Charity Registration No. 1170799 Company Registration No. 10429661 (England and Wales) UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 AOF9Mk45H 0511112024 . COMPANIES HOUSE A18
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UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Tru5te•s PAknlas M Bauman C C Devocelle DGYer G Glas C S Malhews D C Meinhart J H Moore K Viverilo Charity number 1170799 Company number 10429661 Reglstered offic• Thiid Floor 20 Old Bailey London EC4M 7AN Auditor RSM UK Audit LLP Chartered Accountanls 25 Farringdon Slreel London United Kingdom EC4A 4AB Bankers CAF Bank Limited PO BOX 289 25 Kings Hill Ave Kings Hill West Malling Kent Northem Trust Securitites, Inc. 50 S.Lasalle St. Chicago IL 60603
UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present their report and financial statements for the year ended 30 June 2024. The financial slalements have been prepared in accordance with the accounting pollcies sel out in note 1 to the financial statements and comply with the Foundation's governing document, the Companies Act 2006 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in aexordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). las amended for accounting periods commencing from 1 Jantjary 20191. Objectives and activities The University ol Illinois Foundation UK Limited is a registered charity (number 1170799) whose principal objectives are a5 follows.. the advancement of learning and education in particular (but not without limrtation) at or in connection with the University of Illinois", and such other exclusively charitable purposes as the Trustees may in their absolute diserelion determine. The Trustees have paid due regard lo public benefit guidance issued by the Charity Commission in deciding what activities the Foundation should undertake. Achlevements and perforniance The Foundation is in ils early stages of development but it has Started to receive donallons and paid a grant lo the parent Foundalion. Financial Tl¢W In the current year, the Foundation received donations of £12,98512023. £11,975). In the current and prior year the parent undertaking has agreed to cover the Foundation's costs. In doing so a gift in kind of £65,608 12023.. £34,874) has been provided, The Foundation received a donation of £nil12023'. £6001 during the year which was paid directly lo their parent. The Foundation incurred professional fees of £62.55312023.' £32,030), event costs of £2,555 (2023.. £2,844), £50012023.. £nill to sel up a Transitional Giwng Platform, donations lo the US parent of £9,953 12023.. £6.5751. and bank charges of £425 12023.. £334) resulting In a surplus for the year of £2,672 12023.. £5.095}. The Foundation will carry forward unrestricted lunds at the year end of £19,84612023: £15,924) ard reslricled funds of £nil12023.. £1.250). The parent undertaking, University of Illinois Foundation, ha8 fomially indicated its intention lo continue to provide financial support to the Foundation to meet its obligations as they fall due for the foreseeable fulure, and for a period of at least 12 months from the date of approval of Ihese financial slatemenls. Reserves pollcy The Foundation has a policy that its unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months. expenditure. The Trustees consider thal reseNes al this level will ensure that, in the evenl of a significant drop In funding, they will be able to continue the charity's current activities. Consideration is given to ways in which additional funds may be raised. Al the year end, the Foundation had free reserves of £19,846 {2023'. £15,924), and restricted reserves of £nil {2023'. £1,250). Fundraising The Tfuslee5 confirm that the Foundation's fundraising activrty is compliant with the recognised standards of lundraising as set out in the Code of Fundraising Practice, as well as those required under Charity Law. The Foundation does not employ the seThices of any Ihird-party professional fundraising organisalions. Principal risk and uncertainties The Trustees have assessed the major risks lo which the Foundation is exposed. and are satisfied that systems are in Pla lo miligale exposure to the major risks. Plans for future developments In future years, the Trustees will look to fulf I the Foundation's objectives of the advancement of leaming and education.
UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2024 Structura. govomanc• and management The Foundalion 1$ a company limited by share$. as defined by the Companiès Act 2006, incorporatad on 14 October 2016 Bnd registered 8S 8 charity on 16 December 2016. The Chantable Company is controlled by its govoming do¢umenl, its mèmeiandum and Arlicles ol Associatson, dated 14 October 2016. The sole subscriter is The Vnfv•r81ty ol Ill1r[S FodatIOn. o ngnprofll corpor•lIC InLX)rporated In United Sl•t•s olAmgrlra. There is to be a minimum ofihree trustees and no maximum. The trustees. who also the dITed0 for tho purpose of company law, and who SOrd during the y•ar and up to the date ol sIgnaty of th& financial statemtints w•re'. P Akrila$ M Bavman C C Dovoc411• D G Dwyer G Glas UHau C S Malhew D C Melnhart J H Moore K Viverlto IAppoinlèd 8 April 20241 {Appoirt8d 8 Apdl 20241 The shareholders may appolnl a person who Is willing to act as a for suth le a$ they shall seg fft, either to fill A voncY or a• •n •ddillon•l trust••. A rètiring trustee may be mappoinled. There shall be no limit to Ihe number of times a tru$lo0 may be reappolnted. The Trustegs are LY)n$idg¥•d lo be Ihè Foundation's key managem8nt peBonnèl. No membern ol th• key managemenl personnel recelve remuneration. The Trustees have control ol tr¢e Foundal'¢n and ts property and fvnds. They May re9ulalo Ihgir pedIng5 as they think fit The shar• capital in issue has no right lo r•c•ivè a dend or #ny other di51ributh"on. Tru8t•es Indemnlt5•8 Thè Foundats'on has midè quallfying third party irthmnity prowsions for the benefit of its Trustees wthi¢h wore mad• durlng y•01 and remaln in loico al the d•ie ol this report. Audltor The audltor. RSM UK Audit LLP. Is dfjomed lo be r•appoinled under section 487(21 ol Ihe Companie¥ Ad 2006. Dh¢logur• QI Inforniatlon to oudStor Each ol the Truslees has Inf1M19d that there is no Infomiabon ol which they are aw8re which is retevant to the 8udit, but of which the aLKlilor $5 unaware. They have fvjrther confimed thal they have tsken appropriate sleps to Idgntrfy Such relttvanl Inlorm•lKJn and lo •$tablish Ih•l the audltor is aware of Such infonnation. Thi5 report has been prepared in aceA)rdance wffth the provisions applicable to ¢ompanies entitled lo the srnati companies, ememption. The Trusteeg, Rep(xl was approved by the Board of Trustees. oore TNstee Dale
UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2024 The Trustees. who are also the directofs of Univer8ity of Illinois Foundation UK Limited for the purpose of company law, are responsible for preparing Ihe Trustees. Report and the financial slalemenls in accordan wilh applicable law and United Kingdom Aceounling Standards {Uniled Kingdom Generally Accepted Accounting Practsce). Company and charity law requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Foundation and of the inMINg resources and application of resources. including the income and expendilure, of the charitable company for that period. In preparing these financial slalemenls. Ihe Trustees are required lo.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charits'es SORP: make sudgements and estimates that are reasonable and prudent.. prepare the financial slalements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them lo ensure that the finanaal statements crjmply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence lor laking reasonable steps for the prevention and delection of fraud and other irregularilie8.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED Oplnlon We have audited the finanaal statements of Universily of Illinois Foundation UK Limited for the year ended 30 June 2024 which comprise the Statement of Financial Aclivilies, the Summary Income and Expenditure Account, the Balance Sheet. and notes lo the financial $talemenls. induding significant accounting policies. The financial reporting tramework that has been applied in their preparation is applicable law and United Kingdom Accountsng Standards. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ot Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 30 June 2024 and of ils incoming resources and application of re$our¢es, including its income and expenditure, lor the year then ended., have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice; and have been prepared in aecordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordance wilh International Standards on Auditing (UK) IISAS IUK)) and applicable law. Our responsibilities under those standards are lurther described in the Auditor's responsibilitie$ lor the audit of the financial slalements section of our report. We are independenl of the charitable company in accordance with the ethical requiremenls Ihal are relevant lo our audit of the finanual statements in the UK, Inclding the FRC'S Elhical Standard, and we have fulfilled OUT Other ethical responsibililies in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Concluslons relatlng to golng concern In auditing the financial slatemenls, we have eonduded that the Trustees, use of the going concem basis of arLounting in the preparation of the financial statemenls is appropriate. Based on the work we have performed, we have not idenbfied any material uncertainties relating to events or conditions that, individually or collectively, may ¢a$l Significant doubl on the charilable company's ability to continue as a going coneern lor a period of al least