Company registration number: 08187231 Charity registration number: 1149064
## Cornell University Foundation (UK) Limited
(A company limited by shares) Annual Report and Financial Statements
for the Year Ended 30 June 2023
Westlake Clark Limited Chartered Accountants
7 Lynwood Court Priestlands Place Lymington Hampshire SO41 9GA
## **Cornell University Foundation (UK) Limited**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 4|
|Statement of Trustees' Responsibilities|5|
|Independent Examiner’s Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Statement of Cash Flows|9|
|Notes to the Financial Statements|10 to20|
|**Cornell University Foundation (UK) Limited**|**Cornell University Foundation (UK) Limited**|
|---|---|
||**Reference and Administrative Details**|
|**Charity**|Cornell University Foundation (UK) Limited|
|**Trustees**|D Collier|
||R Ely|
||T Cary|
|**Secretary**|E Flood|
|**Principal Office**|19 Norcott Road|
||London|
||N16 7EJ|
|**Registered Office**|19 Norcott Road|
||London|
||N16 7EJ|
|**Company Registration Number**|08187231|
|**Charity Registration Number**|1149064|
|**Independent Examiner**|Westlake Clark Limited|
||7 Lynwood Court|
||Priestlands Place|
||Lymington|
||Hampshire|
||SO41 9GA|
Page 1
## **Cornell University Foundation (UK) Limited**
## **DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 30 June 2023**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2023.
The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) (effective 1 January 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom (FRS 102).
## **Achievements and performance**
## **Objects of the charity, principal activities and organization of our work**
Cornell University Foundation (UK) Limited was incorporated on 21 August 2012, registered as a charity on 24 September 2012, and commenced to operate on 2 January 2013.
The charity is incorporated and is constituted and governed by its memorandum and articles of association dated 10 September 2012.
The charity’s objects and its principal activities continue to be that of the advancement of learning and education in particular by providing grants to Cornell University to assist in the advancement of students attending the institution.
## **Organization**
The Board of Trustees and Secretary meet regularly, and decisions are made by vote by the Trustees. The Trustees elect new members as and when required.
## **Developments, activities and achievements**
The charity has assisted Cornell University over the past year in various ways. It has done this through soliciting gifts from alumni, parents and friends, and has provided funding for student and faculty aid, capital renovations, and research. As a main source of philanthropy from constituents in the United Kingdom, the charity has played a vital role in helping to support Cornell’s people and programs. The charity is the lead source of support for the University in the United Kingdom.
During the year total grants paid to Cornell University were £92,510 (2022- £863,593).
## **Future development**
The future developments will be to continue to advance education by providing grants to Cornell University.
## **Transactions and financial position**
The Statement of Financial Activities show total income for the year of £98,367 (2022: £862,043) and total expenditure of £96,570 (2022: £863,975). Overall net income for the year was £1,797 (2022: net expenditure of £1,932) with total funds held at the year-end totaling £1,932 (2022 - £135).
Page 2
## **Cornell University Foundation (UK) Limited**
## **DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 30 June 2023**
## **Reserves policy**
The Trustees have resolved to commit as much of the charity’s resources as possible to expenditure grants, whilst retaining very modest reserves to meet day-to-day administrative costs as they fall due.
At the year-end total reserves held were £1,932 of which £833 related to unrestricted funds and £1,099 related to restricted funds.
## **Risk review**
The Trustees have conducted their own review of the major risks to which the charity is exposed and have concluded that the following systems that have been established provide reasonable but not absolute assurance that those risks are adequately managed:
(i) The retention of a professional secretary to administrate the foundation.
(ii) The retention of a professional accounting firm with experience in the area to conduct an examination.
(iii) The retention of a law firm with extensive experience in this area.
(iv) The requirement that any transfer of funds by the foundation be approved by two authorized signatories; and
(v) Final reconciliation by staff of Cornell University of Cornell’s donative and accounting records with the financials of the charity.
## **Public benefit**
The charity's main activity of providing grants to Cornell University furthers the charity's purposes for public benefit by providing opportunities and financial help to all students attending the institution.
The trustees have also had due regard to guidance published by the Charity Commission on public benefit.
## **Financial instruments**
## _**Objectives and policies**_
The charity's activities expose it to a number of financial risks including credit risk and cash flow risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
## _**Cash flow risk**_
The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts to hedge these exposures.
