COMPANY REGISTRATION NUMBER.. 14738727 CHARITY REGISTRATION NUMBER.. 1206207 Tufts Global UK, Limited Financial Statements For the year ended 30 June 2025 Tufts Global UK, Llmlted Financial Statements Year ended 30 June 2025 Pag8 Trustees, annual report (incorporating the dir￿￿r'S ￿port} Trustees, responsibilities slalement Independent audilorfs report lo the members Statement of financi81 aclivilie5 (including income and expenditure account) Statement of financi81 position Notes lo the financial stalements Tufts Global UK, Llmlted Trustees, Annual Report Ilncorporating the Director's Reportl Year ended 30 June 2025 Th8 tru8t88s. who ar& also the directors for the purpo88s of comp8ny law, pr8sent their report and the fin8naal sl8tem8nls of Ihe charity for the ye8r en(led 30 June 2025. The prior perhxl of account was s longer period (lue to it being the period of incorporation of the charitsble company therefore prior period figures m8y not be entirely comp8rable. Refer8nc8 and administrative d8tai15 Registerod charity name Tufts Glob81 UK. Limited Charity r8gistration numb8r 1206207 Company registration number 14738727 Principal office and registered office Third Flwr 20 Old Bailey London EC4M 7AN United Kingdom The tru5te85 J Pears811 E N3har B Anderson O C Holrllstrom PJLove E Keegan M M Ghosh S Thomas111 J Sarazen Y Khl8t M N Dakin D Chigas P Mallett S M Judge Auditor Gibson Bwlh Chartered Accountsnls & Statutory Auditors New Court Abbey Road North Shepley Huddersfield HD8 8BJ Solicitors Withers LLP Third Flwr 20 Old Bailey London United Kingdot EC4M 7AN Tufts Global UK, Llmlted Trustees, Annual Report Ilncorporating the Director's Report) {contlnued) Year ended 30 June 2025 Structurei governance and management Goveming document Tufts Global UK. Limited Ilhe 'Charity'l was incorporated on March 17. 2023 and is a registered charity. The Ch8rily is consliluted as 8 company lirlliled by shares 8nd the registered company number is 14738727. The Charity is govemed by its Memorandum and Articles of Association. which have not been arnended since incorwr8tion. Appointment of Iruslees The Articles of Associalron require thal the Charity h88 a minimurn of three trustees bul specify no maximum. The power of aptoinling new or a(Iditional Iru5tees of the Charity is vested in the Charity's sharehol(ler. the Trustees of Tuft5 College. known gs Tufts Unwersity Ithe'universityi. Trustee in(luction The Charity intends Ihat on an ongoing basis newly appointed trustees of the Charty sh811 undergo Ir8ining lo brief them on their legal oblig3tions under charily 8n(I company law.. the wnlent of the Articles of Association.. the committee an(1 decision-rnaking processes., an(1 the business Structure recent fin8naal performance of the Charty. Organisalion and related parties The strategic direction and 8dminislralion of the Charity is the re5wnsibility of the Charity's board of trustees Ilhe'Board'l. who monitor progress throughout the year and the Board. and duly formed committees, meet al such times as are required to properly discharge the business of the Charity. The Charity's sole shareholder is the Unwersity. 8 higher education institution incorporated in the Commonwealth of Massachusetts, United Stales ofAwerica. Objectives and activities The Charity's charitsble objects. as included in the Articles of Association are.. lal the advancement of learning and education in particular (but without limilatDnl 81 or in connection wlh the University in any part of the wortd.. and Ibl such other exclusively charitsble purwses under the law of England and Wales as the Trustees rnay in theirabsolute discretion deterrnine. The Charity intends to further these objects by Tnaking grants for educalional purposes for the puNic benefil (Krt of funds contributed by alumni and other donors. To support the educational Obl￿tiVe for the public benefit. the Charity wll provide experirnental le8ming opportunitEs. including education31 seminars. field studies. guided travel and Social and extracurricular aclivily. as well as acadernic counselling and student suptort lo maKimise the educ3tional impacl of progratnmes offered. The Charity intends lo collaborate with other higher education and cultural institutions lo offer learning opportunities. The University. wlh Nvhich the Charity worts closely. offers a wide range of financial aid. grants and scholarships to students at the University. The