**REGISTERED CHARITY NUMBER: 1000531**
## **THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 August 2025**
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **Contents of the Financial Statements FOR THE YEAR ENDED 31 AUGUST 2025**
||_Page_|
|---|---|
|Statutory information|2|
|Report of the Trustees|3|
|Independent Examiner's Report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Statement of Cash Flows|11|
|Notes to the Financial Statements|12|
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **Statutory Information FOR THE YEAR ENDED 31 AUGUST 2025**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number**
1000531
## **Principal Address**
St James House Vicar Lane Sheffield S1 2EX
## **Trustees**
Julie Mulcahy (Appointed 03/07/2024) Christine Fairchild (Appointed 01/04/2024) Geoffrey Gareth Jones Pawan Dhir James Ruane Lilit Davoyan Meredith Pierce Hunter Lucy Shaw Philippa Lamb Gulshan Batool Christopher Stuart Benson Charles Lazarevic (Resigned 30/09/2025)
## **Independent Examiner**
Moore Kingston Smith LLP Floor 6 9 Appold Street London EC2A 2AP
## **Bankers**
Barclays Bank Plc. Birmingham B1 3PF
## **Investment Fund Managers**
Quilter Cheviot 1 Kingsway London WC2B 6AN
2
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2025**
The Trustees present their report together with the financial statements of the charity for the financial year ended 31 August 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is governed by its governing document, a deed of trust dated 1 August 1990, amended by a Scheme dated 19 June 2001, a supplemental trust Deed dated 3 July 2012 and Deeds of Amendment dated 23 September 2020 and 25 March 2021, and constitutes an unincorporated charity registered in England and Wales.
## **Recruitment and appointment of new trustees**
New trustees are appointed by nominations following circulation of a job description outlining the skills and experience required which are reviewed by a nominations committee for recommendation to the full Board. The HBS Alumni Association of the UK and Harvard Business School each have the right to nominate an individual for appointment as a Trustee of the charity. Trustees serve for a term of three years, which may be renewed for a maximum of a further six years and exceptionally for longer.
## **Induction and training of trustees**
Induction of new trustees is undertaken by existing trustees, through induction and information meetings with existing trustees and includes being given a copy of the charity's governance documents, the latest annual report and accounts, minutes of the last meeting and 'The Essential Trustee' (CC3 published by the Charity Commission). Existing appointed Trustees receive the latest copy of the CC3 annually which they are asked to review. In addition, at their meetings they discuss any latest compliance measures as well as reviewing the measures undertaken to mitigate risk.
## **OBJECTIVES AND ACTIVITIES Objectives and aims**
The charity's objectives and purpose, for the public benefit, as set out in the governing document are as follows:
- To advance the education of British students studying at HBS by award of scholarships, loans or other assistance.
- To promote the education of persons studying at HBS by the provision of facilities and equipment, faculty and academic programmes, scholarships, special educational programmes and to advance research at the School.
The aim of the charity is to support talented people from across the UK, especially those from non-traditional backgrounds, to access and thrive at Harvard Business School. Through scholarships, outreach and guidance, we make study at HBS attainable – enabling future leaders to create meaningful impact to the UK over time.
3
## **THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2025**
Both these aims are being achieved through the award of scholarships to those requiring financial assistance, and by facilitating donations to HBS for appropriate educational purposes. Scholars are encouraged to return to the UK and so benefitting the UK economy.
The Trustees held a fund-raising dinner on 10 October 2024, the first since the Covid-19 pandemic. The 2025 annual dinner was held on 3 September 2025. Details of the annual dinner are circulated through the Harvard Business School Club of London to their UK alumni database. The charity also has a website, through which donors can learn about the charity and how to donate.
## **Organisational structure**
The charity Trustees are responsible for the general control and management of the charity under the guidance of its chair. Trustees meet several times a year to review policy and financial matters.
The Investment Committee comprises the treasurer and a trustee. It oversees the charity's investment manager's performance according to investment guidelines agreed by all trustees.