twelve months from when the financial statements are aulhonsed for issue. Our responsibilities and lh8 responsibilities of the Trustees with respèct lo going Ly)nc8m are described in the relevant sections of this report. other Informatlon The other infomiation comprises the information included in the Annual Report other than the financial statements and our audilor's report Ihereon. The Trustees are responsible for the olher information contained within the Annual Report, Our opinion on the financial slalements does not cover the other inlormation and, except lo the extent otherwise explicitly staled in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other inform81ion and, in doing so. consider whether the other information 18 materially inconsistent wilh the financial slalemenl$ or our knowledge obtained In the course of the audit or otherwise appears to be materially misslated. If we identify such matenal inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise to a malerial misslalement in the financial statements themselves. If. based on the work we have performed. we conclude thal there is a material misstatement of this other informati¢)n, we are Tequired to report that fact. We have nothing lo report in thi5 regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, b8sed on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and Included within the Truslees. Report has been prepared in accordance with applicable legaf requirements.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED (CONTINUED) Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and ils environment obtsined in the course of the audit, we have not identified material misstatements in the Trustees, Rep)rt. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion. adequate accounting fecords have not been kept, or returns adequate for our audit have not been re1Ved from branches not visited by us: 01 the financial statements are not in agreemenl with the acct)unling records and relums; or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilltles of Trustees As explained more fully in the Statement of Tru$lees' responsibilities sel out on pag8 3. the Trustees (who are a150 the directors ol the charitsble company for the purposes of company law) are responsible lor the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees determine is necessary lo enable the preparation of financial staternents that are free from malenal misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease opefalions, or have no realistic alteinative but lo do $0. Auditor's responsibllities for Ihe audit of the financial statements Our objectives are to oblain reasonable assurance about whether the financial slalemenls as a whole are free from material misstatement, whether due lo fraud OT error, and to issue an auditor's report Ihal includes our opinion. Reasonable assurance is a high lèvel ol assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always delecl a material misslalemenl when it exists. Misslatemenls can arise from fraud or error and are considered malenal if, individually or in the aggregate, they Could reasonably be exFeCted lo influence Ihe economic decisions of users taken on the basis of these financial statements. The extent lo whlch the audit was consldered capable ol delecllng Irregularlties, Includlng fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are lo obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the detem)inalion ol material amounts and disclosures in the financial slalemenls, lo perform audit procedures lo help identify instances of non-compliance with other laws and reoulalions that may have a malerial effect on the finanual ststemenls. and to respond appropriately to identified or suspected norcompli8n¢e with laws and regulations identified during th8 audit. In relation to fraud, the obiecllves of our audit are lo identity and a8ses8 the risk ol material misstatement of the financial slalemenls due lo fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks ol material misstatement due to fraud through designing and implementing appropriate responses and lo respond appropriately lo fraud 01 suspected fraud identified dunng the audit. However, il is the pnmary responsibility of management, with the oversight of those charged with governance. lo ensure that the entity's operations ale conducted In accordance with the provisions of laws and gUlationS and for the prevention and detection of fraud.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED (CONTINUED) In identifying and assessing risks of material misstatement in respect of irregularits"es, including fraud. the audit engagement team.. obtained an understanding of the nature of the sector. including the legal and regulatory framework that the chanlable company operates in and how the charitable company is complying with the legal and regulatory Iramework., Inquired of management, and those charged with governance, about their own idenlificalion and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; discussed mallers about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susp11b1e to fraud As a result of these procedures we consider the most significant laws and gUlationS that have a direct impact on the financial statements are FRS 102, Charities SORP IFRS 102), Companies Act 2006, Charities Act 2011 and the charitable company's governing document. We performed audit procedures to detect non-compliances