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2024-06-30-accounts

Charity Registration No. 1161388 Company Registration No. 09147840

Harvard Global UK

Trustees’ Report and financial statements For the year ended 30 June 2024

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
Company secretary Joseph Hugh O’Regan
Registered address 71 Queen Victoria Street
London
EC4V 4BE
Charity number 1161388
Company number 09147840
Independent auditors Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers Citibank
25 Canada Square
London
E14 5LB

Page 3

Trustees’ report For the year ended 30 June 2024

Harvard Global UK

The Trustees are pleased to present their report for the year ended 30 June 2024.

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 2024 is 1.

The trustees who served during the year were:

James Victor Baker Joseph Hugh O’Regan Sean Caron

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 entity continued to engage in the promotion of education, study, and research.

Page 4

Trustees’ report For the year ended 30 June 2024

Harvard Global UK

Financial Review

The charity received £284,608 in grants from Harvard Global Research and Support Services Inc (2023: £293,318). Expenditure in the year totalled £284,608 (2023: £293,318).

The net movement in funds for the year was £nil (2023: £nil). This gives total funds at 30 June 2024 of £4,975 (2023: £4,975). Of these funds £nil (2023: £nil) is included within restricted funds.

At 30 June 2024 £182,252 (2023: £140,908) 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 2024, 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 2024, the charity owed HGRSSI £182,252 (2023: £140,908).

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

Page 5

Trustees’ report For the year ended 30 June 2024

Harvard Global UK

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:

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:

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

…………………………………..

Joseph Hugh O’Regan

Trustee

Page 6

Harvard Global UK

Independent auditors’ report to the member For the year ended 30 June 2024

Opinion

We have audited the financial statements of Harvard Global UK for the year ended 30 June 2024 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 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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.

Page 7

Harvard Global UK

Independent auditors’ report to the member For the year ended 30 June 2024

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

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:

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

Page 8

Independent auditors’ report to the member For the year ended 30 June 2024

Harvard Global UK

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.

Page 9

Harvard Global UK

Independent auditors’ report to the member For the year ended 30 June 2024

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 LLP

Saffery LLP 71 Queen Victoria Street London EC4V 4BE

Statutory Auditors

Date: 10 February 2025

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 10

Harvard Global UK

Statement of financial activities (incorporating an income and expenditure account) For the year ended 30 June 2024

Note
Income from
Donations and legacies
2
Total income
Expenditure on
Charitable activities
3
Total expenditure
Net income/(expenditure)
and net movement in funds
Total funds brought forward
Total funds carried forward
Unrestricted
Funds
2024
£
284,608
284,608
(284,608)
(284,608)
-
4,975
4,975
Restricted
Funds
2024
£
-
-
-
-
-
-
-
Total
Funds
2024
£
284,608
284,608
(284,608)
(284,608)
-
4,975
4,975
Total
Funds
2023
£
293,318
293,318
(293,318)
(293,318)
-
4,975
4,975

The notes on pages 14 to 19 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.

Page 11

Harvard Global UK

Balance sheet As at 30 June 2024

Note
Current assets
Debtors
5
Cash at bank and in hand
2024
2023
£
£
-
-
208,655
190,588
208,655
190,588
Current liabilities
Creditors: amounts falling due within one year
6
(203,680)
(185,613)
Net current assets 4,975
4,975
Net assets 4,975
4,975
The funds of the charity:
Unrestricted fund
Restricted fund
4,975
4,975
-
-
Total charity funds 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 February 6, 2025, and signed on its behalf by:

………………………………….. Joseph Hugh O’Regan Director

Company number 09147840

The notes on pages 14 to 19 form part of these financial statements.