Applications for scholarships are made directly to the charity. Applicants are interviewed by a panel of at least two trustees, following which all trustees meet to review applications and interviewers recommendations and decide which applicants should be awarded a scholarship.
The charity has no paid employees. Key management personnel consist of the Trustees . Trustees have delegated the day to day running of the charity to a part-time administrator and the oversight of the finances is delegated to the Treasurer. Trustees are given reports at each meeting on financial and administrative matters as well as how these duties are segregated and the controls in place to prevent fraud.
The charity liaises with the HBS Alumni Association of the UK to promote the charity and to encourage donations from alumni. Regular reports are sent to the alumni office at HBS to update them on donor status so that donors are given appropriate attribution in annual and reunion giving lists.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
During the year, the Trustees made charitable donations of £164,898 (2024: £229,983), reversed £179,923 (2024: £nil) and provided 3 new scholarships (2024: 4) to the value of £65,734 (2024: £106,610).
## **Impact of charitable activities**
The charity considers it plays an important role in enabling UK students to study at HBS who might otherwise have been unable to attend due to financial constraints. In addition, it facilitates donations by UK alumni to HBS for appropriate educational purposes and thereby contributing to world class academic research.
4
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2025**
## **Principal risks and uncertainties**
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Trustees review and discuss risk management at meetings and keep a risk register as a tool to document high, medium and low impact risks identified as well as areas affected by such risks, together with actions taken and persons responsible for them.
They have identified that the principal risk is that of foreign currency. As the charity's grants are made in US dollars, this risk is mitigated by maintaining the majority of the investment portfolio in US dollar denominated securities.
There is also a risk that the investment portfolio does not perform as expected and that the return and capital growth that forms part of the trustees' strategy to help generate funds to further the charity's objectives is not achieved. The Investment Committee regularly reviews the charity's Investment Policy and risk profile.
## **Public benefit**
The trustees, as required by the Charities (Accounts and Reports) Regulations 2008, have paid due regard to the Charity Commission's guidance on providing public benefit while reviewing the charity's aims and objectives, and while deciding what activities the charity should undertake and how the donations made will help the charity meet its objectives.
## **FINANCIAL REVIEW**
## **Unrestricted funds**
During the year, there was income of £120,749 (2024: £183,875) and expenditure of £89,919 (2024: £308,003) resulting in net surplus before investment and foreign exchange losses, of £30,830 (2024: net loss of £124,128). Together with net investment gains of £201,495 (2024: £305,536) and FX gain of £670 (2024: £4,831), there is an overall surplus of £232,995 (2024: £186,239) which has increased unrestricted funds to £3,153,315 (2024: £2,920,320).
## **Restricted funds**
During the year, there was restricted income of £128,472 (2024: £181,902) and restricted expenditure of £180,573 (2024: £93,225) resulting in net restricted funds of £89,619 (2024: £141,720).
During the year there was income relating to donations in both restricted and unrestricted funds of £169,298 (2024: £301,267).
## **Reserves policy**
The Trustees, in addition to the annual donations made to support its objects, wish to become established in academic circles as an important funder of scholarships for UK students to attend HBS. The trustees feel it is important to build up a cushion out of current income to ensure that the fund can meet commitments to students in future years if donations fall. As at 31 August 2025, total reserves stood at £3.24m (2024: £3.06m). In view of the volatility in equity markets, a larger fund will be required to maintain our scholarships should income from donations decrease.
5
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2025**
## **Principal funding sources**
Funding comes from donations made by HBS alumni.
During 2021, the Trustees established a Gifts Acceptance and Grant-Making Committee, comprising at least three Trustees. This committee ensures that all significant donations (£501 or greater) to the charity meet the Charity Commission’s “Know Your Donor” guidance, regarding source of funds and potential for reputational risk. Any proposed gifts that do not meet these criteria undergo further investigation and ultimately can be refused. Any proposed gift greater than £20,000 or which may have reputational implications must be approved by the whole Board.
## **Investment policy and objectives**
The Trustees' investment policy was revised in October 2019 and set a more ambitious target of US CPI inflation plus 3% p.a. net of fees. The majority of the portfolio is held in US equities and the balance in UK and overseas equities and fixed income or other investments, or cash. This target was not met in the current year.