## _**Credit risk**_
The charity’s principal financial assets are bank balances and cash.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
Page 3
DIREOR AND TRusfEES' REPORT
FOR THF. YEAR ENDED 30 J••e 20LI
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## **Cornell University Foundation (UK) Limited**
## **Statement of Financial Activities for the Year Ended 30 June 2023 (Incorporating Income and Expenditure Account)**
|**Income and Endowments from:**
**Note**
Donations and legacies
3
Other income
Total Income
**Expenditure on:**
Charitable activities
4
Total Expenditure
Net Income/(expenditure)
Net movement in funds
**Reconciliation of funds**
Total funds brought forward (including share
capital)
Total funds carried forward
13
**Note**
**Income and Endowments from:**
Donations and legacies
3
Total income
**Expenditure on:**
Charitable activities
4
Total expenditure
Net Income/(expenditure)
Net movement in funds
**Reconciliation of funds**
Total funds brought forward (including share
capital)
Total funds carried forward
13|**Unrestricted**
**funds**
**£**
312
1,504
1,816
(711)
(711)
1,105
1,105
(272)
833
**Unrestricted**
**funds**
**£**
2,296
2,296
(3,403)
(3,403)
(1,107)|**Restricted**
**funds**
**£**
96,551
-
96,551
(95,859)
(95,859)
692
692
407
1,099
**Restricted**
**funds**
**£**
859,747
859,747
(860,572)
(860,572)
(825)|**Total**
**2023**
**£**
96,863
1,504|
|---|---|---|---|
||||98,367|
||||(96,570)|
||||(96,570)|
||||1,797|
||||1,797
135|
||||1,932
**Total**
**2022**
**£**
862,043|
||||862,043|
||||(863,975)|
||||(863,975)|
||||(1,932)|
||(1,107)
835
(272)
|(825)
1,232
407|(1,932)
2,067
135|
The Statement of Financial Activities also complies with the requirements of an income and expenditure account under the Companies Act 2006.
All amounts relate to continuing activities of the charitable company.
The Statement of Financial Activities includes all gains and losses recognized in the year.
Page 7
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6364
li
(4,452)
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134
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13
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## **Cornell University Foundation (UK) Limited**
## **Statement of Cash Flows for the Year Ended 30 June 2023**
|**Cash flows from operating activities**
**Note**
Net cash Income/(expenditure)
**Working capital adjustments**
Decrease in debtors
10
Increase/(decrease) in creditors
11
Net cash flows from operating activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 July
Cash and cash equivalents at 30 June|**2023**
**£**
1,797
(1,229)
(16,127)
(15,559)
(15,559)
20,693
5,135||**2022**
**£**
(1,932)
1,549
20,558|
|---|---|---|---|
||||20,175|
||||20,175
518
20,693|
All of the cash flows are derived from continuing operations during the above two periods.
Page 9
## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
## **1 Charity status**
The charity is owned by Cornell University, a USA non-for-profit organization. However, it is controlled by Trustees, who are all directors of the charity. Cornell University is dedicated to a mission of learning, discovery and engagement. Consolidated accounts can be obtained from Cornell University, 341 Pine Tree Road, Ithaca, New York 14850-2820.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102) Revised), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).They also comply with the Companies Act 2006 and Charities Act 2011.
## **General information and basis of preparation**
Cornell University Foundation (UK) Limited is a charitable company limited by share capital, incorporated in England. The address of its registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are given on page 2.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognized at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements are presented in pound sterling, which is the functional currency of the charity and rounded to the nearest £1.
## **Going concern**
The Charity’s Financial Statements show total income of £ 98,367 (2022: - £862,043) for the year and total reserves of £1,932 (2022: £135). The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements with respect to a period of at least one year from the date of approval of these financial statements including considering the impact of Ukraine crisis and Cost of living on the charity's income, expenditure and reserves; and its beneficiaries. They have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern and are fully engaged on a strategy to create a sustainable and resilient organisation during challenging times. The Charity continues to have financial support from its parent company (Cornell University based in USA). Therefore the trustees are of opinion that the financial statements for the year ended June 2023 can be prepared on a going concern basis.
