Docusign EnelOpe ID.. 7429583E-D5BF4DOt>A32C-693DAAC43EEB ASU Global Foundation UK Limited Annual rèport and flnanclal statements For the year ended 30 June 2025 Cornpany registered number.. 13683341 Charity registered number.. 1201385
DocJ$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundation UK Limited Contents Page Reference 3nd administrative details Trustees, report Independent auditor's report 7-10 Statementof financial actiwties 11-12 Statementof financial position 13 Notesto the financial statements 14-22
Docu$ign Envelope ID.. 7429583ESBF4D0tA32c-693DAAc43EEB ASU Global Foundation UK Limited Reference and administrative details For the year ended 30 June 2025 Trustees G E Buhlig G Domanig M l Grant J W O'Brien F C Prenn M S Searle M D Senecal de Fonseca Company reglstered number 13683341 Charity registered number 1201385 Registered atk*ess F3rrer & Co 66, Lincoln'5 Inn Field5 London WC2A 3LH Independentauditor Buzz3cott Audit LLP 130 Wocd street London EC2V 6DL Bankers Investec Bank PLC 30 Gresham Street London EC2V 7QP United Kingdom CAF Bank Ltd 25 Kings Hill Avenue West Malline Kent ME19 4JQ
Docu$ign Envelope ID.. 7429583ESBF4D0tA32c-693DAAc43EEB ASU Global Foundation UK Limited Trustees, report For the year ended 30June 2025 Thetrustees presenttheirannual report together with the financial staternents of ASU Global Foundation UK mited I'the Charit¢l for the year ended 30 June 2025. The trustees have taken advantage of the exemptions afforded by the small companies regime in preparing this report. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The Charity 15 constituted under a Memorandurn and Articles of Association dated 15 Oct 2021 and arnended by a Special Resolution dated 23 October 2024, which wa5 registered at Cornpanie5 House on 06 Decernber 2022 and amended on 02 Decernber 2024 with the company registration number being 13683341. The Charity wa5 also registered with the Charity Commission on 19 December 2022, and the Charity number is 1201385. Appolntment of trustees New trustees 3r& selected by vote of the existing trustees. The trustees seek candidates who have expertise and experience relevantto th& Charitls oper3tions and mission. Newtrustees 3re given r&lev3nt intern31 documentation 3nd onbo3rding materials, referred to Charity Commission guidance for new trustees. and introduced to existing trustees and staff. The Charity is governed by the board of trustees, who are responsible for controlling the work, managemerit, and 8dministration of the Charity on behalf of its beneficiaries. The Ch8rity is recognised by HMRC for Gift Aid. The Charitable company is wholly owned by Arizona State University Foundation for A New American Universitv IASU Foundation), a US tax exernpt organisation. The activities of the Charity are controlled bythe trustees of the Charity. Tru5tee5 are appointed in accordance with the Charit¢5 governing docurnent. All decision-making of the Charity 15 rnade in accordance wth the Charity'5 policy. Trustees The trustees who served during the year were.. G E Buhlig G Dornanig (Appointed 27 February 20251 M J Grant J W O'Brien F C Prenn IAppointed 27 February 20251 M S Searle M D Senecal de Fonseca C L 8ach111 (Resigned 16 October 20241 V E Desanto (Resigned 9 October 20241
Docu$ign Envelope ID.. 7429583ESBF4D0tA32c-693DAAc43EEB ASU Global Foundation UK Limited Trustees, report Itontinued) For the year ended 30 June 2025 OBJEcfivES AND ACTivmES Policies and objectives The principal objectives of the Charity are for the public benefit and consist of the following.. To advance charitable purpose5 for the benefit of the public a5 the tru5tee5 from time to time in their absolute discretion think fit. and in p3rticu13r', To support such of the activities of ASU Foundation as are exclusively ch8ritable under the Laws of England and Wales,. H05tln8 event5 such a5 workshops and retreat5,' To advance other purposes that are exclusively charitable under the law of England and Wales, as the trustees detemine from time to time. The trustees confim that they have compiled with the Charity Commission's guidance on public benefit when planning the Charity's activities for this year. The Charity provides philanthropic support and investments to advance Arizona St3te University's IASUI goals for inclusion, student success, discovery and local and global impact. ACHIEVEMENTS AND PERFORMANCE iSLJ Global Foundation LJK is 3rtively cultivating a lasting local presence and boosting Arizona St3te University IASU or