Since awards are made in US dollars the trustees wish to hold most of the portfolio in that currency. The Trustees periodically review the Investment Policy and objectives.
During the year, the Investment Committee has been proactively involved in dealing with the fund managers through meetings and discussions.
## **Grant making**
Grants are awarded each year in the form of scholarships to advance the education of British students studying at HBS. The award provides tuition fees and living expenses to students. Applicants are chosen primarily on financial need and will normally be required to attend an interview as part of the selection process.
In addition, the charity makes grants to HBS in the form of donations from UK alumni wishing to promote the education of persons studying at HBS.
The Gifts Acceptance and Grant-Making Committee ensures that all grants made to HBS are in compliance with the objects of the charity and public benefit guidance.
## **Plans for future periods**
The aim of the trustees is to continue to attract donations from HBS alumni and provide scholarships and funding to support HBS. The trustees would like to encourage able students from financially disadvantaged backgrounds to apply, who would not normally have considered doing this.
## **Fundraising**
Fundraising is done through word of mouth amongst alumni, HBS development officers, and information circulated to UK alumni via the HBS Alumni Association of the UK's newsletters. There is also a dedicated website. There are no professionally paid fundraisers. The charity has not subscribed to any fundraising standards/schemes.
The principal fundraising activity held by the Trustees is an annual fundraising dinner with a distinguished speaker to which the alumni and affiliated members of the HBS are invited to attend. As this is the main fundraising activity of the Charity, and this is not open to the wider public, the Charity does not have a formal complaints procedure regarding the fundraising activities of the Charity. No complaints were received during the year.
6
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2025**
## **Going concern**
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern, including the current economic challenges. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and have taken account of the potential pressures on voluntary income. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the order of the board of trustees on
And signed on its behalf by:
Pawan Dhir Trustee
7
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **Independent Examiner’s Report to the Trustees of The British Friends of Harvard Business School**
I report to the charity trustees on my examination of the financial statements of British Friends of Harvard Business School for the year ended 31 August 2025.
## **Responsibilities and basis of report:**
As Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5) (b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
- 1 accounting records were not kept in respect of the Charity as required by section 130 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Floor 6 9 Appold Street London EC2A 2AP **Date:**
Adam Fullerton DChA Independent Examiner For and on behalf of Moore Kingston Smith LLP
8
## **THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 AUGUST 2025**
|**Notes**
**Income from:**
Donations and Legacies
**3**
Investments
**4**
Other income
**Total income**
**Expenditure on:**
Raising funds
**5**
Charitable activities
**6**
**Total expenditure**
Net gains on investments
Gains on foreign exchange movements
**Net movement in funds**
Funds as at 1 September 2024
**13**
**Fund balances carried forward as at**
**31 August 2025**|**Unrestricted**
**Funds**
**£**
40,826
59,338
20,585
120,749
20,770
69,149
89,919
30,830
201,495
670
232,995
2,920,320
3,153,315|**Restricted**
**Funds**
**£**
128,472
-
-
128,472
-
180,573
180,573
(52,101)
-
-
(52,101)
141,720
89,619|**2025 Total**
**Funds**
**£**
169,298
59,338
20,585
249,221
20,770
249,722
270,492
(21,271)
201,495
670
180,894
3,062,040
3,242,934|**2024 Total**
**Funds**
**£**
301,267
64,510
-
365,777
20,113
381,115
401,228
(35,451)
305,536
4,831
274,916
2,787,124
3,062,040|
|---|---|---|---|---|
All activities in the year were attributable to continuing operations.
