢l. The Univ¢rsii>' oCNcw sO￿h W61es also UPBf811ed 115 partncrshsp to lh¢ Founding Partner l¢v¢l. Pa8¢ 3 Georyetowa Unlversity IUSAI UK IniliAti¥eJ Or8•n&sitlo Report of ¢he Trustets f•rth• ye•reNdtd 30 June 1015 VINANCIALREVIEW The Stsi¢m¢ni of Flnffjcrdl Acliviiies w ou¢ on page I l ol- lh¢ finarKiAI stat¢ment5 shous kniv GU UK'S irKoming rrfowces w¢r¢ eXFaed in ihe year ended 3Q Junc 2025. Toial unr¢51ricitd Itwming T¢50urces wwthiicd 10 $1.173.722 12024 - 51.137.0251. s3￿.￿00 (2024 . $300.OQOI Y￿e1Ved in ￿rnI￿rgiftS and $873.n212024- $837.0251 ofiuilion gnd ft¢5 re¢eLYEd. Resourtts exper￿ed amounted ts) $1285:473 12024 . $1.308.4441 on educa¢Hm. An an8ty5is of the rwour¢e5 expendcd Is provided in note5 4 10 5 ofihe fina￿Li1 sl&Wrtents The r¢su]iirsA defi¢il for IhE y¢Jr on Unr￿triC1¢d fuNds iyas ($111.7JII 12024 $171.419 d¢fi¢iil. ivhi¢h 8av¢ a total t￿lL8 d¢fiGil of￿,059,033(lO24. $3.947.2821. TIK balartc 5hedsei outon 12 orth¢ fin8ncio1 show5 Ihc fijwwlil w3iilon of GU UK at 30 Jun¢ 2025. cul￿nI as￿￿ ar¢ represeN¢d by debiors of $61.93712024. $63.3821 Jnd ¢&sh ai bank and in of$16.35512024 $263,564). Tolal a55¢15 less rU￿¢￿t liabiliiies amwnied to 1$4,059.033112024 .1$3.947.282}) ithi¢h is repre5tmed by lh¢ closing b&10nc¢ of1$4.059.V33112024 -1$3.94728211 ofuTwe51¢icl¢d and Snil of Irslrictrd fund& QU UK is cDrnfflii¢ed 10 ￿11￿& 115 rewur¢¢s in pwsuil of ils chaTiiablt objeclivek Aiihjugh IIK riD￿cIal 518temenlS or GU LIK r¢tkcicd 2 negalive reserve balDnc¢ at 30 Junr 2025. OU UK is ¢0￿mIE1Cd w sccyringa level of r￿r¥c$ ihal 1$ sutricienl 10 thai all cofflmiiments w be m¢¢ and io proiccl Ihc long.iem fuiur¢ of lis operdtions. Until GU UK Can se¥ur¥ a l¢v¢l of Tescrves to m¢¢1 115 on-going liabilities. G¢or8¢iown Univ¢r$ity Ithe Univ¢r5iiyI is comrnit￿d io provi& ihe re5our¢¢$ n¢cdBd io sll51ain GU UK'S ￿lIVI11¢s. GU UK is asse5sin8 neiy ini¢ia¥iYes thai will siabilize the oper￿1￿8 r¢sults going forward Th¢5e n¢tv iniisaiives include in¢rcas¢d iuiiion, increa￿d enrollmcnl, and the p￿Ul1 or oiher ¢ducalional programs 5u¢h •5 ¢K￿U¢l¥¢ education. Incre￿￿ rev¢nues will po8iiiv¢ly aifeth ihe thtwe fin4nciNI re￿1￿ and rethKe GU UK'S de￿￿lerKyon the Univosiiy. GU UK rclies much on th¢ financial aTLd op¢rdiional supp)rt of th¢ UnivosiLy and is gr￿e￿I ￿ lh¢ Un¢Yersiiy for 11$ 5LlPP)rt. R*sery*s PDIi¢y The chariiy is by ihc Univ¢rsbly ihr*e arc rrf) ￿SerVeS¢￿r￿ed for4vard. ColD¥ tonvrn The find￿la1 M&tm¢nlS havc bcen PTep8red on a going wncem b¥is the payent undertakin8 h&% Indic￿¢￿ bts willingness 10 pwvide the n¢¢ewry fiD8nrial SUPFrf)rt to cnabl¢ Ihe comp3ny to me¢1 It5 lisbiliiies for a rKTi¢yJ of ai lell ¢w¢lve momhs from lh¢ da* of appyovalof Ih¢% financial $w¢meN$. Geory¢tow* U*lvtr51ty IU5AI UK RtPDrt of Ibe Tru¥ttts ftrrthe yur ertd¢d JO j￿ne 20Z5 FUTVRE PLANS crLS partncrship r¢¢ruiiffl¢nt efforts ¢onlinu¢ lo focu5 o# I￿re&S$n8 diyersily. CTLS is a¢tively S￿.1￿8 lis firA Pro Bono panner. [(￿Ls51118 on rcwiim¢ni frorn Afri¢t CTLS remain5 con5CiOU5 Ot. Ik irnwi of additlonal on space n¢eds •rtd is taki))g a measur¢d ￿p￿)￿h Pgrtncrship iccnLiimeiJi Ivhile also Ifyoking ?1 loTrg4erni space option Inihe upwminB year. CTLS a150 cxrKcl5'. . To siiEngthen i¢a¢hing by coDilnuing ￿ emphhstte C￿leases ofc(mp8¢)y lttw. WI￿ seiv¢d (hjring the year and up10 da ofthe r¢pMI Ivere.. W. TreanLW Iiemiin￿¢d 30 JU￿ 2025) J. Tell¢￿auM lappoiDied 01 July 20251 M. Maitson D. Green Trus￿¢5 use Iheir•im n¢Lwork of ¢onl%lS lo idmtify 5111t&bk ¢andid&es ph5St&%ing Iht ￿e￿S￿Y kTh)wledg¢ a￿1 skills lo ad As Tn￿¢¢¢5 of GU UK. At thc ptes¢nt lime, GU UK ht8 ikn tr￿ttt￿ 17thich is cotLsvJ¢r¢d its purp)￿5. T￿￿¢c5 &r¢ remiited on the basi5 uf ih¢ir existing releva￿ th)ivledgc. Infefmation relaiiDg io GU UK￿ I￿ SWI rllwce5 and xiiv>lies arc provided ih ￿V￿)Ce ofappoinimeni. Trusi¢¢s ar¢ expeclcd ¢0 idenrify Ih¢ir tsaini￿gnCEds and 10 14ke mewT¢S thai IlKse needsAre me4. GU UK has thr¢¢ TYu51¢e& ivhich ￿ lil Ge￿gelown University. 