University) brand recognition within our market. Our efforts are focused on establishing 3 more permanent foothold in the local market while encouraging philanthropic support from ASU alumni in the UK and Europe. As a focus around engaging alumni and strengthening European ties, we recognize the critical role of our UK entity in enhancing engagement acros5 Europe. By leveraging the advancement model, we have in place, we aim to support broader University objectives and Strategic initiative5. The trustee5 recognize that the Ch3rity faces several principal risks and uncertainties, includin& but not limited to financial instability. operational challenges, and strategic risk5. To address these. the Charity has processes, controls and consistent reviews in p18ce to evaluate and address the aforementioned risks. Additionally, the Charity b&nefits from the support of its parent entity, which providesfinancial backing 8nd str8tegic guidance. This support enhances the Charity's ability to manage risks effectively and ensures continuity of operations even in challenging circurnstance5. The trustees review the risk annuilly and make adjustments as necessary to respond to changing circurnstance5. Throughout fiscal year 2025, the Charity h05ted several unit-spanning events to grow philanthropic support. including an ASU Health Showcase Event, Thunderbird Global Alumni Network Reception, and engagement with a broader range of alumni. A central focu5 during this year was to b005t engagement arnong our alumni in the United Kingdom and Europe, including the building ol a network of 5 partnershipsthat help advance the work of UK to assist and support strateEiC initiatives. The launch of the Changing Futures Campaign made a global impact. the trustees of the Charity were asked to help amplify awareness of the enterprise-wide campaign to their networks. Alumnl & External En8a8ement Chapter support, engagement & advisory in partnership with Phoenix team Volunteer engagement with members from across multiple structure5 & schools.. TGAN Thunderbird Next Generation Council ASU UK Chapter BIOS
Docu$ign Envelope ID.. 7429583ESBF4D0tA32c-693DAAc43EEB ASU Global Foundation UK Limited Trustees, report {tontinued) For the year ended 30 June 2025 ACHIEVEMENTS AND PERFORMANCE Icontinuedl Core event5 Ill the UK for Fall 2025 ASU Health Showcase Event & 531on dinner Thunderbird Dean Welcome Reception Changing Future Campaign launch Engaged units across ASU in the work of the UK entity Julie Ann Wrigley Global Futures Laboratorv Herberger Institute for Design and the Arts Sun Devil Athletics Thunderbird School of Global Man3gement ASU Health TEDI W.P. Carey khool of Bu5ines5 Ira A.Fulton Schools of Engineering This year, we continued to expand our future pipelin& of support £4-6M further 3nticipated asks across several proposals Staff leadership transition will cause rnode5t delay in advancing some of these proposa15, but the gap in transition has been kept to z rninimurn lone monthl The focus of the trustees is to continue to build a culture of advancement, philanthropy, and engagement at best in-class levels across Europe. while bringing together all global constituents of the ASU ecosystem to advance the University. FINANCIAL REVIEW Results for the year The result5 for the year are Shown in the Statement of the financial activities on page 11. Results are provided for the year ended 30 June 2025, cornparative inforrnation ha5 been prowded for the year. During the year ended 30 June 2025, the Charity received donation5 and other income totalling to £213,29812024= £370,012> and expenses incurred on charitable activitie5 was £360,58812024.. £261,029). The result for the year ended 30 June 2025 was a deficit of £147,29012024'. 5urplu5 £108,983>. The balance of the UnstrICted reserves a5 at 30 June 2025 was a surplus of £5,06812024'. surplus of £23,064) and a restricted reserves surplus of £ nil12024.. £129,294). Reserves pollcy The Charity does not yet have 3 proven track record of generating income from 0rationS and generating cash from operations is13rgely dependent on the number of new gift and pledges. To d3t&. the Charity has relied on gifts from ASU Foundation to fin3nce its activities. ASU Found3tion intends to monitor the liquidity n&eds of the Charity, and as necess3ry, will continue to provide gifts to cover operating costs through June 30. 2027. In the context of this parental support, the trustees consider the reserves held by the Charity to be of an 3d&quate level.