Page 12

Harvard Global UK

Statement of cash flows Year ended 30 June 2024

2024 2023
£ £
Cash flows from operating activities (Note A) 18,067 13,093
Cash flows from investing activities - -
Cash flows from financing activities - -
Change in cash and cash equivalents 18,067 13,093
Cash and cash equivalents at the beginning of 190,588 177,495
the reporting period
Cash and cash equivalents at the end of the 208,655 190,588
reporting period
Note A: Reconciliation of net income/(expenditure) to net cash flow from operating activities
2024 2023
£ £
Net income/(expenditure) - -
Adjustments for:
(Increase)/decrease in debtors - 56
Increase/(decrease) in creditors 18,067 13,037
Net cash provided by/ (used in) operating activities 18,067 13,093
Note B: Analysis of changes in net debt
Balance at 1 Movements in Balance at 30
July 2023 the year June 2024
£ £ £
Cash at bank 190,588 18,067 208,655
190,588 18,067 208,655

Page 13

Harvard Global UK

Notes to the financial statements For the year ended 30 June 2024

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.

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.

Page 14

Harvard Global UK

Notes to the financial statements (continued) For the year ended 30 June 2024

1.5 Taxation

Harvard Global UK is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities.

1.6 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.

1.7 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.

1.8 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 2024 financial statements.

2. Income from donations and legacies

Grants
from
Harvard
Global
Research and Support Services Inc
Unrestricted
2024
£
284,608
284,608
Restricted
2024
£
-
-
Total
2024
£
284,608
284,608
Total and
unrestricted
2023
£
293,318
293,318

Page 15

Harvard Global UK

Notes to the financial statements (continued) For the year ended 30 June 2024

3. Expenditure on charitable activities
Promotion of study and research
Staff costs (note 4)
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
Audit fees
Auditors’ remuneration
Fees payable to the Charity’s auditor:
For audit services
Audit of the financial statements of the Charity
For non-audit services
Payroll services
Accountancy, taxation, company secretarial services
2024
£
257,651
26,957
284,608
2024
£
2,442
5,978
7,037
11,500
26,957
2024
£
11,500
3,270
2,708
2023
£
272,102
21,216
293,318
2023
£
3,806
3,660
2,250
11,500
21,216
2023
£
11,500
1,800
3,660

Page 16

Harvard Global UK

Notes to the financial statements (continued) For the year ended 30 June 2024

4. Staff costs

Staff costs
Social security costs
Employer’s pension costs
2024
£
208,621
38,114
10,916
257,651
2023
£
220,922
40,000
11,180
272,102

During the year the average number of employees was 6 (2023: 7).

The number of staff with emoluments in excess of £60,000 is set out below:

2024 2023
Number Number
£90,000 to £99,999 - 1
£100,000 to £109,999 - -
£110,000 to £119,999 1 -

The charity considers its key management personnel to be trustees. During the period no trustee received any remuneration nor reimbursement of expenses.

Total terminations payments in the year were £1,066 (2023: £nil).

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

Accrued income 2024
£
-
-
2023
£
-
-

Page 17

Harvard Global UK

Notes to the financial statements (continued) For the year ended 30 June 2024

6. Creditors: amounts falling due within one year

Connected party creditor
Other creditors
Accruals and deferred income
Trade Creditors
2024
£
182,252
927
19,361
1,140
203,680
2023
£
140,908
14,402
26,058
4,245
185,613

7. Related party transactions

At 30 June 2024 the charity owed £182,252 (2023: £140,908) to Harvard Global Research and Support Services Inc. As set out in the agreement dated 7 December 2016 this is repayable on demand.

Grant income of £284,608 (2023: £293,318) was received from Harvard Global Research and Support Services Inc during the year.

There were no other related party transactions in the year.

8. 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.

Page 18

Harvard Global UK

Notes to the financial statements (continued) For the year ended 30 June 2024

9. Comparative information

Income from
Donations and legacies
Total income
Expenditure on
Charitable activities
Total expenditure
Net income/(expenditure)
and net movement in funds
Total funds brought forward
Total funds carried forward
Unrestricted
Funds
2023
£
293,318
293,318
(293,318)
(293,318)
-
4,975
4,975
Restricted
Funds
2023
£
-
-
-
-
-
-
-
Total
Funds
2023
£
293,318
293,318
(293,318)
(293,318)
-
4,975
4,975

Page 19

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© Document e ~~-~~ signed by Joseph O'Regan (jo ~~e_~~ oregan@harvard.edu)

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© Agreement completed.

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