8 non-profit insisiulK>n ofhigh¢r edycaiion or8Jnised a noTrsio¢k corpOr￿10n under fedeial ¢hart¢T in the Uni*d of Am¢rica (the Uniwersiiy) las reprcsented by th¢ I￿￿1¥IdUal holding lh¢ w51tioTh of Secreiary ofih¢ Universilyl. li1} indivldual holdlng the psiiion of Chief Financol Officerai Ik Unii¢rsity. and Ibiil Ihe individual holding ihc position of Ex¢cutivt Vice Pr¢sidcm Cor Laiv Cenier AffaiFS and Desn of lh¢ Lalv CentCT al Ihe Universily. The Ilsv ar￿Meni10￿¢d iTrJividu￿s serve memb¥s by virtw •f il* posiiioll5 IiKy ￿10 a¢ ihe Univcrsily; if ihey 10 l¢avc Ih¢ir positions ¥t thc Vniv¢r$ily. the trusie¢5hip5 would IM15fer their SL￿cesS0)S in th¢iT position5 81 the Universily. fju VKS poliEy 15 by Board of TrustCC5 lih¢ "Bo¥d"I, and an Admini5trnLi¥C DirecioT. cwrenily Malke K￿lerb&-wil$oD, cxer¢i5es the day.lo-d&y monag¢mcM orcrLS. The Tws*cs of GU UK or ih¢ Board MBY. r￿M lime EO lime: gpFx>int Any person Ss a meffllrt¥ (b(Ihc Board Eiih# to fill a c&wl VaCaT￿ or by ivay of 8ddition io Ihe Board. 5ubjecl 10 Ihe provisions of lh¢ Arti¢les of As50ci41ion. Tru51ee so appoint￿ shall retain uniil he or 8 rcsigp$ as a Irusice of GU UK or uponottKr ¢i￿U￿519n¢¢5 sd forth inthe Artic1¢5 ofAssoci81ion. RISK sfATEMENT TIK T￿￿l£eY are a%%#rc of Ih¢ii restx)tL%ibiltly to ¢rnwr¢ Ihai the moior ri*s 10 whiGh GV UK is exposed ￿re idenlificd gnd io esiablish 5ysienL8 10 miiigaie iknse wisks. Th¢ Ttusi¢ts bgliev¢ Ihai adquaie cfftird5 •nd sysleffl5 we in plice to mili￿le any exiemal at¥J internal Tiskg lh& GU UK may fa¢e. REFERE14CE AND ADMINISTIiATIVE DETAILS Rtii¥tered C•ryAOy nyllbber 06635942 IF.ngl￿S Wales) Regi5tertd Cbjrlty ffjombtr 1140078 R¢Eistertd •ffL¢¢ S¢wnd Floor. Kirkland How. 11.15 P¢tertorou8h Road Harro%¥ Middlc5#L HAI 2AX Pw6 Georytowh Vnlv¢TsIty IUSAI UK Imill•ti￿$ Orpnkn*liD• R¢pDrt of thtTr¥st¢es for tht ytAr eTrd￿ JO Ju•e 2025 TYwitt¥ W. Trrsnor (icmii￿￿d 30 Jw 20251 J. T¢sLelbounJ (Appoinlcd 01 July 20251 M. Maitson D. Gr¢en Auditor$ GTanl Harr￿j L￿an DA¥ls LLP Chartered A£¢ountartts uiory Audilo Second Fltrjr, Kirkland Hou 11-15 P¢i¢rb)Twgh Royi Harroiy MSddks¢ 11A12AX B**k HSBC UK BANK PLC I Cffiten￿ Sq¥ar¢ BlryninltrA￿ Bl IHQ STATEMENT OFTRUSTEES, RESPONSIBILITIES The Trusi¢¢s Iwho ar¢ also th¢ directors of Crorwowrt unI￿r511Y IUSAI UK Iniiialivts Organis*ion for Ihe purposes of cornpany laivl are responsibk for yepar5ng the Repon of th¢ Trumtts and thE fin￿181 stalem¢nls accordan£e iviih applicabl¢ law atLd United Kin8dom A¢counlin8 Standards Iuniltd Kirydom Guerally Acttpled A¢oiuftiiDg Pra¢tittl. Cornpsny lalv rtquircs th¢ Tw$iees io prepare financilll sts*m¢rts for e￿h finarKial y¢Br whirh giv¢ & Irlle and fair vieNTr of Ihc siaie of affwrs of rhe charitabl¢ Com￿nY aTrd of ihe incoming re￿UrCeS ormi applicsiion of resourc¢5. irKludin8 Ihc income Hrtd ¢xpe￿IllYrc.0f ItK ¢hariiabl¢ company for Ihal periDd. In pr¢paring Ibos¢ firsan¢ial siatemcn IheTrus*cs req￿Ired to.. - s¢le¢i SLLilable acwuniiDg policies aDd Ihcn apply them consisi¢DIIy- . ob5erv¢ Ihe ￿￿thodS atvj prirtiples in ttK Chrily SORP.. - make jud8emmts at￿ e4imal¢s Ihat ar¢ reasonable prwfcnl. prcpDre lh¢ financial ￿tleMen18 