## **Income and endowments**
All income is recognized once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 10
## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
## _**Donations and legacies**_
Donations are recognized when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognized until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
## _**Gift aid**_
Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.
## **Expenditure**
All expenditure is recognized once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading those aggregates similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, and includes irrecoverable VAT.
## _**Grant provisions**_
Provision for grants are made when the intention to make a grant has been communicated to the recipient but there is an uncertainty about either the timing of the grant or the amount of grant payable.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Debtors**
Other debtors are amounts due from HMRC in respect of gift aid due on donations.
Page 11
## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Creditors**
Creditors are grants due to Cornell University that have not yet been transferred.
## **Foreign exchange**
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Significant Judgments and Estimates**
In the application of the company's accounting policies, management is required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognized when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Page 12
## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
Financial assets and liabilities are offset in the statement of financial position when, and only when, there exists a legally enforceable right to set off the recognized amounts and the charity intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Financial assets are derecognized when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognized only when the obligation specified in the contract is discharged, cancelled or expires.
## _**Fair value measurement**_
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from individuals
Gift aid reclaimed|**Unrestricted**
**funds**
**General**
**£**
250
62
312||**Restricted**
**funds**
**£**
84,234
12,317
96,551|**Total**
**2023**
**£**
84,484
12,379
96,863|**Total**
**2022**
**£**
852,258
9,785
862,043|
|---|---|---|---|---|---|
The donations and legacies in 2022, totaling £862,043 consisted of £2,296 attributed to unrestricted funds and £859,747 to restricted funds.
## **4 Expenditure on charitable activities**
|Grants payable - Cornell University|**Activity**
**undertaken**
**directly**
**£**
92,510|**Activity**
**support costs**
**£**
4,060|**2023**
**£**
96,570|**2022**
**£**
863,975|
|---|---|---|---|---|
The total above includes £711 (2022- £3,403) attributable to unrestricted funds and £95,859 (2022- £860,572) to restricted funds.
Page 13
## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
## **5 Analysis of support costs**
## **Support costs allocated to charitable activities**
|**Basis of allocation**
Grant Payable -Cornell University
100%|**Finance**
**costs**
**£**
3,598|**Other**
**support**
**costs**
**£**
462|**Total**
**2023**
**£**
4,060|**Total**
**2022**
**£**
382|
|---|---|---|---|---|
## **Basis of allocation**
## **Reference Method of allocation**
All support costs have been allocated to grant making. This includes foreign exchange and bank 100% charges associated with holding foreign currency bank accounts.
## **6 Net incoming/outgoing resources**
Net outgoing resources for the year include:
Foreign currency (gains)/losses
**----- Start of picture text -----**
2023 2022
£ £
3,598 (4)
**----- End of picture text -----**
## **7 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration or incurred any expenses for which they sought reimbursement from the charity during the year.
Donations made by the trustees without any conditions attached totaled £1,569 for the year (2022 - £1,890).
## **8 Independent Examiner’s fees**
Independent Examiner’s fees are paid by Cornell University (Parent company) on behalf of charity. Fess payable in respect of year to 30 June 2023 are £1,872 including VAT (2022-£2,112).
## **9 Taxation**
The charity is a registered charity and is, therefore, exempt from taxation.
