Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 **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 2024** Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Mr J B Farha| |---|---| ||Mr A O H Caccia| ||Ms N Barstow| |**Charity number**|1195125| |**Company number**|12998042| |**Principal address**|Unit 14, Princeton Mews| ||167 London Road| ||Kingston Upon Thames| ||England| ||KT2 6PT| |**Registered office**|Unit 14, Princeton Mews| ||167 London Road| ||Kingston Upon Thames| ||England| ||KT2 6PT| |**Independent examiner**|Wallsman Creative Limited| ||Unit 14, Princeton Mews| ||167 London Road| ||Kingston Upon Thames| ||England| ||KT2 6PT| |**Bankers**|C. Hoare & Co.| ||37 Fleet Street| ||Temple| ||London| ||EC4Y 1BT| Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 13| Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ The Trustees present their annual report and financial statements for the year ended 30 November 2024. 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. ## _Public benefit_ 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_ 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** Significant activities and achievements against objectives Collateral Global has continued to commission and author research papers into the impacts of non-pharmaceutical interventions during SARS-CoV-2 pandemic and has supplemented this by organising and presenting a series of podcasts and short films outlining key issues affecting diverse population groups both in the UK, US, Europe and around the world. These reports and podcasts have been made available on the charity’s website. Additional activities have been the establishment of evidence hubs in North America and Europe set up to collaborate over research topics and share research insights. Communication remains a key activity, and the charity helped organise and support a conference at Stanford University in the fall of 2024 entitled “Pandemic Policy: Planning the Future, Assessing the Past” which was attended by delegates from across the globe in an open debate about policy interventions during the pandemic, with an emphasis on open debate and discussion. ## **Financial review** The charity is in a strong financial position, having raised substantial funds to finance ongoing operations, both from foundations and individual donors. ## _Reserves policy_ The reserves at the year end stood at £328,521, with over £460k 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 - Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ ## **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 J B Farha Mr A O H Caccia (Appointed 20 August 2024) Ms N Barstow (Appointed 20 August 2024) Ms S Gupta (Resigned 20 November 2024) Dr J Bhattacharya (Resigned 01 December 2024) ## _Recruitment and appointment of trustees_ 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' report was approved by the Board of Trustees. Mr J B Farha **Trustee** Mr A O H Caccia **Trustee** ``` 31 August 2025 ``` Date: ............................................. - 2 - Docusign Envelope ID." 2288BAEWF86A4A6ek8DEC-E04A89D92685 COLLATERAL GLOBAL Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ |**Notes**
**Unrestricted**
**funds**
**2024**
**£**
**Restricted**
**funds**
**2024**
**£**
**Income from:**
Donations and legacies
**3**
517,269
79,101
Charitable activities
**4**
-
-
Investments
**5**
1,135
-
**Total income**
518,404
79,101
**Expenditure on:**
Charitable activities
**6**
204,164
146,758
**Total expenditure**
204,164
146,758
**Net income/(expenditure) and**
**movement in funds**
314,240
(67,657)

**Reconciliation of funds:**
Fund balances at 1 December
2023
14,281
67,657
**Fund balances at 30**
**November 2024**
328,521
-
|**Total**
**2024**
**£**
**Unrestricted**
**funds**
**2023**
**£**
**Restricted**
**funds**
**2023**
**£**
**Total**
**2023**
**£**
596,370
3,003
80,717
83,720
-
1,000
5,000
6,000
1,135
1,620
-
1,620
597,505
5,623
85,717
91,340
350,923
227,309
32,060
259,369
350,923
227,309
32,060
259,369
246,583
(221,686)
53,657
(168,029)
81,938
235,967
14,000
249,967
328,521
14,281
67,657
81,938| |---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 4 - Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **BALANCE SHEET** ## _**AS AT 30 NOVEMBER 2024**_ |**Notes**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
**Net current assets**
**The funds of the Charity**
Restricted income funds
**14**
Unrestricted funds
**15**|**2024**
**£**
-
460,940
460,940
(132,419)|**£**
328,521
-
328,521
328,521|**2023**
**£**
5,000
96,245
101,245
(19,307)|**£**
81,938| |---|---|---|---|---| |||||67,657
14,281| |||||81,938| 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 2024. 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 . **31 Au...g..u...s..t...2..025** |..............................|..............................| |---|---| |Mr J B Farha|Mr A O H Caccia| |**Trustee**|**Trustee**| Company registration number 12998042 (England and Wales) - 5 - Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ ## **1 Accounting policies** ## **Charity information** Collateral Global is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 14, Princeton Mews, 167 London Road, Kingston Upon Thames, England, KT2 6PT. ## **1.1 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 amounts 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. ## **1.2 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. ## **1.3 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 or grantors 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. ## **1.4 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 - Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ ## **1 Accounting policies** **(Continued)** ## **1.5 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. ## **1.6 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. ## **1.7 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 payments 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 - Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ ## **1 Accounting policies** **(Continued)** ## **1.8 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. ## **1.9 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 Income from donations and legacies** |**Unrestricted**