Docu$ign Envelope ID.. 7429583ESBF4D0tA32c-693DAAc43EEB ASU Global Foundation UK Limited Trustees, report (continued) For the year ended 30 June 2025 Going concem The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees h3ve made this 3ssessment in respect to a period of 3t least one year from the date of approval of these financial statement5. In mzking this assessment the trustees have given specific consideration to the level of general re5erve5 which is presented at the end of the reporting period and considered the presence of the following rnitigations which have provided the required a55urance in thi5 area.. The parent entity, Arizona State University Foundation, has confirmed financial support of the organization for a period in exces5 Of 12 months and until at least 30 June 2027. Budgets, opportunities Identified with potential donors, and post year end management results forecast a surplus position for the year ending 30 June 2026 and for future periods. On the basis of these f3Ctors, the trustees of the Charity have conclud&d th3t there are no materi31 unc&rtainties re13ted to events or Conditions that may c3St significant doubt on the ability of the Charity to continue as 3 going concern. The trustees are of the opinion that the Charity will have sufficient resources to meet its liabilities as they f311 due. Fundraising statement The Ch3rity collaborates with potenti81 donors to raise awareness about its mission and imp8Ct. It prioritizes transparency and ensures that donors are never pressured orot>ligated tocontribute. Its commitment to maintaining high standards extends to all fundraising activities. Additionally, the Ch8rity takes special car& to protect vulnerable groups during its fundraising efforts. Due to the Charitls small sc81e, it is not currently affiliated with the Fundraising Regulator and does not explicitly 8dhere to the Code of Fundraising Practice. IYS worth notingthat no formal complaints were received by the Charity during the year.
Docu$ign Envelope ID.. 7429583ESBF4D0tA32c-693DAAc43EEB ASU Global Foundation UK Limited Trustees, report Icontinuedl For the year ended 30 June 2025 Trustee5' responsibilities statement The tru5tee5 (who are also directors of ASU Global Foundation UK Lirnited for the purp05e5 of company13wl are responsible for preparing the Tru5tee5' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). Company Izw requires the trustees to prepare fin3ncizl staternents for each financi31 year. Under comp3ny13w the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and income 3nd expenditure of the Charity for the year. In prep3ring these financial statements. the trustees are required to.. select suit8ble accounting policies and then apply them consistentlv,. observe the method5 and principles in "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities pr&paring their 8ccounts in accord3nce with Fin8nci31 Reporting Standard 102,. make jud8ement5 and accounting estirnate5 that are reasonable and prudent,. state whether applicable UK accounting standards have been followed, Subject to any material departure5 disclosed and explained in the linanci315tatements', and prepare the financial 5tztements on the going concern ba515 unle55 It is inappropriate to presume that the charttable company will coritinue in busines5. The trustees are responsible for rnaintaining proper accounting record5 which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the accounts complv with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps forthe pventIOn and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charitable company. This report was approved by the trustees and signed on their behalf by.. IC3Q85¢4IB4947F. G E Buhlig Trustee Date.. 111512025 Acknowledged by Treasurer of IK Limited 5BAQ9751BBDE415 Date.. 111512025
Docusign Envdope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB Independent auditor's report tothe members of ASU Global Foundation UK Limited For the year ended 30 June 2025 Opinion We have audited the financial Statements of ASU Global Foundation UK Limited (the 'charitable comp3n¢l for the year ended 30 June 2025 which comprise the statement of financial activitie5, the balance sheet, the principal accounting policies, and notes to the financial 5taternent5. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standard5, includin8 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinlon the financial statements.. Eive a true and fair view of the state of the Charity's affairs as at 30 June 2025 and of its result for the year then ended., have been properly prepared in 2ccordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirement5 of the Comp8nies Act 2006. Basi5 for opinion We conducted our audit in accordance with International Standard5 on Auditing IUKI IISA5 IUKII and applicable law. Our re5POn5ibilities under those 5tandard5 are further described in the auditorfs respon5ibilitie5 forthe audit of the financial Statements Section of our report. We are independent of the charitzble company in accordance with the ethical requirements that are relevant to our audit of the financial 5taternent5 in the UK, including the FRC5 Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requ1MentS. We believe that the audit evidence we have obtained is sufficient and appropriate to prowde a basis for our opinion. Con¢luslons relatln8 to 8oln8 ¢ontem In auditing the financial staternents, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually orcollectivelyi maycast siEnificant doubton the charitable company'sabilityto continue a5 a going concern for a period of at least twelve rnonths frorn when the financial statetnent5 are authori5ed for issue. Our responsibilities and th& responsibilities of the trustees with respert to going concern are describÈd in the relant sections of this report.