Page 14
## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
**----- Start of picture text -----**
10 Debtors
2023 2022
£ £
Other debtors 1,229 -
11 Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 4,432 20,558
12 Share capital
Allotted, called up and fully paid shares
2023 2022
No. £ No. £
Ordinary share of £1 each 1 1 1 1
**----- End of picture text -----**
Page 15
## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
## **13 Funds**
|**Unrestricted funds**
**_General_**
Unrestricted income fund
Share Capital
**Restricted funds**
President’s council of Cornell women
PHD scholarship at the Johnson School
Friends of Physics
Student & campus life
Cornell University
International Undergraduate Scholarship
School of Mechanical Engineering
Johnson Graduate School of Management
Cornell Law School Annual Fund
Mathematics Department for Graduate
Students
Ornithology Lab
Cornell Botanic Gardens
Herbert F. Johnson Museum of Art
Tradition Fellowships
College of Agriculture and Life Sciences
Enquiring with CECP
Arts & Sciences Annual Fund
Brett Schneider ILR Fund
Class of 1695 dues and donation
School of Hotel Administration
College of Human Ecology
Scholarship support for a student from
Francophone Africa
LCP Ho II Scholarship Fund at College of
Arts & Sciences
**Total restricted funds**
**Total funds**||**Balance at 1**
**July 2022**
**£**
(273)
1
-
-
407
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
407
135||**Incoming**
**resources**
**£**
1,816
-
1,200
17,500
-
1,200
815
3,643
386
11,160
9,666
692
386
1,000
1,000
1,000
1,000
1,600
1,500
10,000
1,000
4,791
4,791
18,261
3,960
96,551
98,367
||**Resources**
**expended**
**£**
(711)
-
(1,200)
(17,500)
-
(1,200)
(815)
(3,643)
(386)
(11,160)
(9,666)
-
(386)
(1,000)
(1,000)
(1,000)
(1,000)
(1,600)
(1,500)
(10,000)
(1,000)
(4,791)
(4,791)
(18,261)
(3,960)|**Balance at**
**30**
**June 2023**
**£**
832
1
-
-
407
-
-
-
-
-
-
692
-
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|---|---|---|---|---|---|
|||||||(95,859)
(96,570)|1,099
1,932|
Page 16
## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
|**Unrestricted funds**
**_General_**
Unrestricted income fund
Share Capital
**Restricted funds**
Class of 1965 dues and donation
Law school- Impact Fund for LLP
Program
PHD scholarship at the Johnson School
Friends of Physics
Mathematics Library
Psi Upsilon Capital Campaign
Library and Sibley school of Mechanical and
Aerospace Engineering
Annual Fund for Undergraduate
Scholarships
Johnson Graduate School of Management
Cornell Law School Annual Fund
Royall Tyler Moore Endowment for
Systematic and Development Mycology
Ornithology Lab
Graduate School Annual Fund
School of Hotel Administration
College of Human Ecology
Scholarship support for a student from
Francophone Africa
Atkinson Center for Sustainability
LCP Ho II Scholarship Fund at College of
Arts & Sciences
**Total restricted funds**
**Total funds**|**Balance at 1**
**July 2021**
**£**
834
1
200
-
-
407
625
-
-
-
-
-
-
-
-
-
-
-
-
-
1,232
2,067|**Incoming**
**resources**
**£**
2,296
-
-
7,862
15,312
770
3,125
1,700
680
4,713
11,893
3,750
263,235
680
625
5,712
4,713
14,420
500,000
20,557
859,747
862,043
|**Resources**
**expended**
**£**
(3,403)
-
(200)
(7,862)
(15,312)
(770)
(3,750)
(1,700)
(680)
(4,713)
(11,893)
(3,750)
(263,235)
(680)
(625)
(5,712)
(4,713)
(14,420)
(500,000)
(20,557)
(860,572)
(863,975)
|**Balance at 30**
**June 2022**
**£**
(273)
1
-
-
-
407
-
-
-
-
-
-
-
-
-
-
-
-
-
-|
|---|---|---|---|---|
|||||407
135|
Page 17
## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
## **The specific purposes for which the funds are to be applied are as follows:**
President’s council of Cornell women: To Supplement PCCW Awards.
PHD scholarship at the Johnson School: Annual Scholarship to be given to Johnson PhD Students.
Friends of Physics: For projects to benefit Cornell Physics as suggested by alumni boosters, To accept gifts from Physics Advisory Council; network of alumni Physics boosters.
Student & campus life: Unrestricted VPSCL gifts to support projects within SCL and at the discretion of the Vice President.
Cornell University: General Annual fund, unrestricted alumni annual giving funding.
International Undergraduate Scholarship: Payout from the Fund will provide undergraduate financial assistance to international students with demonstrated financial need enrolled at Cornell University.
School of Mechanical Engineering: Account for gifts that are designated for Mechanical Engineering.
Johnson Graduate School of Management: Annual Fund for JGSM, Unrestricted gifts.
Cornell Law School Annual Fund: Annual fund for Law school, Unrestricted gifts.
Mathematics Department for Graduate Students: Annual fund for Mathematics Department, Unrestricted gifts.
Ornithology Lab: Revenue from Lab memberships and annual fund gifts.
Cornell Botanic Gardens: Botanic Gardens gifts for membership throughout the year and from the Annual Giving drive once a year.
Herbert F. Johnson Museum of Art: Annual fund for Johnson Museum, Unrestricted gifts.