9
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2025**
|**Note**
**Fixed assets**
Investments
**9**
**Current Assets**
Debtors
**10**
Cash at bank and in hand
**Creditors: Amounts falling due**
**within one year**
**11**
**Net Current (Liability)/Assets**
**Total assets less current liabilities**
**Net assets**
**Funds**
**13**
Unrestricted funds
General Funds
Restricted funds
**Total**|**2025**
**£**
-
51,102
51,102
(40,928)|**2025**
**£**
3,232,760
10,174
3,242,934
3,242,934
3,153,315
89,619
3,242,934|**2024**
**£**
18,217
156,421
174,638
(190,133)|**2024**
**£**
3,077,536
(15,495)
3,062,040
3,062,040
2,920,320
141,720
3,062,040|
|---|---|---|---|---|
Approved and authorised for issue by the Board on ……………….
Signed on their behalf by:
……………………………………………..
Trustee **Charity Number: 1000531**
10
## **THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025**
|**Note**
**CASH USED IN OPERATIONS**
**12**
**CASH FLOWS FROM INVESTING ACTIVITIES**
Investment income
Investment additions
Sales proceeds
Change in investment cash
**NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES**
**NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS**
**CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR**
**CASH AND CASH EQUIVALENTS AT END OF YEAR**|**2025**
**£**
(210,927)
59,338
(156,389)
181,488
21,172
105,609
(105,318)
156,420
51,102|**2024**
**£**
(19,584)
64,510
(392,076)
431,130
25,019
128,583
108,999
47,421
156,420|
|---|---|---|
11
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **1 Accounting Policies**
## **Charity information**
The British Friends of Harvard Business School is an unincorporated charity registered in England and Wales (no. 1000531). Details of the principal office are given on page 2 of the financial statements.
## **Accounting convention**
The financial statements have been prepared under the historical cost convention modified by the revaluation of investments. They are drawn up in accordance with the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) .
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing these accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS102.
The financial statements are presented in sterling which is also the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest whole £1.
## **Going concern**
These financial statements have been prepared on the basis of accounting principles applicable to a "going concern", which assume that the charity will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities in the normal course of operations. The charity holds significant liquid fixed asset investments which will meet any immediate shortfall in current assets held. The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern.
## **Income**
Income, including donations & legacies, is included on the Statement of Financial Activities when the charity is legally entitled to the income, there is sufficient probability of receipt and the amount can be quantified with reasonable accuracy.
## **Investment income**
The charity recognises all investment income on the accruals basis.
## **Expenditure**
Expenditure is accounted for on an accruals basis inclusive of irrecoverable VAT and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Expenditure on raising funds includes costs incurred to increase the funds raised by the charity for distribution to its beneficiaries.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity. Governance costs are apportioned to charitable activities.
12
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **Expenditure (cont.).**
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Grants and scholarships**
Grants and scholarships are recognised at the point they are paid or committed to be paid resulting in a legal or constructive obligation.
## **Taxation**
The charity is exempt from tax on income and gains falling within section 466 to 493 of the Corporation Tax Act 2010 to the extent that these are applied to charitable objects.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds comprise monies where a restriction has been placed on their use by a donor (for a purpose which falls within, but is narrower than the general charitable objectives). Restricted funds are distributed in accordance with the terms of the applicable restriction.
## **Foreign currencies**
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken onto account in arriving at the operating result.
## **Fixed asset investments**
Investments are a basic financial instrument and are included in the balance sheet initially at transaction value and subsequently recognised at their fair value at the end of the financial period which is the bid price quoted on a recognised stock exchange . Realised and unrealised gains and losses are credited or debited to the Statement of Financial Activities in the year in which they arise.
## **2 JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY**
In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised.
The Trustees do not consider there to be any key area of judgement or critical estimates that require further disclosure.
13
## **THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025**
|**3**
**INCOME FROM DONATIONS AND LEGACIES**
Donations
Gift Aid|**Unrestricted**
**2025**
**£**
28,940
11,886
40,826|**Restricted**
**2025**
**£**
123,948
4,524
128,472|**Total**
**2025**
**£**
152,888
16,410
169,298|**Total**
**2024**
**£**
272,335
28,932
301,267|
|---|---|---|---|---|
The income from donations and legacies was £152,888 (2024: £272,335) of which £28,940 was unrestricted (2024: £112,232) and £123,948 was restricted (2024: £160,103).