which may have a material Impact on the financial statements which included reviewing the financial statements including the Trustees, Report and remaining alert to new or unusual transactions which may not be in accordance with the governin9 documents. The most significant laws and regulations thal have an indirect impact on the financial statements are those in relation to data protection. We performed audit procedures to inquire of management and those charg&J with governance whether the charitable eompany is in compliance with these law and regulations. The audrt engagement team identified the risk of management ovemde ol controls as the area where the financial statements weTe most susceptible to material misstalement due lo fraud. Audit procedures performed included but were not limited lo testing manual journal entries and other adjuslmenls, evalvaling the business rationale in relation lo significant. unusual Iransaclions and Iransaclions entered into outside the normal course of business and challenging judgments and estimates. A furthèr descripiion ol our responsibililies for the audit of the linancial statements is lo¢ale(l on the Financial Reportino Council's website at http',Ilwww.frc.org.ukJaudilorsresponsibililies. This descrlpiion lorms part of our auditor's report. U50 01 our report This report is made solely to the charitable company's members, as a body, in accoidance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so Ihal we might stale lo the charrtable CoMpanS members those matters we are required lo slate to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone olher than the charitable company and 116 members as a body, for our audit work, for Ihis report, or for Ihe opinions we have formed. wl< LLP Nicholas Sladden (Senior Slalutory Audrtor) For and on behalf of RSM UK Audit LLP, Slalulory Auditor Chartered Accountsnts 25 Farringdon Street London EC4A 4A8 United Kingdom 28 October 2024
UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Restricted funds funds Total 2024 Total 2023 Notes Income from: Donations and legacies Investments 71,009 72 7.584 78.593 72 46,849 29 Total Income 71,081 78,665 46,878 Expenditure on: Raising funds Charitable actsvities 500 66,6S9 500 75.493 8,834 41,783 Total resources expended 67,1S9 8.834 75,993 41,783 Net income lor the year and net movemenl in funds 3,922 (1,250) 2,672 5,095 Total funds brought foThvard 15,924 1,250 17,174 12,079 Total funds carried forward 19,846 19.846 17,174
Company Regl•tr•llon No. 10429661 UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Not•• Curr•nt a8s•ts DobloiB Cash al bank in hand 21.583 19.846 22,789 17.174 41,429 39,943 Crtdltorn: amounts f*lllng du• wlthln on•y¢•r 10 121.5831 122,7691 Nel Cllfrent assots 19.848 17.174 Incomo fun Restricled funds 12 1.250 General lund$ Share capital 19,845 1S,923 11 19,846 15,924 19,846 17,174 financbl slatom9nls hav• been preparod in accordance with the provislons applicabl? lo ¢ompani0g &ubJ"gGt to the small e4ynpanles' regimè". The finonaal statements were wrovod by the Tmstees on ..ZZ .Q&+.: ZOIY r• st••
UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies Charity information University of Illinois Foundation UK Limited is a private company limited by shares incorporated in England and Wales. The regislefed office is Third Floor. 20 Old Bailey. London. EC4M 7AN. Accounting ¢onvention The financial slatements have been prepared in accordance with the Foundation's governing document, the Companies Act 2006 and 'Accounting and Reporting by Chanlies.. Statemènt of Recommended Practice applicable to charities preparing their accx)unls in accordance with the Financial Reporting Standard applicable in the UK and Republic ot Ireland IFRS 1021" las amended for accounting periods commenrjng from 1 January 20191. The Foundation is a Public Benefit Entity as delined by FRS 102. The Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Updale Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £1. The financial slalements have been preparèd under the hisloncal cost convention. The principal accounting policies adopted ale sel out bèlow. Golng concern The parent undertaking, Unlversity of Illinois Foundation. has formally indicated its intention to eonlinue lo provide financial support lo the Foundation to meet its obligations as they fall due for the foreseeable future, and for a period of al le8s112 months from the dale of approval of these financial statements. Charitable funds Unreslncled These are funds that can be used in accordance with the chantable objects at the discretion of the Board ol Trustees. R8slricled These are funds that can only be used for particular restricled purposes wilhin the objects of Ihe charitable company. The restiictions arise by the donor or when the funds are raised for a speoifio purpose. Income Ineome is recognised when the Foundation is legally entitled lo il after any performance condits'ons have been mel, the amounts can be measured reliably. and il is probable that incorne will be received. Expendllure Expenditure is recognised once there is a legal or construclive obligation lo make a payment lo a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Governance costs are those incurred in connection with the administration of the Foundation and MplianCe with consts'tulional and slatulory requirements. Cash and cash equivalents Cash includes cash in hand, there are no cash equivalents.
UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies (Continued) Financial instruments The Foundation has applied the provision5 of Secbon 11 '8asic Financial In$trument8' ol FRS 102 to all of 118 rinancial instruments. Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party lo the contractual provisions of the inslrument. Financial assets and liabililies are offset. with the net amounls presented in the financial statements, when there is a legally enforceable right lo sel off the reeognised amounts and there is an inlents'on to settle on a net basis or to realise the asset and settle the liability simultaneously. Taxallon The Foundation is a registered cherity and as such 118 income and geins falling wlthin Section 371 10 489 of the Corporation Tax Acl 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 and are exempt from corporation tax to the extent that they are applied lo its charitable objectives. Donatlons and legacles Unreslricted Restricled funds lunds 2024 2023 Donations and gifts Donations in kind 5,401 65,608 7,584 12,985 65,608 11,975 34,874 71,009 7.584 78,593 46,849 For the year ended 30 June 2023 45,474 1,375 46,849 Investment5 2024 2023 Inlerest receivable 72 29 10-
UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Charitable activities Unrestricted Restricted Fund Fund Total 2024 Total 2023 Grant funding of activities (see note 5) 1,119 8,834 9,953 6,575 Share of support cosls (see note 81 Share of governan¢e costs (see note 6) 46.933 18,607 46.933 18.607 18,348 16,860 86,659 8,834 75.493 41,783 Foi the year •nded 30 June 2023 41,658 125 41,783 Grants payable 2024 2023 Grants lo inslilutions.. University of Illinois Foundation 9,953 6,575 The grant made to the University of Illinois Foundation was to provide student scholarships and faculty support. Of the £9,953 {2023'. £6.575} grants made, £8,834 {2023'. £125> was attnbulable to restrictl funds and £1,11912023. £6,450) lo unrestrlcled funds. Support costs Support Gov•rnan¢• cosls costs 2024 2023 Exchange Losses Bank charges Legal and profe88ional Event costs 425 43.953 2,555 425 43.953 2.555 334 15.170 2,844 Audit fee5 other non-audil lees paid to the auditor 15,420 3,180 15.420 3,180 13,980 2.880 46,933 18,607 65,540 35.208 All support and govemance costs are attributable to charitsble activities. 11
UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Employees There were no employees during the current or previous year and no payroll costs were incurred. Trustees None ol lh8 Trust8es. who are considered lo be the Foundalion's key management personnel, lor any persons Connected wilh them) received any remuneration or benefits from the Foundation during the year 12023.. £nil). No tTuslee expenses were incurred during the year12023-. £nill. Deblors 2024 2023 Arnounts falllng due withln one year: Amount due from parent undertaking 21,583 22,769 10 Credltors: amounts falling due within one year 2024 2023 Accruals 21.583 22,789 11 Share capital 2024 2023 Ordlnary share capltal Issued 1 Ordinary share of £1 each The share ¢apilal in tssue has no fight to receive a dividend or any other distribution. 12-
UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 12 Restricted lunds The income funds of the chanly include restricted fvnds comprising the following unexpended balanS of donations 8nd grants held on IfU$t for Specific purpose8'. Movement in funds Income Expenses Balance at 30 June 2024 Current year Balance at I July 2023 Student Scholarship Support 1,250 7,584 (8,834) 1,250 7.584 (8,8341 Movement In lunds Income Expenses Balance at 30 June 2023 Prior year Balance al 1 July 2022 Student Scholarship Support 1,375 (125) 1,250 1,375 {125) 11,250) Sludenl Scholarship Support are donations made to provide $¢holarship support to students attending the University of Illlnois. 13 Analysis of net assels belween fund5 Current year Unrestrlcted Fund Restricted Fund Total Fund balances at 30 June 2024 are represented by.. Current assets 19,846 19.846 Analysis of net assets belween funds Prior year Unrestricted Fund Restricted Fund Tolal Fund balances at 30 June 2023 are represented by.. Current assets 15.924 1,250 17,174 13
UNIVERSITY OF ILLINOIS FOUNDATION UK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 14 Related party transaclions The parent and ullimate parent undertaking is University of Illinois Foundation, a charitable entity incorporated in the United Slates of America, ENI number 37-6006007 (IRS Classification Charitable Organi$alion). Its place of business is 1305 Wesl Green Street, Urbana. IL 61801-2962 Its prinupal actsvity is the administering and encouraging of private gifts made to further the mission of the University of Illinois. There a re currently no consolidated financial statements prepared which include University of Illinois Foundation UK Limited. University of Illinols Foundation ntrOl8 the Foundation thiough ils 100% corporate Bhareholding. During the year the Foundation received an unrestricted donation in kind of £65,608 (2023.. £34,874) from their parent to cover professional fees of £62,553 (2023: £32,030), event cosls of £2,55512023. £2.8441 and £50012023.. £nill lo sel up a Transitional Giving Platform. During the year the Foundation paid a cash grant of £5.078 12023: £5,850). The Foundation received a donation of £nil (2023. £6001 dunng the year which was paid directly to their parent. As at the reporting dale £21,58312023. £22,769) was owed from the parent. During the year five12023: four) trustees made donations to the Foundation of £8,86512023.' £9.750). 14-