Trustees have ward to the Charity CorDmissions public benefit guidance into account exercising powers or dutie5 to which the guidance is relevant. Achievements and performance The period under rewew ha5 been the first period of existence for the Charity and the actpiities c3rried out have been aimed at preparing a solid framework for future activities. The di￿tOrS have achieved their princip31 initial aim which was to establish prijcedures for the a¢￿p1anCe of donations and a policy pro￿dUreS for grant rnaking. as well as the engagement of a consultsnl adtninistrator to supprrt these activities. In 34dilion. following the close of the reporting period, the Charity has continued to giwe con5ider3tion to additional tolioes 3nd comrnittees to facilitate the Charivs oterations. Tufts Global UK, Llmlted Trustees, Annual Report Ilncorporating the Director's Report) {contlnued) Year ended 30 June 2025 Financial review The Charity is newty forme(l and is in the process of becoming operational. When operational il will be funded by donations from alumni and other donors. as well as by donations from the University to fund projected oper8ting expenses. During the year. the Charity received £152.82812024.. £7.5331 of donations and legaaes incorne lo fund the Charity's initial operations. Going Concem At the lime of rewrting. the Chgrty remains a going concem. with a strong comrnitment frorn the University. the Charitys main donor. to supwrt its projected operat￿nal costs. Investment powers and policy The Charity has a wi(le power of investment in respect of any assets not immedialety required in the Charity's grant makiry or other operational activities. There were no investments during the year. Reserves poI￿Y The Charty has begun to operalionalize during the period under review a5 rt completed its estsbli5hment formalitie5. Al the titne of reporting the trustees consider the unrestricted funds of the Charity gvailable for expenditure a￿ adequate an appropriale for the earty stsge of the Charity's operational developrllenl. The trustees formulated a reserves wlicy in December 2025 ensuring the Charity has a process in place to confirm it has adequate resources to meet ils financial needs. Auditor Each of the persons who is a Iruslee al the Llate of approval of this retort confirms that.. 80 far as Ih8y are aware, Ih8re Is no relevant audit infomation of which the charity's 8udrtor is unaware,. and they have taken all steps that IFEY ought to have tsken as 3 Iruslee to make thernselves aware of any relevant audit information and to &stabli8h Ihal the charity'8 auditor is aware of that infom2tlon. Small company provlslons This r&port ha8 been pr&tyared in attordance with the provi8ions applicaLle to Companies entitled to the small CA)mpanies exemption. Th8 trust888' annual r8POrt wa8 approved on .th.N.oY£mbRr.2Q25. and slgned on behalf of the board oftrusl88s by.. J P&arsall Trustee Tufts Global UK, Llmlted Trustees, Responsibilities Statement Year ended 30 June 2025 Th8 trusl88s, who are also directors of Tufts Global UK. Limit8d for the purposes of company law, are r8spon8ibl8 for preparing Ihe Trustees, Annual Report and the finan￿al statements in accordance wrth 8pplICab￿ Isw and Unite(l Kingdom Accounting St8nd8rds (United Kingdom Gener8lly Accepted AcC￿￿ting Pr8Cticel. Company 18w requires the trustees to p￿pare financi81 statements for e8ch financial year. Under company law the trustees must nol approve Ihe financial slaterllenls unless they are satisfied that they give a true and fairview of the slate of 3ffairs of the charitsble wmpany and of the incoming resources 8n(l application of resources. including the income and expenditure. of the charitsble comp8ny for Ih8t period. In p￿parIng these financial slalements. the trustees a￿ required to.. select suitsble 8ccounting policies 8nd then apply them consistently.. observe the method5 principles in the Charities SORP 2019 IFRS 1021., makejudgements and eslitNate5 thal are reasonable 8nd prudent.. Stale whether applicable UK Accounling Standards have been followed.. prepare the financial statements on the going concern basis unless il inappropriate lo presurne that the charitable company wll continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reason8Ne accuracy al any time Ihe financi31 position of the ch3ritable company 3n(l enable them to ensure that the financial statements comply with the Companies