Charity Registration No. 1161388 Company Registration No. 09147840
Harvard Global UK
Trustees’ Report and financial statements For the year ended 30 June 2022
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 | ||
| Sean Caron | (appointed 3 January 2023) | |
| Meredith Weenick | (resigned 3 January 2023) | |
| 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 2022
Harvard Global UK
The Trustees are pleased to present their report for the year ended 30 June 2022.
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 2022 is 1.
The trustees who served during the year were:
James Victor Baker Joseph Hugh O’Regan Sean Caron (appointed 3 January 2023) Meredith Weenick (resigned 3 January 2023)
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
Promotion of education, study and research reduced for the charity due to travel restrictions caused by COVID-19 being lifted.
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Trustees’ report For the year ended 30 June 2022
Harvard Global UK
Financial Review
The charity received £357,725 in grants from Harvard Global Research and Support Services Inc (2021: £687,437). Expenditure in the year totalled £357,725 (2021: £3,116,009) reduced significantly due to the charitable gift of the property at 22 Parkside.
The net movement in funds for the year was £nil (2021: deficit £2,428,572). This gives total funds at 30 June 2022 of £4,975 (2021: £4,975). Of these funds £nil (2021: £nil) is included within restricted funds.
At 30 June 2022 £105,303 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.
In line with the Charities (Protection and Social Investment) Act 2016, the trustees have considered fundraising implications for the charity. The charity has not undertaken fundraising activity in the current year. The charity does not solicit donations from the general public. No complaints have been received in respect of fundraising.
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 2022, the charity held six months of operating expenditure in its cash reserves which is more than adequate.
Principal risks and uncertainties
The trustees regularly review the major risks facing the charity. The major risk reviewed is the risk of noncompliance with UK regulations. This risk is managed by engaging high quality legal counsel, payroll providers and accountancy firm.
Future Plans
The charity will continue to promote education, study and research throughout the coming year.
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 2022, the charity owed HGRSSI £105,303 (2021: £47,436).
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
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Harvard Global UK
Trustees’ report For the year ended 30 June 2022
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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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:
-
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 March 1, 2023.
Joseph Hugh O’Regan Trustee
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Harvard Global UK
Independent auditors’ report to the member For the year ended 30 June 2022
Opinion
We have audited the financial statements of Harvard Global UK for the year ended 30 June 2022 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:
-
give a true and fair view of the charitable company’s state of affairs as at 30 June 2022 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
-
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 2022
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:
-
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 2022
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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Harvard Global UK
Independent auditors’ report to the member For the year ended 30 June 2022
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: 2 March 2023
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 2022
| 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 2022 £ 357,725 357,725 (357,725) (357,725) - - - 4,975 4,975 |
Restricted Funds 2022 £ - - - - - - - - - |
Total Funds 2022 £ 357,725 357,725 (357,725) (357,725) - - - 4,975 4,975 |
Total Funds 2021 £ 687,437 |
|---|---|---|---|---|
| 687,437 | ||||
| (3,116,009) | ||||
| (3,116,009) | ||||
| (2,428,572) - |
||||
| (2,428,572) 2,433,547 |
||||
| 4,975 |
The notes on pages 14 to 20 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 2022
| Note Current assets Debtors 5 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 6 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 8 |
2022 £ 56 177,495 177,551 (172,576) 4,975 - 4,975 4,975 - 4,975 |
2021 £ 229 122,960 |
|---|---|---|
| 123,189 | ||
| (118,214) | ||
| 4,975 - |
||
| 4,975 | ||
| 4,975 - |
||
| 4,975 |
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 March 1, 2023 and signed on its behalf by:
Joseph Hugh O’Regan Director
Company number 09147840
The notes on pages 14 to 20 form part of these financial statements.
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Harvard Global UK
Statement of cash flows Year ended 30 June 2022
| 2022 2021 £ £ Cash flows from operating activities (Note A) 55,535 (19,989) Cash flows from investing activities - - Cash flows from financing activities - - Change in cash and cash equivalents 54,535 (19,989) Cash and cash equivalents at the beginning of the reporting period 122,960 142,949 Cash and cash equivalents at the end of the reporting period 177,495 122,960 Note A: Reconciliation of net income/(expenditure) to net cash flow from operating activities 2022 2021 £ £ Net income/(expenditure) - (2,428,572) Adjustments for: Depreciation - 16,071 Add back loss on disposal - 2,412,500 (Increase)/decrease in debtors 172 4,994 Increase/(decrease) in creditors 54,363 (24,984) Net cash provided by/ (used in) operating activities 54,535 (19,989) Note B: Analysis of changes in net debt Balance at 1 July 2021 Movements in the year Balance at 30 June 2022 £ £ £ Cash at bank 122,960 54,535 177,495 122,960 54,535 177,495 |
2022 2021 £ £ Cash flows from operating activities (Note A) 55,535 (19,989) Cash flows from investing activities - - Cash flows from financing activities - - Change in cash and cash equivalents 54,535 (19,989) Cash and cash equivalents at the beginning of the reporting period 122,960 142,949 Cash and cash equivalents at the end of the reporting period 177,495 122,960 Note A: Reconciliation of net income/(expenditure) to net cash flow from operating activities 2022 2021 £ £ Net income/(expenditure) - (2,428,572) Adjustments for: Depreciation - 16,071 Add back loss on disposal - 2,412,500 (Increase)/decrease in debtors 172 4,994 Increase/(decrease) in creditors 54,363 (24,984) Net cash provided by/ (used in) operating activities 54,535 (19,989) Note B: Analysis of changes in net debt Balance at 1 July 2021 Movements in the year Balance at 30 June 2022 £ £ £ Cash at bank 122,960 54,535 177,495 122,960 54,535 177,495 |
2022 2021 £ £ Cash flows from operating activities (Note A) 55,535 (19,989) Cash flows from investing activities - - Cash flows from financing activities - - Change in cash and cash equivalents 54,535 (19,989) Cash and cash equivalents at the beginning of the reporting period 122,960 142,949 Cash and cash equivalents at the end of the reporting period 177,495 122,960 Note A: Reconciliation of net income/(expenditure) to net cash flow from operating activities 2022 2021 £ £ Net income/(expenditure) - (2,428,572) Adjustments for: Depreciation - 16,071 Add back loss on disposal - 2,412,500 (Increase)/decrease in debtors 172 4,994 Increase/(decrease) in creditors 54,363 (24,984) Net cash provided by/ (used in) operating activities 54,535 (19,989) Note B: Analysis of changes in net debt Balance at 1 July 2021 Movements in the year Balance at 30 June 2022 £ £ £ Cash at bank 122,960 54,535 177,495 122,960 54,535 177,495 |
|---|---|---|
| (19,989) | ||
| Balance at 30 June 2022 £ 177,495 |
||
| 177,495 |
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Harvard Global UK
Notes to the financial statements For the year ended 30 June 2022
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 2022
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.
