**Charity registration number 1195125**
**Company registration number 12998042 (England and Wales)**
## **COLLATERAL GLOBAL**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022**
## **COLLATERAL GLOBAL**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr J B Farha|
|---|---|
||Ms S Gupta|
||Dr J Bhattacharya|
||Professor T Green|
||Professor E Townsend|
|**Secretary**|Farha Secretaries Ltd|
|**Charity number**|1195125|
|**Company number**|12998042|
|**Principal address**|71-75 Shelton Street|
||Covent Garden|
||London|
||WC2H 9JQ|
|**Registered office**|71-75 Shelton Street|
||Covent Garden|
||London|
||WC2H 9JQ|
|**Independent examiner**|F J Wilde FCCA MBA DChA|
||Warner Wilde|
||4 Marigold Drive|
||Bisley|
||Surrey|
||GU24 9SF|
|**Bankers**|C. Hoare & Co.|
||37 Fleet Street|
||Temple|
||London|
||EC4Y 1BT|
## **COLLATERAL GLOBAL**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 13|
## **COLLATERAL GLOBAL**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
The trustees present their annual report and financial statements for the year ended 30 November 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) " (effective 1 January 2019 ).
## **Objectives and activities**
The charity’s objects as set out in the Articles are specifically restricted to the following:
- The preservation of health by advancing the knowledge, practice of and expertise in public health policy in response to, but not limited to, the SARS-Cov-2 pandemic.
- The study of the economic and social impact of public health policy measures implemented in response to, but not limited to, the SARS-Cov-2 pandemic.
The trustees have paid due regard to guidance on public benefit issued by the Charity Commission in deciding what activities the Charity should undertake.
The Charity has undertaken three main activities:
- The production of academic research reports on the effects and effectiveness of government responses to the SARS-CoV-2 pandemic.
- The production of public information explainers and educational videos.
- The management of a public facing web site to provide public access to the output of the charity’s research.
The central purpose has been to raise public understanding through research, communication, and public engagement.
## **Achievements and performance**
Collateral Global has commissioned and published reports on the following topics: childhood mental health, pollution, university students’ mental health, care homes, PCR testing, and accuracy of death reporting.
A key objective of Collateral Global is communication, and alongside these reports we have produced several articles and other media aimed at communicating our findings and providing measured description and discussion of some of the key issues. In addition to summary descriptions of content published with each report, each C ollateral Global Report includes accompanying content such as interviews, editorials, or explainers to help better communicate report findings.
In addition, each report has received substantial press coverage in a range of reputable UK publications.
## **Financial review**
The charity is in a strong financial position, having raised substantial funds to finance ongoing operations, both from foundations and individual donors.
The reserves at the year end stood at £249,967, with over £250k of cash reserves in hand.
The charity's principal sources of funds are donations from foundations and other charities, as well as donations from individual members of the public.
- 1 -
## **COLLATERAL GLOBAL**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **Structure, governance and management**
The Charity is a company limited by guarantee . It was incorporated on 4 November 2020 and registered as a charity on 9 July 2021.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr A O H Caccia (Resigned 31 March 2023)
Mr J B Farha Ms S Gupta Dr J Bhattacharya Professor T Green Professor E Townsend
Trustee recruitment starts from a skills perspective to ensure the charity is seeking people with different and varied skills that supported the charity's vision and aims. A detailed role description, desired levels of experience and values statement is to be signed by all trustees. New trustees are approved via vote of existing trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £ 1 in the event of a winding up.
The trustees' r eport was approved by the Board of Trustees.
.............................. Ms S Gupta **Trustee**
Date: ............................................. 28th August 2023
- 2 -
## **COLLATERAL GLOBAL**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COLLATERAL GLOBAL**
I report to the trustees on my examination of the financial statements of Collateral Global (the Charity) for the year ended 30 November 2022.
## **Responsibilities and basis of report**
As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **F J Wilde FCCA MBA DChA**
Warner Wilde 4 Marigold Drive Bisley Surrey GU24 9SF
Dated: ......................... 29th August 2023
- 3 -
## **COLLATERAL GLOBAL**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
374,353
14,000
Investments
**4**
162
-
Other income
**5**
-
-
**Total income**
374,515
14,000
**Expenditure on:**
Charitable activities
**6**
193,093
-
**Net income for the year/**
**Net movement in funds**
181,422
14,000
Fund balances at 1 December 2021
54,545
-
**Fund balances at 30 November 2022**
235,967
14,000|**Total Unrestricted**
**funds**
**2022**
**2021**
**£**
**£**
388,353
371,826
162
-
-
100
388,515
371,926
193,093
317,381
195,422
54,545
54,545
-
249,967
54,545|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
## **COLLATERAL GLOBAL**
## **BALANCE SHEET**
## _**AS AT 30 NOVEMBER 2022**_
|**Notes**
**Current assets**
Debtors
**10**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
Net current assets
**Income funds**
Restricted funds
**12**
Unrestricted funds|**2022**
**£**
4,500
257,582
262,082
(12,115)|**£**
249,967
14,000
235,967
249,967|**2021**
**£**
4,712
66,501
71,213
(16,668)|**£**
54,545
-
54,545
54,545|
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 November 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on ......................... 28th August 2023
.............................. Ms S Gupta **Trustee**
## **Company registration number 12998042**
- 5 -
## **COLLATERAL GLOBAL**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **1 Accounting policies**
## **Charity information**
Collateral Global is a private company limited by guarantee incorporated in England and Wales. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
## 1.1 **Reporting period**
The accounts cover the period from incorporation to the 30 November 2021, a period of 1 year and 26 days.