Act 2006. They 8re also responsible for safeguarding the assets of the charitable CoM￿nY and hence for taking reasonable steps for the prevention detection of fraud and other irregularities. Tufts Global UK, Llmlted Independent Auditor's Report to the Members of Tufts Global UK, Limited Year ended 30 June 2025 Opinion We h8ve audited the finan￿al st8lemenls of Tufts Global UK. Lirlliled Ithe charitable comp8nWI for the period ende(130 June 2025 which comprise the statement of financi81 activities (including income and expenditure ?ccounll. statement of financial position and notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their prep8ralion is applicable law Unite(l Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Fin8ncial Reporting Stsndard applicable in the UK and Republic of Irel8nd (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial 5talements'. give a ttue and fair view of the stsle of the charilaNe cornpany's affairs as al 30 June 2025. and of its incoming resources and 8pplicalion of resources. induding ils income and expenditure. for the year then ended.. have been property prepa￿d in accordance wlh United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We con(lucted our audit in accordance with Inlematv)nal Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our reswnsibilities underthose stsndards are further described in the auditor responsibilities f(Kthe audit of the financial sl8lements section of our report. We are independent of the chari18ble company in accordance with the elhic81 requirements that are relevant to our audit of the financial stsletnent5 in the UK. including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance writh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a b8sk8 for our opinion. Conclusions relating to going concern In auditing the finanoal slatemenls. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. seLI on the work we have performed. we have not identified any material uncertainties relating lo evenls or conditions that. individually or collectively, cast significant doubl on the charitsble cornpany5 3bility to continue as a going concem for a perio(l of at least twefve months frorn when the financial 5tsteTnents are aulhorised for issue. Our reswnsibilities and the responsibilities of the trustees with respect lo going concern are describe(l in the relevant sections ofthis rewrt. Other information The other inforrn31ion comprises the infornialion included in the trustees, annual report, other than Ihe fin3ncial stslements and our auditorfs report Ihereon. The trustees are responsible forthe other inforrnation. Our opinion on the financial statements does not cover the other inforrnalion and. except lo the extent otherwise eXpli￿lIY stsled in our report. we do not e%press any forrn of assurance conclusion Ihereon. Our responsibility is to re3d the other information and. in doing so. consider whether the other information is Mate￿81 inconsistent with the financial stslements or our kno￿edge obtsined in the course of the audit or otherwise appears lo be materially rnisst3ted ￿ we identfy such material inconsistenoes or apparent material misstatements. we 3re required lo deterrnine whether this gives rise to a rn3terial misstaternenl in the fin3nual st3ternenls themselves. W. based on the work we have performed. we conclude that there is a material misst8terNenl of this other information. we sre required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work un(lertaken in the course of the audit.. the infotrnation gDien in the trustees. report. which inGludes the direGtors' report prepared for the putposes of Gotnpany law. forthe fin3ncial yearf(Kwhich the financial statements are prepared is consistent with the financial statetNenls.' and the directors. report included wthin the Iruslees, report has been prepa￿d in accordance wlh applicable legal requiretnenls. Tufts Global UK, Llmlted Independent Auditor's Report to the Members of Tufts Global UK, Limited (conllnu8dJ Year ended 30 June 2025 Matters on which we aro required to report by 8xception In the light of the knowledge and understanding of the charitsble company and ils environment obtained in the course of the audit. we h8ve not identified material misst8lemenls in the directors, report included within the Iruslees, report. We have nothing to report in respect of the followng m8tters in ￿lation lo which the Companies Act 