on the 80in8 con#ffl b8515 unlw li 55 LnapFKOPTi8le 10 Ihw Ihe thaTitsble cornpany I￿11 coniinv¢ inbuslr￿￿. Th¢ Tiu5t¢cs ar¢ responsible fDI krtping prop¢r acCo￿lIng rewrds ivhi£hdis¢lose with reasDna6le a¢¢urw w any liffle the financial position of Ihc Ehar¢thble ¢ompany *)d io eAHble Ihw 10 en5￿￿¢ thai th¢ financial statements comply with thc Companieg Aa 2006. They arc also ￿5￿)nSIble for 3af¢guardin8 the &55¢ts of th¢ thariiabk cornpmy athj h¢tK¢ for king rca50Dable Steps for Ihe prevenlion and det¢dionof fraud oikr irt8ulariiic5. In 50 lar gs lh¢ Tru4ees ar¢ a¥vare'. - the￿ is rclevinl avdil Infortnaiion of which thc charithble companys judi￿r5 arc urt8iwe'. and the trusLe¢s have ￿k¢￿ all 51ep$ IIMI they oughi to hRve taken 10 njoke Ihem5rlves aiYdK of any relevwrt audli infi)rThRtion and 10 egtabli5h ihHi Ihe audii¢)FS 8IVAre of Ihgi inf4jFp￿¢lOn. AUDITORS The Har￿1 Davis LLP. will bc prq)osed fc¢ rHppoiniment ai the forth¢¢)ming Amual C￿nEral Mttlin Approved by ord¢rof th¢ boord ofirus1tt5 on...... 30 March 2026........ . and $ignedthi sis beh￿[ by.. D. Gr¢en- TTusie¢ P•8e7 R¢port of th¢ l*dependeTrt Audiiofs to th¢ Mejthrsof GeorEetown Ugtvtr51ty IU5AI UK Inltiwlivt5 Orgl*isi￿ll Opk•io# Wc haye audii¢d th¢ finartigl slakrnenis of Gwr8¢town UThiYrYsity IUSAI UK IDitialiv¢s Or8aDisatlOlL {tk '¢haTiEable ompanll for the y¢QT ended 30 June 2025 ilthich tomprisc ihE Sia*menl ofFinancwl Aciiyilies. Ihe Balanve Sheet. the Cash Floiv Siawmeni and rkile5 10 the fIn￿rial sthiemeots, in¢luditt8 a summary ofsignificant accouTriing polKic& Thc rin￿￿111 repurtlrnE fr4meivork thar bc¢n applied in th¢ir pr¢paraiion is wplicable li%¥ and United Kingd(tyrn Arcounting $10ndard5 (Unita Kingdom (kjwally Accepted AccourtinR Pracii¢e}. In ovr opinion lh¢ financial stateffjertts: 8ive * injc 8nd fair vlew of Ihe Kale of Ihe cFori¢abl¢ ￿MPany￿ <alrs as At 30 jur￿ 2025 and of its irt¢O￿lIn0 resource5 atwj applicaiion ofreyources. including ils incoffte Bnd exp¢ndiiure. yew ikn end¢d: Fovc tc¢n properly p¥epyrrd in accorda￿¢ ivith United KinBdomGcn¢rally A¢¢¢￿ed Accovnting Praciice: aTrJ kna￿ been prep8rEd in 8CCOTdarKe i*iih ihe requiien*rfS ofihe Conipnies Au 2000. B*$15 f•r opinlon W¢ ￿nducIed our audit in a￿ord￿te with InLerDalinnal Siandard5 on Audiiing {UKI IIS4s IUKII and 8pplithl¢ Iw. Our resp)nsibilities under those ￿andardS art ftsrther described in ihe A￿ditOrs, ieSPDnsibililies for the audit of the f￿ancIal stalBm¢nlS seclioTh of ODT report. We are ind¢￿￿nI o(Ihe ¢hariiable c?￿panY in 8ccordan¢¢ iyiih ihe ethical rBquirem¢nis Ibai are r¢l¢vant io ow audil of the financial ￿￿eme￿¢s irs UK, In¢[￿Ing the FRC'S Eihi¢al Standurd. #nd we hBve fulfillcd our other dhical rcswnsibiliti¢s in #tcordance iviih ihts¢ Nuircm¢nl$. We bclicve Ih81 ik a￿[lI cvidence ivc havc O￿aIned 1$ sufliri¢nt 4nd appropriate 10 provid¢ 4 b8$5$ for our opittiotk CoD¢Iusioo9 relatln8 to golng concErh In a￿111￿& lh¢ finan¢ial Sta￿Meni$. we have ¢on¢luded lh¢ Iruyees, u5¢ ofihe going ¢uncerTh ba518 of8CtouMiTr8 in Ihc prtpw*ionofihc fInar￿lI1 solemen￿ 15 apwopriale. Baxd on the iYOTk ivc have ￿T[OrST1¢d, Ive hJ%'e N)1 id¢ntif￿ sny maI￿al ￿￿ell9￿MIl¢S rel￿1￿ 10 evenl5 or cwdiiions itsjividually or Colle￿ive1y.. niBy sigttificani doubi on Ihe ¢harii8ble ¢ompangs ability to cJ)Trlinue as a 8oiDg nc¢m for a F¢riod Iwi t%stlve mo￿h$ from ivhenth¢ fillancial *glcments huthoris¢d for i%su¢. OLY rryonsibilitie5 and lh¢ t¢swllsibili11¢5 of the IT￿￿e¢S i¥lth respect 10 goin# Co[￿ern arc described in the rclevani sethionsof Ihbs rvpotL Other irtforni*tlofj