Docusign Envdope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB Independent auditorfs report tothe members of ASU Global Foundation UK Limited Icontinuedl For the year ended 30 June 2025 other information The other information comprises the inforrnation included in the annual report and financial statements, other than the financial staternent5 and our auditorfs report thereon. The trustees are re5pon5ible for the other information contained within the annual report and financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expre55 any forrn of assurance conclu510n thereon. Our responsibility is to read the other inform8tion 8nd, in doing so, consider whether the other information is m8teri811y inconsistent with the financial statements or our knowledge obt8ined in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or 8pparent material misst3tem&nts, w& are required to determine whether this Bives rise to a m3t&ri31 misst3tement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters pres¢rlbed bythe Companles Act 2(M)6 In our opinion, based on the work undertaken in the course of the audit. the information given in the Trustees, report, which is also the directors, report for the purpose of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees, report. which is also the directors, report for the purpose of company law, has been prepared in accordance with applicable leg31 requirements. Matters on which we a required to report by exception In the IiEht of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns., 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., or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take adv3nt3ge of the small companies exemptions in preparing theTrustees' report and frorn the requirement to prepare a Strategic report.
Docusign Envdope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB Independent auditorfs report tothe members of ASU Global Foundation UK Limited Icontinuedl For the year ended 30 June 2025 Responsibilities of Tru5tee5 As explained more fully in the Trustee5' responsibilitie5 Staternent on paBe 6, the Tru5tee5 (who are also the directors of the charitable company lor the purpose of company lawl are re5POnsible for the preparation of the financial 5taternent5 and lor being Satisfied that they give a true and fair view, and for such internal control a5 the Trustees determine 15 nece55ary to enable the preparation of financial 5tatementS that are free frorn rnaterial n1155tatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessinE the chariiable companvs ability to continue as a going concern, disclosing, as applicable, matters lated to Eoing concern and using the £oinE concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of thefinanclal ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and a considered material if, individually or in the agEre8ate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are inst8nces of non-compliance with laws and rUlatiOns. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregu18rities, including fraud is detailed below. Our approach to identifying 3nd assessing the risks of material misst3tement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagernent partner ensured that the engagement tearn collectively had the appropriate competence, capabilitie5, and skills to identify or recoBni5e non-compliance with applicable laws and regulations., and the audit team held a discussion to identify any particular a8$ that were considered to be 5Usceptible to m15Statement, including with respect to fraud and non-cotnpliance with law5 and regulatsons,. and we obtained an understanding of the legal and reEulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework1Statement of Recommended Prattice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 20111, the Companies Act 2006 and those that relate to data protection (General Data Protection Regulation). We assessed the susceptibility of the charitable companws financial statements to material misstatement. including obtaining an underst3nding of how fraud might occur, by.. making enquiries of management as to where they considered there wa5 susceptibility to fraud 3nd their knowledge of 3Ctual, suspected, and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-cornpliznce wth laws and regulations.
