Charity Registration No. 1161388 Company Registration No. 09147840
Harvard Global UK
Trustees’ Report and financial statements For the year ended 30 June 2021
Harvard Global UK
Contents
| Page | |
|---|---|
| Trustees’ and charity information | 3 |
| Trustees’ report | 4 |
| Independent auditors’ report | 7 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 |
Harvard Global UK
Trustees’ and charity information
| Trustees | James Victor Baker |
|---|---|
| Joseph Hugh O’Regan | |
| Meredith Weenick | |
| Company secretary | Joseph Hugh O’Regan |
| Registered address | 71 Queen Victoria Street |
| London | |
| EC4V 4BE | |
| Charity number | 1161388 |
| Company number | 09147840 |
| Independent auditors | Saffery Champness LLP |
| 71 Queen Victoria Street | |
| London | |
| EC4V 4BE | |
| Bankers | Citibank |
| 25 Canada Square | |
| London | |
| E14 5LB |
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Trustees’ report For the year ended 30 June 2021
Harvard Global UK
The Trustees are pleased to present their report for the year ended 30 June 2021.
Structure, Governance and Management
The charity is a company limited by guarantee, incorporated and registered in England and Wales. It operates under the rules of its Memorandum and Articles of Association dated 25 July 2014. The company became a registered charity on 22 April 2015. It has no share capital and the liability of each member in the event of winding up is limited to £10. The total number of such guarantees at 30 June 2020 is 1.
The trustees who served during the year were:
James Victor Baker Joseph Hugh O’Regan Meredith Weenick
Following the appointment of the first trustees, new trustees will be appointed as required by the sole member, Harvard Global Research and Support Services Inc. The Articles of Association provide for a minimum of three trustees at any one time.
Trustees are appointed on the basis of their CVs and previous experience to ensure the right mix of skills on the board. To minimise the possibility of any conflicts of interest, donors to the charity or its member will not be appointed as trustees wherever possible.
Each new trustee is provided with a copy of the Articles of Association and the latest financial statements and is briefed fully on their role and responsibilities. Ongoing training is provided as required in order for the trustees to properly fulfil their role.
The trustees are ultimately responsible for the decision making of the organisation. The charity considers its key management personnel to be trustees. The trustees are responsible for the day to day management of the charity.
Objects
Harvard Global UK stated objects are the advancement of education for the public benefit in particular but not exclusively by the promotion of study and research into subjects including sustainable development (including the connections between urbanization, regeneration, governmental policy, quality of life, and the health of citizens), provided that the useful results of such study and research are disseminated to the public at large.
The trustees have paid due regard to guidance on public benefit issued by the Charity Commission in deciding what activities the charity should undertake.
Activities and achievements
The charity ceased operating 22 Parkside in Wimbledon during the year and returned ownership to The Richard Rogers Charitable Settlement. Promotion of education, study and research greatly increased for the charity due to travel restrictions caused by COVID-19.
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Trustees’ report For the year ended 30 June 2021
Harvard Global UK
Financial Review
The charity received £687,437 in grants from Harvard Global Research and Support Services Inc (2020: £202,253). Expenditure in the year totalled £3,116,009 (2020: £223,681) increasing significantly due to the charitable gift of the property at 22 Parkside.
The net movement in funds for the year was a deficit of £2,428,572 (2020: deficit £21,428). This gives total funds at 30 June 2021 of £4,975 (2020: £2,433,547). Of these funds £nil (2020: £2,428,572) is included within restricted funds.
At 30 June 2021 £47,436 was owed to Harvard Global Research and Support Services Inc (see below). Notwithstanding this loan, the trustees of Harvard Global UK consider the charity to be a going concern.
Reserves policy
The trustees have considered the nature of the charity’s activities and its relationship with its parent organisation. In doing so they have concluded that cash at bank is a better measure of the charity’s sustainability than the Charity Commission’s definition of free reserves. The charity aims to hold three months of operating expenditure in its cash reserves at all times. At 30 June 2021, the charity held between two and three months of operating expenditure in its cash reserves as a result of temporarily increased expenditure due to COVID-19. This was temporary only and the cash reserves position had returned to three months of operating expenditure by September 2020.