The Iru51Cts Hre r¢sponsibk for the other informjiion. The o¢h¢r informaiion ¢ompris¢5 ihe information I￿lU&￿A in ihe Anwttl R¢p)rt. ￿h¢T Ihan ihc fInw￿l91 $i&¢m¢ffls anoour Rewrt of Ihe Inde￿ndern Audiiors ilKtton. Our (kpinmin on Ih¢ finoncilll slaiernent5 noi wY¢r ihe othET information •Dt4 to lh¢ ex*ni oiknyisc ¢xpli¢iily si?ied ID uur rep)rl. ￿ do Mi ¢xpress any form of958urdnce concIL￿￿n Ibxwwn. It) conn¢4ion iyiih our ￿￿11 tsf the finwial $18lcmcDtS. OliT ￿5V¥)￿S1b•1¢ty is io read the other inform￿10￿ oTh1, in dTring 59, a)nsider whdhcr the other in(omi&lLON IS materially ¢ncon5i%ieNI %viih Ihe fina￿111 5ttticmEni$ or our kTh)ivlEdgc in ihe audii or otherwise appe￿ ¢0 bc maicrljlly mis5Uttd. If we id¢nlify such mai¢rial stKODsis*rKie5 or appaTtni rnaterial rnisststemen¢& ive art rffjuir¢d 10 dd¢rmine i¥￿h¢r thM¢ is & iiiaicrial mi$sla(w￿￿1 ID ihe financiol at¥m¢D15 or a maicrial mis5taiemeni of Ihe oih¢r infomulioTh If. based on Ihe ivork ive have pcrfomia, ¥v¢ conclu(k thai therc is a maierial MI￿1￿Cment of Ihis ￿h¢T infonmlithk ar¢ required EO rtport Ih21 kEI. W¢ have ￿￿hIng 10 re￿n in ihis Fe8ard. OplJlons oll othtr motter5 présrrlbtd ty Ibtcompgnits Att IIMI6 In 04N opinion. based on Ihc work urKl¢rt8ken in the ￿Urse of the audit= t1￿ infomialion 8iven in th¢ Report of the Tntsiecs for Ihe firAn¢iBI ytar for iyhith itK fiDpn¢ial 5t&¢mcrfS are prtWa￿d Is cortsistenl wilh Ihe financial 5tst¢rnents: awj Ryx)rt o(Ih¢ T1￿(Cr5 l*s bcen prepmuj in 4c¢ordante i¥ith &pplicable le8al requiren*Thts. Page 8 Report of the IDdeptDdiut Audltors io ¢he Members •1 Gtovi¢town UThlwer¥lty IVSAI UK IDlI￿tIveS OrE*nlsatlon M*tten OA wllth wt *r¢ Tcqulrnd to report by ¢x¢eplloD In the lighi of lh¢ knoivledge artd Under$w￿1n2O[1tst dmrithble v)mpany and it5 Environm¢nt in Ihetour5e ol. the audii, ￿ hav¢ rK)i id¢niified maierial mis5M¢ffleMs in Ihe Rep>ri ofihe Trusw. We IMv¢ ￿￿thI￿8 10 in tespe¢t ofihe follo¥Yin8 mailer5 Ivher¢the CompaDie$ Act I￿6 requires us 10 rcwrt ￿ you if, in our opinion: ad¢qllaiC ts¢COWLling rt¢ords noi i*en kep¢ or rfums ad¢qua¢e for ow atrjit have 001 bEth T¢¢eived from branchvs t￿1 visil¢d by us.. or Ihe fiDan¢ial 51aiom¢niS &re Nl in agrEemcm wilh the a¢eouniin4 records and rthUr￿ or ctrtain di5cIv5ures OfirL￿leCS, remunera¢ion specified by IBW ar¢ not rnthle," or wt bvt Tr)t rtceived all th¢ informaiion 8nd exp18nalions ive require for a￿111. or Ihe ir￿￿e¢S ¥veK Th)1 eniitld to take adva[￿8¢ of the sm811 compni¢s uempiton from requb•nenl to pr¢p8lC &rllle8ic Report or in prep￿ing ihtr Reportof the Trusi¢e5. R￿poN1b111¢Ie5 oftnLSttts As ¢xplain¢d rn0￿ fully ITh lh¢ Stai¢m¢nt of T¥u51¢es' R¢stx)n$ibilities. Ihc IrLsi¢es (who gr¢ also the diredors of lh¢ ¢hariiablc company for the PWPDse5 of CoM￿nY latvl are r¢S￿nSIble for the preparntion of th¢ financiil swt¢tn¢nts and foT kin8 wisfied ihai Ihey give a and foir vi¢iY. and for 5u¢h interro1 conirol ￿ ihe Iruslees dei¢m)ine 15 Ti¢¢e55 to ernNe the pr¢p•rniion orrinancial siai¢men15 Ihat are frx from ma(¢iial mi551)tcmenl, i¥h¢ther due 10 frnud or error. In preparing the finitsci41 siatrments. lh¢ trua¢es are r¢5PDnsiblE for a55e5$ing lh¢ ch8ritable c05np&nl$ abllily Io Ninue Hs a goi*g wncern. disclosin& a5 ippli¢abl& mailers r¢l4icd 10 80ing COD¢¢m and using ihe goi[¥ ¢0￿M Sis of sLcouniits8 unless th¢ Irustrts either inEead 10 liquida* the Clwitsblc company or w ceas¢ or have ) rtalisii¢ alicrnaiive bui Iv do so. Otyr respoDslbUitrts for tht *wd4t of tb* flNaH¢1915t•teme•f$ Our obj¢Glives ar¢ 10 obtsin reasonable ￿5￿rInce atxiut i*heiher