Docusign Envdope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB Independent auditorfs report tothe members of ASU Global Foundation UK Limited Icontinuedl For the year ended 30 June 2025 To addres5 the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relatlonships., assessed whether judgements and assumptions made in determininE the accounting estimates set out in the accountin8 policies were indicative of potential bias,. and tested journal entries to identify unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting document3tion.' reading the minutes of meetings of those charged with governance., and enquiring of management a5 to artual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulation5 are from financial tran5action5, the le55 likely it 15 that we would become aware of non-compliance. Auditing Standards also lirnit the audit procedures required to identtfy non-cornpliance with law5 and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material mi5Statements that arise due to fraud can be harder to detect than those that arise frorn error as they rnay involve deliberate concealrnent or collu510n. A further description of our responsibilitie5 for the audit of the financial statements 15 located on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report. Use of t)ur report This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2(K)6. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companvs members, as a bod¥, lor our audit work, for this report, or for the opinions we have formed. Lg.£ AL/ Catherlne Blstoe, Senlor Statutory Audltor for and on behalf of BUzzacottAf( LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date.. 06 November 2025 io
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundatlon UK Llmlted Statement of financial artivities For the year ended 30 June 2025 Note Unrestricted fund5 202S Restricted funds 2025 Total funds 2025 Incornefrom: Donation income 212,608 212,608 Other incorne 690 690 Total income 213,Z98 213,298 Expendf£ureon'. Charitableactivities 231,194 129.294 360,588 Total expenditure 231,294 129,294 360,588 Net expenditure and net movemerrt in funils 117,9961 1129,2941 1147.2901 Retonclllatlon of funds- Tot81 funds at the b%inning of the year 23,064 129.294 152,358 Total funds at the end of the year 12 5,068 5,068 All activities relate to continuing operations. All recognised gains and losses are included in the above statement of financial activities. The notes on paBe 14 to 22 form part of these financial statements. li
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundatlon UK Llmlted Statement of financial activities For the year ended 30 June 2024 Note Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Incornefrom.. Donation income 251.462 749 117,801 369,263 749 Other income Total income 252,211 117,801 370,012 Expendttureon.. Charitable activities 221,283 39,746 261,029 Totsl expenditure 221,283 39.746 261,029 Net income and net movement in funds 30,928 78,055 108,983 Retonciliation of funds- Totsl funds at the beginning of the year Total funds at the end of the year 17,8641 51,239 43,375 12 23,064 129.294 152,358 All 3Ctiwties relate to continuinB operations. All recognised gains and losses are included in the abov& statement of financial activities. The notes on page 14 to 22 form part these financial statements. 12
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU fjlobal Foundatlon UK Llmlted-company re8lstered number 13683341 Statement of financial position As at 30 June 2025 2025 2024 Note Current assets Debtors.. amounts falling due after more than one vear Debtors.. 3mounts falling due within one year Cash at bank and in hand io 20.603 io 231 30,664 30,896 109.447 45,740 175,790 Creditors.. amounts falling due within one year Net current assets li 125.8281 5,068 123,4321 152.358 Total assets less current liabilitie5 5,068 152,358 Charity funds Share c3Pltal Unrestricted funds Restricted funds Total funds 12 13 5.067 23,063 129,294 152,358 5.06B The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the prep8ration of financi81 stat&ments. The financial statements were approved by the trustees on and signed on their behalf by.. 0bY.. 111512025 CC3D8SJ4C0447r G L Buhlig Trustee SIBnydby.' Acknowledged by Treasurer of ASU Global Foun(lation UK Limited Date.. 111512025 The notes on pag&s 14 to 22 form part of these financial statem&nts. 13