Principal risks and uncertainties
The trustees regularly review the major risks facing the charity.
Future Plans
The charity will continue to promote education, study and research throughout the coming year with continued increased employment due to COVID-19 as some researchers continue to work remotely due to COVID-19
Related and connected parties
The charity is controlled by the sole member, Harvard Global Research and Support Services Inc (HGRSSI), a non-profit corporation incorporated in Massachusetts, United States of America. HGRSSI has agreed to provide an interest free line of credit to the charity up to a maximum of $200,000. Any amount loaned is repayable on demand.
At 30 June 2021, the charity owed HGRSSI £47,436 (2020: £111,603).
Statement of trustees’ responsibilities
The trustees (who are also directors of Harvard Global UK for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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Trustees’ report For the year ended 30 June 2021
Harvard Global UK
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company’s auditor is unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Signed on behalf of the Board of Trustees on February 3, 2022.
………………………………….. Joseph Hugh O’Regan Trustee
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Harvard Global UK
Independent auditors’ report to the member For the year ended 30 June 2021
Opinion
We have audited the financial statements of Harvard Global UK for the year ended 30 June 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the charitable company’s state of affairs as at 30 June 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, 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 or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 express any form of assurance conclusion thereon.
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Harvard Global UK
Independent auditors’ report to the member For the year ended 30 June 2021
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees’ Annual Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees’ Annual Report and the Strategic Report.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 5 and 6, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
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Harvard Global UK
Independent auditors’ report to the member For the year ended 30 June 2021
the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.
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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.
Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales .
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias.
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Independent auditors’ report to the member For the year ended 30 June 2021
Harvard Global UK
At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Cara Turtington (Senior Statutory Auditor) For and on behalf of Saffery Champness LLP
Saffery Champness LLP 71 Queen Victoria Street Chartered Accountants London EC4V 4BE Statutory Auditors
Date: 15 February 2022
Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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Harvard Global UK
Statement of financial activities (incorporating an income and expenditure account) For the year ended 30 June 2021
| Note Income from Donations and legacies 2 Total income Expenditure on Charitable activities 3 Total expenditure Net income/(expenditure) Other recognised gains/(losses) Exchange gains/(losses) Net movement in funds Total funds brought forward Total funds carried forward 9 |
Unrestricted Funds 2021 £ 687,437 687,437 (687,437) (687,437) - - - 4,975 4,975 |
Restricted Funds 2021 £ - - (2,428,572) (2,428,572) (2,428,572) - 2,428,572 - |
Total Funds 2021 £ 687,437 687,437 (3,116,009) (3,116,009) (2,428,572) - 2,433,547 4,975 |
Total Funds 2020 £ 202,253 |
|---|---|---|---|---|
| 202,253 | ||||
| (223,681) | ||||
| (223,681) | ||||
| (21,428) - |
||||
| (21,428) 2,454,975 |
||||
| 2,433,547 |
The notes on pages 14 to 21 form part of these financial statements.
The statement of financial activities contains all recognised gains and losses for the financial year.
The results for the period all relate to continuing activities.
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Harvard Global UK
Balance sheet As at 30 June 2021
| Note Fixed assets Tangible fixed assets 5 Current assets Debtors 6 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 7 Net current assets Creditors: amounts falling due after more than one year Net assets The funds of the charity: Unrestricted fund Restricted fund Total charity funds 9 |
2021 £ - - 229 122,960 123,189 (118,214) 4,975 - 4,975 4,975 - 4,975 |
2020 £ 2,428,572 |
|---|---|---|
| 2,428,572 5,223 142,949 |
||
| 148,172 | ||
| (143,197) | ||
| 4,975 - |
||
| 2,433,547 | ||
| 4,975 2,428,572 |
||
| 2,433,547 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Approved by the Board of Trustees on February, 3 2022 and signed on its behalf by:
…………………………………..