ihe financial siairmerns Is a ivh)le are frec from maierial mi$siatem¢nL whether due 10 fraud or ¢rror: and 10 15$￿ • Rewrt ofthe Ind¢￿￿len1 AudilDTS ihal iKludes our opinion. R¢asornblt 955ur8nrt is a hi8h l¢Yel of a5suran¢e. bul is not a guarnniee that an conthjcied in acc{*dw￿¢ iyiih ISAS IUKI Ivill always dctecl a mal¢rial mi5slaie￿nt iyhet) il ¥xisis. Mis51aterncnls tan Brise frum fra￿1 or error are coJs5ider¢d m8i¢rial if. individually or in ihe aggrt8aie, Ihcy cwld r¢gsonably ￿ rxp2¢icd to Ihe ecory)mi¢ th¢￿10n$ of wk¢n on Ihe bL%is of Ih¢5t fin8rtial sraiem¢nts. WE havc O￿airy¢d unde￿Ill￿dIn8 ofihe legal and re8ulaiory frweivoFks applicable kn Ihc and ihe I￿4￿ry il Opctalek We det¢rmin¢d thi th¢ following and regulaiions i¥tte most significanl: FRS102. Coryanies Act 21X)& Healih a￿1 Safei>. A further des¢riplionofour TespDtk%sbili11¢s for Ihe audil of Iht fi￿￿￿¢¢￿1 Malemerts is lo¢4ied on thc Fill￿¢181 Rw)rting Cothcil'$ wcbsii¢ ai iYww.rt¢.or&uklaudiioryeSFK￿sibIlltle$. Thi5 de5¢riplitin form5 Pert of our Rcp)rt of lh¢ Ind¢pKndcn¢ A￿di￿¢S. P88e 9 Report of the Indep¢ndtNt AudStors ttr tb¢ Mtmbtts of Gt•ryetOWD Unlvttslty IUSAI UK Initi*tfves Ory*nisatloD UJ• of our report Thls r¢p)rt is made sol¢ly ￿ th¢ chnril8ble ¢onw8nYs mcrnbcr¥, ns a Ix)dy, in ￿co[danc￿ iiiih Chllptu 3 ot. Port 16 or Ihe Comp9ni¢5 Aci 2ry)& Our audii work ha5 been ￿￿￿er￿ken SLI might 10 thariiable companls m¢mber5 thos¢ rnauer5 Ive ar¢ requiT¢d ￿ 5ts1e ￿ Il*m in an aulitors. rep)rl and for no oihEf PUTW)se. To the fullesi exi¢Di pemiiiied by laiv. we do N>t a or 8sswn¢ r¢s￿nSibilItY io a oiher than ihe ¢harilabl¢ company and Ihc ¢Jthri￿bIt coTnp8nys members 85 for our audii iVDrk for I for ltr￿ o w¢ forTh￿. Jorthan Gr￿1 {SaEiOf &aiuio for w)d on beh￿f ofGMI H Charte￿d A¢counthnt5 s￿tUtory Audiiors st￿nd Floor, Ki¥klatbJ H(nJs¢ 11.15 P¢ierb)rou8h Road Harroiv Middlesex HAI 2AX Audito Lerma Davis LLP 2016 Page 10 Geor#elowp UDlv¢Ysl(y IUSAI UK IAbti•tiVts Orpnlsi St*t¢meni of FiThath¢l*l Artlvltles ror tbt yeArtDd¢d JO J¥ne 2015 2025 Toi*l rurNL8 2024 Total rwnds Unrtsirided fund Restrici& fund Notes INCOME AND EP4DoWMEl￿s FROM Donatio￿ and I¢8￿1¢$ Jw.000 300,000 300,000 Other wading Hcliviti 873.722 873.722 837.025 Tot•1 1.173.722 1,173.722 1.137.025 FXPENDITURF. ON Charit4blt aetiviilej .285.473 1.285.473 1.308.444 NET IP4COMEIIEXPENDrruREI RECONCILIATION OF FVNDS Toial furtds brDu8hl fonvard 13,947.2821 13.947.282) 13,775.8631 TOTAL FUNDS CARRIED FORWARD 14.059,033 {4,059,0331 13.947.282) Thc Ex)le5 fm F¢n of1he￿ fiTran¢ial ￿atemen13 Pagc 11 CtovK¢ttswTr UnlYer51ty IUSAI UK BIlADt¢ Shett 311 June ZOZ5 2025 Tolal rund5 2024 Toial Uortslritied rund R¢gtriclrd furKi Nknl¢s FIXED ASSM 457,197 Tangible as5els 280,905 280,905 CURRENT ASS Debtor5 Cash &1 bank in IMr*l 10 61.937 16,55S 01.937 16,35S 63.382 263,564 7&292 78,292 32&946 CREDITORS Amoonis fallinB due iiilhin onc year 14.4182301 14.418.230) 14.731.425) NET CURREfa AssEfsiiLIABILITIESI 14.339,9381 14,339.9381 14,404.4791 TOTAL ASSETS L&SS CURRENT LIABILITIES {4.059.0331 14,059,033) 13,947.2821 NET ASSETSI(LIABILITILSI 14.059.033) 14,0S9.0331 13,9472821 FUNDS 13,947.2821 UnTesiriried fu￿lS 14,059,033) TOTAL FUNDS {4,059.0331 13.947.282) These financial 51atem¢nis have E¢en prepared in acwrdan¢¢ iwth the provisions awlicable lo choritable eompBnie5 $ubjECi 10 Ihc small compani¢5 Te8im¢. The fiDAncial siatemcnts iv¢rc upptovd by Ihe BO￿￿ of Tith*es and Ruihoriscd for issue ..JO March 2026.......... and iwer¢ si8Trcdon itsbchalf by.. on D. GrffD- Tru51ee The t￿1¢5 form