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundation UK Limited Notes to the flnanclal statements For the year ended 30 June 2025 Generzl information ASU Global Foundation UK Lirnited I'the Charityl 15 a company lirnited by5hare5. The Charity is incorporated in Enand and Wale5. It5 re8i5tered office 15 Farrer & Co, 66, Lincoln's Inn Fields, London, United Kin8dorn, WC2A 3LH. The Charity registration number is 1201385 and the Company registered number is 13683341. The charitable company is wholly owned by Arizona State University Foundation for a New American University, a US tsx exempt organisation. Accountlng PolIc5 Basis of preparation of financial statements These accounts h3ve been prepared for the year ended 30 June 2025 with comp8rative infomation provided forthe ye3rended 30June 2024. The financi31 statements have been prepared under the historical cost convention. Th& financi31 statements have been prepared in accordance with the Statement of Remmmended Practice.. Accounting and Reporting by Charities applicable to charities preparing their 3ccounts in 3ccord3nce with the Fin3nci31 Reporting Standard applicable in the LJK and Republic of Ireland leffectiv& l J3nu3ry 20191 (Charities SORP FRS 1021, Financial Reportingstandard 102, The Financial Reporting Standard applicable in the Unf(ed Kingdom and Republic of Ireland, I'FRS 102,1, the tharitie5Act 2011 and the Companie5 Act The Chartyconstitutes a public benefit entity as defined by FRS 102. The accounts are presented in 5teding and are rounded to the nearest wund. The principal accounting policie5 adopted, judEernent5 and key sources of estimation uncertainty in the preparation of the financial Statements are 85 follow5.. Critical accounting e5timate54nd areas of judgement The preparation of these financial statements in compliance with FRS 102 requires the use of certain critical accounting e5tirnates. It a150 requires management to exercise judgement in applying the Charitws accounting policies. The followinE key estimatss have been adopted.. When discounting applicable and material financial instruments las noted in 2.8 and 2.10 below), the trustees are reouired to assess an appropriate discount rate. On the basis that the ultimate parent of the group is incorporated within the United Ststes of America, the trustees consider the US IRS Applicable Federal rate to be the Most appropriate rate to adopt. An allowance for doubtful debts is recognised where there is uncertainty 8bout the recoverability of debtors, includinggr3nts and donations receivable. Management h3S assessed the recoverability of such ba18nces held as at the balance sheet date and based on this assessment, recorded 3n 3llowance of an appropriate level. 14
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundatlon UK Llmlted Notes to the financial statements {contlnued) For the yeaf ended 30 June 2025 2.3 As5e55ment tsf going concem The trustees have assessed whether the use of the going concern assumption 15 appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of at le3St one year from the date of approval of these accounts. In making this assessment the trustees have given specific consideration to the level of general reserves which is presented at the end of the reporting period and considered the presence of the following mitigations which have provided the required assurance in this aa.. The parent entity. Arizon3 State University Foundation, has confirmed financial support of the organi23tion for a period in excess of 12 months and until at le3St 30 June 2027. Budgets, opportunities identified with potential donors, and post year end management results forecast a surplus position for the year ending 30 June 2026 and for future periods. On the ba515 of these factor5. the trustee5 of the Charity have concluded that there are no tnaterial uncertaintie5 related to event5 Qr condition5 that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees are of the opinion that the Charity will have Sufficient resource5 to rneet its liabilitie5 a5 they fall due. 2.4 Cash flow statement The financial sratements do not include a cash flow statement because the U)arity, as a smaller Charity, is exempt from the requirement to produce such a statement under kcountyn£ and ReportinE by charities Statement of Recommended Prattl Icharities SORP IFRS 10211. Fund atcountlng Restricted funds are to be used for specific purposes as specified by the donor. Expenditure which meets their criteria is charged to the fund. Unrestricted general funds are available for use at the discretion of the trustees in the furtherance of the Beneral objectives of th& Charity- Income recognition Income is recognised In the period in which the Charity Is entitled to receipt, the amount can be MeaSud reliably, and it is probable that income will be received. Where income relates to future periods, this income will be deferred. Grants and donations te1Ved for the general purposes of the Charity are included as unrestricted funds,. grants and donationsfor actiwties $trIcted by the wishes of the donor are taken to restricted funds. 15