Joseph Hugh O’Regan Director
Company number 09147840
The notes on pages 14 to 21 form part of these financial statements.
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Harvard Global UK
Statement of cash flows Year ended 30 June 2021
| 2021 2020 £ £ Cash flows from operating activities (Note A) (19,989) 24,483 Cash flows from investing activities - - Cash flows from financing activities - - Change in cash and cash equivalents (19,989) 24,483 Cash and cash equivalents at the beginning of the reporting period 142,949 118,466 Cash and cash equivalents at the end of the reporting period 122,960 142,949 Note A: Reconciliation of net income/(expenditure) to net cash flow from operating activities 2021 2020 £ £ Net income/(expenditure) (2,428,572) (21,428) Adjustments for: Depreciation 16,071 21,428 Add back loss on disposal 2,412,500 - (Increase)/decrease in debtors 4,994 2,585 Increase/(decrease) in creditors (24,984) 21,898 Net cash provided by/ (used in) operating activities (19,989) 24,483 Note B: Analysis of changes in net debt Balance at 1 July 2020 Movements in the year Balance at 30 June 2021 £ £ £ Cash at bank 142,949 (19,989) 122,960 142,949 (19,989) 122,960 |
2021 2020 £ £ Cash flows from operating activities (Note A) (19,989) 24,483 Cash flows from investing activities - - Cash flows from financing activities - - Change in cash and cash equivalents (19,989) 24,483 Cash and cash equivalents at the beginning of the reporting period 142,949 118,466 Cash and cash equivalents at the end of the reporting period 122,960 142,949 Note A: Reconciliation of net income/(expenditure) to net cash flow from operating activities 2021 2020 £ £ Net income/(expenditure) (2,428,572) (21,428) Adjustments for: Depreciation 16,071 21,428 Add back loss on disposal 2,412,500 - (Increase)/decrease in debtors 4,994 2,585 Increase/(decrease) in creditors (24,984) 21,898 Net cash provided by/ (used in) operating activities (19,989) 24,483 Note B: Analysis of changes in net debt Balance at 1 July 2020 Movements in the year Balance at 30 June 2021 £ £ £ Cash at bank 142,949 (19,989) 122,960 142,949 (19,989) 122,960 |
2021 2020 £ £ Cash flows from operating activities (Note A) (19,989) 24,483 Cash flows from investing activities - - Cash flows from financing activities - - Change in cash and cash equivalents (19,989) 24,483 Cash and cash equivalents at the beginning of the reporting period 142,949 118,466 Cash and cash equivalents at the end of the reporting period 122,960 142,949 Note A: Reconciliation of net income/(expenditure) to net cash flow from operating activities 2021 2020 £ £ Net income/(expenditure) (2,428,572) (21,428) Adjustments for: Depreciation 16,071 21,428 Add back loss on disposal 2,412,500 - (Increase)/decrease in debtors 4,994 2,585 Increase/(decrease) in creditors (24,984) 21,898 Net cash provided by/ (used in) operating activities (19,989) 24,483 Note B: Analysis of changes in net debt Balance at 1 July 2020 Movements in the year Balance at 30 June 2021 £ £ £ Cash at bank 142,949 (19,989) 122,960 142,949 (19,989) 122,960 |
|---|---|---|
| 24,483 | ||
| Balance at 30 June 2021 £ 122,960 |
||
| 122,960 |
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Harvard Global UK
Notes to the financial statements For the year ended 30 June 2021
1. Principal accounting policies
1.1 Accounting convention
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The functional currency is sterling. Monetary amounts in these financial statements are rounded to the nearest £.
The charity constitutes a public benefit entity as defined by FRS 102.
Despite the impact of Covid-19, the trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
1.2 Company status
The charity is a company limited by guarantee. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
1.3 Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable the income will be received and the amount can be reliably measured.