pErt of these financial S￿£m¢nI5 Page 12 Gtoryetown U•lvtr5ity (USA} UK Notes to the FiNAn¢i41 St8¢tmtnts for th¢ ye4r ended 30 1025 ACCOUNTING POLICIES B*s55 ofprtPaTlng the finatheial st#¢¢mErtt$ Thc finan¢i81 st21emenTS of the charitabl¢ ￿m￿lly, %thirh is a publi¢ bettefii eniity undei FRS 102, havc been pr¢pared ITh a¢¢Lvdanc¢ Iviih Ihe Charilies SORP (FRS 1021'A¢wthiin8 and Rew)rtill8 by Charities.. Siat¢rr*ni of R￿0MmEnded Practice applic8ble io charities pr¢paring Ih¢ir attounts in ￿or￿aT*¢ With th¢ Finan¢i&l Keportin8 Si&ndird Rppli¢thle in UK aNi Republic of Ireland IFRS 1021 lefYe£tiYe l January 2019Y, Financial Reporting si5￿11rd 102 'Th¢ fjnortcial Reporiing St8ndard applicjble in th¢ UK and Republi¢ or Irc13nd' iht Companies Ael 2006. Th¢ fiThan¢i&l siai¢meMs hav¢ bccn pr¢pa￿d und¢T TtLe hiS￿TIC￿l cost on¥eDlion. riD•Btl*l reporting StaThd8rd 102- rtdwced d•s¢liryure exemption5 The charity ha$ iak¢n advanlag¢ of Ihe folloiYin8 disclosu￿ ¢xempiiOTLS In pryring thcst financwl sth*men a5 perniitEed by FRS I02'T1￿ Fina￿111 Rcw)riin8 Slandard gwlicsble inihe UK Republic of IF¢lond': Ihc requircmenis of Sedlon 7 Staitmenl of C8sh Flow thc ￿qUireMen1$ ofseciioTr I l Fina￿la1 In5trumcnb paragtaphs I1.41(bl. I1.41{¢1. 11.41lel. I1.411D. lh¢ requirem¢ni3 of S¢tiiort 12 Other Financial IThytnynen￿ pBy8graph5 12.26, 12.27. 12.29lal. 12.29lbl and 12.29A. the T¢guIremen￿OrkxN￿rdph 33.6 Key MDn4YTNYJt P¢rn)Dnel (￿pensatiOn. IKtomitsg rc50urces All incotn¢ is r￿O￿nIs& in th¢ SiotementofFinancial Activities once ihe chrily hJ3 eniiikmem to r￿ds. Is probable Ihal th¢ intx)me ivill be received pnd Ihe cBn be reli8bly. All incomin8 r¢stsurces are includd in Ihe s1&t¢n￿ of Firy&n¢ial Aalvilies Ihe cbarily 1$ legally cnistl¢d ¢0 th¢ income and lh¢ amou￿ can be quaniifi¢d iyith reawnabl¢ ac¢urdCy. Incomin8 rwiirtrs accouDtcd for on an Jccrwls basi5 ¥viih the excepiion of incoming resources rclalin8 10 pledges ithlth are ac¢ounied for on o cash b￿15. Re$our¢¥$ expendeil Liabilille5 are re¢ognised &% expe*diiwe a$ soon as Ikre Is 8 legal or co￿tr￿11¥¢ obligation cominiiiin8 the tharily w Ihal expendilure. it Is probabl¢ 1tr0t & Iran5fer Dr ecortomi¢ bencfils ivill b¢ required IN 5e1ilen￿nt 8nd Ihe amouni of lh¢ obligation reliably. Expendiiw¢ 15 atcounicd for on on ￿￿u&l$ b￿1$ Jnd has been clgssifid und¢[ headin￿ Ilwi aggr¢￿* 911 cost rrlaicd io the ￿le￿￿)ry. Where costs ¢aNwt be dire¢¢ly Iribui¢d 10 K￿l¢￿I￿r h¢&dings. Ihey hve b¢¢n allora￿d EO aGtLvili¢S on 4 basi5 ¢OD5151eDt iviih the or Reporfing ¢yrr¢llty The financial $ia*men15 have been prepared in US dollars {'S"). Theexthange ral¢ at ¢ke bolarte ¥beei dgie iv45 51- £0.7287. T*llglMt tlxed 85stts Ucpr¢ciaiion is provided followin8 rnley in orthr to WTi* off &%s¢t ov¢r IL8 C5tim%i¢d usefijl Improvements 10 wijpedy Plonl and machiii¢ry 15%on¢o Slrni8hr line over 5 yeats gnd Straisbt line over 10 yeM5 Rtl•t¢d PArty txtmptiiiii The chuiiablc wmpany has iakeD advaThtoge of exernpliotL under IhE lernisof FinanciNI R¢p)rtiThg Standard 102 'The Finin¢i61 R¢p¢>rtinB Swvjhrd applioble tn Ib¢ UK aNI R£p￿bItC of [rel￿d.. not 10 disclosc re￿1¢￿ party trnnsaeiions wirh %¥holly own¢dsub5idiari¢5 Mihin Iht 8fOUP. P4¢ 13 coniinwd... Georyttown VThi¥trslty IUSAI UK InitL*tive5 Or8#ni%itio Notu io the Fin*mdAI Stitemtrtts- coit5nwtd fortht ye8r ended JO Jun¢ 2025 ACCOUNTIiYG POLICIES- Continued Tixltio Th¢ Chatily is a rcsisl¢rcd chfrrity, as 5uGh is eniiil¢d ￿ ¢ertaiTh lax txemptions on incomc and profils from inv¢5knents. and sllrplu5¢s any Irading aJivIli￿ ¢wried oli in