## **1.2 Accounting convention**
The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the Charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.3 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.4 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.
## **1.5 Income**
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
## **COLLATERAL GLOBAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.8 Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity 's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the Charity ’s contractual obligations expire or are discharged or cancelled.
- 7 -
## **COLLATERAL GLOBAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **1 Accounting policies**
## **(Continued)**
## **1.9 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.10 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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.
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Donations and gifts
94,613
14,000
Grants
279,740
-
374,353
14,000
**Donations and gifts**
The Georg & Emily Von Opel Foundation
-
-
Luke Johnson
-
-
The King Baudouin Foundation
-
-
RS Furbs Ltd
10,000
-
T Green
-
14,000
Other
84,613
-
94,613
14,000|**Total**Unrestricted
funds
**2022**
2021
**£**
£
108,613
300,965
279,740
70,861
388,353
371,826
-
130,000
-
10,000
-
94,275
10,000
-
14,000
-
84,613
66,690
108,613
300,965|
|---|---|
- 8 -
## **COLLATERAL GLOBAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
|**3**
**Donations and legacies**
**Grants receivable for core activities**
Donor Trust
The King Baudouin Foundation
The Mackintosh Foundation
RSF Social Finance
**4**
**Investments**
Interest receivable
**5**
**Other income**
Other income|-
157,597
5,000
117,143
279,740|**(Continued)**
-
-
70,861
-
157,597
-
-
5,000
-
-
117,143
-
-
279,740
70,861
**Unrestricted**
Total
**funds**
**2022**
2021
**£**
£
162
-
**Total**Unrestricted
funds
**2022**
2021
**£**
£
-
100|
|---|---|---|
- 9 -
## **COLLATERAL GLOBAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **6 Charitable activities**
||**Charitable**|
**Charitable**|
|---|---|---|
||**Expenditure**|
**Expenditure**|
||**2022**|
**2021**|
||**£**|
**£**|
|Staff costs|42,363|
9,240|
|Website and Content Management|10,549|
97,190|
|Research Costs|71,156|
75,531|
|Media Creation|13,805|
53,289|
|Consultants|34,518|
56,798|
|Other Direct Charitable Expenses|379|
2,618|
|IT Software and Consultancy|565|
10,286|
|Conferences and Events|3,924|
-|
||177,259|
304,952|
|Share of support costs (see note 7)|13,151|
10,331|
|Share of governance costs (see note 7)|2,683|
2,098|
||193,093|
317,381|
- 10 -
## **COLLATERAL GLOBAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
## **7 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Advertising and
Marketing
-
-
Bank Fees
1,173
-
Miscellaneous Expenses
2,155
-
Professional Fees
-
-
Printing, Postage and
Stationery
2,929
-
Telephone and Internet
900
-
Insurance
211
-
Travel
633
-
Subscriptions
5,150
-
Independent Examiner's
Fees
-
1,602
Accountancy fees
-
1,081
13,151
2,683
Analysed between
Charitable activities
13,151
2,683|**2022**
Support
costs
Governance
costs
**£**
£
£
-
4,920
-
1,173
818
-
2,155
1,918
-
-
1,216
-
2,929
1,459
-
900
-
-
211
-
-
633
-
-
5,150
-
-
1,602
-
1,440
1,081
-
658
15,834
10,331
2,098
15,834
10,331
2,098|2021
£
4,920
818
1,918
1,216
1,459
-
-
-
-
1,440
658
12,429
12,429|
|---|---|---|
Governance costs includes payments to the Independent Examiner of £1602 (2021: £1440) for accounts preparation and independent examination.
## **8 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
## **9 Employees**
The average monthly number of employees during the year was:
|**2022**|**2021**|
|---|---|
|**Number**|**Number**|
|1|1|
- 11 -
## **COLLATERAL GLOBAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
|**9**
**Employees**
**Employment costs**
Wages and salaries
Other pension costs
There were no employees whose annual remuneration was more than £60,000.
**10**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
**11**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**(Continued)**
**2022**
**2021**
**£**
**£**
41,763
9,240
600
-
42,363
9,240
**2022**
**2021**
**£**
**£**
4,500
-
-
4,712
4,500
4,712
**2022**
**2021**
**£**
**£**
437
2,670
-
7,030
4,164
2,751
7,514
4,217
12,115
16,668|
|---|---|
## **12 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|||**Movement**||**Movement**||
|---|---|---|---|---|---|
|||**in funds**||**in funds**||
|||**Incoming**|**Balance at**|**Incoming**|**Balance at**|
|||**resources**|**1 December**|**resources**|**30 November**|
||||**2021**||**2022**|
|||**£**|**£**|
**£**|**£**|
|Conference|2023|-|-|
14,000|14,000|
Conference 2023: Donations towards the organisation of a UK conference on the impact of covid restrictions.
- 12 -
## **COLLATERAL GLOBAL**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2022**_
|**13**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2022**
**2022**
**£**
**£**
Fund balances at 30 November 2022 are
represented by:
Current assets/(liabilities)
249,967
-
249,967
-|**Total**Unrestricted
funds
**2022**
2021
**£**
£
249,967
54,545
249,967
54,545|
|---|---|
## **14 Related party transactions**
There were no disclosable related party transactions during the year .
- 13 -