Donation income is recognised in the year in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. If a donation has any restrictions attached it is credited to the relevant restricted fund.
Gifts in kind are recognised as income when the charity has entitlement, any conditions associated with the donated item are met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be reliably measured. Gifts in kind are recognised on the basis of the value of the gift to the charity.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
Governance costs comprise the costs of complying with constitutional and statutory requirements. Governance costs, along with other support costs, are allocated as set out in note 3.
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Harvard Global UK
Notes to the financial statements (continued) For the year ended 30 June 2021
1.5 Tangible fixed assets
Expenditure on the acquisition of individual fixed assets that cost more than £3,500 are capitalised at cost.
Depreciation is provided to write off the cost of the asset less estimated residual value in equal instalments over their expected useful economic lives as follows:
Land Not depreciated Buildings Depreciated straight line over 35 years
1.6 Taxation
Harvard Global UK is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.
1.7 Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor of the income.
1.8 Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. There were no bank loans in the year.
1.9 Key judgements and uncertainties
In 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 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The most significant estimate is considered to be the estimated useful life of the property in Wimbledon of 35 years, over which the cost is depreciated. The trustees consider this to be appropriate given the specialist nature of the building.
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Notes to the financial statements (continued) For the year ended 30 June 2021
Harvard Global UK
2. Income from donations and legacies
| 3. | Unrestricted 2021 £ Grants from Harvard Global Research and Support Services Inc 687,437 687,437 Expenditure on charitable activities Promotion of study and research Staff costs (note 4) Property, repairs and maintenance Power, light and heat Depreciation Other direct costs Professional services Charitable gift of property Allocation of support costs (see below) Total expenditure on charitable activities Support and governance costs Travelling expenses Legal and professional fees Accountancy and other fees Other administrative costs Governance costs Auditors’ remuneration – audit fees |
Restricted 2021 £ - - |
Total 2021 £ 687,437 687,437 2021 £ 566,533 22,981 4,766 16,071 8,433 12,638 631,422 2,412,500 72,087 3,116,009 2021 £ - 59,678 - 4,409 8,000 72,087 |
Total 2020 £ 202,253 |
|---|---|---|---|---|
| 202,253 | ||||
| 2020 £ 120,820 8,807 7,394 21,428 9,978 14,651 183,078 - 40,603 223,681 2020 £ 158 19,081 5,904 7,560 7,900 40,603 |
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Harvard Global UK
Notes to the financial statements (continued) For the year ended 30 June 2021
4. Staff costs
| 2021 £ Staff costs 465,912 Social security costs 82,883 Employer’s pension costs 17,738 566,533 During the year the average number of employees was 12 (2020: 2). The number of staff with emoluments in excess of £60,000 is set out below: 2021 Number £90,000 to £99,999 1 £110,000 to £119,999 1 |
2020 £ 101,165 14,599 5,036 |
|---|---|
| 120,820 | |
| 2020 Number - - |
The charity considers its key management personnel to be trustees. During the period no trustee received any remuneration nor reimbursement of expenses.
Employees of Harvard Global Research and Support Services Inc provide services to the charity for which no charge is made. The cost of these donated services is considered de minimis and is therefore not included within these accounts.
5. Tangible fixed assets
| Cost At 1 July 2020 Additions Disposals Depreciation At 1 July 2020 Depreciation charge for the year Disposals Net book value At 1 July 2020 At 30 June 2021 |
Land & buildings £ 2,500,000 - (2,500,000) |
|---|---|
| - | |
| 71,428 16,071 (87,499) |
|
| - | |
| 2,428,572 - |
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Harvard Global UK
Notes to the financial statements (continued) For the year ended 30 June 2021
The charity paid £1 to The Richard Rogers Charitable Settlement for a property (22 Parkside, Wimbledon) valued at £2.5m at the date of transfer. During the year ended 30 June 2021, this was transferred back to The Richard Rogers Charitable Settlement.