2006 requires us to report lo you if. in our opinion.. adequate accounting records have nol been kept. or returns adequate for our audit have not been ￿e1Ve￿ frorn branches not visited by us.. or the financial 5ts1emen15 are not in agreement with the accounting records and returns.. or certain disd05ures of Iruslee5' r￿nUneratIon 5peafied by law are not rnade.. or we have not received all the information and explan8tion5 we require for our 8udit'.or the trustees were nol entitled lo prepare the financial stslements in accordance with the sTn811 comp8nies' regirne 8nd take advantage of the small crfflpanies, exemplions in preparing the directors, report frorn the requirernenl lo prepare a strategic report. Respon5ibilitie5 of tru5te85 As e¥plained more ful￿ in the Iruslees, responsibilities statement. the trustees (who are also the directors for the purposes of company lawl are responsible for the prepar3tion of the financial statements 3n(I for being satisfied th3t they gwe a true and fair view, and for such internal control as the trustees deterrnine is necessary lo enable the preparation of financial statements that are free from material misststerllenl, whether Llue to fraud or error. In preparing the financial slatemenls. the trustees are responsible for assessing the chariws ability to continue as a going concem, disclosing, as 3pplicable. matters rekted to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charty orto cease operations. or have no realistic 8ltefflalive bul to do so. Tufts Global UK, Llmlted Independent Auditor's Report to the Members of Tufts Global UK, Limited (conllnu8dJ Year ended 30 June 2025 Auditorfs responsibilities forthe audit of the financial statements Our objectives are to obtain reason8ble assurance about whether the financial stslements as a whole are free frorn Tnalerpal misslatemenl, whether due lo fraud or error, and to issue 8n auditors, report Ihal includes our opinion. Re8son8ble assurance is a high level of 8ssurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect material Tllisst8temeDI when il exists. Misslatemenls can arise from fraud or error and are considered material if. individually or in the aggregate. they could re8sonably be expected to influence the economic de￿slon8 of users taken on the basis of these financial statements. Irregularities. including fraud. are inst4nces of non-compliance wilh laws and regulalions. 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 prO￿dureS are capable of detecting irregularities, including fraud, is detailed below. 8sed on our understsnding of the comp8ny and industry. we identified that the principal risks of non-compli8nce with laws and regulation5 relaled to UK tax legislat￿￿. and we considere(I the extent to which non-crmpliance tllighl h3ve 3 material effect o the financial stslements. We also considered those Isws and regulations thal have 8 direct impact on the financi81 statements such as the Companies Act 2006. We evaluated man8gerllenls incentives 8nd opportunities for fraudulent Tllsnipul8lion of the financial 5ts1ements. and determined that the principal risks v¢ere related to tnanagement bias through tnanipulalion of ccounting estimates or posting inappropriate joum81 entries. Audit w0￿dureS performed by the engagement le8m included.. discussions with management including consideration of known or suspected instsnces of nonn income from the Trustees of Tufts College who are the sole shareholder of the charity. The tharity also paid donations of £74,150 12024.. £nill lo the Twslees of Tufts College. There are no outstsnding amounts at the year end. During Ihe year the charity receDied £55.400 12024.. £nill and £15.000 12024.. £nill frorn O Holrnstrotn 3nd M Daki respedively, both are Iruslees of the Gharily. There are no outstsnding amounts al the year end. 13 Tufts Global UK, Llmlted Notes to the Financial Statements {conllnued) Year ended 30 June 2025 16. Controlling party The Charity's irnmediate and ultimate controlling party are Trustees of Tufts College. incorporated in United States of Arnerica. Il's principal activities are that of a higher education institution. Control is exercised by the parent via the ownership of Sha￿ c8pilal. The largest and smallest group in which the results of the company are consolidated is Trustees of Tufts College. the finanaal statements of which a￿ available fiom 80 George Slreet, Mwjford. MA 02155. USA. 14