fwtheraTK¢ ofih¢ ¢h2riiy'5 W￿rY obje¢tiv¢ ifihese profi15 and suty1￿¢S art appli¢d 501ely forth8riiable Pur]￿5. Fund ic¢•on*SDg Unresirided fund5 bt used in *CLvdtncc w¢th charitable objeriives ai ik discrttion of Ihc Trugtees. Resiricled fund5 can only k used for partiwlar ttaric¢¢d PU￿￿Se5 iyiihin th¢ objects Dfih¢ ¢l]arii>. R¢Mri¢i¢o •r15c iyhen spe¢ifi¢d by the th)nof or %Yhen fund5 brt raised for pHrticulgs r¢sirided purpDse5. Further¢xplanalion ofihe M¢ure PUWFQ5e of each ig included in Ihe ￿1¢5 10 thc finwrtcial SW¢WL%. The fironcial SWlemen15 have b¢cn prep8rcd on a 8Oift8con¢¢rn bfjsi5 8$ th¢ PDrenl ￿nd￿￿kIng indica*d ils willingngss 10 provide the necessary financial SUp[￿n to enabl¢ Ihe charity 10 me¢1 115 liabililivs for E period Dr ai ltasl tiyelvc months from date of appioyal of these linancial 5iateinents. Assets and liabiliiie5 In forcign curr¢rt¢ie$ art translaicd inio dollar5 ￿ Ikrat¢sof ex¢W wIinB￿{he bHlan¢e sheci d#te. Tra[￿1￿110nS In foreign Cur￿￿¢1¢3 are transl&S¢d inio dollars al ih¢ rai¢ of&%ch&nge ruliD8 ￿ the dai¢ pf Iransgclion. E¥chan8cdi(ferentts tsken inio ic¢ovm in arriving ai th¢ rcsull. Op¢rAtiTh8 Amounis yJyable under Operntins It￿$ are ckwTged ￿ iht Siattmcni of FinJTh¢i81 A¢u¥ili¢s on a ￿ra18h1 lir ba5isoYcrlhe period ofih¢ lease. Ptnsion coJ¢s *thd other post-rttlwmEht be Th¢ Chari15' op¢rares a defined coniribulh)n P¢D5ion $cheTne. CoDiribllliONS ptsytsbl¢ lo ihe Chri1> s pension 'schetne nr¢ tharg¢d 10 ih¢ profil loss accouni in ihe period w i¥h¢eh lkney Yelaie. DONATIONS AND LEGACIES 2025 2024 300.IMJO Gift5 3QO.000 OTHER TRADING ACTIVITIES 2025 2024 Tuitio# f¢cs 873.722 837.025 P88e 14 CfyiiinL￿d... Gooryetown UNivtrsity IUSAI UK Jpitiatlve$ Org*nts*tion Noid to th¢ Filli￿4*1 S14teiiitnts- ¢oMIOAu¢d f•r the y¢•rended JOJ￿￿e 2025 CHARITABLE ACTIVITIES COST5 Direci Costs ToiaL8 2025 2024 2025 2024 Edutaiion 1,285,473 1.308.444 1.215.47J lJ08,444 NET INCOMEIIEXPKNDITUREI Incomdlexpendiiurt} is aftu chwgin¥lcrtdiiiiigl.' 2025 2024 tkprecilltion- oivrtd awls Ollier op¢rniin8 Se8s¢s Audilows, r¢mm¢r&ioD 17&292 277.404 76,344 176.292 261.929 65.457 TRUSTEES, REMUNERATION AND BENEFITS Ther¢ i¥crc N) IruM¢¢s' retmn¢ra1￿n or thher t¢rtefits for the ￿#r ended 30 JUK 2025 nor foi ihe year •Jd¢d 30 June 2024. Trutctg, expell￿9 There w¢r¢ tto trusl¢es' expens￿ paid for Ihe year cnded 30 Junv 2015 ￿r for the y¢nrmded 30 Jur* 2024. STAFF COSI3 2025 2024 Wages aTyJ salArits So¢i&l security Costs Other penswn cosls 239.242 29.442 24.370 242,553 26.351 22.890 293.054 291.824 Th¢ awernge monthly number of ¢mthe¢5 durln8 Ihtyeat ivas fol10115'. 2025 2024 Admini51r￿l0n The numFtr of ¢mployttswl¥Js¢ employee ben¢fi15 lex¢ludlrtg￿p1oyeT wsion cos¢sl ¢xreeded £60.1]￿ wLs: 2025 2024 SI10,000. $120.1)00 $121,(KM). $lJO,OtM) Pase 15 ¢onlinua... Georyrtown Unfvtrsity (USA) UK Inltlati¥esOrynis•tion Notes IO t*¢ Fl*8tt¢1*l Sts¢tm¢n¢S- coitinu¢d ror tht ye*r¢ndod JO Junt 2025 COMPARATIVES FOR THE STATEMLNf OF FJNANCIAL ACTIVITIES UnTe5rri¢ted Res1Flc￿d fund Toial fvTrJ5 INCOME AND ENDOWME￿TS FROM 31M).fflO Donat￿￿8 and1¢8acies 300,￿)0 Other tMdin8 ¥livitie5 837.025 137,025 Totil 1.137,025 1,137,025 EXPENDITURE QN Ckn#ritablt 8¢liviti Edwaiioii 1.30&444 IJ08,444 NET INCOMFJIEXPENDITUREI RECONCILIATION OF FUNDS Toiil fiuK15 broulhi for¥vafd {3.775.863> 13,775.W TOTAL FUNDS CARRIED FORWARD (3.947.282) (3,947.282) TANGIBLE FIXED ASSETS Imprpvemcnl$ to prop¢rty Plani 8tyJ machin¢ry Tolals C05r Al l July 2024 and 30 Juthe 2025 DEPRECIATION Al l July 2024 Chorge foryear 1.405,244 109.696 1.514.940 65.818 