|**4**
**INCOME FROM INVESTMENTS**
Dividends and interest received|**Unrestricted**
**2025**
**£**
59,338
59,338|**Restricted**
**2025**
**£**
-
-|**Total**
**2025**
**£**
59,338
59,338|**Total**
**2024**
**£**
64,510
64,510|
|---|---|---|---|---|
The income from investments was all unrestricted in the current and prior year.
|**5**
**EXPENDITURE ON RAISING FUNDS**
Investment manager fees|**Unrestricted**
**2025**
**£**
20,770
20,770|**Restricted**
**2025**
**£**
-
-|**Total**
**2025**
**£**
20,770
20,770|**Total**
**2024**
**£**
20,113
20,113|
|---|---|---|---|---|
The expenditure on raising funds was all unrestricted in the current and prior year.
|**6**
**EXPENDITURE ON CHARITABLE ACTIVITIES**
Scholarships awarded
Scholarships reversed
Donations to Harvard Business School
Annual dinner
Support costs
Governance costs|**Unrestricted**
**2025**
**£**
164,898
(179,923)
-
29,941
22,269
31,964
69,149|**Restricted**
**2025**
**£**
-
-
180,573
-
-
-
180,573|**Total**
**2025**
**£**
164,898
(179,923)
180,573
29,941
22,269
31,964
249,722|**Total**
**2024**
**£**
229,983
-
93,225
-
37,132
20,775
381,115|
|---|---|---|---|---|
The expenditure on charitable activities was £249,722 (2024: £381,115), of which £69,149 was unrestricted (2024: £287,890) and £180,573 was restricted (2024: £93,225).
Scholarships were paid to 7 individuals (2024: 8). No grants were made to institutions other than the donation to Harvard Business School, as in the prior year.
14
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **6 EXPENDITURE ON CHARITABLE ACTIVITIES (cont.).**
|**Unrestricted**
**Support Costs**
**2025**
**£**
Bank charges
1,540
Insurance
437
Web Security
19,102
Trustee Expenditure
1,190
22,269
**Unrestricted**
**Governance costs**
**2025**
**£**
Accountancy costs
23,557
Independent Examiner's Remuneration
8,407
31,964|**Restricted**
**2025**
**£**
-
-
-
-
-
**Restricted**
**2025**
**£**
-
-
-|**Total**
**2025**
**£**
1,540
437
19,102
1,190
22,269
**Total**
**2025**
**£**
23,557
8,407
31,964|**Total**
**2024**
**£**
800
954
32,451
2,927
37,132
**Total**
**2024**
**£**
12,825
7,950
20,775|
|---|---|---|---|
## **7 EMPLOYEES**
The charity did not employ any staff in the year (2024: nil).
The Trustees did not receive any remuneration nor other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024.
Total Trustee expenses incurred during the year was £1,190 in relation to expenses for the scholars dinner (2024: £2,546).
## **8 KEY MANAGEMENT PERSONNEL**
The key management personnel of the charity comprises the Trustees. The total employee benefits of the key management personnel of the charity were £nil (2024: £nil).