Tradition Fellowships: The Cornell Tradition is an alumni-supported program that recognizes and rewards outstanding undergraduates. The program awards 500 fellowships each year to Cornell students who demonstrate significant work experience, a commitment to campus and/or community service, and academic achievement.
College of Agriculture and Life Sciences: Annual fund for College of Agriculture and Life Sciences, Unrestricted gifts.
Enquiring with CECP: Cornell Early Childhood Program.
Arts & Sciences Annual Fund: Annual fund for College of Arts and Sciences, Unrestricted gifts.
Brett Schneider ILR Fund: Used for purposes as supporting research or travel by faculty, students, and scholars interested in the study of workplace issues.
Class of 1965 dues and donation: Membership dues for class of 1965.
School of Hotel Administration: Annual fund for Hotel Administration, Unrestricted gifts.
College of Human Ecology: Annual fund for College of Human Ecology, Unrestricted gifts.
Page 18
## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
Scholarship support for a student from Francophone Africa: The Bouriez Family Fellowship, administered by the Institute for African Development (IAD), sponsors exceptional students from Francophone Africa as they pursue professional training in law or global development at Cornell University.
LCP Ho II Scholarship Fund at College of Arts & Sciences: Fund will provide undergraduate financial assistance to students with demonstrated financial need enrolled in the college of Arts and Sciences at Cornell University.
Law school- Impact Fund for LLP Program: Donations related to LL.M. Program (Master of Laws).
Mathematics Library: Unrestricted gifts for Mathematics Library, faculty book fund.
Psi Upsilon Capital Campaign: Gifts and expenses used for feasibility study and renovations at 2 Forest Park Lane.
Library and Sibley school of Mechanical and Aerospace Engineering: Unrestricted gifts for Mechanical and Aerospace Engineering.
Annual Fund for Undergraduate Scholarships: Annual fund for undergraduate scholarship, Unrestricted gifts.
Royall Tyler Moore Endowment for Systematic and Development Mycology: Awards to be made to graduate students, postdoc students, and exceptional senior undergraduate students in their final year who intend to follow their mycological studies into a graduate program.
Graduate School Annual Fund: Annual fund for Graduate School, Unrestricted gifts.
Atkinson Center for Sustainability: Annual fund for Atkinson Center for Sustainability, Unrestricted gifts.
Annual funds: Annual fund gifts impact nearly all programs and people at Cornell. Gifts to annual funds support top priorities like financial aid, improving education, and research and community outreach that make the world a better place. Annual fund gifts provide financial support when deans and directors need it most. Annual funds can help a dean get a new program started or bring a speaker to campus. Last year, annual funds helped with pandemic-related expenses like unanticipated tuition support, emergency funding to send students home, and the unexpected costs of moving education online.
General funds: General fund represents funds available to spend at the discretion of the Trustees.
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## **Cornell University Foundation (UK) Limited**
## **Notes to the Financial Statements for the Year Ended 30 June 2023**
## **14 Analysis of net assets between funds**
**----- Start of picture text -----**
Unrestricted
General Restricted Total funds at
30 June 2023
£ £ £
Current assets 1,099 833 1,932
Analysis of fund balances between net assets for the previous year
Unrestricted
General Restricted Total funds at
30 June 2022
£ £ £
Current assets (272) 407 135
**----- End of picture text -----**
## **15 Related party transactions**
During the year the charity made the following related party transactions:
## **Cornell University (Parent Company)**
During the year, all of the charity’s grant making activity was directed to Cornell University as described above.
Other administrative expenses are also settled directly by Cornell University, including the independent examiner's fee of £1,872 (2022 - £2,112). At the balance sheet date, the amount due to/from Cornell University (Parent Company) was £Nil (2022 - £Nil).
## **Dominic Collier (Trustee)**
During the year, Dominic Collier made donations totaling £1,569 (2022- £1,890) to the charity. At the balance sheet date, the amount due to/from Dominic Collier (Trustee) was £Nil (2022 - £Nil).
## **16 Parent and ultimate parent undertaking**
The company's immediate parent is Cornell University, a not-for-profit organisation incorporated in USA. The address of Cornell University in Ithaca, NY, 14850.
The ultimate controlling party is the trustees, who are all directors of the charity.
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