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundatlon UK Llmlted Notes to the financial statements Icontlnued) For the year ended 30 June 2025 2.7 Expenditure Liabilities are recognised as expenditure as soon 3S there is a legal or constructive obligation committinB the Charity to make a payment to a third party or it is probable that a tr3nsfer of economic benefits will be required in settlement and the amount of th& obligation can be measured reli3blv. Expenditure is included in the accounts on an accruals basis and includes 3ttributable VAT, which cannot be recovered. Expenditure is allocated to the particular activity on 3 direct basis or by alloc3tion based on the level of direct expenditure re18ting to that activity. The costs of charitable activities comprise expenditure related to the Charity's primary charitable purposes. Such costs include.. Gen&r31 overhead costs Related support costs Supportcosts are the costs associated with th& governance arrangements of the Charity and the general running of the Charity. Included within this category are c05ts a$50ciated with the strategic management of the Charit¢5 activities as opposed to day-to-day management. 2.8 Debtors Trade and other debtors 3re recognised 3t the settlement amount, less any provisions for non- recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present V31ue of the future cash receipt where such discounting is material. 2.9 Cash at bank and In hand Cash at bank and in hand represents such accounts and instruments that are available on dernand or have maturityof less thanthree monthsfrom thedateof acquisfcion. 2.10 crlItorS3d proVn$ CreditLK5and provision5 are recLEnised whenthere isan oUi8ation atthe balarKe sheetdate asz re5ultof a past event, it15 prthablethata transferof economic benefitwill be required in 5ettlernenL and the am(yJnt of the tdement can be estimated reliably. Creditors and provisionsare recogni5ed atthe arnountthe Charity anticiwtes itwill payto settlethe debt. They have been discounted tothe present valueof the future cash paYmentWhe such di5UntIng1S material. 2.11 FOlEn currenc*s Monetsry assets and liabilities denominated inforeEn Currencie$a translated into GBP at ratss of exchange ruling atthe balan sheetdate. Transactions in foreEn currenueSaretran3t into GBP atthe te ruling on date of the transaction. Exchange gain5 and losse5 are recognised in the Statement offinancial activthes incorporating income and expenditure account. 2.12 Taxation ASU Global Foundation UK Limited 15 a rew5tered Charity and therefore is not liabk to income tsxor corporation tax on income derivedfrom its charitsble activities asitfalls Within thevarious exemptions availableto registered charitie& 16
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundatlon UK Llmlted Notes to the financial statements {contlnued} For the year ended 30 June 2025 Donation income Unrestricted funds Restricted fund5 Total fvnds 202S 2025 2025 Grant 3nd donation income 212,608 212,608 212,608 212,608 Unrestricted funds 2024 Restricted funds 2024 Totsl funds 2024 Grant 8nd donation income 251,462 251,462 117,801 117,801 369,263 369,263 Other Income Unrestrirted fund5 2025 Restricted funds 2025 Total fund5 2025 B8nk interest 690 690 690 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Bank interest 749 749 749 749 17
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundatlon UK Llmlted Notes to the financial statements (contlnuedl For the year ended 30 June 2025 Expendlture on ¢harltable actlvltles Unrestricted Funds Restricted Funds Total Funds 2025 2025 2025 Support C05t5 (Note 61 Governance costs (Note 61 203,574 27,720 231,294 129,294 332,868 27,720 360,588 129,294 Unrestricted Funds Restricted funds Totsl funds 2024 2024 2024 Support costs (Note 61 Governance c05t5 (Note 61 196,791 24,492 221,283 39,746 236,537 24,492 261,029 39,746 6. Charitable expenditure Unrestrlcted Funds 2025 Restrlcted funds 20Z5 Totsl funds 20Z5 Support C05t5 Staff costs INote 81 Other profe5510nal services IT Services Fees & subscriptions Travelling expenses Realised currenry loss Bad Debts allowed for Tal support Costs 155,393 35,412 7,479 514 21 4,755 155,393 35,412 7,479 514 21 4,755 129,294 332.868 129,294 129.294 203,574 Governance costs Audit fees- curront year Audit fees- prior year Accounting fees Total governance Costs Total charitsble expenditure 12,960 2,400 12,360 27,720 231,294 12.960 2.400 12,360 27,720 360,$88 129,294 18
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundatlon UK Llmlted Notes to the flnanclal statements (contlnuedl For the year ended 30 June 2025 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Support cost5 Staff costs INote 81 Other professional Services IT Services Fee5 & subscriptions Bad debt5 Realised currency Ios5 Total support costs 155,916 31,160 5,575 420 IS5.916 31,160 5,575 420 39,797 3,669 236,537 39,797 3,720 196,791 39,746 Governance costs Audit fee5 Accounting fees 13,362 11,130 13.362 11.130 Total governance ¢osts Total charitable expenditure 24,492 24,492 221,283 39,746 261,029 Auilltos remuneratlon Auditor's remuneration consists of current year audit fee of £15,36012024.. £13,362) and fee for non-audit services of £12.36012024.. £11,1301. 8. Staff costs 2025 2024 Wage5 and Salaries Social security Costs Pension costs 132,125 10,692 12,576 ISS,393 132,520 12,086 11,310 155,916 Total staff costs The average mOThth number of employees durinE the year was 112024.. 11. During the year, one staff mernber received emoluments exceeding £60,000 excluding employer pension contributlOn5- in the banding £llO,QK)1- £120.00012024.' one staff in the banding £lOO,001- £IIO,0001. 19