No significant estimates relevant to the preparation of the 2022 financial statements.
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Harvard Global UK
Notes to the financial statements (continued) For the year ended 30 June 2022
2. Income from donations and legacies
| Unrestricted 2022 £ Grants from Harvard Global Research and Support Services Inc 357,725 357,725 3. 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 Legal and professional fees Accountancy and other fees Other administrative costs Governance costs Auditors’ remuneration – audit fees |
Restricted 2022 £ - - |
Total 2022 £ 357,725 357,725 2022 £ 337,221 - 228 - - - 337,449 - 20,276 357,725 2022 £ 7,440 1,050 286 11,500 20,276 |
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 |
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Harvard Global UK
Notes to the financial statements (continued) For the year ended 30 June 2022
4. Staff costs
| 2022 £ Staff costs 267,564 Social security costs 59,494 Employer’s pension costs 10,163 337,221 During the year the average number of employees was 7 (2021: 12). The number of staff with emoluments in excess of £60,000 is set out below: 2022 Number £90,000 to £99,999 - £110,000 to £119,999 - |
2021 £ 465,912 82,883 17,738 |
|---|---|
| 566,533 | |
| 2021 Number 1 1 |
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. Debtors
6.
| Accrued income Creditors: amounts falling due within one year Connected party creditor Other creditors Accruals and deferred income |
2022 £ 56 56 2022 £ 105,303 22,314 44,959 172,576 |
2021 £ 229 |
|---|---|---|
| 229 | ||
| 2021 £ 47,436 16,723 54,055 |
||
| 118,214 |
Creditors: amounts falling due within one year
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Harvard Global UK
Notes to the financial statements (continued) For the year ended 30 June 2022
| 7. Movement in funds Current year Balance at 1 July 2021 £ Unrestricted 4,975 Restricted funds 22 Parkside - 4,975 Current year Balance at 1 July 2020 £ Unrestricted 4,975 Restricted funds 22 Parkside 2,428,572 2,433,547 |
Income £ 357,725 - 357,725 Income £ 687,437 - 687,437 |
Expenditure £ (357,725) - (357,725) Expenditure £ (687,437) (2,428,572) (3,116,009) |
Transfers and other gains / (losses) £ - - - Transfers and other gains / (losses) £ - - - |
Balance at 30 June 2022 £ 4,975 - |
|---|---|---|---|---|
| 4,975 | ||||
| Balance at 30 June 2021 £ 4,975 - |
||||
| 4,975 |
Restricted funds
22 Parkside
This fund relates entirely to 22 Parkside. A property previously owned by the charity with a 50year pre emption right over it, were the charity to choose to sell it.
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Harvard Global UK
Notes to the financial statements (continued) For the year ended 30 June 2022
8. Analysis of funds by asset class
| 2022 Tangible fixed assets Net current assets 2021 Tangible fixed assets Net current assets |
Unrestricted Funds £ - 4,975 4,975 Unrestricted Funds £ - 4,975 4,975 |
Restricted Funds £ - - - Restricted Funds £ - - - |
Total Funds £ - 4,975 |
|---|---|---|---|
| 4,975 | |||
| Total Funds £ - 4,975 |
|||
| 4,975 |
9. Related party transactions
At 30 June 2022 the charity owed £105,303 (2021: £47,436) 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 £357,725 (2021: £687,437) was received from Harvard Global Research and Support Services Inc during the year. Accrued income of £56 (2021: £229) is included in debtors.
There were no other related party transactions in the year.
10. 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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Harvard Global UK
Notes to the financial statements (continued) For the year ended 30 June 2022
11. 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 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) 2,428,572 - |
Total Funds 2021 £ 687,437 |
|---|---|---|---|
| 687,437 | |||
| (3,116,009) | |||
| (2,428,572) | |||
| (2,428,572) - |
|||
| (2,428,572) 2,433,547 |
|||
| 4,975 |
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