| 6. Debtors Accrued income Prepayments 7. Creditors: amounts falling due within one year Trade creditors Connected party creditor Other creditors Accruals 8. Movement in funds Current year Balance at 1 July 2020 Income £ £ Unrestricted 4,975 687,437 Restricted funds 22 Parkside 2,428,572 - 2,433,547 687,437 |
Expenditure £ (687,437) (2,428,572) (3,116,009) |
2021 £ 229 - 229 2021 £ - 47,436 16,723 54,055 118,214 Transfers and other gains / (losses) £ - - - |
2020 £ 2,764 2,459 5,223 2020 £ 3,600 111,603 5,580 22,414 143,197 Balance at 30 June 2021 £ 4,975 - 4,975 |
|---|---|---|---|
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Harvard Global UK
Notes to the financial statements (continued) For the year ended 30 June 2021
| Comparative year Balance at 1 July 2019 £ Unrestricted 4,975 Restricted funds 22 Parkside 2,450,000 2,454,975 |
Income £ 202,253 - 202,253 |
Expenditure £ (202,253) (21,428) (223,681) |
Transfers and other gains / (losses) £ - - - |
Balance at 30 June 2020 £ 4,975 2,428,572 2,433,547 |
|---|---|---|---|---|
Restricted funds
22 Parkside
This fund relates entirely to 22 Parkside. A property previously owned by the charity with a 50 year pre emption right over it, were the charity to choose to sell it (see note 11).
9. Analysis of funds by asset class
| 2021 Tangible fixed assets Net current assets 2020 Tangible fixed assets Net current assets |
Unrestricted Funds £ - 4,975 4,975 Unrestricted Funds £ - 4,975 4,975 |
Restricted Funds £ - - - Restricted Funds £ 2,428,572 - 2,428,572 |
Total Funds £ - 4,975 |
|---|---|---|---|
| 4,975 | |||
| Total Funds £ 2,428,572 4,975 |
|||
| 2,433,547 |
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Harvard Global UK
Notes to the financial statements (continued) For the year ended 30 June 2021
10. Related party transactions
At 30 June 2021 the charity owed £47,436 (2020: £111,603) to Harvard Global Research and Support Services Inc. As set out in the agreement dated 7 December 2018 this is repayable on demand.
Grant income of £687,437 (2020: £201,113) was received from Harvard Global Research and Support Services Inc during the year. Accrued income of £229 (2020: £1,623) There were no other related party transactions in the year.
11.
Contingent liabilities
At 30 June 2020 a contingent liability existed to The Richard Rogers Charitable Settlement. If Harvard Global UK wished to sell the property, known as 22 Parkside, The Richard Rogers Charitable Settlement would be entitled to first refusal of the right to purchase the building for 50 years from 31 December 2015. In addition, if Harvard Global UK ceased to use the property for charitable purposes before 31 December 2065 The Richard Rogers Charitable Settlement has the right to force a sale.
During the year ended 30 June 2021, Harvard Global UK wished to dispose of the property and as a result it was transferred back to The Richard Rogers Charitable Settlement.
Therefore, at 30 June 2021, there were no contingent liabilities.
12. Control
The ultimate controlling party is Harvard Global Research and Support Services Inc, a non-profit corporation incorporated in the Massachusetts, United States of America, which is the sole member.
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Notes to the financial statements (continued) For the year ended 30 June 2021
Harvard Global UK
13. Comparative information
| Income from Donations and legacies Total income Expenditure on Charitable activities Total expenditure Net income/(expenditure) Other recognised gains/(losses) Exchange gains/(losses) Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Funds 2020 £ 202,253 202,253 (202,253) (202,253) - - - 4,975 4,975 |
Restricted Funds 2020 £ - - (21,428) (21,428) (21,428) - - (21,428) 2,450,000 2,428,572 |
Total Funds 2020 £ 202,253 |
|---|---|---|---|
| 202,523 | |||
| (223,681) | |||
| (223,681) | |||
| (21,428) - - |
|||
| (21,428) 2,454,975 |
|||
| 2,433,547 |
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