10.970 1.057.743 176,292 991.925 165.322 1,234.035 AI 30 jL￿ 2025 ,157.247 76,788 NET BOOK VALUE AI 30 Jur¢ 2025 280.905 247,997 32,9)8 457.197 AE 30 luAe 2024 413,319 43.878 Page 16 onllnucd... G¢oryt¢own Urtiver5ity IUSAI UK Inltlatiwes Orynis*ilo N•t#to the FlpanrT*l S¢at•mtTrts. coHtlnued fot Ihe yegT ¢hdtd 30 Juht 2025 io. DEBTORS.. AMOUNTS FAWNG DUEWITHIN ONEYEAR 2(J25 2024 Trthlc (kblo othcTdeb￿rS Prepayments 1.040 31.929 2&968 37.500 7,395 18,487 61,937 63,3B2 CREDfioRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 An*)LnLsowrd 19 Eroup undcrt8kings oiher cr¢dilors Aecrvat3 and &fcr¢d income 4J14.594 6.310 97.326 4.618,410 5.640 77,369 4,418.230 4.731.425 ¢or8e10￿ Univ¢r5iiy ￿ve gu¥ani¢¢d kn provide ihe ￿ceSSary fimancijl 5UPPOrt lo enable G¢orBeiown Univasity IUSAI UK lniliali￿ Oy8an1￿t￿L 10 tn¢¢i ils liabrliiies for a peri￿ of ai l¢n5t l year from the dHt¢ or approval ofltrrtse fm8rKi81 swemuls LEASING ACREEMENTS Minimwn lease paynxnts uryjtr nowttrtell8ble OPEro1in8 Icws fall duv&s folbw5: 12. 2025 2024 Within one y B¢liveen fiweycaT5 55.141 220.566 55,141 275.707 13. MOVEMENT IN FUNDS Nei moverncnt in f￿d5 Al 30.6.25 Ai 1.7.24 U*restrlcted Ge¢*ral fund 13,947.282} I111.751} 14,059.0331 TOTAL FUNDS 13,947.2821 1111.7511 14.059.033) PAge 17 cortinued... C¢oTgelowTr Umlvtrslty (US41 UK Inilio¢lwe5 Or¥In￿lI10 Notu t• the FinaAciil St*tements- ¢oThtiNu¢d for the ytlrended 30 June 202S ij. MOVEMENT IN FUNI)S- toDtiDu¢d mov¢nknt in fuDds. includ¢d in ihe above are as folloivs.. IT*orning rc50urG¢$ MovernETrt ITh fu￿j$ exkxnded UDr¢stricittl f•nds Get)ernl .173.722 11285,4731 TOTAL FUNDS 1,173.722 11.285,473 CompirAifv¢s for movemtht In funds Nci vem¢ni in funds At 30.6.24 Al 1.7.23 Unre5trkted fuud5 General fwd (3,775,863) 1171.4191 13.947.282) TOTAL FUNDS 13,775.8031 1171.4191 13.947.282> Compar&liv¢ n¥)vemeM in fund5, Includcd in the atY)ve a¥¢ 85 folloi Resourc¢s ¢xp¢nded Moyemeni in furKIs reswrttg UDresfrlt*¢d funds Gcn¢wal lu￿1 .137,025 11,308.4441 TOTAL FUNDS .137,025 (1,308.444 The unr¢siricied funds have Eten used in accordirte wilh the Charl￿ble Dbjeciives 01 the discrnion of the 31ees. Th¢ rhaTsiabl¢ purpDSe Is I￿ advancweni ofcducaiion via the provision ofecad¢mic cours¢ Boih lunds er¢ Currenily in dEficit as cwreni exFKndiivrc re]aiing ro the ¢haritsbl¢ objccis ofthecharily currently ¢Ktt¢d8 the funding t¢cciv¢d. The fillwKial sia*meAts hayc bcm prepared on a going con¢¢m basis ￿ the parem undert&kin8 ha5 indi¢aied it5 %villin8Thc5y ￿ provid¢ thE necessary filw￿l￿ $4)p)rt lo cnablc Ih¢chariiy lo meet ity liabililies for 8 period of leAst I￿1ven￿>￿Ik$ f¥om Ihe da* of appTovd ofihw finartial sialernen Pag¢ 18 ntinued... Ge•y8rtown VThlverslty IUSAI UK ITrlti&ilve5 Or8*nlg4tlpn l¥oli¥ to the Fln¥wcial St*leme*ts. ¢•AtI￿rd forthtyear ended 3OJ¥pe 2025 RELATED PARTY DISCLOSURES The compthy has lakcn adv•)tAge of lh¢ exemption 4VAil8ble wnder Ik term5 of parn8w&ph 33.IA of FRS 102 from discloswe ofirarnwiton wiiholherwholly owTrcd groupththn&irtg& 15. ULTIMATE coffftoLLING PARTY The diredors rcgard Gcorgeknivn Universiiy. a non.pvofit Ittsili￿lo￿ of hiBh¢r YID￿110￿ or8anis¢d t￿￿-s10¢k rorporal￿Tr un(kr federal ch&ter in ihe Unl￿1 Siaies of A￿￿1¢a, io be th¢ u11imaic pw¢rtt urnlertaking and Ihe uliim8Ee conirollin8 pariy. 16. COMPANY LIMITED BY CVARANTEE Th¢ ¢omp8ny was intorpord*d 0th 2 Jdy 2008 a5 • compHrty Limii¢d by GuaraTrttt, incory￿)raCed in England and Wths. The regislcred office Is S¢¢ond Floor. Kirkland HoLtse, 11 - 15 pd¢rborough lio&l. Harrow. h4iddl¢sex. HAI 2AX. PaE¢ 19