15
## **THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **9 FIXED ASSET INVESTMENTS**
|**9**|**FIXED ASSET INVESTMENTS**|||
|---|---|---|---|
|||**2025**|**2024**|
|||**£**|**£**|
||**FAIR VALUE**|||
||At 1st September 2024|3,045,538|2,779,056|
||Additions at cost|156,389|392,076|
||Disposals proceeds|(181,488)|(431,130)|
||Investment gains/ (losses) in the year|279,275|414,288|
||Exchange difference|(77,780)|(108,752)|
||Cash held for investment|3,221,934
10,826|3,045,538
31,998|
|||3,232,760|3,077,536|
||**Analysis of investments between classes:**|||
||Fixed Interest Securities - Non-UK|**2025**
**£**
574,245|**2024**
**£**
585,272|
||Equity Investment UK|92,612|108,414|
||Equity Investment Non-UK|2,555,077|2,351,853|
||Cash held within the investment portfolio|10,826|31,997|
|||3,232,760|3,077,536|
||Investments representing 5% or more of the portfolio are disclosed below:|||
||**Ishares II Plc. TSY Bond 7-10Yr UCITS ETF USD**|**Portfolio %**
**10%**|**Market Value**
**(£)**
**324,386**|
||With respect to the next reporting period, the most significant area of uncertainty that affects the carrying|||
||value of the assets held by the Charity is the level of investment return and|the performance of the||
||investment markets. This has been detailed in the investment policy and objectives within the Trustees'|||
||Report.|||
|**10**|**DEBTORS**|||
||Gift aid recoverable|**2025**
**£**
-|**2024**
**£**
18,217|
|**11**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|-|18,217|
||Accruals|**2025**
**£**
8,250|**2024**
**£**
7,920|
||Other creditors|1,190|-|
||Scholarship commitments|31,488|182,213|
|||40,928|190,133|
16
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **12 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH USED IN OPERATIONS**
|Net movement in funds
Adjustments for:
Unrealised gain on investments
Losses on foreign exchange on investments
Interest and dividends receivable (less not received by year end)
Operating cash flow before movement in working capital
(Increase) / Decrease in debtors
Increase / (Decrease) in creditors
Cash used in operations
**13**
**MOVEMENT IN FUNDS**
**Brought**
**forward**
**01-Sep-24**
**£**
**Unrestricted funds**
General fund
2,920,320
**Restricted funds**
141,720
3,062,040
**Total**
**Total**
**Income**
**Expenditure**
**£**
**£**
**Unrestricted funds**
General Fund
120,749
(89,919)
**Restricted funds**
128,472
(180,573)
249,221
(270,492)
Net movement in funds included in the above are as follows:|**2025**
**£**
180,894
(279,275)
77,780
(59,338)
(79,939)
18,217
(149,205)
(210,927)
**Net**
**movement**
**in funds**
**£**
232,995
(52,101)
180,894
**Gains and**
**Losses**
**£**
202,165
-
202,165|**2024**
**£**
274,916
(414,288)
108,752
(64,510)
(95,130)
(15,752)
91,298
(19,584)
**Carried**
**forward**
**31-Aug-25**
**£**
3,153,315
89,619
3,242,934
**Movement**
**in Funds**
**£**
232,995
(52,101)
180,894|
|---|---|---|
17
**THE BRITISH FRIENDS OF HARVARD BUSINESS SCHOOL**
## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **13 MOVEMENT IN FUNDS (cont.).**
Net movement in funds during the prior year are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**|**Brought**
**forward**
**01-Sep-23**
**£**
2,734,081
53,043
2,787,124|**Net**
**movement**
**in funds**
**£**
186,239
88,677
274,916|**Carried**
**forward**
**31-Aug-24**
**£**
2,920,320
141,720
3,062,040|
|---|---|---|---|
Net movement in funds included in the above are as follows:
|**Unrestricted funds**
General Fund
**Restricted funds**|**Total**
**Income**
**£**
183,875
181,902
365,777|**Total**
**Expenditure**
**£**
(308,003)
(93,225)
(401,228)|**Gains and**
**Losses**
**£**
310,367
-
310,367|**Movement**
**in Funds**
**£**
186,239
88,677
274,916|
|---|---|---|---|---|
Restricted funds comprise monies where a restriction has been place on their use by a donor to ensure the donation is transferred to a specific or named fund. Restricted funds are distributed in accordance with the terms of the applicable restriction.
## **14 NET ASSETS**
|**Unrestricted funds**
Investments
Current assets
Current liabilities
**Net assets**
**Restricted funds**
Current assets
**Net assets**|**2025**
**£**
3,134,038
51,102
(40,928)
3,144,212
89,619
89,619|**2024**
**£**
3,077,536
32,917
(190,133)
2,920,320
141,720
141,720|
|---|---|---|
## **15 RELATED PARTY TRANSACTIONS**
There is an amount of £1,190 due to the Trustees at the balance sheet date (2024: £nil).
A total of £2,975 was received from three trustees and has been recognised in income (2024:£2,388, five trustees).
18