**funds**
**Restricted**
**funds**
**2024**
**2024**
**£**
**£**
Donations and gifts
239,735
-
Grants
277,534
79,101
517,269
79,101
**Donations and gifts**
Real Clear Foundation
19,217
-
Other
220,518
-
239,735
-
**Grants**
The King Baudouin
Foundation
-
-
Myriad USA Inc
79,101
Chapel & York Inc
147,534
-
Other
130,000
-
277,534
79,101|**Total**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2024**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
239,735
3,003
-
3,003
356,634
-
80,717
80,717
596,370
3,003
80,717
83,720
19,217
-
-
-
220,518
3,003
-
3,003
239,735
3,003
3,003
3,003
-
-
80,717
80,717
79,101
147,534
-
-
-
130,000
356,634
-
80,717
80,717| |---|---| - 8 - Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ ## **4 Income from charitable activities** ||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**| |---|---|---|---|---|---|---| ||**funds**|**funds**||**funds**|**funds**|| ||**2024**|**2024**|**2024**|**2023**|**2023**|**2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |**Charitable activities**||||||| |Fees|-|-|-|1,000|5,000|6,000| ## **5 Income from investments** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| |||**£**|**£**| ||Interest income|1,135|1,620| |**6**|**Expenditure on charitable activities**||| |||**Charitable**|**Charitable**| |||**Expenditure**|**Expenditure**| |||**2024**|**2023**| |||**£**|**£**| ||**Direct costs**||| ||Staff costs|162,325|70,691| ||Website and Content Management|8,085|43,489| ||Research Costs|15,539|41,798| ||Media Creation|3,820|20,571| ||Consultants|37,427|10,000| ||Other Direct Charitable Expenses|-|-| ||IT Software and Consultancy|1,926|305| ||Conferences and Events|80,643|40,191| ||Communications|18,233|11,354| |||327,998|238,399| ||**Share of support and governance costs (see note 7)**||| ||Support|20,049|18,225| ||Governance|2,876|2,745| |||350,923|259,369| ||**Analysis by fund**||| ||Unrestricted funds|204,164|227,309| ||Restricted funds|146,759|32,060| |||350,923|259,369| - 9 - Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ ## **7 Support costs allocated to activities** |Bank Fees
Miscellaneous Expenses
Professional Fee
Printing, Postage and Stationery
Telephone and Internet
Insurance
Travel
Subscriptions
Entertainment
Governance costs
**Analysed between:**
Charitable Expenditure
**Governance costs comprise:**
Accountancy
Independent Examiners fees|**2024**
**£**
453
1,119
10,000
55
-
289
1,267
6,867
-
2,876
22,925
22,925
**2024**
**£**
1,126
1,750
2,876|**2023**
**£**
1,343
3,396
2,280
-
-
222
2,201
7,269
1,514
2,745
20,970
20,970
**2023**
**£**
1,095
1,650
2,745| |---|---|---| Governance costs includes payments to the Independent Examiner of £1,750 (2023: £1,650) for accounts preparation and independent examination. ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits for services as Trustee from the Charity during the year. ## **9 Employees** The average monthly number of employees during the year was: |**2024**|**2023**| |---|---| |**Number**|**Number**| |2|1| - 10 - Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ |**9**
**Employees**
**Employment costs**
Wages and salaries
Other pension costs|**(Continued)**
**2024**
**£**
**2023**
**£**
158,475
68,591
3,850
2,100
162,325
70,691|**(Continued)**
**2024**
**£**
**2023**
**£**
158,475
68,591
3,850
2,100
162,325
70,691| |---|---|---| |||70,691| There was one employee whose annual remuneration was more than £60,000 during the 2024 financial year (2023: none). ## **10 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **11 Debtors** |**Amounts falling due within one year:**
Trade debtors
**12**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
**13**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|| |---|---| The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. - 11 - Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ ## **14 Restricted funds** The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. ||**At 1**|**Incoming**|**Resources**|**At 30**| |---|---|---|---|---| ||**December**|**resources**|**expended**|**November**| ||**2023**|||**2024**| ||**£**|**£**|**£**|**£**| |Conference 2023|5,000|-|(5,000)|-| |Conference 2024|-|79,101|(79,101)|-| |King Baudouin Foundation|62,657|-|(62,657)|-| ||67,657|79,101|(146,758)|-| |**Previous year:**|**At 1**|**Incoming**|**Resources**|**At 30**| ||**December**|**resources**|**expended**|**November**| ||**2022**|||**2023**| ||**£**|**£**|**£**|**£**| |Conference 2023|14,000|5,000|(14,000)|5,000| |King Baudouin Foundation|-|80,717|(18,060)|62,657| ||14,000|85,717|(32,060)|67,657| Conference 2024: Donations towards the organisation of a conference on the impact of covid restrictions. King Baudouin Foundation: to gather evidence and develop methods for analysing and communicating data on the effectiveness and impacts of COVID-19 response measures. ## **15 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. ||**At 1**|**Incoming**|**Resources**|**At 30**| |---|---|---|---|---| ||**December**|**resources**|**expended**|**November**| ||**2023**|||**2024**| ||**£**|**£**|**£**|**£**| |General funds|14,281|518,404|(204,164)|328,521| |**Previous year:**|**At 1**|**Incoming**|**Resources**|**At 30**| ||**December**|**resources**|**expended**|**November**| ||**2022**|||**2023**| ||**£**|**£**|**£**|**£**| |General funds|235,967|5,623|(227,309)|14, 281| - 12 - Docusign Envelope ID: 2268BAE9-F86A-4A66-80EC-E04A89D92685 ## **COLLATERAL GLOBAL** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 NOVEMBER 2024**_ ## **16 Analysis of net assets between funds** |**Unrestricted**
**funds**
**2024**
**Restricted**
**funds**
**2024**
**£**
**At 30 November 2024:**
Current assets/(liabilities) 328,521
**£**
-
328,521
-
**Unrestricted**
**funds**
**2023**
**Restricted**
**funds**
**2023**
**£**
**At 30 November 2023:**
Current assets/(liabilities)
14,281
**£**
67,657
14,281
67,657|**Total**
**2024**
**£**
328,521
328,521
**Total**
**2023**
**£**
81,938
81,938| |---|---| ## **17 Related party transactions** There were no disclosable related party transactions during the year. - 13 -