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundatlon UK Llmlted Notes to the financial statements {contlnued} For the year ended 30June 2025 Trustees. remunerztion and remuneration of key management personnel The key management personnel of the Charity in charge of directing and ¢ontrollinE, running and operating the Ch8rity on a day-to-day b8sis comprise the trustees. Direction and control 8re also provided through the parent org3nization las det3iled in Note 151. the staff of the UK Charity 3re not considered to meet the definition of key m3nagement personnel given the limits to the delegated authority they hold. Trustees are not remunerat&d. During 2025 no amounts were paid on behalf of/reimbursed to trustees for tr3vel or any other expenses12024.. £nill. Transactions with the parent organization are detailed within Note 14. 10. Debtors Due within one year 2025 2024 Grants and donations receivable 108,691 756 Prep3yments 231 231 109,447 Due after more than one year 2025 2024 Grants and donations receivable 20,603 20,603 In prior periods, the Charity received a commitment to receive a Brant of £8,000 per annum for e3ch of the years 2024 to 2025. An asset was recognised, discounted to present value using 3 discount rate of 5.4% per annum. It a150 received a commitment to receive a grant of £42,000 per annurn for each of the years 2024 to 2025. An asset was recognised, discounted to present value using a discount rate of 5.4% per 3nnum. It also received a commitment to receive a grant of Sio,000 per annum foreach of the years 2024 to 2028 inclusive. An asset was recoEnised, discounted to present value using a discount rate of 5.4% per annum. The notion31 interest is debited to the statement of financial activities as th& discount is'unwounrf. At the balance sheet date. outstanding debtors have be&n reduced to nil by an allow3nce for doubtful debts of £129,29412024.. £39.7971. 20
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundatlon UK Llmlted Notes to the financial statements Icontinuedl Forthe year ended 30June 2025 ii. edltors 2025 2024 Tax8tion & social securitv Other creditor5 1959 1,467 1.442 Accrua15 21,402 21.990 25,828 23.432 Iz. Analysls of net assets between funds Unrestrlcted funds 2025 RerItted funds 202S Total funds 2025 Current assets 30.896 12S.8281 5,068 30.896 125.8281 5,068 Total net assets Unrestricted funds 2024 Restricted funds 2024 Total Fund5 2024 Current assets 46,496 123,4321 23,064 129.294 175,790 123,4321 152,358 Total net a55et5 129,294 13. Restrltted funds Opening 2025 Income 2025 Expendilu 2025 Total lunds 2025 Thunderbird UK Center of Excellence 129,294 129,294 1129,2941 1129,2941 2024 Opening 2024 Income Expenditure 2024 Total fund5 2024 2024 Thunderbird UK Center of Excellence 51,239 51.239 117,801 117,801 139,7461 139,7461 129.294 129.294 The specified purpose for which the above funds ar& utilised are.. Thunderbird UK Center of Excellence This fund will be used to provide support for the growth and advancetnent of Thunderbird operations in the UK. a5 fulfilled through it5 UK Center of Excellence. 21
Docu$ign Envelope ID.. 7429583E-D5BF4DOD-A32C-693DAAC43EEB ASU Global Foundatlon UK Llmlted Notes to the financial statements Icontinuedl Forthe yearended 30June 2025 14. Related Partles During the year, the Charity paid expenses of £nil12024.. £8531 on behalf of its parent company Arizona State University Foundation for A N&w Am&rican University (incorporated in USA and trading as ASU Foundation). A ba12ncÈ of £nil12024.. É4,2001 is treated as 3 donation in kind to UK operations. ASU Foundation m2de donations to the Charity during th& year ended 30 June 2025 totalling £212,26012024.. £251,462). There were no other related party transactions held during the current year or prior period. 15. Ultimate controlling party The charitable company is wholly owned by Arizona State University Foundation lor A New American Universityj US tax exempt or£anisation. Registered business address P.0. Box 2260, Tempe. Arizona, United Ststes of America, 85280-2260. The activities of the charitable company are controlled by the trustees of the charitable comp3ny. Transactions with the ultimate controlling party are detailed within Note 14. 16. Post-balance sheet event Following the year end, an ernployrnent-related legal clairn was filed and ultimately settled at £9,500. This ha5 been treated as a non-adjusting event. 22